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AS BALTIKA
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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24.07.2008 09:00:00
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BALTIKA MAJANDUSTULEMUSED, 6 KUUD 2008
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TULEMUSTE LÜHIKOKKUVÕTE - Esimese poolaasta müügitulu 551 miljonit krooni, kasv 2,7% - Jaemüügi kasv 12,7% (2 kv 2008) ja 9,3% (6k 2008) - Brutorentaablus 60,7% (2 kv 2008) ja 56,5% (6k 2008) - Ärirentaablus 7,9% (2 kv 2008) ja 2,8% (6k 2008) - 2 kv 2008 puhaskasum 18,8 miljonit krooni, aastane kasv 116% - 6k 2008 puhaskasum 7,8 miljonit krooni Juhatuse esimees Meelis Milder: „Meie teise kvartali tulemused kinnitavad toimunud pööret Baltika Grupi kasumlikkuses. Viimase 12 kuu keskendumine kiiresti kasvanud ja uutele turgudele laienenud jaesüsteemi efektiivsuse tõstmisele on hakanud vilja kandma. Teises kvartalis on eelmise aastaga võrreldes oluliselt paranenud praktiliselt kõik kasumlikkuse näitajad. 2006. ja 2007. aastal tehtud suured investeeringud Ida-Euroopa turgudele, mis ajutiselt vähendasid meie efektiivsusnäitajaid, on täna seda olulisemad, et tegemist on praktiliselt ainsate turgudega Euroopas, kus majanduskasv ja tarbimine kasvavad kiirenevas tempos. Jätkates heade uudistega - meie jaeportfelli neljast Kesk- ja Ida-Euroopa turust kolm suuremat (Venemaa, Ukraina ja Poola) näitasid teises kvartalis jaesüsteemi (poodide) tasemel kasumit; aasta tagasi suutis sama vaid üks turg. Ka meie brändiportfell on näitamas oma head kvaliteeti, seda vaatamata Balti turgude majanduse jahenemisele. Vähenenud meesterõivaste müüki kompenseerib Baltikumis kuhjaga väga hea naistekollektsioonide vastuvõtt meie tarbijate poolt. Montoni ja Mosaici müük suurtel turgudel näitab kahekohalisi kasvunumbreid.“ Baltika Grupp teenis 2008. aasta teises kvartalis 18,8 miljoni krooni (1,2 miljoni euro) suuruse puhaskasumi ning saavutas puhasrentaabluseks 6,6% (2 kv 2007: 3,2%). Võrreldes eelmise aasta teise kvartaliga suurenes Grupi puhaskasum üle kahe korra. Baltika müügitulud kasvasid teises kvartalis 5,5%, sh suurenes jaemüük 12,7% ning hulgimüük vähenes 22,2%. Grupi teise kvartali brutorentaabluseks saavutati 60,7% võrreldes 57,9%-ga 2007. aasta teises kvartalis. Ärirentaablus ulatus 7,9%-ni (2 kv 2007: 6,0%). Baltika Grupi 2008. aasta kuue kuu konsolideeritud müügitulu oli kokku 550,6 miljonit krooni (35,2 miljonit eurot) kasvades eelmise aastaga võrreldes 2,7%. Esimesel poolaastal suurenes jaemüük 9,3% ning hulgimüük vähenes plaanitult 20,3%. Grupi kuue kuu bruto- ja ärirentaablus olid vastavalt 56,5% ja 2,8% (6k 2007: 55,2% ja 7,5%). Esimese poolaasta puhaskasum oli kokku 7,8 miljonit krooni (0,5 miljonit eurot) ning puhasrentaablus 1,4% (6k 2007: 5,7%). MÜÜGITULUD Müük ärisegmenditi -------------------------------------------------------------------------------- | EEK mln | 2 kv | 2 kv | +/- | 6k 2008 | 6k 2007 | +/- | | | 2008 | 2007 | | | | | -------------------------------------------------------------------------------- | Jaemüük | 262,7 | 233,2 | 12,7% | 488,3 | 446,8 | 9,3% | -------------------------------------------------------------------------------- | Hulgimüük | 21,2 | 27,2 | -22,2% | 61,3 | 76,9 | -20,3% | -------------------------------------------------------------------------------- | Allhange | 0 | 8,5 | - | 0 | 8,5 | - | -------------------------------------------------------------------------------- | Muu | 0,6 | 0,8 | -27,8% | 1,0 | 3,8 | -73,7% | -------------------------------------------------------------------------------- | Kokku | 284,5 | 269,7 | 5,5% | 550,6 | 536,0 | 2,7% | -------------------------------------------------------------------------------- 1 EUR = 15,6466 EEK JAEMÜÜK Baltika esimese poolaasta jaemüük kasvas eelmise aastaga võrreldes 9,3% ning ulatus 488,3 miljoni kroonini (31,2 miljoni euroni). Kui esimese kvartali müük (kasv 5,6%) jäi oodatust madalamaks peamiselt nõrga märtsikuu tõttu, siis teises kvartalis müügikasv tugevnes ulatudes 12,7%-ni. Esimesel poolaastal keskenduti kaupluste portfelli korrastamisele ning müügiefektiivsuse parandamisele, mistõttu müügipinna kasv oli aeglasem - esimese poolaasta keskmine müügipind suurenes eelmise aasta sama perioodiga võrreldes 14%. Müügiefektiivsuse osas saavutati positiivseid tulemusi teises kvartalis, mil Grupi keskmine müügiefektiivsus (müük/m2) suurenes aastatagusega võrreldes 4%. Müügiefektiivsuse kasvu toetas tugev võrreldavate poodide müügikasv, mis teises kvartalis ulatus 8%-ni. Eriti tugev oli teise kvartali võrreldavate poodide müügikasv Kesk- ja Ida-Euroopa turgudel, kus see ületas kõikidel turgudel 20%. Esimesel poolaastal ulatus võrreldavate poodide müügikasv esimese kvartali mõjude tõttu 1%-ni. Teises kvartalis saavutati müügikasvud kõikidel turgudel. Venemaa, Ukraina ja Poola turgude teise kvartali kasvud - vastavalt 19%, 27% ja 24% - on eriti tugevad arvestades asjaolu, et müügipind ei ole antud turgudel aasta jooksul praktiliselt suurenenud. Eestis kasvas jaemüük teises kvartalis eelmise aastaga võrreldes 1%, Lätis 8% ja Leedus 5%, mis on Balti riikide majanduste jahenemise tingimustes väga hea tulemus. Ka poolaasta kokkuvõttes võib kõikide riikide tulemustega rahul olla. Jaemüük turgude lõikes -------------------------------------------------------------------------------- | EEK mln | 6k 2008 | 6k 2007 | +/- | Osakaal, 6k 2008 | -------------------------------------------------------------------------------- | Eesti | 114,0 | 113,7 | 0% | 23% | -------------------------------------------------------------------------------- | Leedu | 110,6 | 103,3 | 7% | 23% | -------------------------------------------------------------------------------- | Venemaa | 88,0 | 79,4 | 11% | 18% | -------------------------------------------------------------------------------- | Ukraina | 81,4 | 72,0 | 13% | 17% | -------------------------------------------------------------------------------- | Läti | 71,2 | 64,7 | 10% | 15% | -------------------------------------------------------------------------------- | Poola | 16,4 | 13,7 | 20% | 3% | -------------------------------------------------------------------------------- | Tšehhi | 6,7 | 0 | - | 1% | -------------------------------------------------------------------------------- | Kokku | 488,3 | 446,8 | 9% | 100% | -------------------------------------------------------------------------------- 1 EUR = 15,6466 EEK Brändide lõikes moodustas Montoni müük esimese poolaasta jaemüügist 55% ehk 269 miljonit krooni (17,2 miljonit eurot) kasvades eelmise aastaga võrreldes 11%. Mosaici müük moodustas jaemüügist 33%, ulatus 162 miljoni kroonini (10,4 miljoni euroni) ning kasvas aastaga 15%. Baltmani müük vähenes 19% ulatudes 37 miljoni kroonini (2,4 miljoni euroni). Baltmani müügi vähenemise põhjuseks on asjaolu, et tegemist on Baltikumi-põhise kallima hinnaklassiga meesterõivaste brändiga, mille müük kannatab enim majanduse jahenemise olukorras. Samuti pole viimase 12 kuu jooksul avatud ühtegi uut Baltmani poodi. Ivo Nikkolo müük kasvas esimesel poolaastal 48% võrra 15 miljoni kroonini (1,0 miljoni euroni). POED JA MÜÜGIPIND 2008. aasta juuni lõpu seisuga oli Baltika Grupil 126 kauplust müügipinnaga 24 661 ruutmeetrit. Jaesüsteemi netokasvuks kujunes aasta jooksul kaks kauplust ja 1650 ruutmeetrit, mille tulemusena suurenes Baltika Grupi