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28.04.2009 16:10:00

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BALTIKA MAJANDUSTULEMUSED, I KVARTAL 2009

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TULEMUSTE LÜHIKOKKUVÕTE, I kv 2009                                              
- Müügitulu 221 miljonit krooni (-16,9%)                                        
- Jaemüük 194 miljonit krooni (-14,2%)                                          
- Brutorentaablus 42,9%                                                         
- Ärikahjum 55,1 miljonit krooni                                                
- Puhaskahjum 62,6 miljonit krooni                                              
- Müügipinna aastane kasv 13%                                                   

Baltika Grupi 2009. aasta esimese kvartali müügitulu ulatus 221,0 miljoni       
kroonini (14,1 miljoni euroni) vähenedes eelmise aastaga võrreldes 16,9%.       
Esimese kvartali jaemüük vähenes 14,2%. Püsivate valuutakursside korral oli     
jaemüügi vähenemine 5,5%. Kvartali brutorentaablus langes 42,9%-le. Baltika     
Grupp teenis esimeses kvartalis ärikahjumit 55,1 miljonit krooni (3,5 miljonit  
eurot) ja puhaskahjumit 62,6 miljonit krooni (4,0 miljonit eurot). Esimeses     
kvartalis avas Baltika viis uut kauplust ning aastatagusega võrreldes kasvas    
Grupi müügipind 13% võrra.                                                      

MÜÜGITULUD                                                                      
Müük ärisegmenditi                                                              
--------------------------------------------------------------------------------
| EEK mln                    |      1 kv 2009 |      1 kv 2008 |           +/- |
--------------------------------------------------------------------------------
| Jaemüük                    |          193,5 |          225,5 |        -14,2% |
--------------------------------------------------------------------------------
| Hulgimüük                  |           27,3 |           40,1 |        -32,0% |
--------------------------------------------------------------------------------
| Muu                        |            0,2 |            0,5 |        -52,2% |
--------------------------------------------------------------------------------
| Kokku                      |          221,0 |          266,1 |        -16,9% |
--------------------------------------------------------------------------------

1 EUR = 15,6466 EEK                                                             

JAEMÜÜK                                                                         
Üldise majanduslanguse ja tarbimise vähenemise tagajärjel vähenes Baltika       
esimese kvartali jaemüük eelmise aastaga võrreldes 14,2% ning ulatus 193,5      
miljoni kroonini (12,4 miljoni euroni). Müügile avaldavad negatiivset mõju ka   
Ukraina, Venemaa, Poola ja Tšehhi valuutade nõrgenemine Eesti krooni suhtes.    
Jaemüügi langus püsivate valuutakursside korral oli 5,5%. Võrreldavate poodide  
müük kahanes esimeses kvartalis 18%.                                            

Turgude lõikes olid Baltikumi ning Ida- ja Kesk-Euroopa turgudel esimeses       
kvartalis vastupidised trendid. Kui jätta poodide avamised kõrvale ja vaadelda  
ainult võrreldavate poodide müüke, näitavad kõik Balti riigid esimeses kvartalis
sarnast müügi languse trendi. Teistsugune trend valitseb aga Baltika Ida- ja    
Kesk-Euroopa turgudel, kus kohalike valuutade arvestuses näitasid nii Ukraina,  
Venemaa kui Poola esimeses kvartalis müügikasvu - vastavalt 20%, 9% ja 16%.     

Jaemüük turgude lõikes                                                          
--------------------------------------------------------------------------------
| EEK mln            |  1 kv 2009 |  1 kv 2008 |       +/- |     Osakaal, 1 kv |
|                    |            |            |           |              2009 |
--------------------------------------------------------------------------------
| Leedu              |       46,6 |       52,3 |      -11% |               24% |
--------------------------------------------------------------------------------
| Eesti              |       41,5 |       51,8 |      -20% |               21% |
--------------------------------------------------------------------------------
| Venemaa            |       36,7 |       40,9 |      -10% |               19% |
--------------------------------------------------------------------------------
| Ukraina            |       32,2 |       37,5 |      -14% |               17% |
--------------------------------------------------------------------------------
| Läti               |       25,7 |       33,2 |      -23% |               13% |
--------------------------------------------------------------------------------
| Poola              |        7,1 |        7,7 |       -8% |                4% |
--------------------------------------------------------------------------------
| Tšehhi             |        3,7 |        2,1 |       76% |                2% |
--------------------------------------------------------------------------------
| Kokku              |      193,5 |      225,5 |      -14% |              100% |
--------------------------------------------------------------------------------

1 EUR = 15,6466 EEK                                                             

Brändide lõikes moodustas Montoni müük esimese kvartali jaemüügist 54% ehk 105  
miljonit krooni (6,7 miljonit eurot) vähenedes aastaga 16%. Mosaici müük        
moodustas jaemüügist 35%, ulatus 67 miljoni kroonini (4,3 miljoni euroni) ning  
vähenes eelmise aastaga võrreldes 11%. Baltmani müük vähenes 31% võrra 13       
miljoni kroonini (0,8 miljoni euroni). Ainukesena kasvas esimeses kvartalis Ivo 
Nikkolo müük (+31%) ning ulatus 9 miljoni kroonini (0,6 miljoni euroni).        

POED JA MÜÜGIPIND                                                               
2009. aasta märtsi lõpu seisuga oli Baltika Grupil 133 kauplust müügipinnaga 27 
042 ruutmeetrit. Jaesüsteemi netokasvuks kujunes aasta jooksul üheksa kauplust  
ja üle 3000 ruutmeetri, mille tulemusena suurenes Baltika Grupi poolt           
opereeritav müügipind aastaga 13% võrra.                                        

Poed turgude lõikes                                                             
--------------------------------------------------------------------------------
|                                   |         31.03.2009 |          31.03.2008 |
--------------------------------------------------------------------------------
| Leedu                             |                 33 |                  29 |
--------------------------------------------------------------------------------
| Eesti                             |                 31 |                  29 |
--------------------------------------------------------------------------------
| Venemaa                           |                 23 |                  21 |
--------------------------------------------------------------------------------
| Ukraina                           |                 22 |                  22 |
--------------------------------------------------------------------------------
| Läti                              |                 16 |                  16 |
--------------------------------------------------------------------------------
| Poola                             |                  6 |                   5 |
--------------------------------------------------------------------------------
| Tšehhi                            |                  2 |                   2 |
--------------------------------------------------------------------------------
| Poed kokku                        |                133 |                 124 |
--------------------------------------------------------------------------------
| Müügipind kokku, m2               |             27 042 |              23 964 |
--------------------------------------------------------------------------------

Esimeses kvartalis avati viis kauplust - kolm Leedus ja kaks Eestis. Sulgemisi  
oli kuus ning need toimusid Leedus (3), Ukrainas (2) ja Eestis (1). Suures osas 
oli sulgemiste põhjuseks poe üleviimine teise asukohta ühe linna piires. Teises 
kvartalis on planeeritud avada kümme kauplust ning enamus neist Tallinnas, sest 
Baltika avab kõik oma neli brändipoodi nii Rocca al Mare kaubanduskeskuses kui  
peagi valmivas Baltika Kvartali büroo- ja ärihoones.                            

