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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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26.02.2010 19:55:40
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2009. aasta IV kvartali ja 12 kuu konsolideeritud vahearuanne
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Äritulemused IV kvartal järgnes II ja III kvartali kõrghooajale ning äritulemused vastasid juhtkonna ootustele. 2009. aasta IV kvartalis vähenes müük jätkuvast majandustegevusest hooajalisuse tõttu 20,8% võrreldes 2009. aasta III kvartaliga, jäädes 22,6% madalamale, kui 2008. aasta IV kvartalis. SFG põhilistel turgudel võis näha stabiliseerumise märke, kuid kasvu veel ei täheldatud. Kohalikud valuutad, kaasa arvatud Ukraina grivna, on euro ja USA dollari suhtes stabiliseerunud. Vene rubla on euro ja USA dollari suhtes tugevnenud. Kontserni juhtkonna hinnangul on turud pärast 2008. aastal toimunud märkimisväärset langust jõudnud stabiliseerumisfaasi, ning tarbijad on viinud oma ostuharjumused uute turuoludega kooskõlla; siiski ei prognoosi juhtkond 2009. aasta IV kvartali müügitaseme põhjal 2010. aastal olulist müügi kasvu, nähes 2010. aasta eeldatava kasvumäärana 5-8%. 2009. aasta IV kvartalis kasvas jaemüük Valgevenes 44,0% väljendatuna kohalikus valuutas ja vähenes 0,6% väljendatuna eurodes, võrreldes 2008. aasta IV kvartaliga. Venemaal kasvas kontserni jaemüük võrreldavate kaubanduspindade osas 5,8% väljendatuna kohalikus valuutas ja vähenes 12,4% väljendatuna eurodes, võrreldes 2008. aasta vastava perioodiga. Lauma Lingerie pesu müük Balti riikides vähenes 50,5 %, võrreldes 2008. aasta IV kvartaliga. Aruandeperioodi lõpu seisuga oli kontsernil ja selle frantsiisipartneritel üle 310 Milavitsa ja muu pesukaupluse. Sellest 64 kauplust haldab kontsern ja ülejäänuid frantsiisipartnerid. Kontserni jaemüük on suunatud frantsiisi edendamisele ja toetamisele koostöös olemasolevate ja potentsiaalsete partneritega. 2009. aasta IV kvartalis jätkas kontsern oma jaemüügi ümberstruktureerimist Venemaal ja Balti riikides. Finantstulemused Kontserni käive jätkuvast majandustegevusest oli 2009. aastal 1 158 537 tuhat krooni (74 044 tuhat eurot), mis tähendab eelmise aastaga võrreldes 26,7% suurust langust. Üldine hulgimüük jätkuvast majandustegevusest langes 26,8%, kusjuures jaemüük jätkuvast majandustegevusest kahanes 24,4% võrra. Jaemüügi osakaal kogu käibes suurenes 0,7% võrra ja jõudis 2009. aasta lõpuks 23,3%-ni kogu müügimahust. Kontserni käive jätkuvast majandustegevusest 2009. aasta IV kvartalis moodustas 260 438 tuhat krooni (16 645 tuhat eurot), andes eelmise aastaga võrreldes tulemuseks languse 22,6%. Kontserni 2009. aasta jätkuva majandustegevuse müügikäibe brutorentaablus vähenes veidi, olles 43,5%, võrreldes 41,0%-ga eelmisel aastal. Venemaa äritegevuse ümberkujundamisega seotud ühekordsed kulud suurendasid 2009. aastal kaupade müügikulusid, ulatudes 6 572 kroonini (420 tuhat eurot). Selle tulemusena moodustas normaliseeritud brutomarginaal 44,0%, mis tähendas 2008. aastaga võrreldes rentaabluse teatavat kasvu. Sellist positiivset mõju täheldati 2009. aasta II ja III kvartalis peamiselt müügihindade tõusu tõttu põhiturgudel, kusjuures Valgevene rubla devalveerimine avaldas tootmiskuludele kasulikku mõju. Konsolideeritud ärikasum jätkuvast majandustegevusest oli 60 443 tuhat krooni (3 863 tuhat eurot), mis tähendab 2008. aastaga võrreldes 17,0%-list kasvu. Konsolideeritud müügikäibe ärirentaablus jätkuvast majandustegevusest oli 5,2% (2008. aastal 3,3%). Ärikasumit ja ärirentaablust mõjutasid negatiivselt 2009. ja 2008. aasta ühekordsed kulud. 2009. aastal jätkas kontsern Venemaa jaemüügivõrgu ümberkujundamist. Venemaa äritegevuse ümberkujundamisega seotud ühekordsed kulud olid 2009. aastal 53 167 tuhat krooni (3 398 tuhat eurot), sealhulgas 2009. aasta I kvartalis 13 863 tuhat krooni (886 tuhat eurot), 2009. aasta II kvartalis 18 353 tuhat krooni (1 173 tuhat eurot), 2009. aasta III kvartalis 7 072 tuhat krooni (452 tuhat eurot) ja 2009. aasta IV kvartalis 13 879 tuhat krooni (887 tuhat eurot), ning osaliselt on need seotud varasematel perioodidel alustatud tegevustega. Kontsern kavatseb ebaefektiivsete kaupluste sulgemise või üleandmise frantsiisipartneritele lõpule viia 2010. aasta esimesel poolel. Venemaa jaemüügiketi ümberkujundamisega seotud tulevaste kahjude provisjonid moodustasid 2009. aasta 31. detsembri seisuga 2 425 tuhat krooni (155 tuhat eurot). Venemaa jaemüügivõrgu ärikahjum moodustas 2009. aastal 103 440 tuhat krooni (6 611 tuhat eurot), sealhulgas ühekordsed kulud 53 167 tuhat krooni (3 398 tuhat eurot). Laenunõue kogusummas 20 356 tuhat krooni (1 301 tuhat eurot) provisjoneeriti, tuginedes juhatuse hinnangule laenu tagasisaamise tõenäosuse osas, mis tehti 2009. aasta I kvartalis. Eraldisega seotud kulud on kajastatud 2009. aasta muudes tegevuskuludes jätkuvast majandustegevusest. Juhtkond jätkab jõupingutusi laenu tagasisaamiseks. Kokku moodustasid jätkuva majandustegevuse ühekordsed kulud seoses Vene tegevussuuna ümberkujundamisega ja laenude provisjoneerimisega 2009. aastal 73 523 tuhat krooni (4 699 tuhat eurot) (2008. aastal moodustasid normaliseerimiskulud 83 130 tuhat krooni (5 313 tuhat eurot)). Selle tulemusena moodustas konsolideeritud normaliseeritud ärikasum jätkuvast tegevusest 2009. aastal 133 966 tuhat krooni (8 562 tuhat eurot), mis oli 0,6% vähem kui 2008. aastal. Konsolideeritud normaliseeritud ärikasumi marginaal jätkuvast tegevusest oli 11,6% (2008. aastal 8,5%). 30. juunil 2009 viis kontsern lõpule kõikide kontsernile kuuluvate PTA Grupp AS (“PTA”) aktsiate müügitehingu PTA Holding OÜ-le koguhinnaga 15 224 tuhat krooni (973 tuhat eurot), sh 7 401 tuhat krooni (473 tuhat eurot), mis tasuti sulgemisel kontserni teatud kohustuste ülevõtmisega, ning ülejäänud ostuhinna osa kuulub tasumisele rahas hiljemalt 31. detsembriks 2011 ja kannab intressi kuni summa täieliku tasumiseni. Tehingu tulemuseks oli kahjum 23 845 tuhat krooni (1 524 tuhat eurot) kontserni konsolideeritud tulemustes 2009. aastal (Lisa 15). Tehingu täiendavad üksikasjad on toodud peatükis ‘Olulised sündmused'. Vastavalt rahvusvahelise finantsaruandluse standardite nõuetele loetakse müüdud PTA tegevus (rõivatööstuse äriliin) nüüd finantsaruandluse kontekstis lõpetatud tegevuseks. Sellest tulenevalt ei ole PTA finantstulemused müügitulude ja kulude hulka konsolideeritud, vaid selle asemel on konsolideeritud kahjum PTA äritegevusest summas 12 189 tuhat krooni (779 tuhat eurot) 30. juunil 2009 lõppenud 6 kuu pikkuse perioodi eest ja müügitehingust tulenev kahjum toodud eraldi konsolideeritud kasumiaruandes kahjumina lõpetatud tegevusest kogusummas 36 034 tuhat krooni (2 303 tuhat eurot). Konsolideeritud puhaskasum valuutakursi muutustest oli 2009. aastal 15 208 tuhat krooni (972 tuhat eurot). SP ZAO Milavitsa sai valuutakursi muutustest 37 356 tuhande krooni (2 388 tuhande euro) suuruse kasumi, mille põhjustas osaliselt kontsernisisene kauplemine eurodes 2009. aasta I kvartalis, samal ajal kui Venemaa äritegevus sai valuutakursi muutustest kahjumit. Alates 2009. aasta aprillist on kogu Venemaa-suunaline kauplemine väljendatud Vene rublades, et minimeerida kontserni sees realiseerimata kasumit ja kahjumit valuutakursi muutustest. Ettevõtte tulumaksu suurus jätkuvast äritegevusest oli 54 888 tuhat krooni (3 508 tuhat eurot), võrreldes eelmise aasta summaga 87 777 tuhat krooni (5 610 tuhat eurot), ning tegelik maksumäär kontserni jaoks vähenes märkimisväärselt, jäädes siiski kõrgele. 