poolt opereeritav müügipind aastaga 7% võrra. Poed turgude lõikes -------------------------------------------------------------------------------- | | 30.06.2008 | 30.06.2007 | -------------------------------------------------------------------------------- | Eesti | 30 | 29 | -------------------------------------------------------------------------------- | Leedu | 29 | 30 | -------------------------------------------------------------------------------- | Venemaa | 22 | 25 | -------------------------------------------------------------------------------- | Ukraina | 22 | 21 | -------------------------------------------------------------------------------- | Läti | 16 | 14 | -------------------------------------------------------------------------------- | Poola | 5 | 5 | -------------------------------------------------------------------------------- | Tšehhi | 2 | - | -------------------------------------------------------------------------------- | Poed kokku | 126 | 124 | -------------------------------------------------------------------------------- | Müügipind kokku, m2 | 24 661 | 23 011 | -------------------------------------------------------------------------------- Esimesel poolaastal avati kokku viis kauplust, sealhulgas kaks teises kvartalis, ning suleti seitse kauplust. Baltika sisenes esimesel poolaastal kolme uude linna, milleks on Ostrava Tšehhis, Kaliningrad Venemaal ja Narva Eestis. Teisel poolaastal planeeritakse avada 12-17 ning sulgeda 4-8 kauplust. Aasta lõpuks peaks Grupi poodide arv ulatuma 133-138-ni. HULGIMÜÜK Esimesel poolaastal toimub suurem osa hulgimüügist esimeses kvartalis ning teine kvartal on traditsiooniliselt nõrgem. Poolaasta hulgimüük ulatus kokku 61,3 miljoni kroonini (3,9 miljoni euroni) vähenedes eelmise aastaga võrreldes 20,3%. Hulgimüügi vähenemine on plaanipärane. KASUM Baltika saavutas teises kvartalis tulemused, mis näitavad, et ettevõtte strateegiline suund - laienemine, orienteeritus ekspordile ning turgude portfelli mitmekesistamine - kannab vilja. Samal ajal kui Baltikumi iseloomustab majanduse jahtumine, toimuvad Baltika teistel, Kesk- ja Ida-Euroopa turgudel, järk-järgult positiivsed arengud, mis toetavad ettevõtte majandustulemusi. Peale kiiret laienemist oli Baltika peaeesmärk selle aasta esimesel poolel müügiefektiivsuse suurendamine, mis sisaldas ka ebaefektiivsete poodide sulgemist. Positiivsed tulemused ilmnesid teises kvartalis, mil saavutati eelmise aastaga võrreldes 4%-line müügiefektiivsuse tõus, kõrge brutorentaablus ning tugev kvartaalne puhaskasum. Samas peab märkima, et poodide avamisele järgnev käivitusperiood jätkub ning mõjutab ka edaspidi ettevõtte tulemusi. Esimesse poolaastasse jääb kaks väga erinevat kvartalit - nõrk esimene ja tugev teine kvartal. Baltika teise kvartali brutomarginaal tõusis 60,7%-ni (2 kv 2007: 57,9%) ning poolaasta kokkuvõttes oli see 56,5%, mis on samuti kõrgem kui 2007. aasta esimese kuue kuu näitaja 55,2%. Esimese poolaasta brutokasum oli kokku 311,3 miljonit krooni (19,9 miljonit eurot) kasvades aastaga 5,1%. Teise kvartali brutokasum suurenes eelmise aastaga võrreldes 10,7%. Poolaasta üldhalduskulud kasvasid vaid 3,1% ning turustuskulud 13,7%. Valuutakursside muutustest tulenev mõju oli kvartaalselt erinev. Esimeses kvartalis avaldasid valuutakursside muutused ettevõtte tulemustele märkimisväärset negatiivset mõju (kahjum valuutakursi muutustest 8,4 miljonit krooni/537 tuhat eurot) ning teises kvartalis oli mõju positiivne (kasum valuutakursi muutustest 4,5 miljonit krooni/288 tuhat eurot). Poolaasta kokkuvõttes on mõju negatiivne - muudes ärikuludes ja finantskuludes sisalduv valuutakursside muutustest teenitud kahjum ulatus 3,9 miljoni kroonini (249 tuhande euroni). 2007. aasta esimese kuue kuu jooksul saadi valuutakursside muutustest kahjumit kokku 1,3 miljonit krooni (83 tuhat eurot). Baltika teise kvartali ärikasum ulatus 22,5 miljoni kroonini (1,4 miljoni euroni) ning kasvas eelmise aastaga võrreldes 38,8%. Teise kvartali ärirentaabluseks kujunes 7,9% (2 kv 2007: 6,0%). Poolaasta ärikasum ulatus 15,2 miljoni kroonini (1,0 miljoni euroni) ning vähenes eelmise aastaga võrreldes 62,2%. Esimese poolaasta ärirentaablus oli 2,8% (6k 2007: 7,5%). Poolaasta ärikasum sisaldab muude äritulude all tulu kinnisvarainvesteeringu ümberhindlusest summas 11,25 miljonit krooni (0,7 miljonit eurot), mis teeniti esimeses kvartalis. 2007. aasta esimese poolaasta ärikasum sisaldas muude äritulude all tulu põhivara müügist summas 16,21 miljonit krooni (1,0 miljonit eurot), mis samuti teeniti esimeses kvartalis. Grupi finantskulud ulatusid esimesel poolaastal 6,7 miljoni kroonini (431 tuhande euroni) kasvades eelmise aastaga võrreldes 56,9%. Põhiline osa kasvust tulenes valuutakursi muutustest teenitud kahjumi suurenemisest. Intressikulud kasvasid esimesel poolaastal 22,2% võrra ja ulatusid 5,1 miljoni kroonini (325 tuhande euroni). Teises kvartalis teenis Baltika puhaskasumit 18,8 miljonit krooni (1,2 miljonit eurot), mida on üle kahe korra rohkem kui 2007. aasta teises kvartalis. Grupi puhasrentaablus ulatus 6,6%-ni (2 kv 2007: 3,2%). Esimese poolaasta puhaskasum oli kokku 7,8 miljonit krooni (0,5 miljonit eurot) ning puhasrentaablus 1,4% (6k 2007: 5,7%). 2007. aastal teeniti samal perioodil 30,4 miljonit krooni (1,9 miljonit eurot) kasumit. BILANSS 2008. aasta 30. juuni seisuga ulatus Baltika konsolideeritud bilansimaht 742 miljoni kroonini (47,5 miljoni euroni) kasvades aastaga 17%. Grupi nõuded ostjatele on aastaga vähenenud 17 miljoni krooni (1,1 miljoni euro) võrra ulatudes poolaasta lõpu seisuga 68 miljoni kroonini (4,3 miljoni euroni). Nõuete alanemine tuleneb hulgimüügi mahtude vähenemisest. Võlad hankijatele suurenesid aastaga 36 miljoni krooni (2,3 miljoni euro) võrra 123 miljoni kroonini (7,8 miljoni euroni). Juuni lõpus ulatusid varud 283 miljoni kroonini (18,1 miljoni euroni) kasvades aastaga 23%. Grupi varude käibekordaja (müügitulu/keskmised varud) oli 5,04 (30. juuni 2007: 5,34). Varude ning hankijatele võlgnevuse suurenemine on toimunud seoses sügis-talvise hooaja kaupade sisseostuga ning seda suuremas mahus kui eelmisel aastal. Esimese poolaasta lõpus ulatusid Grupi võlakohustused 213 miljoni kroonini (13,6 miljoni euroni), sealhulgas olid pangalaenud kokku 145 miljonit krooni (9,2 miljonit eurot), arvelduskrediit 57 miljonit krooni (3,7 miljonit eurot) ja kapitalirendi kohustused 11 miljonit krooni (0,7 miljonit eurot). Aasta jooksul on võlakoormus suurenenud 38 miljoni krooni (2,4 miljoni euro) võrra. Kinnisvara arenduseks on võetud laenu 19 miljoni krooni (1,2 miljoni euro) ulatuses. Grupi netovõla (Intressi kandvad võlakohustused-Raha ja pangakontod) suhe omakapitali oli juuni lõpu seisuga 56,9%. Aasta tagasi oli vastav näitaja 48,0%. INVESTEERINGUD 2008. aasta esimese kuue kuu jooksul ulatusid Grupi investeeringud 56,3 miljoni kroonini/3,6 miljoni euroni (6k 2007: 53,9 miljonit krooni/3,4 miljonit eurot). Jaekaubandusse investeeriti 23,5 miljonit krooni (1,5 miljonit eurot), kinnisvaraarendusse 24,9 miljonit krooni (1,6 miljonit eurot), infotehnoloogiasse 4,3 miljonit krooni (0,3 miljonit eurot) ning tootmisse 3,6 miljonit krooni (0,2 miljonit eurot). TÖÖTAJAD Baltika Grupis töötas 2008. aasta juuni lõpus 1938 (30. juuni 2007: 2011) inimest, sealhulgas jaekaubanduses 954 (989), tootmises 766 (817) ning peakontoris 218 (205) inimest. Väljaspool Eestit töötas 755 (788) inimest