Vastavalt sõlmitud kokkuleppele võtab Baltika teises kvartalis üle oma Venemaa  
hulgipartneri Uurali piirkonnas asuva seitsme poe opereerimise. Kauplused asuvad
Jekaterinburgis, Ufas, Permis ja Tjumenis. Poodide ülevõtmine toimub kooskõlas  
strateegilise otsusega vähendada hulgimüügipartnerist tulenevat riski ning      
liikuda jaemüügiga ka Venemaa Siberi-Uurali piirkonda.                          

Poolaasta lõpuks ulatub Baltika Grupi poolt opereeritav jaepind ligikaudu 30 000
ruutmeetrini.                                                                   

HULGIMÜÜK                                                                       
Esimese kvartali hulgimüük ulatus 27,3 miljoni kroonini (1,7 miljoni euroni)    
vähenedes eelmise aastaga võrreldes 32,0%. Samas võib tõdeda, et 2008. aastal   
sõlmitud koostööleping Euroopa juhtiva kaubamajade ketiga Peek&Cloppenburg on   
alanud edukalt. Mosaici kollektsioon on klientide poolt hästi vastu võetud,     
Baltika on saanud uued tellimused sügis-talviseks hooajaks ning lisaks          
suurendatakse kaubamajade arvu, kus Mosaici kollektsiooni müüakse, 13-lt 17-le. 

Seoses Venemaa hulgipartnerilt ülevõetavate poodidega ning senise hulgimüügi    
klassifitseerimisega jaemüügiks väheneb 2009. aasta hulgimüügi prognoos 70-80   
miljoni kroonini (4,5-5,1 miljoni euroni). Esialgne prognoos oli 90-100 miljonit
krooni (5,8-6,4 miljonit eurot).                                                

KASUM                                                                           
2009. aasta tulemuste peamised mõjutajad on majanduslangus ja valuutade         
devalveerimine. Aasta esimest kvartalit iseloomustab jaanuaris ning veebruaris  
toimuv hooajalõpu allahindlus. Tulenevalt järsust müügilangusest ja planeeritust
suuremast hooajalõpu varude tasemest toimus esimeses kvartalis varude           
realiseerimine sügavamate allahindlustega ning tavalisest pikema perioodi       
jooksul. See mõjutas tuntavalt kvartali brutorentaablust - esimese kvartali     
brutomarginaal langes 42,9%-le (1 kv 2008: 52,0%) ning brutokasum vähenes       
aastatagusega võrreldes 31,4% ulatudes 94,9 miljoni kroonini (6,1 miljoni       
euroni).                                                                        

Agressiivsema allahindluse teiseks peamiseks eesmärgiks on likviidsuse          
tekitamine uue hooaja kaupade sisseostu finantseerimiseks. Lisaks jätkus 2008.  
aasta novembris alanud valuutade devalveerimise negatiivne mõju ettevõtte       
marginaalidele. Eesti Panga valuutakursside järgi nõrgenesid esimese kvartali   
keskmised kursid eelmise aastaga võrreldes järgmiselt: Ukraina grivna 28,7%,    
Poola zlott 20,2%, Vene rubla 18,0% ja Tšehhi kroon 7,4%.                       

Esimesel poolaastal keskendub Grupp varude taseme vähendamisele ning            
tegevuskulude kärpimisele vastavaks langenud müügitasemetele. Käivitunud on     
tegevus- ja juhtimiskulude kokkuhoiu programm ning toimub kõigi ettevõtte       
äriprotsesside efektiivsemaks muutmine. Rahalises kokkuhoius ning töötajate     
arvus realiseeruvad järgnevalt loetletud meetmed alates teisest poolaastast.    

Tööjõukulude kärpimiseks on kasutatud mitmeid abinõusid: Grupi peakontorist on  
koondatud 25 töötajat ning jaesüsteemist üle 40 inimese; Grupi kõikide juhtide, 
peakontori ning turgude kontorite töötajate palkasid vähendati alates 1.        
aprillist 10% võrra. Logistikakeskuses viidi sisse osaline tööaeg.              

Ettevõtte tootmisüksustes viiakse läbi töö ümberstruktureerimine, tootmisliinide
ümberkorraldamine ning töö tasustamise aluste muutmine; töötajate arvu          
vähendatakse vastavalt töömahu vähenemisele. Esimese kvartali lõpuks on Grupi   
tootmisettevõtetest koondatud ligi 100 inimest. Aasta lõpuks on plaanis üks     
tootmistsehh sulgeda ning koondada Tallinnas asuv tootmine ühte vabrikusse.     
Kulude kokkuhoiu tulemusena on eesmärgiks saavutada omatootmise toodete         
tööjõukulude vähenemine 20% võrra.                                              

Üheks tähtsamaks valdkonnaks Grupi jaesüsteemi kulude vähendamise protsessis on 
poodide opereerimiskulude ning sealhulgas rendikulude vähendamine. Selles vallas
on edu juba saavutatud - keskmised poe opereerimiskulud ruutmeetrile vähenesid  
esimeses kvartalis eelmise aastaga võrreldes 15%. Selleks viidi kauplustes läbi 
töö tasustamise aluste ning töö efektiivsemaks muutmine. Jätkuvad läbirääkimised
kaubanduskeskustega rendilepingute suhtes; eesmärgiks on ettevõtte rendikulude  
vähendamine kuni 20%. Lisaks toimub jaesüsteemis ebaefektiivsete poodide        
sulgemine.                                                                      

Kulude kärpimise tulemusena vähenesid esimese kvartali üldhalduskulud eelmise   
aastaga võrreldes 11,9%. Turustuskulud vähenesid vaatamata müügipinna kasvule   
4,3% võrra.                                                                     

2009. aasta esimeses kvartalis teenis Baltika ärikahjumit 55,1 miljonit krooni  
(3,5 miljonit eurot). 2008. aasta esimese kvartali ärikahjum ulatus 7,3 miljoni 
kroonini (0,5 miljoni euroni). 2008. aasta esimeses kvartalis teenis Grupp tulu 
ka kinnisvarainvesteeringu ümberhindlusest summas 11,25 miljonit krooni (0,7    
miljonit eurot), mis on kajastatud muude äritulude all. 2009. aastal sarnaseid  
tulusid ei olnud.                                                               

Esimese kvartali finantskulud suurenesid 93,0% ulatudes 7,3 miljoni kroonini    
(0,5 miljoni euroni). Põhiline osa finantskulude kasvust tulenes valuutakursi   
muutustest teenitud kahjumi suurenemisest. Seoses laenukoormuse suurenemisega   
kasvasid intressikulud eelmise aastaga võrreldes 26,2%.                         

Kokku teeniti 2009. aasta esimese kolme kuuga kahjumit (peale makse ja          
vähemusosalust) 62,6 miljonit krooni (4,0 miljonit eurot). 2008. aastal teeniti 
samal perioodil kahjumit 11,0 miljonit krooni (0,7 miljonit eurot).             