2009. aasta IV kvartalis registreeris kontsern viitmaksutulu oma suurimas tütarettevõttes summas 18 119 tuhat krooni (1 158 tuhat eurot), ning provisjoneeris täielikult viitmaksutulu Venemaa jaemüügifirmas summas 8 574 tuhat krooni (548 tuhat eurot). Tulumaksukulud olid 2009. aastal oodatust suuremad SP ZAO Milavitsa valuutakursi muutumisest saadud maksustatava tulu tõttu. Siiski on kõrge tegelik maksumäär tingitud ajutiselt kahjumis olevate tütarettevõtete kahjumist aruandlusperioodil, ülalpool kirjeldatud maksustatavast summast mittemahaarvatavatest ühekordsetest kuludest ja teistest maksustatavast summast mittemahaarvatavatest kuludest Valgevenes (peamiselt töötajate palgad). 2009. aastal oli konsolideeritud puhaskahjum jätkuvast äritegevusest, mida on võimalik jaotada aktsionäride vahel, 2 582 tuhat krooni (165 tuhat eurot), samas kui 2008. aastal oli puhaskahjum 111 091 tuhat krooni (7 100 tuhat eurot) (Lisa 10); puhaskasumi marginaal jätkuvast äritegevusest, mida on võimalik jaotada aktsionäride vahel, oli -0,2% (kuhu see tõusis 2008. aasta negatiivselt marginaalilt 7,0%). Konsolideeritud puhaskasum jätkuvast äritegevusest, mida on võimalik jaotada aktsionäride vahel, moodustas 5 100 tuhat krooni (326 tuhat eurot), mis tähendas märkimisväärset kasvu, võrreldes eelmise aasta kahjumiga 157 984 tuhat krooni (10 097 tuhat eurot); puhaskasumi marginaal jätkuvast äritegevusest, mida on võimalik jaotada aktsionäride vahel, oli 2,0%, võrreldes negatiivse marginaaliga 46,9% 2008. aasta IV kvartalis. Konsolideeritud normaliseeritud puhaskasum jätkuvast äritegevusest (välja arvatud ühekordsed kulud summas 73 523 tuhat krooni (4 699 tuhat eurot)), mida on võimalik jaotada aktsionäride vahel, oli 64 387 tuhat krooni (4 115 tuhat eurot), võrreldes 2008. aasta puhaskahjumiga 31 415 tuhat krooni (2 008 tuhat eurot) (ühekordsed kulud moodustasid 2008. aastal 83 130 tuhat krooni (5 313 tuhat eurot)); normaliseeritud puhaskasumi marginaal oli 5,6% (2008. aastal -2,0%). 2009. aastal oli kontserni omakapitali tootlus negatiivne ja selle määr oli -6,8% (2008. aastal -17,3%) ning varade tootlus oli -3,8% (2008. aastal -10,4%). Finantsseisund 31. detsembri 2009. aasta seisuga oli konsolideeritud varade maht 850 423 tuhat krooni (54 352 tuhat eurot), mis tähendab 31. detsembri 2008. aasta seisuga võrreldes 29,6% suurust langust. Koguvarabaasi väärtust eurodes mõjutas märkimisväärselt Valgevene rubla devalveerumine, mis odavnes euro suhtes 2009. aastal 33,4% võrra, vähendades nii Valgevenes asuvate varade väärtust eurodes väljendatuna. Lisaks sellele ei ole PTA ja UAB “Linret LT” finantsseisund 31. detsembri 2009. aasta seisuga 30. juunil 2009 lõpule viidud PTA müügitehingu ning novembris toimunud UAB “Linret LT” müügi tõttu konsolideeritud, mis põhjustab kontserni varade täiendava vähenemise. Materiaalse ja immateriaalse põhivara saldo vähenes 2008. aasta 31. detsembriga võrreldes 132 448 tuhande krooni (8 465 tuhande euro) võrra; selle peamised põhjused olid välisvaluuta kursi mõju summas 60 102 tuhat krooni (3 841 tuhat eurot) ning PTA ja UAB “Linret LT” müük summas 25 674 tuhat krooni (1 641 tuhat eurot). Nõuded ostjate vastu vähenesid 31. detsembri 2008. aasta tasemega võrreldes 36 395 tuhande krooni võrra (2 326 tuhat eurot) ja moodustasid 31. detsembril 2009. aastal 131 618 tuhat krooni (8 412 tuhat eurot). Võtmeklientide maksedistsipliin Venemaal 2009. aastal paranes. Varude saldo vähenes 168 123 tuhande krooni (10 745 tuhande euro) võrra ja selle suurus oli 31. detsembri 2009. aasta seisuga 266 289 tuhat krooni (17 019 tuhat eurot). See oli osaliselt seotud PTA võõrandamisega; siiski saavutati olulisem vähenemine läbi muutuste tootmise planeerimises, kohandamaks käibekapitali uue tasemega, mis tuleneb müügimahtude vähenemisest, ning läbi Valgevene rubla devalveerimise, mis odavnes euro suhtes 2009. aastal 33,4%, vähendades Valgevenes paiknevate varude väärtust eurodes. Välisvaluuta kursi muutused avaldasid samuti kontserni omakapitalile negatiivset mõju läbi valuutakursimuutuste eraldise negatiivse muutuse summas 128 453 tuhat krooni (8 209 tuhat eurot) kogu aasta lõikes. Üldkokkuvõttes vähenes aktsionäridele omistatav omakapital 151 391 tuhande krooni (9 675 tuhande euro) võrra ning see oli 31. detsembri 2009. aasta seisuga 489 856 tuhat krooni (31 308 tuhat eurot). Lühiajalised kohustused vähenesid 2009. aastal 186 532 tuhande krooni (11 922 tuhande euro) võrra, vastates juhtkonna ootustele. Kontserni likviidsus paranes 2009. aastal laenude jääkide ja seonduvate tähtaegade osas. Lühi- ja pikaajalised laenud vähenesid 106 209 tuhande krooni (6 788 tuhande euro) võrra 28 242 tuhande kroonini (1 805 tuhande euroni) 31. detsembri 2009. aasta seisuga. 2009. aasta jooksul saadud ja tagasimakstud laenude summa oli vastavalt 102 609 tuhat krooni (6 558 tuhat eurot) ja 177 338 tuhat krooni (11 334 tuhat eurot), sh 13 722 tuhande krooni (877 tuhande euro) eest tagasi makstud kapitalirendikohustusi. PTA laenujääk summas 31 606 tuhat krooni (2 020 tuhat eurot) jäi PTA müügitehingu tulemusena konsolideeritud finantsseisundist välja. Siiski oli võõrandamise kuupäeva seisuga PTA-l kaks laenu ja krediidivõlg Danske Bank A/S Eesti harule, mis tagati SFG käendusega. Käenduslepingut pärast PTA müügitehingut ei lõpetatud, ning laenude ja krediidiliini saldo moodustas 31. detsembri 2009. aasta seisuga 23 423 tuhat krooni (1 497 tuhat eurot); kuid kontserni võlg Danske Bank A/S Eesti haru ees on omakorda tagatud PTA varade kommertspandiga. Jaanuaris 2010 pikendati Lauma Lingerie AS-i krediidiliini Läti Unicredit Bank'ist, vähendades seejuures laenulimiiti 21 905 tuhandelt kroonilt (1 400 tuhandelt eurolt) 17 211 tuhandele kroonile (1 100 tuhandele eurole) kuni 31. märtsini 2010 ning 15 647 tuhandele kroonile (1 000 tuhandele eurole) kuni 30. aprillini 2010. Teave praeguste laenude tähtaegade kohta on toodud koondfinantsaruande lisas nr 8. Maksukohustused ja muud võlad koos võlgadega töötajate ees olid 45 461 tuhat krooni (2 905 tuhat eurot). Eraldisi oli 31. detsembri 2009. aasta seisuga 26 724 tuhat krooni (1 708 tuhat eurot) ning need hõlmasid reserve Vene jaemüügiketi ümberkujundamiseks 2 425 tuhande krooni (155 tuhande euro) suuruses summas. Käive jätkuvast äritegevusest Naisterõivastega seotud tegevus oli 30. detsembri 2009. aasta seisuga pärast PTA müüki 2009. aasta I poolaasta lõpus täielikult lõppenud, ning see ei kuulu enam kontserni jätkuva äritegevuse hulka. Jätkuv äritegevus hõlmab naistepesu tootmist ja müüki. Käive segmentide lõikes -------------------------------------------------------------------------------- | | 2009 | 2008 | Muutus | 2009tuh | 2008tu | Muutus | 2009p | 2008p | | | tuhand | tuhan | tuhand | andetes | handet | tuhand | rotse | rotse | | | eteskr | detes | etes | eurodes | es | etes | nt | nt | | | oonide | kroon | krooni | | eurode | eurode | käibe | käibe | | | s | ides | des | | s | s | st | st | -------------------------------------------------------------------------------- | Hulgim | 869 | 1 188 | -318 | 55 583 | 75 936 | -20 | 75.1% | 75.2% | | üük | 685 | 139 | 454 | | | 353 | | | -------------------------------------------------------------------------------- | Jaemüü | 270 | 357 | -87 | 17 275 | 22 841 | -5 566 | 23.3% | 22.6% | | k | 295 | 384 | 089 | | | | | | -------------------------------------------------------------------------------- | Muu | 18 557 | 34 | -16 | 1 186 | 2 228 | -1 042 | 1,6% | 2,2% | | tegevu | | 860 | 303 | | | | | | | s | | | | | | | | | -------------------------------------------------------------------------------- | Kokku | 1 158 | 1 580 | -421 | 74 044 | 101 | -26 | 100,0 | 100,0 | | | 537 | 383 | 846 | | 005 | 961 | % | % | -------------------------------------------------------------------------------- Käive turgude lõikes 2009. aastal keskendus kontsern eeskätt Balti riikide, Venemaa, Valgevene ja Ukraina turule. Kogukäive turgude lõikes -------------------------------------------------------------------------------- | | 2009 | 2008 | Muutus | 2009 | 2008 | Muutus | 2009 | 2008 | | | tuhan | tuhand | tuhand | tuhand | tuhande | tuhand | prots | prots | | | detes | etes | etes | etes | tes | et s | ent | ent | | | kroon | krooni | krooni | eurode | eurodes | eurode | käibe | käibe | | | ides | des | des | s | | s | st | st | -------------------------------------------------------------------------------- | Venema | 677 | 898 | -221 | 43 295 | 57 426 | -14 | 58,5% | 56,9% | | a | 420 | 521 | 101 | | | 131 | | | -------------------------------------------------------------------------------- | Valgev | 306 | 361 | -55 | 19 558 | 23 083 | -3 525 | 26,4% | 22,9% | | ene | 016 | 169 | 153 | | | | | | -------------------------------------------------------------------------------- | Ukrain | 61 | 100 | -38 | 3 946 | 6 409 | -2 463 | 5,3% | 6,3% | | a | 741 | 279 | 538 | | | | | | -------------------------------------------------------------------------------- | Balti | 54 | 114 | -59 | 3 493 | 7 326 | -3 833 | 4,7% | 7,3% | | riigid | 654 | 627 | 973 | | | | | | -------------------------------------------------------------------------------- | Muud | 58 | 105 | -47 | 3 752 | 6 761 | -3 009 | 5,1% | 6,6% | | turud | 706 | 787 | 081 | | | | | | -------------------------------------------------------------------------------- | Kokku | 1 158 | 1 580 | -421 | 74 044 | 101 005 | -26 | 100,0 | 100,0 | | | 537 | 383 | 846 | | | 961 | % | % | -------------------------------------------------------------------------------- Enamus naistepesu müügitulust (677 420 tuhat krooni ehk 43 295 tuhat eurot) saadi 2009. aastal Venemaa turult, mis moodustab 58,5% kogu naistepesu müügist 2009. aasta jooksul, võrreldes 898 521 tuhande krooniga (57 426 tuhande euroga) 2008. aastal. Venemaa käive hõlmab nii jae- kui ka hulgimüüki. Naistepesu müügis oli suuruselt teine piirkond Valgevene, kus müügitulu oli 306 016 tuhat krooni (19 558 tuhat eurot), mis moodustas 26,4% kogu naistepesu müügitulust (sh nii jae- kui ka hulgimüük), võrrelduna 361 169 tuhande krooniga (23 083 tuhande euroga) 2008. aastal. Käivet suurtel turgudel mõjutas endiselt majanduslik olukord ja kohalike valuutade devalveerumine, kuid siiski ilmutas see 2009. aasta IV kvartalis müügikoguste osas positiivset trendi, võrreldes 2008. aasta sama perioodiga. Selle tulemusena suurenes 2009. aasta IV kvartali käive kontserni suurimas tütarettevõttes SP ZAO Milavitsa mahu osas, võrreldes 2008. aasta IV kvartaliga; rahaline käive aga vähenes, põhjuseks odavamate toodete osakaalu suurenemine müügis ning 2009. aasta II pooles rakendatud täiendavad allahindlused. 2009. aasta IV kvartalis leidis aset klientide arvu vähenemine, mida põhjustasid osaliselt seagripiga seotud probleemid ning suhteliselt külm talv. Hulgimüük hakkas aasta jooksul paranema, sest paljud kontserni Venemaa ja Ukraina hulgimüügipartnerid realiseerisid oma liigseid laovarusid, viies need normaalsele tasandile pärast ladude ületäitmist 2008. aastal, mille põhjustas üldise majanduskriisi poolt tekitatud nõudluse järsk langus. Käibe vähenemine Valgevenes oli võrreldes Venemaa, Ukraina ja Balti riikidega väiksem, mis põhjustas Valgevene turu osakaalu kasvu 2009. aasta kogukäibes, võrreldes eelmise aastaga. Selle põhjuseks on Valgevene stabiilsem majanduslik situatsioon võrreldes naaberriikidega ning tugev kontroll turustamise üle, mille kontsern on riigis saavutanud. Turul on rakendatud terve rida meetmeid, sealhulgas turundustegevuse intensiivistamine Valgevenes, Ukrainas ja Venemaal ning toetavate meetmete rakendamine frantsiisikaupluste avamisel. Edasimüüjaid ja turustajaid motiveeriti müügitegevust suurendama, pakkudes vastu soodsaid hinnavõimalusi. Milavitsa võttis II kvartali lõpus kasutusele uue tellimuste käsitlemise ja reserveerimise süsteemi, et anda äripartneritele parem juurdepääs oma varudele ning kiirendada pakkimist ja tarnimist. Selle tulemusena suutis Milavitsa saavutada 2008. aasta käibe suvekuudel müüdud ühikute osas ja ületada 2009. aasta IV kvartalis eelmise aasta taseme. 2009. aasta II poolel toimusid muudatused kontserni Venemaa tütarettevõtete tippjuhtkonnas, et viia sellel põhiturul ellu uut müügistrateegiat ja parandada kontserni Venemaa tütarettevõtete ühingujuhtimist. Septembri lõpus tutvustati äripartneritele müügistrateegia muudatusi, mida hiljem edasi arendati ning detsembris äripartnerite juures rakendama hakati. Kontserni eesmärgiks on tõhustada kontrolli turustamise üle ja kohandada sellele vastavalt organisatsioonilist struktuuri. Pesumarkidest andis põhitootemark Milavitsa 2009.aastal 74,4% naistepesu kogumüügitulust (2008. aastal 76,1%), s. o. 848 139 tuhat krooni (54 206 tuhat eurot). Põhitootemark Lauma andis naistepesu kogukäibest 5,3% (2008. aastal 5,7%), s. o. 60 412 tuhat krooni (3 861 tuhat eurot). Ülejäänud tootemargid nagu Alisee, Aveline, Hidalgo ja Laumelle andsid 2009. aastal kokku 20,3% naistepesu kogukäibest (2008. aastal 18,2%), s. o. 231 429 tuhat krooni (14 791 tuhat eurot) peamiselt tänu tootemargi Aveline odavamate kaupade müügi kasvule. Hulgimüük 2009. aastal oli hulgimüügikäive 869 685 tuhat krooni (55 583 tuhat eurot), moodustades 75,1% kontserni kogutulust (2008. aastal 75,2%). Peamised hulgimüügiregioonid olid Venemaa, Valgevene, Ukraina ja Balti riigid. Juba 2009. aasta II kvartalis täheldati müügi järkjärgulist paranemist. Lisaks kasvas 2009. aasta II poolel naistepesu hulgimüügikäive 2009. aasta I poolega võrreldes 5,6%, kuna paljud Milavitsa Venemaa ja Ukraina hulgimüügipartnerid olid kohandanud oma käibekapitali taseme vastavaks uute turu- ja müügioludega, mille põhjustas kriis 2008. aasta lõpus. Enamik naistepesu hulgimüügipartnereid asub Venemaal, mis on kontserni jaoks võtmeturuks. 2008. aasta lõpus ja 2009. aasta alguses võttis Milavitsa Ukrainas kasutusele uue turustamiskanali. Kanal võimaldas kontsernil tasakaalustada majanduskriisi põhjustatud teravat müügilangust ja endise turustamissüsteemi võimetust seda muuta. Jäädes küll veel 2008. aasta tasemele alla, näitas Ukraina turu käive 2009. aasta II ja III kvartalis positiivset suundumust. 2009. aasta IV kvartalis aga müügitegevus Ukrainas aeglustus, põhjuseks riigi keerulised majandusolud, gripikarantiin mõnedes kaubanduskeskustes ja valimiseelne segadus. Lauma Lingerie müügikäive peamistel turgudel vähenes järsult, kuna seda mõjutas kriis rohkem, põhjuseks kõrgem hinnapositsioon ja turustuspartnerite võimatus kohaneda praeguste turutingimustega. Turu reaalsusega kohanemiseks tehti ettevõtte juhtkonnas mõningaid muudatusi. Lauma Lingerie juurutab hetkel uuendatud müügistrateegiat põhiturgude osas, mille hulka kuuluvad Venemaa, Ukraina ja Balti riigid. Jaekaubandus 2009. aastal oli kontserni naistepesu jaemüügikäive kokku 270 295 tuhat krooni (17 275 tuhat eurot), mis tähendab 2008. aastaga võrreldes 24,4%-list langust. Naistepesu jaemüük toimus Lätis, Venemaal, Valgevenes ja Leedus. 