ehk 39% Grupi töötajatest. Kuue kuu keskmine töötajate arv Grupis oli 1944 (6k 2007: 1978). Baltika Grupi töötajatele maksti 2008. aasta esimese kuue kuu jooksul töötasusid summas 115,2 miljonit krooni/7,4 miljonit eurot (6k 2007: 91,4 miljonit krooni/5,8 miljonit eurot). Sealhulgas ulatusid nõukogu ja juhatuse liikmete tasud 2,0 miljoni kroonini/126 tuhande euroni (6k 2007: 2,6 miljonit krooni/166 tuhat eurot). AKTSIONÄRIDE ÜLDKOOSOLEK 18. juunil 2008. aastal toimunud Baltika aktsionäride korraline üldkoosolek kinnitas ettevõtte 2007. a. majandusaasta aruande ja kasumi jaotamise. Üldkoosolek otsustas kanda 31. detsembril 2007. aastal lõppenud majandusaasta puhaskasumi summas 40 773 tuhat krooni (2606 tuhat eurot) eelmiste perioodide jaotamata kasumi koosseisu ning dividende mitte maksta. Aktsionäride üldkoosolek valis seltsi audiitoriks 2008. a. majandusaasta audiitorkontrolli läbiviimiseks AS-i PricewaterhouseCoopers. Lisaks kinnitati E võlakirjade märkimine ebaõnnestunuks ning otsustati tagastada E võlakirjade märkijatele nende poolt tasutud ettemaks. KONTSERNI PÕHILISED ARVNÄITAJAD (6 kuud 2008) -------------------------------------------------------------------------------- | | 30.06.2008 | 30.06.2007 | +/- | -------------------------------------------------------------------------------- | Müügitulu (EEK mln) | 550,6 | 536,0 | 2,7% | -------------------------------------------------------------------------------- | Jaemüük (EEK mln) | 488,3 | 446,8 | 9,3% | -------------------------------------------------------------------------------- | Jaemüügi osakaal müügituludes | 89% | 83% | | -------------------------------------------------------------------------------- | Poodide arv | 126 | 124 | 1,6% | -------------------------------------------------------------------------------- | Müügipind (m2) | 24 661 | 23 011 | 7,2% | -------------------------------------------------------------------------------- | Töötajate arv (perioodi lõpp) | 1 938 | 2 011 | -3,6% | -------------------------------------------------------------------------------- | Brutorentaablus | 56,5% | 55,2% | | -------------------------------------------------------------------------------- | Ärirentaablus | 2,8% | 7,5% | | -------------------------------------------------------------------------------- | Maksueelse kasumi rentaablus | 1,5% | 6,7% | | -------------------------------------------------------------------------------- | Puhasrentaablus | 1,4% | 5,7% | | -------------------------------------------------------------------------------- | Likviidsuskordaja | 1,6 | 1,8 | -11,1% | -------------------------------------------------------------------------------- | Varude käibekordaja | 5,04 | 5,34 | -5,6% | -------------------------------------------------------------------------------- | Võla ja omakapitali suhe | 61,8% | 54,6% | | -------------------------------------------------------------------------------- | Omakapitali tootlus | 5,7% | 28,5% | | -------------------------------------------------------------------------------- | Koguvarade tootlus | 2,8% | 14,1% | | -------------------------------------------------------------------------------- 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) -------------------------------------------------------------------------------- | | 2 kv | 2 kv | 6k 2008 | 6k 2007 | | | 2008 | 2007 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 284 520 | 269 714 | 550 575 | 536 043 | -------------------------------------------------------------------------------- | Müüdud kaupade kulu | -111 687 | -113 570 | -239 317 | -239 999 | -------------------------------------------------------------------------------- | Brutokasum | 172 833 | 156 144 | 311 258 | 296 044 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | -141 260 | -127 223 | -278 576 | -245 011 | -------------------------------------------------------------------------------- | Üldhalduskulud | -13 285 | -12 465 | -26 147 | -25 352 | -------------------------------------------------------------------------------- | Muud äritulud | 4 988 | 303 | 12 229 | 16 580 | -------------------------------------------------------------------------------- | Muud ärikulud | -780 | -550 | -3 541 | -1 980 | -------------------------------------------------------------------------------- | Ärikasum | 22 496 | 16 209 | 15 223 | 40 281 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud (kulud) | -2 970 | -2 465 | -6 748 | -4 301 | -------------------------------------------------------------------------------- | Intressikulud, neto | -2 616 | -2 321 | -5 089 | -4 166 | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutustest, | -328 | -76 | -1 940 | -63 | | neto | | | | | -------------------------------------------------------------------------------- | Muud finantstulud (kulud), neto | -26 | -68 | 281 | -72 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum enne tulumaksu | 19 526 | 13 744 | 8 475 | 35 980 | -------------------------------------------------------------------------------- | Tulumaks | -655 | -4 471 | -1 098 | -4 893 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | 18 871 | 9 273 | 7 377 | 31 087 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa | 18 834 | 8 704 | 7 811 | 30 367 | | kasumist | | | | | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis | 37 | 569 | -434 | 720 | | (kahjumis) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskasum aktsia kohta, | 1,01 | 0,47 | 0,42 | 1,63 | | EEK | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia | 1,01 | 0,47 | 0,42 | 1,63 | | kohta, EEK | | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD KASUMIARUANNE (auditeerimata, tuhandetes eurodes) -------------------------------------------------------------------------------- | | 2 kv | 2 kv | 6k 2008 | 6k 2007 | | | 2008 | 2007 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 18 184 | 17 238 | 35 188 | 34 259 | -------------------------------------------------------------------------------- | Müüdud kaupade kulu | -7 138 | -7 258 | -15 295 | -15 339 | -------------------------------------------------------------------------------- | Brutokasum | 11 046 | 9 979 | 19 893 | 18 921 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | -9 028 | -8 131 | -17 804 | -15 659 | -------------------------------------------------------------------------------- | Üldhalduskulud | -849 | -797 | -1 671 | -1 620 | -------------------------------------------------------------------------------- | Muud äritulud | 319 | 19 | 782 | 1 060 | -------------------------------------------------------------------------------- | Muud ärikulud | -50 | -35 | -226 | -127 | -------------------------------------------------------------------------------- | Ärikasum | 1 438 | 1 036 | 973 | 2 574 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud (kulud) | -190 | -158 | -431 | -275 | -------------------------------------------------------------------------------- | Intressikulud, neto | -167 | -148 | -325 | -266 | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutustest, | -21 | -5 | -124 | -4 | | neto | | | | | -------------------------------------------------------------------------------- | Muud finantstulud (kulud), neto | -2 | -4 | 18 | -5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum enne tulumaksu | 1 248 | 878 | 542 | 2 300 | -------------------------------------------------------------------------------- | Tulumaks | -42 | -286 | -70 | -313 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | 1 206 | 593 | 471 | 1 987 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa | 1 204 | 557 | 499 | 1 941 | | kasumist | | | | | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis | 2 | 35 | -28 | 46 | | (kahjumis) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskasum aktsia kohta, | 0,06 | 0,03 | 0,03 | 0,10 | | EUR | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia | 0,06 | 0,03 | 0,03 | 0,10 | | kohta, EUR | | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD BILANSS (auditeerimata, tuhandetes kroonides) -------------------------------------------------------------------------------- | | 30.06.