BILANSS                                                                         
2009. aasta 31. märtsi seisuga ulatus Baltika konsolideeritud bilansimaht 784   
miljoni kroonini (50,1 miljoni euroni) jäädes aasta lõpuga võrreldes samale     
tasemele.                                                                       

Grupi nõuded ostjatele ja muud nõuded vähenesid 2008. aasta lõpuga võrreldes 5  
miljoni krooni (0,3 miljoni euro) võrra ulatudes esimese kvartali lõpus 93      
miljoni kroonini (6,0 miljoni euroni). Võlad hankijatele ja muud kohustused     
suurenesid samal perioodil 22 miljoni krooni (1,4 miljoni euro) võrra 230       
miljoni kroonini (14,7 miljoni euroni). Varud ulatusid märtsi lõpus 277 miljoni 
kroonini (17,7 miljoni euroni) vähenedes aasta lõpuga võrreldes 4%.             

Esimese kvartali lõpus ulatusid Grupi võlakohustused 322 miljoni kroonini (20,6 
miljoni euroni), sealhulgas olid pangalaenud kokku 313 miljonit krooni (20,0    
miljonit eurot) ja kapitalirendi kohustused 9 miljonit krooni (0,6 miljonit     
eurot). Aasta lõpuga võrreldes on võlakoormus suurenenud 49 miljoni krooni (3,2 
miljoni euro) võrra. Põhiliselt on laenukoormus suurenenud seoses uue           
kontorihoone ehitusega, mis finantseeritakse täielikult pangalaenuga. Märtsi    
lõpu seisuga ulatus ehitusega seotud laen 94 miljoni kroonini (6,0 miljoni      
euroni). Uus kontorihoone valmib plaanipäraselt mai lõpuks.                     

Seoses ehituslaenuga on ka Grupi netovõla (Intressi kandvad võlakohustused-Raha 
ja pangakontod) suhe omakapitali suurenenud ning oli märtsi lõpu seisuga 137,8%.
2008. aasta lõpus oli vastav näitaja 88,2%.                                     

INVESTEERINGUD                                                                  
2009. aasta esimeses kvartalis ulatusid Grupi investeeringud 37,0 miljoni       
kroonini/2,4 miljoni euroni (1 kv 2008: 22,3 miljonit krooni/1,4 miljonit       
eurot). Kinnisvaraarendusse (Baltika Kvartali I etappi) investeeriti 31,3       
miljonit krooni (2,0 miljonit eurot), jaekaubandusse 4,2 miljonit krooni (0,3   
miljonit eurot) ning muud investeeringud ulatusid 1,5 miljoni kroonini (0,1     
miljoni euroni).                                                                

INIMESED                                                                        
Baltika Grupis töötas 2009. aasta märtsi lõpu seisuga 1902 (31. märts 2008:     
1951) inimest, sealhulgas jaekaubanduses 939 (967), tootmises 758 (763) ning    
peakontoris 205 (221) inimest. Väljaspool Eestit töötas 756 (781) inimest ehk   
40% Grupi töötajatest. Kolme kuu keskmine töötajate arv Grupis oli 1938 (1 kv   
2008: 1956).                                                                    

Baltika Grupi töötajatele maksti 2009. aasta esimeses kvartalis kokku töötasusid
53,4 miljonit krooni/3,4 miljonit eurot (1 kv 2008: 56,1 miljonit krooni/3,6    
miljonit eurot). Sealhulgas ulatusid nõukogu ja juhatuse liikmete tasud 1,05    
miljoni kroonini/67 tuhande euroni (1 kv 2008: 1,16 miljonit krooni/74 tuhat    
eurot).                                                                         

KONTSERNI PÕHILISED ARVNÄITAJAD (I kv 2009)                                     
--------------------------------------------------------------------------------
|                                    |  31.03.2009 |  31.03.2008 |         +/- |
--------------------------------------------------------------------------------
| Müügitulu (EEK mln)                |       221,0 |       266,1 |      -16,9% |
--------------------------------------------------------------------------------
| Jaemüük (EEK mln)                  |       193,5 |       225,5 |      -14,2% |
--------------------------------------------------------------------------------
| Jaemüügi osakaal müügituludes      |         88% |         85% |             |
--------------------------------------------------------------------------------
| Poodide arv                        |         133 |         124 |        7,3% |
--------------------------------------------------------------------------------
| Müügipind (m2)                     |      27 042 |      23 964 |       12,8% |
--------------------------------------------------------------------------------
| Töötajate arv (perioodi lõpp)      |       1 902 |       1 951 |       -2,5% |
--------------------------------------------------------------------------------
| Brutorentaablus                    |       42,9% |       52,0% |             |
--------------------------------------------------------------------------------
| Ärirentaablus                      |      -24,9% |       -2,7% |             |
--------------------------------------------------------------------------------
| Maksueelse kasumi rentaablus       |      -28,2% |       -4,2% |             |
--------------------------------------------------------------------------------
| Puhasrentaablus                    |      -28,3% |       -4,1% |             |
--------------------------------------------------------------------------------
| Likviidsuskordaja                  |         1,1 |         1,7 |      -35,3% |
--------------------------------------------------------------------------------
| Varude käibekordaja                |        4,48 |        5,18 |      -13,5% |
--------------------------------------------------------------------------------
| Võla ja omakapitali suhe           |      140,4% |       60,9% |             |
--------------------------------------------------------------------------------
| Omakapitali tootlus                |      -28,1% |        1,8% |             |
--------------------------------------------------------------------------------
| Koguvarade tootlus                 |      -11,7% |        0,9% |             |
--------------------------------------------------------------------------------

1 EUR = 15,6466 EEK                                                             

Suhtarvude valemid                                                              
Brutorentaablus = (Müügitulu-Müüdud kaupade kulu)/Müügitulu                     
Ärirentaablus = Ärikasum/Müügitulu                                              
Maksueelse kasumi rentaablus = Kasum enne tulumaksu/Müügitulu                   
Puhasrentaablus = Puhaskasum (emaettevõtja osa)/Müügitulu                       
Likviidsuskordaja = Käibevara/Lühiajalised kohustused                           
Varude käibekordaja = Müügitulu/Keskmised varud*                                
Võla ja omakapitali suhe = Intressi kandvad võlakohustused/Omakapital           
Omakapitali tootlus = Puhaskasum (emaettevõtja osa)/Keskmine omakapital*        
Koguvarade tootlus = Puhaskasum (emaettevõtja osa)/Keskmised koguvarad*         
*12 kuu keskmine                                                                