2009. aasta lõpu seisuga oli kontsernil 64 jaemüügipunkti kogupindalaga 5 523 ruutmeetrit. Lisaks sellele tegutses 31. detsembri 2009. aasta seisuga Milavitsa kaubamärgi all üle 250 kaupluse, mida juhtisid Milavitsa äripartnerid Venemaal, Valgevenes, Ukrainas, Moldaavias, Kasahstanis, Uzbekistanis, Kõrgõzstanis, Lätis, Rumeenias, Aserbaidzhaanis, Armeenias, Portugalis ja Küprosel; neist 10 kauplust avati IV kvartalis. 2009. aastal avati 17 uut naistepesu kauplust, sealhulgas 12 Milavitsa nime all tegutsevat kauplust Valgevenes, üks Yamamay ja kaks Jockey kaubamärgi all tegutsevat kauplust Leedus ja kaks Lauma Lingerie kaubamärgi all tegutsevat kauplust Lätis. Novembris 2009 müüdi Yamamay ja Jockey kauplused koos teiste Leedu kauplustega, kui kontsern võõrandas kogu oma osaluse ettevõttes UAB “Linert LT”. Tehingu täiendavad üksikasjad on toodud peatükis ‘Tähtsamad sündmused'. Lisaks sellele suleti 33 vähetulemuslikku kauplust: 13 PTA kauplust, 15 Oblicie kauplust ja 3 Milavitsa kauplust Venemaal, ning kaks Milavitsa kauplust Valgevenes. 18 Oblicie kauplust Venemaal viidi üle Milavitsa kaubamärgi alla. Kaupluste arv seisuga: -------------------------------------------------------------------------------- | | 31.12.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | Läti | 5 | 3 | -------------------------------------------------------------------------------- | Poola | 0 | 7 | -------------------------------------------------------------------------------- | Valgevene | 38 | 28 | -------------------------------------------------------------------------------- | Venemaa | 21 | 52 | -------------------------------------------------------------------------------- | Leedu | 0 | 16 | -------------------------------------------------------------------------------- | Kauplusi kokku | 64 | 106 | -------------------------------------------------------------------------------- | Müügipinda kokku, | 5 523 | 9 549 | | ruutmeetrites | | | -------------------------------------------------------------------------------- Valgevenes suleti kaks vähetulemuslikku kauplust ja avati 12 uut Milavitsa kauplust, mis andis oma panuse jaemüügikäibe kasvu riigis. Milavitsa jaemüügiketis rakendati mitmeid müügiedendusmeetmeid. Jaemüügitegevus Valgevenes kuulub endiselt kontserni müügiarendustegevuse prioriteetide hulka selles riigis. Balti riikides oli pesu jaemüügi maht 2008. aastaga võrreldes 31,4% väiksem, kokku 19 214 tuhat krooni (1 228 tuhat eurot). 2009. aasta II pooles otsustati kehva turuseisu ja nõrkade väljavaadete tõttu loobuda kontserni jaemüügiga tegelevast tütarettevõttest Leedus. Naistepesu jaemüügi osas Venemaal võeti 2009. aasta II pooles vastu strateegiline otsus suunata tähelepanu oma jaemüügiketilt Milavitsa frantsiisivõrgustiku väljaarendamisele, et lõpetada kahjumit toov jaemüügitegevus Venemaal. Selle tulemusena viidi kontserni enda Oblicie kauplused Milavitsa kaubamärgi alla ning anti kauplusi üle Milavitsa äripartneritele, sulgedes samal ajal vähetulemuslikke kauplusi. Valitud strateegia elluviimiseks on tehtud teatud muudatusi kontserni Venemaa tegevuse struktuuris ja juhtimises (sh eraldi frantsiisiosakonna loomine ja uue kogenud peadirektori töölevõtmine). Kauplused kontseptsioonide lõikes -------------------------------------------------------------------------------- | Turg | Milavitsa | Oblicie | Lauma | Kokku | Müügipind, | | | kauplused | Kauplused | Lingerie | | ruutmeetrit | | | | | auplused | | | -------------------------------------------------------------------------------- | Valgevene | 38 | 0 | 0 | 38 | 3 411 | -------------------------------------------------------------------------------- | Venemaa | 19 | 2 | 0 | 21 | 1 754 | -------------------------------------------------------------------------------- | Läti | 0 | 0 | 5 | 5 | 358 | -------------------------------------------------------------------------------- | Kokku | 57 | 2 | 5 | 64 | 5 523 | -------------------------------------------------------------------------------- Lõpetatud tegevus Lõpetatud tegevuse hulka kuulub PTA tegevus (riiete ärisuund) 30. juunil 2009 lõppenud kuuekuulisel perioodil. PTA tegevuse tulemused on toodud konsolideeritud kasumiaruandes ühel real jaotuses ‘Lõpetatud tegevuste kahjum'. Tootmine, sisseostmine, hanked ja logistika Turul suurenenud ebakindluse ja järsult langenud nõudluse tõttu 2008. aasta IV kvartalis ja 2009. aasta I kvartalis vähendasid kontserni tootmisettevõtted 2009. aastal oma tootmist ja hankemahtu. Lisaks sellele tehti muudatusi tootmise planeerimise protsessis, et kohandada seda muutunud oludega, nii näiteks hakati kontserni suurimas tootmisega tegelevas tütarettevõttes SP ZAO Milavitsa tootmist planeerima kvartali asemel igakuiselt. Tänu muudatustele tootmises ja hankemahtudes ning tootmise planeerimise protsessis suutis kontsern vähendada varud normaalsele tasemele. Selle tulemusena paranes kontserni kapitalipositsioon märkimisväärselt. Tootmise kogumaht ettevõttes SP ZAO Milavitsa oli 2009. aasta jooksul 14 303 tuhat ühikut, mis tähendas eelmise aastaga võrreldes 24,3% suurust langust. Tootmise kogumaht ettevõttes Lauma Lingerie oli 2009. aastal 660 tuhat ühikut, mis tähendas eelmise aastaga võrreldes 65,3%-list langust. Laias laastus jäi ettevõttes SP ZAO Milavitsa oma tootmisvõimsuste kasutamine 2008. aasta tasemele ning tootmise languse peamiseks allikaks olid koostööpartnerite käest sisse ostetud tootmisvõimsused. Kuid 2009. aasta lõpus suurenes 2009. aasta IV kvartalis allhankepartnerite arv 2009. aasta III kvartaliga võrreldes 30%; enamik uusi lepinguid sõlmiti detsembri lõpus, et valmistuda tootmismahtude suurenemiseks 2010. aastal. Logistika osas kavatsetakse käimasolev IFS tarkvaral põhineva tarneahela juhtimissüsteemi juurutamine lõpule viia 2010. aasta I pooles. Investeeringud Kontserni investeeringud jätkuvasse tegevusse olid 2009. aastal 22 750 tuhat krooni (1 454 tuhat eurot), kusjuures 6 478 tuhat krooni (414 tuhat eurot) investeeriti jaemüüki. Ülejäänu investeeriti seadmetesse ja ruumidesse, et tagada efektiivne tootmine. Personal 2009. aasta detsembri lõpu seisuga oli kontsernil 3 164 töötajat, sh 472 jaemüügivõrgus ja 1 992 tootmises. Ülejäänud on hulgimüügi-, haldus- ja tugipersonal. 2009. aastal oli töötajate keskmine arv 3 085. Palkade kogusumma oli 2009. aastal 262 597 tuhat krooni (16 783 tuhat eurot). Juhatuse liikmetele makstud töötasu oli 10 092 tuhat krooni (645 tuhat eurot). Juhatuse liikmed töötavad ka kontserni tütarettevõtete juhtidena. Tähtsamad sündmused 2009. aastal Olulise osalusega seotud muudatused SFG aktsiaraamatusse kuuluvad kõik õiguslikud aktsionärid, kuid see ei näita tingimata hääleõiguse jaotumist aktsionäride hulgas. Siiski peavad aktsionärid teavitama SFG-d muudatustest hääleõiguse jaotumises, kui aktsionär suurendab või vähendab oma osalust üle või alla 5, 10, 15, 20, 25 või 50 protsendi, 1/3 või 2/3 kõikidest aktsiatega kaasnevatest häältest. Selliste teadete alusel määrab SFG kindlaks olulise osalusega isikud. Seni saadud ülalnimetatud teadete alusel omavad SFG-s olulist osalust järgmised isikud: 28. detsembri 2009. aasta seisuga kuulus Hr. Toomas Tool'ile 9 810 983 aktsiat (24,52% kõikidest häältest); 23. detsembri 2009. aasta seisuga kuulus Hr. Stephan David Balkin'ile 8 000 000 aktsiat (20% kõikidest häältest); 14. augusti 2009. aasta seisuga kuulus ettevõtte Pioneer Pekao Investment Management SA hallatavatele fondidele 2 065 529 aktsiat (10,16% kõikidest häältest). 