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | VARAD | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja pangakontod | 16 638 | 31 494 | -------------------------------------------------------------------------------- | Nõuded ostjatele ja muud nõuded | 111 647 | 113 563 | -------------------------------------------------------------------------------- | Varud | 283 316 | 220 698 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 0 | 500 | -------------------------------------------------------------------------------- | Käibevara kokku | 411 601 | 366 255 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu vara | 5 897 | 5 897 | -------------------------------------------------------------------------------- | Muud pikaajalised varad | 7 744 | 11 448 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 22 540 | 11 250 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 234 947 | 203 098 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 59 742 | 58 409 | -------------------------------------------------------------------------------- | Põhivara kokku | 330 870 | 290 102 | -------------------------------------------------------------------------------- | VARAD KOKKU | 742 471 | 656 357 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 73 591 | 100 167 | -------------------------------------------------------------------------------- | Võlad hankijatele ja muud kohustused | 182 333 | 129 364 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 255 924 | 229 531 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 139 076 | 84 319 | -------------------------------------------------------------------------------- | Muud kohustused | 1 172 | 1 086 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu kohustus | 2 075 | 2 075 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 142 323 | 87 480 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 398 247 | 317 011 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Aktsiakapital nimiväärtuses | 186 449 | 186 449 | -------------------------------------------------------------------------------- | Reservid | 26 133 | 26 133 | -------------------------------------------------------------------------------- | Eelmiste perioodide jaotamata kasum | 108 722 | 67 949 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | 7 811 | 40 773 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 9 299 | 8 131 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 338 414 | 329 435 | | omakapital kokku | | | -------------------------------------------------------------------------------- | Vähemusosalus | 5 810 | 9 911 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 344 224 | 339 346 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 742 471 | 656 357 | -------------------------------------------------------------------------------- KONSOLIDEERITUD BILANSS (auditeerimata, tuhandetes eurodes) -------------------------------------------------------------------------------- | | 30.06.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | VARAD | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja pangakontod | 1 063 | 2 013 | -------------------------------------------------------------------------------- | Nõuded ostjatele ja muud nõuded | 7 136 | 7 258 | -------------------------------------------------------------------------------- | Varud | 18 107 | 14 105 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 0 | 32 | -------------------------------------------------------------------------------- | Käibevara kokku | 26 306 | 23 408 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu vara | 377 | 377 | -------------------------------------------------------------------------------- | Muud pikaajalised varad | 495 | 732 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 1 441 | 719 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 15 016 | 12 980 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 3 818 | 3 733 | -------------------------------------------------------------------------------- | Põhivara kokku | 21 146 | 18 541 | -------------------------------------------------------------------------------- | VARAD KOKKU | 47 453 | 41 949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 4 703 | 6 402 | -------------------------------------------------------------------------------- | Võlad hankijatele ja muud kohustused | 11 653 | 8 268 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 16 357 | 14 670 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 8 889 | 5 389 | -------------------------------------------------------------------------------- | Muud kohustused | 75 | 69 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu kohustus | 133 | 133 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 9 096 | 5 591 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 25 453 | 20 261 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Aktsiakapital nimiväärtuses | 11 916 | 11 916 | -------------------------------------------------------------------------------- | Reservid | 1 670 | 1 670 | -------------------------------------------------------------------------------- | Eelmiste perioodide jaotamata kasum | 6 949 | 4 343 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | 499 | 2 606 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 594 | 520 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 21 629 | 21 055 | | omakapital kokku | | | -------------------------------------------------------------------------------- | Vähemusosalus | 371 | 633 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 22 000 | 21 688 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 47 453 | 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, 6 MONTHS 2008
Teade