KONSOLIDEERITUD KASUMIARUANNE                                                   
(auditeerimata, tuhandetes kroonides)                                           
--------------------------------------------------------------------------------
|                                      |             1 kv 2009 |     1 kv 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müügitulu                            |               221 017 |       266 056 |
--------------------------------------------------------------------------------
| Müüdud kaupade kulu                  |              -126 091 |      -127 630 |
--------------------------------------------------------------------------------
| Brutokasum                           |                94 926 |       138 426 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Turustuskulud                        |              -131 382 |      -137 315 |
--------------------------------------------------------------------------------
| Üldhalduskulud                       |               -11 334 |       -12 862 |
--------------------------------------------------------------------------------
| Muud äritulud                        |                    11 |        12 032 |
--------------------------------------------------------------------------------
| Muud ärikulud                        |                -7 319 |        -7 554 |
--------------------------------------------------------------------------------
| Ärikasum (kahjum)                    |               -55 098 |        -7 273 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finantstulud (kulud)                 |                -7 293 |        -3 778 |
--------------------------------------------------------------------------------
| Intressikulud, neto                  |                -3 122 |        -2 474 |
--------------------------------------------------------------------------------
| Kahjum valuutakursi muutustest, neto |                -4 166 |        -1 593 |
--------------------------------------------------------------------------------
| Muud finantstulud (kulud), neto      |                    -5 |           289 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum (kahjum) enne tulumaksu        |               -62 391 |       -11 051 |
--------------------------------------------------------------------------------
| Tulumaks                             |                  -151 |          -443 |
--------------------------------------------------------------------------------
| Aruandeperioodi puhaskasum (kahjum)  |               -62 542 |       -11 494 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Emaettevõtja aktsionäride osa        |               -62 563 |       -11 023 |
| kasumist (kahjumist)                 |                       |               |
--------------------------------------------------------------------------------
| Vähemusosa osalus kasumis (kahjumis) |                    21 |          -471 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tava puhaskasum aktsia kohta, EEK    |                 -3,36 |         -0,59 |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum aktsia kohta,  |                 -3,36 |         -0,59 |
| EEK                                  |                       |               |
--------------------------------------------------------------------------------


KONSOLIDEERITUD KASUMIARUANNE                                                   
(auditeerimata, tuhandetes eurodes)                                             
--------------------------------------------------------------------------------
|                                      |             1 kv 2009 |     1 kv 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müügitulu                            |                14 126 |        17 004 |
--------------------------------------------------------------------------------
| Müüdud kaupade kulu                  |                -8 059 |        -8 157 |
--------------------------------------------------------------------------------
| Brutokasum                           |                 6 067 |         8 847 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Turustuskulud                        |                -8 397 |        -8 776 |
--------------------------------------------------------------------------------
| Üldhalduskulud                       |                  -724 |          -822 |
--------------------------------------------------------------------------------
| Muud äritulud                        |                     1 |           769 |
--------------------------------------------------------------------------------
| Muud ärikulud                        |                  -468 |          -483 |
--------------------------------------------------------------------------------
| Ärikasum (kahjum)                    |                -3 521 |          -465 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finantstulud (kulud)                 |                  -466 |          -241 |
--------------------------------------------------------------------------------
| Intressikulud, neto                  |                  -200 |          -158 |
--------------------------------------------------------------------------------
| Kahjum valuutakursi muutustest, neto |                  -266 |          -102 |
--------------------------------------------------------------------------------
| Muud finantstulud (kulud), neto      |                     0 |            18 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum (kahjum) enne tulumaksu        |                -3 988 |          -706 |
--------------------------------------------------------------------------------
| Tulumaks                             |                   -10 |           -28 |
--------------------------------------------------------------------------------
| Aruandeperioodi puhaskasum (kahjum)  |                -3 997 |          -735 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Emaettevõtja aktsionäride osa        |                -3 999 |          -704 |
| kasumist (kahjumist)                 |                       |               |
--------------------------------------------------------------------------------
| Vähemusosa osalus kasumis (kahjumis) |                     1 |           -30 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tava puhaskasum aktsia kohta, EUR    |                 -0,21 |         -0,04 |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum aktsia kohta,  |                 -0,21 |         -0,04 |
| EUR                                  |                       |               |
--------------------------------------------------------------------------------


KONSOLIDEERITUD BILANSS                                                         
(auditeerimata, tuhandetes kroonides)                                           
--------------------------------------------------------------------------------
|                                             |    31.03.2009 |     31.12.2008 |
--------------------------------------------------------------------------------
| VARAD                                       |               |                |
--------------------------------------------------------------------------------
| Käibevara                                   |               |                |
--------------------------------------------------------------------------------
| Raha ja pangakontod                         |         5 910 |          8 671 |
--------------------------------------------------------------------------------
| Nõuded ostjatele ja muud nõuded             |        93 266 |         98 369 |
--------------------------------------------------------------------------------
| Varud                                       |       277 002 |        288 431 |
--------------------------------------------------------------------------------
| Käibevara kokku                             |       376 178 |        395 471 |
--------------------------------------------------------------------------------
| Põhivara                                    |               |                |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksu vara                |         5 547 |          5 547 |
--------------------------------------------------------------------------------
| Muud pikaajalised varad                     |         8 460 |          6 103 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud                    |       165 353 |        134 098 |
--------------------------------------------------------------------------------
| Materiaalne põhivara                        |       169 636 |        180 580 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara                      |        58 586 |         59 604 |
--------------------------------------------------------------------------------
| Põhivara kokku                              |       407 582 |        385 932 |
--------------------------------------------------------------------------------
| VARAD KOKKU                                 |       783 760 |        781 403 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL                    |               |                |
--------------------------------------------------------------------------------
| Lühiajalised kohustused                     |               |                |
--------------------------------------------------------------------------------
| Võlakohustused                              |       119 819 |        103 967 |
--------------------------------------------------------------------------------
| Võlad hankijatele ja muud kohustused        |       230 263 |        207 946 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku               |       350 082 |        311 913 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused                     |               |                |
--------------------------------------------------------------------------------
| Võlakohustused                              |       201 959 |        168 388 |
--------------------------------------------------------------------------------
| Muud kohustused                             |           304 |              0 |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksu kohustus            |         2 196 |          2 196 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku               |       204 459 |        170 584 |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU                            |       554 541 |        482 497 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OMAKAPITAL                                  |               |                |
--------------------------------------------------------------------------------
| Aktsiakapital nimiväärtuses                 |       186 449 |        186 449 |
--------------------------------------------------------------------------------
| Reservid                                    |        26 133 |         26 133 |
--------------------------------------------------------------------------------
| Eelmiste perioodide jaotamata kasum         |        89 953 |        108 722 |
--------------------------------------------------------------------------------
| Aruandeperioodi puhaskasum (kahjum)         |       -62 563 |        -18 947 |
--------------------------------------------------------------------------------
| Valuutakursi muutuste reserv                |       -13 277 |         -7 165 |
--------------------------------------------------------------------------------
| Emaettevõtja aktsionäridele kuuluv          |       226 695 |        295 192 |
| omakapital kokku                            |               |                |
--------------------------------------------------------------------------------
| Vähemusosalus                               |         2 524 |          3 714 |
--------------------------------------------------------------------------------
| OMAKAPITAL KOKKU                            |       229 219 |        298 906 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU              |       783 760 |        781 403 |
--------------------------------------------------------------------------------