2010. aasta IV kvartalis langes SIA Alta Capital Partners osalus alla 5% kõikidest häältest, moodustades 1 864 286 aktsiat (4,66% kõikidest häältest 3. veebruari 2010. aasta teate alusel), ning Hr. Toomas Tooli ja Hr. Stephan David Balkini osalus suurenes selliseks, nagu näidatud ülalpool. Muutused kontserni Venemaa tütarettevõtete tippjuhtkonnas 2009. aasta IV kvartalis määrati Nikolay Dolgiy kontserni mõlema suurima Venemaa tütarettevõtte, ZAO “STK Milavitsa” ja ZAO “Linret” peadirektoriks. Hr. Dolgiy (33) on asjatundlik juht, kellel on üle 10 aasta pikkune juhtimiskogemus, eelkõige jaemüügi valdkonnas. Alates 2009. aasta augustist töötas Hr. Dolgiy STK peadirektori esimese asetäitjana müügi alal. Selle ametissemääramisega viidi kontserni Venemaa tütarettevõtete ümberkorraldamine lõpule. Venemaa jaemüügitegevuse ümberkorraldamine Detsembris 2009 kinnitati tegevuskava kontserni kahjumliku Venemaa jaemüügitegevuse ümberkorraldamiseks. See hõlmas Milavitsa jaemüügikaupluste üleandmist frantsiisipartneritele ja vähetulemuslike kaupluste sulgemist. Teisteks planeeritud kulude kärpimise meetmeteks olid kontori- ja laoruumide rendikulude optimeerimine ning töötajate arvu vähendamine. Otsus üleminekuks frantsiisimudelile Venemaal järgnes sarnastele ümberkorraldustele Poolas ja Leedus. UAB “Linret LT” aktsiate müük Novembris 2009 müüs kontsern kogu oma osaluse ettevõttes UAB Linret LT. Linret LT oli Leedu jaemüügiettevõte 14 jaemüügikauplusega. Linret LT tegeles peamiselt Lauma Lingerie ja Milavitsa toodete turustamisega Leedus jaemüügiketi kaudu kaubamärgi Amadea Line all, ning käitas ka Jockey ja Yamamay kaubamärkide frantsiisikauplusi. 2009. aasta esimese kümne kuu jooksul moodustas Linret LT kahjum 9 278 tuhat krooni (593 tuhat eurot). Võttes arvesse tarbimisnõudluse vähenemist Leedus ja kogu Leedu majanduse üldist olukorda, pidas juhtkond ebatõenäoliseks, et Linret LT võiks aastal 2010 kasumit teenida või lähitulevikus positiivseid rahavoogusid tekitada. Arvestades SFG koguinvesteeringuid ettevõttesse Linret LT, tõi tehing kasumit ligikaudu 782 tuhat krooni (50 tuhat eurot). Ühtlasi loodetakse, et tehing avaldab kahjumit toonud tegevuse lõpetamise tulemusena kontserni edaspidisele finantsseisundile positiivset mõju. Kontsern kavatseb jätkata üleminekut frantsiisitegevusele Balti riikides Lauma Lingerie kaubamärgiga. PTA Grupp AS aktsiate müük 30. juunil 2009 sõlmis kontsern lepingu kõikide kontsernile kuuluvate PTA aktsiate müügiks ettevõttele PTA Holding OÜ koguhinnaga 15 224 tuhat krooni (973 tuhat eurot). Tehing jõustus allakirjutamisel. 7 401 tuhat krooni (473 tuhat eurot) tasuti tehingu sulgemise kuupäeval kontserni teatud kohustuste ülevõtmisega, 7 823 tuhat krooni (500 tuhat eurot) tasutakse rahas hiljemalt 31. detsembriks 2011, ning see kannab intressi kuni täieliku tasumiseni. Ostuhinna tasumise kohustuse tagatiseks on aktsiapant 100% ulatuses PTA aktsiatest kontserni kasuks. PTA tegutseb naisterõivaste tootmise, jae- ja hulgimüügiga „PTA“ kaubamärgi all. Rõivaettevõtte müügi järel keskendus kontsern oma põhitegevusele - naistepesu disainile, tootmisele ja müügile. Müük võimaldas kontsernil suunata finants- ja juhtimisvahendid ümber oma põhitegevusse ning parandada juhtimise efektiivsust. PTA netokahjum 30. juunil 2009 lõppenud kuuekuulisel perioodil moodustas 12 189 tuhat krooni (779 tuhat eurot). Aktsiad omandanud PTA Holding OÜ on seotud Peeter Lariniga (PTA juhatuse liige), kes oli PTA Holding OÜ juhatuse liige ja aktsionär. Seetõttu oli tegemist tehinguga seotud osapoolega Tallinna Börsi reeglite tähenduses. Tehing ei olnud oluline tehing seotud osapoolega Tallinna Börsi reeglite tähenduses. Muudatused juhatuse koosseisus 2009. aasta I kvartalis nimetas kontsern Pr. Baiba Gegere kontserni uueks finantsjuhiks, ning 4. märtsil 2009. aastal vastu võetud nõukogu otsusega määrati ta SFG juhatusse. Lisaks sellele kutsus SFG nõukogu 2009. aasta I kvartalis seoses eespool kirjeldatud muudatustega SFG Poola äritegevuse struktuuris juhatuse liikme kohalt tagasi Hr. Remigiusz Pilati. Otsus jõustus koheselt. II kvartalis otsustas kontserni nõukogu kutsuda tagasi senised juhatuse liikmed Hr. Dmitry Podolinski ja Hr. Peeter Larini, ning nimetada uueks kontserni juhatuse liikmeks Hr. Norberto Rodrigueze. Hr. Rodriguez liitus kontserni juhtkonnaga logistikadirektorina oktoobris 2007. Tema peamisteks vastutusaladeks on ettevõtte logistikastrateegia arendamine ja elluviimine. Hetkel on Hr. Rodrigues ka Milavitsa asepeadirektor, vastutades logistika, IT, kvaliteedijuhtimise ja teiste äriprotsesside eest. Splendo Polska Sp. z o.o. müük Tehing, millega müüdi äriühingule kuuluvad aktsiad (90% aktsiakapitalist) ettevõttes Splendo Polska Sp. z o.o., 6 jaemüügipunktiga Poola jaemüügiga tegelevas tütarettevõttes, viidi lõpule 2009. aasta oktoobris. Splendo Polska Sp. z o.o. äritegevuse tulemusi ei ole konsolideeritud kontserni 2009. aasta finantstulemuste hulka ning tehinguga seotud kahjum on täielikult provisjoneeritud 31. detsembri 2008. aasta seisuga. Valikulised finantsandmed Kontserni tulemusi iseloomustavad alltoodud näitajad ja suhtarvud: -------------------------------------------------------------------------------- | Peamised näitajad ja suhtarvud | 31.12.2009 | 31.12.2008 | Muutus | -------------------------------------------------------------------------------- | Netokäive jätkuvast | 1 158 537 | 1 580 383 | -421 846 | | äritegevusest (tuhat krooni) | | | | -------------------------------------------------------------------------------- | Puhaskasum jätkuvast | -2 582 | -111 091 | 108 509 | | äritegevusest, mida on võimalik | | | | | jaotada aktsionäride vahel | | | | | (tuhat krooni) | | | | -------------------------------------------------------------------------------- | Kasum enne intresse, makse ja | 94 693 | 93 175 | 1 518 | | amortisatsiooni (EBITDA) | | | | | jätkuvast äritegevusest (tuhat | | | | | krooni) | | | | -------------------------------------------------------------------------------- | Kasum enne intresse ja makse | 60 443 | 51 649 | 8 794 | | (EBIT) jätkuvast äritegevusest | | | | | (tuhat krooni) | | | | -------------------------------------------------------------------------------- | Netokäive jätkuvast | 74 044 | 101 005 | -26 961 | | äritegevusest (tuhat eurot) | | | | -------------------------------------------------------------------------------- | Puhaskasum jätkuvast | -165 | -7 100 | 6 935 | | äritegevusest, mida on võimalik | | | | | jaotada aktsionäride vahel | | | | | (tuhat eurot) | | | | -------------------------------------------------------------------------------- | Kasum enne intresse, makse ja | 6 052 | 5 955 | 97 | | amortisatsiooni (EBITDA) | | | | | jätkuvast äritegevusest (tuhat | | | | | eurot) | | | | -------------------------------------------------------------------------------- | Kasum enne intresse ja makse | 3 863 | 3 301 | 562 | | (EBIT) jätkuvast