FINANCIAL HIGHLIGHTS - Revenue for 6m 2008 551 million kroons, up 2.7% yoy - Retail sales growth 12.7% for Q2 and 9.3% for 6m 2008 - Gross margin 60.7% for Q2 and 56.5% for 6m 2008 - Operating margin 7.9% for Q2 and 2.8% for 6m 2008 - Net profit for Q2 2008 18.8 million kroons, 116% growth yoy - Cumulative net profit for 6m 2008 7.8 million kroons Chairman of the Management Board Meelis Milder: “I am delighted to report that second quarter results reflect a definite turnaround in Baltika's profitability. The efforts made over the past twelve months to enhance the efficiency of our retail system, which has experienced rapid growth and expansion to new markets, are bearing fruit: in the second quarter, practically all our profitability indicators improved significantly compared with the prior year. We are also pleased that the 2006 and 2007 investments in the Eastern European markets, which caused a temporary downturn in the Group's profitability, are paying off. Currently, these are practically the only markets in Europe where economic growth and consumption are increasing at an accelerating pace. Moreover, in the second quarter the three largest of the four Central and Eastern European markets in our retail portfolio (Russia, Ukraine and Poland) turned a profit at the retail level; a year ago the same could be said about one market only. Furthermore, our brand portfolio is proving its quality despite the cooling and toughening retail environment of the Baltic markets. In the Baltics, the decline in menswear sales is being more than offset by the consumers' enthusiastic reception of our ladieswear collections. Monton's and Mosaic's distribution in large markets is yielding double-digit growth figures.” Baltika Group ended the second quarter with a consolidated net profit of 18.8 million kroons (1.2 million euros) and a net margin of 6.6% (Q2 2007: 3.2%). Compared with the same period in 2007, net profit grew more than two-fold. In the second quarter, consolidated sales revenue grew by 5.5%, retail revenues expanding by 12.7% and wholesale revenues dropping by 22.2%. The Group's second quarter gross margin was 60.7% against 57.9% in the second quarter of 2007, and operating margin 7.9% against 6.0% in the second quarter of 2007. Consolidated sales revenue for the first six months was 550.6 million kroons (35.2 million euros), a 2.7% improvement year-over-year (yoy). Retail revenues for the first six months grew by 9.3% and wholesale revenues decreased, as anticipated, by 20.3%. The Group's six months' gross and operating margins were 56.5% and 2.8% respectively (6m 2007: 55.2% and 7.5%). Consolidated net profit for the first half-year was 7.8 million kroons (0.5 million euros) and net margin 1.4% (6m 2007: 5.7%). REVENUE Revenue by business segment -------------------------------------------------------------------------------- | EEK million | Q2 2008 | Q2 2007 | +/- | 6m 2008 | 6m 2007 | +/- | -------------------------------------------------------------------------------- | Retail | 262.7 | 233.2 | 12.7% | 488.3 | 446.8 | 9.3% | -------------------------------------------------------------------------------- | Wholesale | 21.2 | 27.2 | -22.2% | 61.3 | 76.9 | -20.3% | -------------------------------------------------------------------------------- | Subcontracting | 0 | 8.5 | - | 0 | 8.5 | - | -------------------------------------------------------------------------------- | Other | 0.6 | 0.8 | -27.8% | 1.0 | 3.8 | -73.7% | -------------------------------------------------------------------------------- | Total | 284.5 | 269.7 | 5.5% | 550.6 | 536.0 | 2.7% | -------------------------------------------------------------------------------- EUR 1 = EEK 15.6466 RETAIL Compared with 2007, Baltika's retail sales for the first half-year grew by 9.3% to 488.3 million kroons (31.2 million euros). Although in the first quarter sales (growth 5.6%) fell short of expectations, mainly on account of poor results for March, in the second quarter sales growth improved to 12.7%. During the first half-year, the Group focused on streamlining its store portfolio and enhancing the stores' sales efficiency. Accordingly, sales space grew relatively slowly - in the first six months the average sales area grew by 14% yoy. Sales efficiency improved in the second quarter when the Group's average sales efficiency (sales per square metre) rose by 4% yoy. The improvement in sales efficiency was underpinned by strong growth in comparable store sales which in the second quarter rose to 8%. The best results in comparable store sales were achieved in the Central and Eastern European markets, which each delivered growth in excess of 20%. Owing to the impacts of the first quarter, comparable store sales growth for the first half-year remained at 1%. In the second quarter, the Group increased sales in all markets. The Russian, Ukrainian, and Polish growth rates - 19%, 27% and 24% respectively - are particularly impressive given that the sales area in those markets has remained practically stable for a year. Compared with the prior year, second quarter retail sales in the Baltics grew as follows: Estonia 1%, Latvia 8% and Lithuania 5% - strong results against the background of decelerating economic growth in the countries involved. All markets' six-month results were also satisfactory. Retail sales by market -------------------------------------------------------------------------------- | EEK million | 6m 2008 | 6m 2007 | +/- | Percentage, 6m | | | | | | 2008 | -------------------------------------------------------------------------------- | Estonia | 114.0 | 113.7 | 0% | 23% | -------------------------------------------------------------------------------- | Lithuania | 110.6 | 103.3 | 7% | 23% | -------------------------------------------------------------------------------- | Russia | 88.0 | 79.4 | 11% | 18% | -------------------------------------------------------------------------------- | Ukraine | 81.4 | 72.0 | 13% | 17% | -------------------------------------------------------------------------------- | Latvia | 71.2 | 64.7 | 10% | 15% | -------------------------------------------------------------------------------- | Poland | 16.4 | 13.7 | 20% | 3% | -------------------------------------------------------------------------------- | Czech Republic | 6.7 | 0 | - | 1% | -------------------------------------------------------------------------------- | Total | 488.3 | 446.8 | 9% | 100% | -------------------------------------------------------------------------------- EUR 1 = EEK 15.6466 In terms of brands, Monton accounted for 55% or 269 million kroons (17.2 million euros) of the Group's six-month retail revenue, 11% growth yoy, and Mosaic contributed 33% or 162 million kroons (10.4 million euros), up 15% yoy. The contribution of Baltman decreased 19% to 37 million kroons (2.4 million euros). As an upmarket Baltic-based menswear brand, Baltman has been hit the hardest by economic slowdown; in addition, no new Baltman stores have been opened in the last twelve months. Six-month sales of Ivo Nikkolo grew 48% yoy to 15 million kroons (1.0 million euros). STORES AND SALES AREA At the end of June 2008, Baltika had 126 stores with a total sales area of 24,661 square metres. Compared with June 2007, the retail system has grown by two stores and 1,650 square metres (net) whilst the sales area operated by the Group has increased by 7%. Stores by market -------------------------------------------------------------------------------- | | 30.06.2008 | 30.06.2007 | -------------------------------------------------------------------------------- | Estonia | 30 | 29 | -------------------------------------------------------------------------------- | Lithuania | 29 | 30 | -------------------------------------------------------------------------------- | Russia | 22 | 25 | -------------------------------------------------------------------------------- | Ukraine | 22 | 21 | -------------------------------------------------------------------------------- | Latvia | 16 | 14 | -------------------------------------------------------------------------------- | Poland | 5 | 5 | -------------------------------------------------------------------------------- | Czech Republic | 2 | - | -------------------------------------------------------------------------------- | Total stores | 126 | 124 | -------------------------------------------------------------------------------- | Total sales area, sqm | 24,661 | 23,011 | -------------------------------------------------------------------------------- In the first half of 2008, Baltika closed seven stores and opened five, two of them in the second quarter, entering three new cities: Ostrava in the Czech Republic, Kaliningrad in Russia and Narva in Estonia. In the second half-year, the Group expects to open 12 to 17 and close 4 to 8 stores, taking the total number of stores to 133 to 138 by the year-end. WHOLESALE In the first half-year, the bulk of wholesale operations are performed in the first quarter; the second quarter is traditionally weaker. Consolidated wholesale revenue for the first six months of 2008 was 61.3 million kroons (3.9 million euros), a 20.3% decrease yoy. Wholesale revenues have declined in line with projections. EARNINGS AND MARGINS Second quarter results indicate that the Group's strategic direction - focus on expansion, export and diversification of the market portfolio - is producing results. While the Baltic economies are experiencing a slowdown, the markets in Central and Eastern Europe are undergoing positive developments that support the Group's performance. Following a period of rapid expansion, Baltika's main goal in the first half of 2008 was to improve sales efficiency. Among other measures, this involved closing any non-performing stores. Positive results emerged in the second quarter, which ended with a 4% improvement in sales efficiency (yoy), a high gross margin and a strong net profit. However, it ought to be noted that the Group's performance will remain affected by the opening of stores and their ensuing start-up periods. The first half-year saw two different cycles - a weak first quarter and a strong second quarter. In the second quarter, the Group's gross margin rose to 60.7% (Q2 2007: 57.9%) taking the half-year gross margin to 56.5%, a fair improvement on the 55.2% measured for the first half of 2007. Consolidated gross profit for the first six months was 311.3 million kroons (19.9 million euros), up 5.1% yoy, whilst second quarter gross profit grew by a solid 10.7% yoy. Administrative and general expenses and distribution costs for the first six months grew by 3.1% and 13.7% yoy respectively. The impact of exchange differences varied. If in the first quarter exchange differences resulted in an exchange loss of 8.4 million kroons (537 thousand euros) and had a notably negative impact on the Group's performance, in the second quarter the differences resulted in an exchange gain of 4.5 million kroons (288 thousand euros), which had a positive impact. The overall impact on the half-year was negative with exchange losses recognised in other operating expenses and financial expenses totalling 3.9 million kroons (249 thousand euros). In comparison, exchange losses for the first six months of 2007 totalled 1.3 million kroons (83 thousand euros). Consolidated operating profit for the second quarter was 22.5 million kroons (1.4 million euros), a vigorous 38.8% improvement on the prior year, and operating margin for the second quarter was 7.9% (Q2 2007: 6.0%). Consolidated operating profit for the first half-year amounted to 15.2 million kroons (1.0 million euros), a 62.2% decrease yoy, and operating margin for six months was 2.8% (6m 2007: 7.5%). Operating profit for six months includes 11.25 million kroons (0.7 million euros) of gain from the revaluation of investment property, which was earned in the first quarter and recognised in other operating income. Operating profit for the first six months of 2007 included 16.21 million kroons (1.0 million euros) of income from the divestment of property, plant and equipment, which was also earned in the first quarter and recognised in other operating income. The Group's financial expenses for the first six months of 2008 totalled 6.7 million kroons (431 thousand euros), up 56.9% yoy. The bulk of the growth results from an increase in foreign exchange losses. Interest expenses for the same period grew by 22.2% to 5.1 million kroons (325 thousand euros). Baltika's net profit for the second quarter surged to 18.8 million kroons (1.2 million euros), a more than two-fold increase on the second quarter of 2007, and net margin rose to 6.6% (Q2 2007: 3.2%). Consolidated net profit for six months was 7.8 million kroons (0.5 million euros) and the period's net margin was 1.4%. The corresponding figures for the first half of 2007 were 30.4 million kroons (1.9 million euros) and 5.7%. BALANCE SHEET At 30 June 2008, Baltika's balance sheet total was 742 million kroons (47.5 million euros), a 17% increase yoy. Trade receivables totalled 68 million kroons (4.3 million euros), representing a 17 million kroon (1.1 million euro) decrease, and trade payables amounted to 123 million kroons (7.8 million euros), representing a 36 million kroon (2.3 million euro) increase on 30 June 2007. At 30 June, inventories stood at 283 million kroons (18.1 million euros), 23% growth yoy, and inventory turnover ratio (sales revenue/average inventories) was 5.04 (30 June 2007: 5.34). The decrease in trade receivables may be attributed to a decline in wholesale operations. Inventories and payables have increased on account of purchases made for the autumn and winter season in excess of the prior year. At 30 June 2008, Baltika's borrowings totalled 213 million kroons (13.6 million euros), including bank loans of 145 million kroons (9.2 million euros), overdraft liabilities of 57 million kroons (3.7 million euros) and finance lease liabilities of 11 million kroons (0.7 million euros). Compared with 30 June 2007, borrowings have increased by 38 million kroons (2.4 million euros). Real estate development loans amount to 19 million kroons (1.2 million euros). At the end of June, the Group's net debt (interest-bearing liabilities less cash and bank balances) to equity ratio was 56.9% against 48.0% at the end of June 2007. INVESTMENT In the first half of 2008 the Group invested 56.3 million kroons (3.6 million euros): 23.5 million kroons (1.5 million euros) in the retail business, 24.9 million kroons (1.6 million euros) in real estate development, 4.3 million kroons (0.3 million euros) in information technology and 3.6 million kroons (0.2 million euros) in manufacturing. Investments for the first half of 2007 totalled 53.9 million kroons (3.4 million euros). PEOPLE At 30 June 2008, the Group employed 1,938 (30 June 2007: 2,011) people including 954 (989) in the retail system, 766 (817) in manufacturing and 218 (205) at the head office. The number of people employed outside Estonia was 755 (788), i.e. 39%. The six months' average number of employees was 1,944 (6m 2007: 1,978). Employee remuneration expenses for the first six months of 2008 totalled 115.2 million kroons/7.4 million euros (6m 2007: 91.4 million kroons/5.8 million euros). Payments made to members of the supervisory council and management board totalled 2.0 million kroons/126 thousand euros (6m 2007: 2.6 million kroons/166 thousand euros). ANNUAL GENERAL MEETING The annual general meeting of Baltika's shareholders which convened on 18 June 2008 approved the annual report for 2007 and the allocation of profits. The meeting resolved to transfer