KONSOLIDEERITUD BILANSS                                                         
(auditeerimata, tuhandetes eurodes)                                             
--------------------------------------------------------------------------------
|                                             |    31.03.2009 |     31.12.2008 |
--------------------------------------------------------------------------------
| VARAD                                       |               |                |
--------------------------------------------------------------------------------
| Käibevara                                   |               |                |
--------------------------------------------------------------------------------
| Raha ja pangakontod                         |           378 |            554 |
--------------------------------------------------------------------------------
| Nõuded ostjatele ja muud nõuded             |         5 961 |          6 287 |
--------------------------------------------------------------------------------
| Varud                                       |        17 704 |         18 434 |
--------------------------------------------------------------------------------
| Käibevara kokku                             |        24 042 |         25 275 |
--------------------------------------------------------------------------------
| Põhivara                                    |               |                |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksu vara                |           355 |            355 |
--------------------------------------------------------------------------------
| Muud pikaajalised varad                     |           541 |            390 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud                    |        10 568 |          8 570 |
--------------------------------------------------------------------------------
| Materiaalne põhivara                        |        10 842 |         11 541 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara                      |         3 744 |          3 809 |
--------------------------------------------------------------------------------
| Põhivara kokku                              |        26 049 |         24 666 |
--------------------------------------------------------------------------------
| VARAD KOKKU                                 |        50 091 |         49 941 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL                    |               |                |
--------------------------------------------------------------------------------
| Lühiajalised kohustused                     |               |                |
--------------------------------------------------------------------------------
| Võlakohustused                              |         7 658 |          6 645 |
--------------------------------------------------------------------------------
| Võlad hankijatele ja muud kohustused        |        14 716 |         13 290 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku               |        22 374 |         19 935 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused                     |               |                |
--------------------------------------------------------------------------------
| Võlakohustused                              |        12 908 |         10 762 |
--------------------------------------------------------------------------------
| Muud kohustused                             |            19 |              0 |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksu kohustus            |           140 |            140 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku               |        13 067 |         10 902 |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU                            |        35 442 |         30 837 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OMAKAPITAL                                  |               |                |
--------------------------------------------------------------------------------
| Aktsiakapital nimiväärtuses                 |        11 916 |         11 916 |
--------------------------------------------------------------------------------
| Reservid                                    |         1 670 |          1 670 |
--------------------------------------------------------------------------------
| Eelmiste perioodide jaotamata kasum         |         5 749 |          6 949 |
--------------------------------------------------------------------------------
| Aruandeperioodi puhaskasum (kahjum)         |        -3 999 |         -1 211 |
--------------------------------------------------------------------------------
| Valuutakursi muutuste reserv                |          -849 |           -458 |
--------------------------------------------------------------------------------
| Emaettevõtja aktsionäridele kuuluv          |        14 488 |         18 866 |
| omakapital kokku                            |               |                |
--------------------------------------------------------------------------------
| Vähemusosalus                               |           161 |            237 |
--------------------------------------------------------------------------------
| OMAKAPITAL KOKKU                            |        14 650 |         19 104 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU              |        50 091 |         49 941 |
--------------------------------------------------------------------------------



Ülle Järv                                                                       
Finantsdirektor, Juhatuse liige                                                 
+372 630 2741

Pealkiri

BALTIKA'S FINANCIAL RESULTS, 1 QUARTER 2009

Teade

FINANCIAL HIGHLIGHTS, Q1 2009                                                   
- Revenue 221 million kroons (-16.9% yoy)                                       
- Retail sales 194 million kroons (-14.2% yoy)                                  
- Gross margin 42.9%                                                            
- Operating loss 55.1 million kroons                                            
- Net loss 62.6 million kroons                                                  
- Sales area 13% growth yoy                                                     

In the first quarter of 2009, the Group's revenues totalled 221.0 million kroons
(14.1 million euros), a 16.9% decrease compared with a year ago. First quarter  
retail revenue declined by 14.2%. At constant exchange rates, retail revenue    
contracted by 5.5%. The period's gross margin was 42.9%. In Q1 2009, Baltika    
Group earned operating loss of 55.1 million kroons (3.5 million euros) and net  
loss of 62.6 million kroons (4.0 million euros). The Group opened five stores,  
increasing its sales area by 13% yoy.                                           

REVENUE                                                                         
Revenue by business segment                                                     
--------------------------------------------------------------------------------
| EEK million                |        Q1 2009 |        Q1 2008 |           +/- |
--------------------------------------------------------------------------------
| Retail                     |          193.5 |          225.5 |        -14.2% |
--------------------------------------------------------------------------------
| Wholesale                  |           27.3 |           40.1 |        -32.0% |
--------------------------------------------------------------------------------
| Other                      |            0.2 |            0.5 |        -52.2% |
--------------------------------------------------------------------------------
| Total                      |          221.0 |          266.1 |        -16.9% |
--------------------------------------------------------------------------------

EUR 1 = EEK 15.6466                                                             

RETAIL                                                                          
Owing to the overall economic downturn and a decline in consumer spending,      
Baltika's first quarter retail revenue decreased by 14.2% to 193.5 million      
kroons (12.4 million euros) compared with a year ago. Sales were further        
undermined by the weakening of the Ukrainian, Russian, Polish and Czech         
currencies against the Estonian kroon. At constant exchange rates, retail       
revenue contracted by 5.5%. Comparable store revenue shrank by 18% compared with
a year ago.                                                                     

The Baltic and Eastern and Central European markets followed opposite trends.   
Leaving aside the opening of new stores, comparable store revenues in all the   
Baltic countries slumped equally. Baltika's Eastern and Central European        
markets, on the other hand, posted growth figures - in local currencies the     
Ukrainian, Russian and Polish revenues for the first quarter grew by 20%, 9% and
16% respectively.                                                               

Retail sales by market                                                          
--------------------------------------------------------------------------------
| EEK million        |    Q1 2009 |    Q1 2008 |       +/- |    Percentage, Q1 |
|                    |            |            |           |              2009 |
--------------------------------------------------------------------------------
| Lithuania          |       46.6 |       52.3 |      -11% |               24% |
--------------------------------------------------------------------------------
| Estonia            |       41.5 |       51.8 |      -20% |               21% |
--------------------------------------------------------------------------------
| Russia             |       36.7 |       40.9 |      -10% |               19% |
--------------------------------------------------------------------------------
| Ukraine            |       32.2 |       37.5 |      -14% |               17% |
--------------------------------------------------------------------------------
| Latvia             |       25.7 |       33.2 |      -23% |               13% |
--------------------------------------------------------------------------------
| Poland             |        7.1 |        7.7 |       -8% |                4% |
--------------------------------------------------------------------------------
| Czech Republic     |        3.7 |        2.1 |       76% |                2% |
--------------------------------------------------------------------------------
| Total              |      193.5 |      225.5 |      -14% |              100% |
--------------------------------------------------------------------------------

EUR 1 = EEK 15.6466                                                             

In terms of brands, the largest contributor is Monton that accounted for 54% of 
the Group's retail sales for the first quarter of 2009. The sales of Monton     
amounted to 105 million kroons (6.7 million euros), 16% down on the prior year. 
Retail sales of Mosaic decreased by 11% yoy to 67 million kroons (4.3 million   
euros) contributing 35% to the Group's retail revenue. Retail sales of Baltman  
declined by 31% yoy to 13 million kroons (0.8 million euros). Only the sales of 
the Ivo Nikkolo brand expanded (+31% yoy) in the first quarter and totalled 9   
million kroons (0.6 million euros).                                             

STORES AND SALES AREA                                                           
At the end of March 2009 the Group had 133 stores with a total sales area of    
27,042 square metres. Compared with March 2008, the net growth of the retail    
system was nine stores and ca 3,000 square metres as a result of which the sales
area operated by the Group increased by 13% yoy.                                