äritegevusest | | | | | (tuhat eurot) | | | | -------------------------------------------------------------------------------- | Ärikasumi marginaal jätkuvast | 5,2% | 3,3% | - | | äritegevusest, % | | | | -------------------------------------------------------------------------------- | Puhaskasumi marginaal jätkuvast | -0,2% | -7,0% | - | | äritegevusest, mida on võimalik | | | | | jaotada aktsionäride vahel, % | | | | -------------------------------------------------------------------------------- | Varade tootlus (ROA), % | -3,8% | -10,4% | - | -------------------------------------------------------------------------------- | Omakapitali tootlus (ROE), % | -6,8% | -17,3% | - | -------------------------------------------------------------------------------- | Tulu aktsia kohta (EPS), krooni | -0,97 | -2,97 | - | -------------------------------------------------------------------------------- | Tulu aktsia kohta (EPS), eurot | -0,06 | -0,19 | - | -------------------------------------------------------------------------------- | Lühiajaliste kohustuste | 2,8 | 2,1 | - | | kattekordaja | | | | -------------------------------------------------------------------------------- | Likviidsuskordaja | 1,6 | 1,1 | - | -------------------------------------------------------------------------------- Valemid: Ärikasumi marginaal jätkuvast äritegevusest = ärikasum jätkuvast äritegevusest / müügitulu Puhaskasumi marginaal jätkuvast äritegevusest = puhaskasum jätkuvast äritegevusest, mida on võimalik jaotada emaettevõtte aktsionäride vahel / müügitulu Varade tootlus (ROA) = puhaskasum, mida on võimalik jaotada emaettevõtte aktsionäride vahel / keskmine koguvara Omakapitali tootlus (ROE) = puhaskasum, mida on võimalik jaotada emaettevõtte aktsionäride vahel / keskmine omakapital Tulu aktsia kohta (EPS) = puhaskasum, mida on võimalik jaotada emaettevõtte aktsionäride vahel / perioodi kaalutud keskmine lihtaktsiate arv Lühiajaliste kohustuste kattekordaja = käibevara / lühiajalised kohustused Likviidsuskordaja = (käibevara - varud) / lühiajalised kohustused Konsolideeritud finantsseisundi aruanne Auditeerimata -------------------------------------------------------------------------------- | | | 31.12.200 | 31.12.200 | 31.12.200 | 31.12.200 | | | | 9 | 8 | 9 | 8 | -------------------------------------------------------------------------------- | | Lisad | tuhandete | tuhandete | tuhandete | tuhandete | | | | s | s | s eurodes | s eurodes | | | | kroonides | kroonides | | | -------------------------------------------------------------------------------- | VARAD | | | | | | -------------------------------------------------------------------------------- | Põhivara | | | | | | -------------------------------------------------------------------------------- | Materiaalne | 1 | 168 248 | 293 530 | 10 753 | 18 760 | | põhivara | | | | | | -------------------------------------------------------------------------------- | Immateriaalne | 2 | 8 919 | 16 085 | 570 | 1 028 | | põhivara | | | | | | -------------------------------------------------------------------------------- | Kinnisvarainvest | | 20 090 | 23 141 | 1 284 | 1 479 | | eeringud | | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse | | 2 175 | 2 879 | 139 | 184 | | meetodil | | | | | | | kajastatavad | | | | | | | investeeringud | | | | | | -------------------------------------------------------------------------------- | Müügivalmis | | 5 664 | 8 716 | 362 | 557 | | finantsvara | | | | | | -------------------------------------------------------------------------------- | Muud | 5 | 28 039 | 26 051 | 1 792 | 1 665 | | pikaajalised | | | | | | | nõuded | | | | | | -------------------------------------------------------------------------------- | Põhivara kokku | | 233 135 | 370 402 | 14 900 | 23 673 | -------------------------------------------------------------------------------- | Käibevara | | | | | | -------------------------------------------------------------------------------- | Varud | 3 | 266 289 | 434 412 | 17 019 | 27 764 | -------------------------------------------------------------------------------- | Maksude | | 30 135 | 57 689 | 1 926 | 3 687 | | ettemaksed | | | | | | -------------------------------------------------------------------------------- | Nõuded ostjate | 4 | 131 618 | 168 013 | 8 412 | 10 738 | | vastu | | | | | | -------------------------------------------------------------------------------- | Muud | 5 | 18 260 | 46 658 | 1 167 | 2 982 | | lühiajalised | | | | | | | nõuded | | | | | | -------------------------------------------------------------------------------- | Ettemakstud | 6 | 9 529 | 49 209 | 609 | 3 145 | | teenused | | | | | | -------------------------------------------------------------------------------- | Raha ja selle | 7 | 153 931 | 82 129 | 9 838 | 5 249 | | ekvivalendid | | | | | | -------------------------------------------------------------------------------- | Müügivalmina | | 7 526 | 0 | 481 | 0 | | liigitatud vara | | | | | | -------------------------------------------------------------------------------- | Käibevara kokku | | 617 288 | 838 110 | 39 452 | 53 565 | -------------------------------------------------------------------------------- | VARAD KOKKU | | 850 423 | 1 208 512 | 54 352 | 77 238 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA | | | | | | | OMAKAPITAL | | | | | | -------------------------------------------------------------------------------- | Omakapital | | | | | | -------------------------------------------------------------------------------- | Aktsiakapital | | 400 000 | 400 000 | 25 565 | 25 565 | | nimiväärtuses | | | | | | -------------------------------------------------------------------------------- | Ülekurss | | 223 293 | 223 293 | 14 271 | 14 271 | -------------------------------------------------------------------------------- | Oma aktsiad | | -7 041 | -7 041 | -450 | -450 | -------------------------------------------------------------------------------- | Kohustuslik | | 1 046 | 1 046 | 67 | 67 | | reservkapital | | | | | | -------------------------------------------------------------------------------- | Valuuta¬kursi | | -186 539 | -58 086 | -11 922 | -3 713 | | muutuste reserv | | | | | | -------------------------------------------------------------------------------- | Eelmiste | | 59 097 | 82 035 | 3 777 | 5 243 | | perioodide | | | | | | | jaotamata tulem | | | | | | -------------------------------------------------------------------------------- | Emaettevõtte | 11 | 489 856 | 641 247 | 31 308 | 40 983 | | aktsionäridele | | | | | | | omistatav | | | | | | | omakapital kokku | | | | | | -------------------------------------------------------------------------------- | Vähemus¬osalus | | 136 141 | 141 977 | 8 701 | 9 074 | -------------------------------------------------------------------------------- | Omakapital kokku | | 625 997 | 783 224 | 40 009 | 50 057 | -------------------------------------------------------------------------------- | Pikaajalised | | | | | | | kohustused | | | | | | -------------------------------------------------------------------------------- | Laenud | 8 | 4 052 | 18 197 | 259 | 1 163 | -------------------------------------------------------------------------------- | Maksude | | 0 | 201 | 0 | 13 | | tagasinõuded | | | | | | -------------------------------------------------------------------------------- | Muud