the net profit for 2007 of 40,773 thousand kroons (2,606 thousand euros) to retained earnings and not to distribute any dividends. The general meeting re-appointed AS PricewaterhouseCoopers as the company's auditors for 2008. In addition, the meeting declared the subscription for Series E bonds unsuccessful and decided that any prepayments made in connection with the subscription should be returned. KEY FIGURES OF THE GROUP (6 months 2008) -------------------------------------------------------------------------------- | | 30.06.2008 | 30.06.2007 | +/- | -------------------------------------------------------------------------------- | Revenue (EEK million) | 550.6 | 536.0 | 2.7% | -------------------------------------------------------------------------------- | Retail sales (EEK million) | 488.3 | 446.8 | 9.3% | -------------------------------------------------------------------------------- | Share of retail sales in revenue | 89% | 83% | | -------------------------------------------------------------------------------- | Number of stores | 126 | 124 | 1.6% | -------------------------------------------------------------------------------- | Sales area (sqm) | 24,661 | 23,011 | 7.2% | -------------------------------------------------------------------------------- | Number of employees (end of | 1,938 | 2,011 | -3.6% | | period) | | | | -------------------------------------------------------------------------------- | Gross margin | 56.5% | 55.2% | | -------------------------------------------------------------------------------- | Operating margin | 2.8% | 7.5% | | -------------------------------------------------------------------------------- | EBT margin | 1.5% | 6.7% | | -------------------------------------------------------------------------------- | Net margin | 1.4% | 5.7% | | -------------------------------------------------------------------------------- | Current ratio | 1.6 | 1.8 | -11.1% | -------------------------------------------------------------------------------- | Inventory turnover | 5.04 | 5.34 | -5.6% | -------------------------------------------------------------------------------- | Debt to equity ratio | 61.8% | 54.6% | | -------------------------------------------------------------------------------- | Return on equity | 5.7% | 28.5% | | -------------------------------------------------------------------------------- | Return on assets | 2.8% | 14.1% | | -------------------------------------------------------------------------------- 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) -------------------------------------------------------------------------------- | | Q2 2008 | Q2 2007 | 6m 2008 | 6m 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 284,520 | 269,714 | 550,575 | 536,043 | -------------------------------------------------------------------------------- | Cost of goods sold | -111,687 | -113,570 | -239,317 | -239,999 | -------------------------------------------------------------------------------- | Gross profit | 172,833 | 156,144 | 311,258 | 296,044 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution costs | -141,260 | -127,223 | -278,576 | -245,011 | -------------------------------------------------------------------------------- | Administrative and general | -13,285 | -12,465 | -26,147 | -25,352 | | expenses | | | | | -------------------------------------------------------------------------------- | Other operating income | 4,988 | 303 | 12,229 | 16,580 | -------------------------------------------------------------------------------- | Other operating expenses | -780 | -550 | -3,541 | -1,980 | -------------------------------------------------------------------------------- | Operating profit | 22,496 | 16,209 | 15,223 | 40,281 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income (expenses) | -2,970 | -2,465 | -6,748 | -4,301 | -------------------------------------------------------------------------------- | Interest expenses, net | -2,616 | -2,321 | -5,089 | -4,166 | -------------------------------------------------------------------------------- | Foreign exchange losses, net | -328 | -76 | -1,940 | -63 | -------------------------------------------------------------------------------- | Other financial income | -26 | -68 | 281 | -72 | | (expenses), net | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before income tax | 19,526 | 13,744 | 8,475 | 35,980 | -------------------------------------------------------------------------------- | Income tax | -655 | -4,471 | -1,098 | -4,893 | -------------------------------------------------------------------------------- | Net profit | 18,871 | 9,273 | 7,377 | 31,087 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit attributable to | 18,834 | 8,704 | 7,811 | 30,367 | | equity holders of the parent | | | | | | company | | | | | -------------------------------------------------------------------------------- | Net profit (loss) attributable | 37 | 569 | -434 | 720 | | to minority shareholders | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share, EEK | 1.01 | 0.47 | 0.42 | 1.63 | -------------------------------------------------------------------------------- | Diluted earnings per share, EEK | 1.01 | 0.47 | 0.42 | 1.63 | -------------------------------------------------------------------------------- CONSOLIDATED INCOME STATEMENT (unaudited, in EUR thousand) -------------------------------------------------------------------------------- | | Q2 2008 | Q2 2007 | 6m 2008 | 6m 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 18,184 | 17,238 | 35,188 | 34,259 | -------------------------------------------------------------------------------- | Cost of goods sold | -7,138 | -7,258 | -15,295 | -15,339 | -------------------------------------------------------------------------------- | Gross profit | 11,046 | 9,979 | 19,893 | 18,921 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution costs | -9,028 | -8,131 | -17,804 | -15,659 | -------------------------------------------------------------------------------- | Administrative and general | -849 | -797 | -1,671 | -1,620 | | expenses | | | | | -------------------------------------------------------------------------------- | Other operating income | 319 | 19 | 782 | 1,060 | -------------------------------------------------------------------------------- | Other operating expenses | -50 | -35 | -226 | -127 | -------------------------------------------------------------------------------- | Operating profit | 1,438 | 1,036 | 973 | 2,574 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income (expenses) | -190 | -158 | -431 | -275 | -------------------------------------------------------------------------------- | Interest expenses, net | -167 | -148 | -325 | -266 | -------------------------------------------------------------------------------- | Foreign exchange losses, net | -21 | -5 | -124 | -4 | -------------------------------------------------------------------------------- | Other financial income | -2 | -4 | 18 | -5 | | (expenses), net | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before income tax | 1,248 | 878 | 542 | 2,300 | -------------------------------------------------------------------------------- | Income tax | -42 | -286 | -70 | -313 | -------------------------------------------------------------------------------- | Net profit | 1,206 | 593 | 471 | 1,987 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit attributable to | 1,204 | 557 | 499 | 1,941 | | equity holders of the parent | | | | | | company | | | | | -------------------------------------------------------------------------------- | Net profit (loss) attributable | 2 | 35 | -28 | 46 | | to minority shareholders | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share, EUR | 0.06 | 0.03 | 0.03 | 0.10 | -------------------------------------------------------------------------------- | Diluted earnings per share, EUR | 0.06 | 0.03 | 0.03 | 0.10 | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET (unaudited, in EEK thousand) -------------------------------------------------------------------------------- | | 30.06.