Stores by market                                                                
--------------------------------------------------------------------------------
|                                   |         31.03.2009 |          31.03.2008 |
--------------------------------------------------------------------------------
| Lithuania                         |                 33 |                  29 |
--------------------------------------------------------------------------------
| Estonia                           |                 31 |                  29 |
--------------------------------------------------------------------------------
| Russia                            |                 23 |                  21 |
--------------------------------------------------------------------------------
| Ukraine                           |                 22 |                  22 |
--------------------------------------------------------------------------------
| Latvia                            |                 16 |                  16 |
--------------------------------------------------------------------------------
| Poland                            |                  6 |                   5 |
--------------------------------------------------------------------------------
| Czech Republic                    |                  2 |                   2 |
--------------------------------------------------------------------------------
| Total stores                      |                133 |                 124 |
--------------------------------------------------------------------------------
| Total sales area, sqm             |             27,042 |              23,964 |
--------------------------------------------------------------------------------

In the first quarter, Baltika opened five stores - three in Lithuania and two in
Estonia - and closed six - three in Lithuania, two in Ukraine and one in        
Estonia. The main reason for the closures was the transfer of the store to a new
location in the same city. According to plan, in the second quarter ten stores  
will be launched, most of them in Tallinn, Estonia, because Baltika will open   
all four of its brand stores both in the Rocca al Mare shopping centre and the  
office and business centre in the Baltika Quarter, which will soon be completed.

According to an agreement, in the second quarter Baltika will take over the     
operation of seven stores belonging to its Russian wholesale partner in the Ural
region. The stores are located in Ekaterinburg, Ufa, Perm and Tjumen in Russia. 
The takeover is aligned with the Group's strategic decisions to mitigate the    
risks arising from reliance on a wholesale partner and to expand retail         
operations to the Siberia-Ural region in Russia.                                

By the end of the first half-year, the retail area operated by Baltika Group    
will grow to approximately 30,000 square metres.                                

WHOLESALE                                                                       
First quarter wholesale revenues totalled 27.3 million kroons (1.7 million      
euros), a 32.0% decrease compared with a year ago. However, the cooperation     
contract signed in 2008 with one of the leading European department store chains
Peek&Cloppenburg has got off to a good start. The Mosaic collection has been    
well received by the customers - new orders have been placed for the            
autumn-winter season and the number of department stores offering the Mosaic    
collection will be increased from 13 to 17.                                     

In connection with the takeover of stores from the Russian wholesale partner and
the reclassification of the business involved from wholesaling to retailing, the
wholesale revenue forecast for 2009 has been lowered to 70-80 million kroons    
(4.5-5.1 million euros). The initial forecast was 90-100 million kroons (5.8-6.4
million euros).                                                                 

EARNINGS AND MARGINS                                                            
The Group's performance in 2009 has been strongly influenced by the economic    
recession and the devaluation of currencies. The first quarter is typically     
characterized by the seasonal discounts offered in January and February. Due to 
a deep sales slump and higher than anticipated inventory levels, the discounts  
provided in the first quarter of 2009 were larger than usual and extended over a
longer period. This had a marked impact on profitability - the gross margin for 
the first quarter dropped to 42.9% (Q1 2008: 52.0%) and gross profit for the    
period decreased by 31.4% to 94.9 million kroons (6.1 million euros) compared   
with a year ago.                                                                

Another reason for more aggressive discounting was the need to generate         
liquidity for financing purchases for the new season. In addition, margins were 
adversely impacted by the devaluation of currencies that began in November 2008.
According to the exchange rates quoted by the Bank of Estonia, compared with a  
year ago the average exchange rates for the first quarter weakened as follows:  
the Ukrainian hryvnia 28.7%, the Polish zloty 20.2%, the Russian rouble 18.0%   
and the Czech koruna 7.4%.                                                      

In the first half-year, Baltika will focus on reducing inventories and adjusting
operating expenses to the lower revenue levels. The Group has launched a        
programme for cutting operating and management expenses and streamlining all    
processes. The savings and rightsizing measures described below should yield    
benefits in the second half of the year.                                        

In order to reduce personnel expenses, the Group has laid off 25 people from the
head office and 40 retail staff across the markets. Effective from 1 April, the 
salaries of all managers and office personnel were reduced by 10%. The logistics
centre has been transferred to shorter work time.                               

At production units, work will be reorganised, production lines will be         
readjusted and the basis for remuneration will be changed. The number of staff  
will be reduced in line with shrinkage in production volumes. By the end of the 
first quarter, the Group had laid off approximately 100 production staff.       
According to plan, by the end of the year one factory will be closed and all    
production operations in Tallinn, Estonia, will be transferred to a single      
factory. The target is to reduce labour costs in manufacturing by 20%.          

In cutting the costs of the retail system, it is essential to reduce store      
operating expenses including rental costs. In this area, some success has       
already been achieved - in the first quarter the average store operating        
expenses per square metre decreased by 15% compared with a year ago. This was   
achieved by changing the basis of employee remuneration and improving work      
efficiency. The Group is continuing negotiations with shopping centres regarding
its leases; the target is to reduce rental costs by up to 20%. Additionally,    
some inefficient stores in the retail system will be closed.                    

Thanks to decisive cost-cutting, administrative and general expenses for the    
first quarter decreased by 11.9% compared with a year ago and distribution costs
declined 4.3% despite growth in the sales area.                                 

Baltika ended the first quarter of 2009 with an operating loss of 55.1 million  
kroons (3.5 million euros). For comparison, operating loss for the first quarter
of 2008 amounted to 7.3 million kroons (0.5 million euros). In the first quarter
of 2008, the Group also benefited from gain on the revaluation of investment    
property of 11.25 million kroons (0.7 million euros), which was recognised in   
other operating income. In 2009, there has been no similar income.              

Financial expenses for the first quarter grew by 93.0% to 7.3 million kroons    
(0.5 million euros), mainly on account of an increase in foreign exchange       
losses. The growth in borrowings expanded interest expenses by 26.2% compared   
with a year ago.                                                                

The consolidated net loss for the first three months of 2009 (after tax and     
minority interest) amounted to 62.6 million kroons (4.0 million euros). The loss
for the first quarter of 2008 amounted to 11.0 million kroons (0.7 million      
euros).                                                                         

BALANCE SHEET                                                                   
At 31 March 2009, Baltika's consolidated assets amounted to 784 million kroons  
(50.1 million euros), remaining at the same level as at the end of 2008.        

Trade and other receivables decreased by 5 million kroons (0.3 million euros)   
compared with the end of 2008, amounting to 93 million kroons (6.0 million      
euros) at 31 March. Trade and other payables grew within the same period by 22  
million kroons (1.4 million euros) to 230 million kroons (14.7 million euros).  
At the end of March, inventories totalled 277 million kroons (17.7 million      
euros), 4% down from the end of 2008.                                           

At the end of the first quarter, the Group's borrowings totalled 322 million    
kroons (20.6 million euros), comprising bank loans of 313 million kroons (20.0  
million euros) and finance lease liabilities of 9 million kroons (0.6 million   
euros). Compared with the end of the previous financial year, the debt burden   
has grown by 49 million kroons (3.2 million euros). The rise is largely         
attributable to the construction of a new office building, which is being       
financed solely with a bank loan. At the end of March, borrowings related to the
construction of the office building amounted to 94 million kroons (6.0 million  
euros). The new office building will be completed on schedule by the end of May 
2009.                                                                           

The construction loan has increased the Group's net debt (interest-bearing      
liabilities less cash and bank balances) to equity ratio to 137.8%. At the end  
of 2008 the corresponding figure was 88.2%.                                     

INVESTMENT                                                                      
The Group's investments for the first quarter of 2009 totalled 37.0 million     
kroons/2.4 million euros (Q1 2008: 22.3 million kroons/1.4 million euros).      
Investments in real estate development (phase I of the Baltika Quarter) amounted
to 31.3 million kroons (2.0 million euros), in the retail business 4.2 million  
kroons (0.3 million euros) and in other activities 1.5 million kroons (0.1      
million euros).                                                                 

PEOPLE                                                                          
At the end of March 2009, Baltika Group employed 1,902 (31 March 2008: 1,951)   
people including 939 (967) in the retail business, 758 (763) in production      
operations and 205 (221) in the head office. The number of people employed      
outside Estonia was 756 (781), i.e., 40% of all employees. The three months'    
average number of employees was 1,938 (Q1 2008: 1,956).                         

The Group's employee remuneration expenses for the first quarter of 2009        
totalled 53.4 million kroons/3.4 million euros (Q1 2008: 56.1 million kroons/3.6
million euros). Payments made to members of the supervisory council and         
management board totalled 1.05 million kroons/67 thousand euros (Q1 2008: 1.16  
million kroons/74 thousand euros).                                              

KEY FIGURES OF THE GROUP (Q1 2009)                                              
--------------------------------------------------------------------------------
|                                    |  31.03.2009 |  31.03.2008 |         +/- |
--------------------------------------------------------------------------------
| Revenue (EEK million)              |       221.0 |       266.1 |      -16.9% |
--------------------------------------------------------------------------------
| Retail sales (EEK million)         |       193.5 |       225.5 |      -14.2% |
--------------------------------------------------------------------------------
| Share of retail sales in revenue   |         88% |         85% |             |
--------------------------------------------------------------------------------
| Number of stores                   |         133 |         124 |        7.3% |
--------------------------------------------------------------------------------
| Sales area (sqm)                   |      27,042 |      23,964 |       12.8% |
--------------------------------------------------------------------------------
| Number of employees (end of        |       1,902 |       1,951 |       -2.5% |
| period)                            |             |             |             |
--------------------------------------------------------------------------------
| Gross margin                       |       42.9% |       52.0% |             |
--------------------------------------------------------------------------------
| Operating margin                   |      -24.9% |       -2.7% |             |
--------------------------------------------------------------------------------
| EBT margin                         |      -28.2% |       -4.2% |             |
--------------------------------------------------------------------------------
| Net margin                         |      -28.3% |       -4.1% |             |
--------------------------------------------------------------------------------
| Current ratio                      |         1.1 |         1.7 |      -35.3% |
--------------------------------------------------------------------------------
| Inventory turnover                 |        4.48 |        5.18 |      -13.5% |
--------------------------------------------------------------------------------
| Debt to equity ratio               |      140.4% |       60.9% |             |
--------------------------------------------------------------------------------
| Return on equity                   |      -28.1% |        1.8% |             |
--------------------------------------------------------------------------------
| Return on assets                   |      -11.7% |        0.9% |             |
--------------------------------------------------------------------------------

EUR 1 = EEK 15.6466                                                             

Definitions of key ratios                                                       
Gross margin = (Revenue-Cost of goods sold)/Revenue                             
Operating margin = Operating profit/Revenue                                     
EBT margin = Profit before income tax/Revenue                                   
Net margin = Net profit (attributable to parent)/Revenue                        
Current ratio = Current assets/Current liabilities                              
Inventory turnover = Revenue/Average inventories*                               
Debt to equity ratio = Interest-bearing liabilities/Equity                      
Return on equity (ROE) = Net profit (attributable to parent)/Average equity*    
Return on assets (ROA) = Net profit (attributable to parent)/Average total      
assets*                                                                         
*Based on 12-month average                                                      



CONSOLIDATED INCOME STATEMENT                                                   
(unaudited, in EEK thousand)                                                    
--------------------------------------------------------------------------------
|                                      |              Q1 2009 |        Q1 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue                              |              221,017 |        266,056 |
--------------------------------------------------------------------------------
| Cost of goods sold                   |             -126,091 |       -127,630 |
--------------------------------------------------------------------------------
| Gross profit                         |               94,926 |        138,426 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution costs                   |             -131,382 |       -137,315 |
--------------------------------------------------------------------------------
| Administrative and general expenses  |              -11,334 |        -12,862 |
--------------------------------------------------------------------------------
| Other operating income               |                   11 |         12,032 |
--------------------------------------------------------------------------------
| Other operating expenses             |               -7,319 |         -7,554 |
--------------------------------------------------------------------------------
| Operating profit (loss)              |              -55,098 |         -7,273 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income (expenses)          |               -7,293 |         -3,778 |
--------------------------------------------------------------------------------
| Interest expenses, net               |               -3,122 |         -2,474 |
--------------------------------------------------------------------------------
| Foreign exchange losses, net         |               -4,166 |         -1,593 |
--------------------------------------------------------------------------------
| Other financial income (expenses),   |                   -5 |            289 |
| net                                  |                      |                |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit (loss) before income tax      |              -62,391 |        -11,051 |
--------------------------------------------------------------------------------
| Income tax                           |                 -151 |           -443 |
--------------------------------------------------------------------------------
| Net profit (loss)                    |              -62,542 |        -11,494 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit (loss) attributable to    |              -62,563 |        -11,023 |
| equity holders of the parent company |                      |                |
--------------------------------------------------------------------------------
| Net profit (loss) attributable to    |                   21 |           -471 |
| minority shareholders                |                      |                |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings per share, EEK        |                -3.36 |          -0.59 |
--------------------------------------------------------------------------------
| Diluted earnings per share, EEK      |                -3.36 |          -0.59 |
--------------------------------------------------------------------------------