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and bank | 16,638 | 31,494 | -------------------------------------------------------------------------------- | Trade and other receivables | 111,647 | 113,563 | -------------------------------------------------------------------------------- | Inventories | 283,316 | 220,698 | -------------------------------------------------------------------------------- | Non-current assets held for sale | 0 | 500 | -------------------------------------------------------------------------------- | Total current assets | 411,601 | 366,255 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Deferred income tax asset | 5,897 | 5,897 | -------------------------------------------------------------------------------- | Other non-current assets | 7,744 | 11,448 | -------------------------------------------------------------------------------- | Investment property | 22,540 | 11,250 | -------------------------------------------------------------------------------- | Property, plant and equipment | 234,947 | 203,098 | -------------------------------------------------------------------------------- | Intangible assets | 59,742 | 58,409 | -------------------------------------------------------------------------------- | Total non-current assets | 330,870 | 290,102 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 742,471 | 656,357 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 73,591 | 100,167 | -------------------------------------------------------------------------------- | Trade and other payables | 182,333 | 129,364 | -------------------------------------------------------------------------------- | Total current liabilities | 255,924 | 229,531 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 139,076 | 84,319 | -------------------------------------------------------------------------------- | Other liabilities | 1,172 | 1,086 | -------------------------------------------------------------------------------- | Deferred income tax liability | 2,075 | 2,075 | -------------------------------------------------------------------------------- | Total non-current liabilities | 142,323 | 87,480 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 398,247 | 317,011 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital at par value | 186,449 | 186,449 | -------------------------------------------------------------------------------- | Reserves | 26,133 | 26,133 | -------------------------------------------------------------------------------- | Retained earnings | 108,722 | 67,949 | -------------------------------------------------------------------------------- | Net profit for the period | 7,811 | 40,773 | -------------------------------------------------------------------------------- | Currency translation differences | 9,299 | 8,131 | -------------------------------------------------------------------------------- | Total equity attributable to equity holders | 338,414 | 329,435 | | of the parent company | | | -------------------------------------------------------------------------------- | Minority interest | 5,810 | 9,911 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 344,224 | 339,346 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 742,471 | 656,357 | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET (unaudited, in EUR thousand) -------------------------------------------------------------------------------- | | 30.06.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and bank | 1,063 | 2,013 | -------------------------------------------------------------------------------- | Trade and other receivables | 7,136 | 7,258 | -------------------------------------------------------------------------------- | Inventories | 18,107 | 14,105 | -------------------------------------------------------------------------------- | Non-current assets held for sale | 0 | 32 | -------------------------------------------------------------------------------- | Total current assets | 26,306 | 23,408 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Deferred income tax asset | 377 | 377 | -------------------------------------------------------------------------------- | Other non-current assets | 495 | 732 | -------------------------------------------------------------------------------- | Investment property | 1,441 | 719 | -------------------------------------------------------------------------------- | Property, plant and equipment | 15,016 | 12,980 | -------------------------------------------------------------------------------- | Intangible assets | 3,818 | 3,733 | -------------------------------------------------------------------------------- | Total non-current assets | 21,146 | 18,541 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 47,453 | 41,949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 4,703 | 6,402 | -------------------------------------------------------------------------------- | Trade and other payables | 11,653 | 8,268 | -------------------------------------------------------------------------------- | Total current liabilities | 16,357 | 14,670 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 8,889 | 5,389 | -------------------------------------------------------------------------------- | Other liabilities | 75 | 69 | -------------------------------------------------------------------------------- | Deferred income tax liability | 133 | 133 | -------------------------------------------------------------------------------- | Total non-current liabilities | 9,096 | 5,591 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 25,453 | 20,261 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital at par value | 11,916 | 11,916 | -------------------------------------------------------------------------------- | Reserves | 1,670 | 1,670 | -------------------------------------------------------------------------------- | Retained earnings | 6,949 | 4,343 | -------------------------------------------------------------------------------- | Net profit for the period | 499 | 2,606 | -------------------------------------------------------------------------------- | Currency translation differences | 594 | 520 | -------------------------------------------------------------------------------- | Total equity attributable to equity holders | 21,629 | 21,055 | | of the parent company | | | -------------------------------------------------------------------------------- | Minority interest | 371 | 633 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 22,000 | 21,688 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 47,453 | 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