CONSOLIDATED INCOME STATEMENT                                                   
(unaudited, in EUR thousand)                                                    
--------------------------------------------------------------------------------
|                                      |              Q1 2009 |        Q1 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue                              |               14,126 |         17,004 |
--------------------------------------------------------------------------------
| Cost of goods sold                   |               -8,059 |         -8,157 |
--------------------------------------------------------------------------------
| Gross profit                         |                6,067 |          8,847 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution costs                   |               -8,397 |         -8,776 |
--------------------------------------------------------------------------------
| Administrative and general expenses  |                 -724 |           -822 |
--------------------------------------------------------------------------------
| Other operating income               |                    1 |            769 |
--------------------------------------------------------------------------------
| Other operating expenses             |                 -468 |           -483 |
--------------------------------------------------------------------------------
| Operating profit (loss)              |               -3,521 |           -465 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income (expenses)          |                 -466 |           -241 |
--------------------------------------------------------------------------------
| Interest expenses, net               |                 -200 |           -158 |
--------------------------------------------------------------------------------
| Foreign exchange losses, net         |                 -266 |           -102 |
--------------------------------------------------------------------------------
| Other financial income (expenses),   |                    0 |             18 |
| net                                  |                      |                |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit (loss) before income tax      |               -3,988 |           -706 |
--------------------------------------------------------------------------------
| Income tax                           |                  -10 |            -28 |
--------------------------------------------------------------------------------
| Net profit (loss)                    |               -3,997 |           -735 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit (loss) attributable to    |               -3,999 |           -704 |
| equity holders of the parent company |                      |                |
--------------------------------------------------------------------------------
| Net profit (loss) attributable to    |                    1 |            -30 |
| minority shareholders                |                      |                |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings per share, EUR        |                -0.21 |          -0.04 |
--------------------------------------------------------------------------------
| Diluted earnings per share, EUR      |                -0.21 |          -0.04 |
--------------------------------------------------------------------------------


CONSOLIDATED BALANCE SHEET                                                      
(unaudited, in EEK thousand)                                                    
--------------------------------------------------------------------------------
|                                             |    31.03.2009 |     31.12.2008 |
--------------------------------------------------------------------------------
| ASSETS                                      |               |                |
--------------------------------------------------------------------------------
| Current assets                              |               |                |
--------------------------------------------------------------------------------
| Cash and bank                               |         5,910 |          8,671 |
--------------------------------------------------------------------------------
| Trade and other receivables                 |        93,266 |         98,369 |
--------------------------------------------------------------------------------
| Inventories                                 |       277,002 |        288,431 |
--------------------------------------------------------------------------------
| Total current assets                        |       376,178 |        395,471 |
--------------------------------------------------------------------------------
| Non-current assets                          |               |                |
--------------------------------------------------------------------------------
| Deferred income tax asset                   |         5,547 |          5,547 |
--------------------------------------------------------------------------------
| Other non-current assets                    |         8,460 |          6,103 |
--------------------------------------------------------------------------------
| Investment property                         |       165,353 |        134,098 |
--------------------------------------------------------------------------------
| Property, plant and equipment               |       169,636 |        180,580 |
--------------------------------------------------------------------------------
| Intangible assets                           |        58,586 |         59,604 |
--------------------------------------------------------------------------------
| Total non-current assets                    |       407,582 |        385,932 |
--------------------------------------------------------------------------------
| TOTAL ASSETS                                |       783,760 |        781,403 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES                      |               |                |
--------------------------------------------------------------------------------
| Current liabilities                         |               |                |
--------------------------------------------------------------------------------
| Borrowings                                  |       119,819 |        103,967 |
--------------------------------------------------------------------------------
| Trade and other payables                    |       230,263 |        207,946 |
--------------------------------------------------------------------------------
| Total current liabilities                   |       350,082 |        311,913 |
--------------------------------------------------------------------------------
| Non-current liabilities                     |               |                |
--------------------------------------------------------------------------------
| Borrowings                                  |       201,959 |        168,388 |
--------------------------------------------------------------------------------
| Other liabilities                           |           304 |              0 |
--------------------------------------------------------------------------------
| Deferred income tax liability               |         2,196 |          2,196 |
--------------------------------------------------------------------------------
| Total non-current liabilities               |       204,459 |        170,584 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES                           |       554,541 |        482,497 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY                                      |               |                |
--------------------------------------------------------------------------------
| Share capital at par value                  |       186,449 |        186,449 |
--------------------------------------------------------------------------------
| Reserves                                    |        26,133 |         26,133 |
--------------------------------------------------------------------------------
| Retained earnings                           |        89,953 |        108,722 |
--------------------------------------------------------------------------------
| Net profit (loss) for the period            |       -62,563 |        -18,947 |
--------------------------------------------------------------------------------
| Currency translation differences            |       -13,277 |         -7,165 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders |       226,695 |        295,192 |
| of the parent company                       |               |                |
--------------------------------------------------------------------------------
| Minority interest                           |         2,524 |          3,714 |
--------------------------------------------------------------------------------
| TOTAL EQUITY                                |       229,219 |        298,906 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY                |       783,760 |        781,403 |
--------------------------------------------------------------------------------


CONSOLIDATED BALANCE SHEET                                                      
(unaudited, in EUR thousand)                                                    
--------------------------------------------------------------------------------
|                                             |    31.03.2009 |     31.12.2008 |
--------------------------------------------------------------------------------
| ASSETS                                      |               |                |
--------------------------------------------------------------------------------
| Current assets                              |               |                |
--------------------------------------------------------------------------------
| Cash and bank                               |           378 |            554 |
--------------------------------------------------------------------------------
| Trade and other receivables                 |         5,961 |          6,287 |
--------------------------------------------------------------------------------
| Inventories                                 |        17,704 |         18,434 |
--------------------------------------------------------------------------------
| Total current assets                        |        24,042 |         25,275 |
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| Non-current assets                          |               |                |
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| Deferred income tax asset                   |           355 |            355 |
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| Other non-current assets                    |           541 |            390 |
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| Investment property                         |        10,568 |          8,570 |
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| Property, plant and equipment               |        10,842 |         11,541 |
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| Intangible assets                           |         3,744 |          3,809 |
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| Total non-current assets                    |        26,049 |         24,666 |
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| TOTAL ASSETS                                |        50,091 |         49,941 |
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| EQUITY AND LIABILITIES                      |               |                |
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| Current liabilities                         |               |                |
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| Borrowings                                  |         7,658 |          6,645 |
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| Trade and other payables                    |        14,716 |         13,290 |
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| Total current liabilities                   |        22,374 |         19,935 |
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| Non-current liabilities                     |               |                |
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| Borrowings                                  |        12,908 |         10,762 |
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| Other liabilities                           |            19 |              0 |
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| Deferred income tax liability               |           140 |            140 |
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| Total non-current liabilities               |        13,067 |         10,902 |
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| TOTAL LIABILITIES                           |        35,442 |         30,837 |
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| EQUITY                                      |               |                |
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| Share capital at par value                  |        11,916 |         11,916 |
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| Reserves                                    |         1,670 |          1,670 |
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| Retained earnings                           |         5,749 |          6,949 |
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| Net profit (loss) for the period            |        -3,999 |         -1,211 |
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| Currency translation differences            |          -849 |           -458 |
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| Total equity attributable to equity holders |        14,488 |         18,866 |
| of the parent company                       |               |                |
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| Minority interest                           |           161 |            237 |
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| TOTAL EQUITY                                |        14,650 |         19,104 |
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| TOTAL LIABILITIES AND EQUITY                |        50,091 |         49,941 |
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Ülle Järv                                                                       
CFO, Member of the Management Board                                             
+372 630 2741