kohustused | | 1 455 | 1 314 | 93 | 84 | -------------------------------------------------------------------------------- | Eraldised | | 0 | 125 | 0 | 8 | -------------------------------------------------------------------------------- | Pikaajalised | | 5 507 | 19 837 | 352 | 1 268 | | kohustused kokku | | | | | | -------------------------------------------------------------------------------- | Lühiajalised | | | | | | | kohustused | | | | | | -------------------------------------------------------------------------------- | Laenud | 8 | 24 190 | 116 254 | 1 546 | 7 430 | -------------------------------------------------------------------------------- | Võlad | | 123 999 | 167 951 | 7 925 | 10 734 | | tarnijatele | | | | | | -------------------------------------------------------------------------------- | Ettevõtte | | 3 552 | 4 006 | 227 | 256 | | tulumaksu | | | | | | | kohustus | | | | | | -------------------------------------------------------------------------------- | Muud | | 24 831 | 18 150 | 1 587 | 1 160 | | maksukohustused | | | | | | -------------------------------------------------------------------------------- | Viitmaksukohustu | | 0 | 0 | 0 | 0 | | s | | | | | | -------------------------------------------------------------------------------- | Muud võlad | 9 | 14 270 | 27 584 | 912 | 1 763 | -------------------------------------------------------------------------------- | Eraldised | | 26 724 | 70 817 | 1 708 | 4 526 | -------------------------------------------------------------------------------- | Viitvõlad | | 704 | 689 | 45 | 44 | -------------------------------------------------------------------------------- | Viittulu | | 649 | 0 | 41 | 0 | -------------------------------------------------------------------------------- | Lühiajalised | | 218 919 | 405 451 | 13 991 | 25 913 | | kohustused kokku | | | | | | -------------------------------------------------------------------------------- | Kohustused kokku | | 224 426 | 425 288 | 14 343 | 27 181 | -------------------------------------------------------------------------------- | KOHUSTUSED JA | | 850 423 | 1 208 512 | 54 352 | 77 238 | | OMAKAPITAL KOKKU | | | | | | -------------------------------------------------------------------------------- 2009. aasta konsolideeritud koondkasumiaruanne Auditeerimata -------------------------------------------------------------------------------- | | | 2009 | 2008 | 2009 | 2008 | | | | tuhandete | tuhandetes | tuhandetes | tuhandetes | | | | s | kroonides | eurodes | eurodes | | | | kroonides | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Jätkuv tegevus | | | | | | -------------------------------------------------------------------------------- | Müügitulu | 12 | 1 158 537 | 1 580 383 | 74 044 | 101 005 | -------------------------------------------------------------------------------- | Müüdud kaupade | | -654 998 | -932 052 | -41 862 | -59 569 | | kulu | | | | | | -------------------------------------------------------------------------------- | Brutokasum | | 503 539 | 648 331 | 32 182 | 41 436 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud äritulud | | 18 995 | 33 625 | 1 214 | 2 149 | -------------------------------------------------------------------------------- | Turustuskulud | | -179 373 | -262 221 | -11 464 | -16 759 | -------------------------------------------------------------------------------- | Üldhalduskulud | | -160 002 | -196 255 | -10 226 | -12 543 | -------------------------------------------------------------------------------- | Muud ärikulud | | -122 716 | -171 831 | -7 843 | -10 982 | -------------------------------------------------------------------------------- | Ärikasum | | 60 443 | 51 649 | 3 863 | 3 301 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Intressikulud | | -8 246 | -2 832 | -527 | -181 | -------------------------------------------------------------------------------- | Kasum/kahjum | | 15 208 | -61 851 | 972 | -3 953 | | valuutakursi | | | | | | | muutustest | | | | | | -------------------------------------------------------------------------------- | Muud | | 9 560 | 6 681 | 611 | 427 | | finantstulud/-k | | | | | | | ulud | | | | | | -------------------------------------------------------------------------------- | Finantstulud/-k | | 16 522 | -58 002 | 1 056 | -3 707 | | ulud kokku | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Osa | | -313 | 1 752 | -20 | 112 | | kapitaliosaluse | | | | | | | meetodil | | | | | | | kajastatavate | | | | | | | investeerimisob | | | | | | | jektide | | | | | | | kasumist | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum enne | | 76 652 | -4 601 | 4 899 | -294 | | ettevõtte | | | | | | | tulumaksu | | | | | | -------------------------------------------------------------------------------- | Ettevõtte | | -54 888 | -87 777 | -3 508 | -5 610 | | tulumaks | | | | | | -------------------------------------------------------------------------------- | Kasum jätkuvast | | 21 764 | -92 378 | 1 391 | -5 904 | | äritegevusest | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Lõpetatud | | | | | | | tegevus | | | | | | -------------------------------------------------------------------------------- | Kasum / | | -36 034 | -7 870 | -2 303 | -503 | | (kahjum) | | | | | | | lõpetatud | | | | | | | tegevusest | | | | | | | (neto | | | | | | | tulumaksuta) | | | | | | -------------------------------------------------------------------------------- | Perioodi kasum | | -14 270 | -100 248 | -912 | -6 407 | | (kahjum) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Emaettevõtte | | -38 616 | -118 961 | -2 468 | -7 603 | | omanike vahel | | | | | | | jaotatav osa | | | | | | | puhaskasumist | | | | | | -------------------------------------------------------------------------------- | Mittekontrolliv | | 24 346 | 18 713 | 1 556 | 1 196 | | a osalusega | | | | | | | aktsionäride | | | | | | | vahel jaotatav | | | | | | | osa | | | | | | | puhaskasumist | | | | | | -------------------------------------------------------------------------------- | Perioodi kasum | | -14 270 | -100 248 | -912 | -6 407 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tulu aktsia | | | | | | | kohta | | | | | | -------------------------------------------------------------------------------- | Tavapuhaskasum | 10 | -0,97 | -2,97 | -0,06 | -0,19 | | aktsia kohta | | | | | | | (kroonides/euro | | | | | | | des) | | | | | | -------------------------------------------------------------------------------- | Lahustatud | 10 | -0,97 | -2,97 | -0,06 | -0,19 | | puhaskasum | | | | | | | aktsia kohta | | | | | | | (kroonides/euro | | | | | | | des) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Jätkuv tegevus | | | | | | -------------------------------------------------------------------------------- | Tavapuhaskasum | 10 | -0,07 | -2,78 | -0,004 | -0,18 | | aktsia kohta | | | | | | | (kroonides/euro | | | | | | | des) | | | | | | -------------------------------------------------------------------------------- | Lahustatud | 10 | -0,07 | -2,78 | -0,004 | -0,18 | | puhaskasum | | | | | | | aktsia kohta | | | | | | | (kroonides/euro | | | | | | | des) | | | | | | -------------------------------------------------------------------------------- 2009. aasta konsolideeritud koondkasumiaruanne Auditeerimata -------------------------------------------------------------------------------- | | | 2009 | 2008 | 2009 | 2008 | | | | tuhandete | tuhandetes | tuhandetes | tuhandetes | | | | s | kroonides | eurodes | eurodes | | | | kroonides | | | | -------------------------------------------------------------------------------- | Perioo | | -14 270 | -100 248 | -912 | -6 407 | | di | | | | | | | kasum | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muu | | | | | | | koondk | | | | | | | asum | | | | | | -------------------------------------------------------------------------------- | Välisv | | -158 525 | 23 840 | -10 131 | 1 523 | | aluuta | | | | | | | de | | | | | | | kursim | | | | | | | uutuse | | | | | | | d | | | | | | | välist | | | | | | | ehingu | | | | | | | te | | | | | | | puhul | | | | | | -------------------------------------------------------------------------------- | Tütare | | 16 820 | 0 | 1 075 | 0 | | ttevõt | | | | | | | te | | | | | | | võõran | | | | | | | damine | | | | | | -------------------------------------------------------------------------------- | Mittek | | 0 | 94 | 0 | 6 | | ontrol | | | | | | | liv | | | | | | | osalus | | | | | | | äriühe | | | | | | | nduses | | | | | | -------------------------------------------------------------------------------- | Perioo | | -141 705 | 23 934 | -9 056 | 1 529 | | di muu | | | | | | | koondk | | | | | | | asum | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Koondk | | -155 975 | -76 314 | -9 968 | -4 878 | | asum | | | | | | | kokku | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Emaett | | -151 391 | -85 467 | -9 675 | -5 463 | | evõtte | | | | | | | omanik | | | | | | | e | | | | | | | vahel | | | | | | | jaotat | | | | | | | av osa | | | | | | | puhask | | | | | | | asumis | | | | | | | t | | | | | | -------------------------------------------------------------------------------- | Mittek | | -4 584 | 9 153 | (293) | 585 | | ontrol | | | | | | | liva | | | | | | | osalus | | | | | | | ega | | | | | | | aktsio | | | | | | | näride | | | | | | | vahel | | | | | | | jaotat | | | | | | | av osa | | | | | | | puhask | | | | | | | asumis | | | | | | | t | | | | | | -------------------------------------------------------------------------------- | Koondk | | -155 975 | -76 314 | -9 968 | -4 878 | | asum | | | | | | | kokku | | | | | | -------------------------------------------------------------------------------- ____________________________ Dmitry Ditchkovsky Juhatuse esimees 26. veebruar 2010 ____________________________ Sergei Kusonski Juhatuse liige 26. veebruar 2010 ___________________________ Baiba Gegere Juhatuse liige 26. veebruar 2010 ___________________________ Norberto Rodriguez Juhatuse liige 26. veebruar 2010
Pealkiri
Consolidated interim report for Q4 and 12 months of 2009
Teade
Business results Q4 followed after the high season in Q2 and Q3 and the business results were in line with the management expectations. Q4 2009 sales from continuing operations demonstrated a 20.8% seasonal decrease as compared to Q3 2009 and 22.6% decrease as compared to the respective period in the previous year. Major markets showed signs of stabilization although signs of growth are still lacking. Local currencies, including Ukrainian Hryvnia, have stabilized against EUR and USD. Russian rouble strengthened against EUR and USD. The opinion of the management of the Group is that after a significant drop in 2008 the markets have entered into the stabilization phase and that consumers have adjusted their purchasing patterns to the new market conditions; however, based on Q4 2009 sales level the management does not foresee significant growth of sales in 2010 limiting the expectation to 5-8% growth for 2010. In Q4 2009 retail operations in Belarus demonstrated an increase of 44.0% in local currency terms and a decrease of 0.6% in EUR terms as compared to Q4 2008. The Group saw a like-for-like increase in retail sales in Russia of 5.8% in local currency terms and a decrease of 12.4% in EUR terms as compared to the respective period in 2008. Lauma Lingerie's sales in the Baltic countries decreased by 50.5 % as compared to Q4 2008. At the end of the reporting period the Group and its franchising partners operated over 310 Milavitsa and other lingerie outlets, including 64 stores operated directly by the Group and the rest by franchising partners. The Group's retail focus has been shifted towards the promotion and support of franchising in cooperation with existing and new partners. In Q4 2009, the Group continued restructuring its own retail business in Russia and the Baltics. Financial performance The Group's sales from continuing operations amounted to EEK 1,158,537 thousand (EUR 74,044 thousand) in 2009, representing a 26.7% decline as compared to the previous year. Overall wholesale sales from continuing operations decreased by 26.8% and retail sales from continuing operations presented a decrease of 24.4%. The proportion of retail sales in total sales increased by 0.7% and reached 23.3% of total sales in 2009. The Group's sales from continuing operations in Q4 2009 amounted to EEK 260,438 thousand (EUR 16,645 thousand), a decrease of 22.6% as compared to the previous year. The Group's gross margin from continuing operations in 2009 increased and was 43.5%, as compared to 41.0% in the previous year. One-off adjustments related to restructuring of Russian operations increased cost of goods sold in 2009 and amounted to EEK 6,572 thousand (EUR 420 thousand). As the result, normalized gross margin amounted to 44.0% demonstrating a slight increase in profitability as compared to 2008. This positive effect was observed in Q2 and Q3 2009 mainly due to the increased sales prices in key markets and the beneficial impact of the devaluation of Belarusian Rouble on production costs. The consolidated operating profit from continuing operations amounted to EEK 60,443 thousand (EUR 3,863 thousand), representing a 17.0% increase compared to the year 2008. The consolidated operating margin from continuing operations was 5.2% (3.3% in 2008). The operating profit and the operating margin were adversely influenced by one-off expenses in 2009 and 2008. In 2009, the Group continued with the restructuring of Russian retail operations. One-off expenses related to the restructuring of Russian operations in 2009 amounted to EEK 53,167 thousand (EUR 3,398 thousand), including EEK 13,863 thousand (EUR 886 thousand) in Q1 2009, EEK 18,353 thousand (EUR 1,173 thousand) in Q2 2009, EEK 7,072 thousand (EUR 452 thousand) in Q3 2009 and EEK 13,879 thousand (EUR 887 thousand) in Q4 2009 and partially related to initiatives started in prior periods. The Group will finalize closing or transfer of inefficient stores to franchise partners in H1 2010. Restructuring provisions to cover future restructuring losses related to Russian retail chain amounted to EEK 2,425 thousand (EUR 155 thousand) as at 31 December 2009. The operating loss of the Russian retail operations in 2009 was EEK 103,440 thousand (EUR 6,611 thousand), including one-off expenses amounting to EEK 53,167 thousand (EUR 3,398 thousand). Loan receivable in the amount of EEK 20,356 thousand (EUR 1,301 thousand) was fully provided based on the management's assessment of the recoverability of the loan in Q1 2009. The expenses related to the provision have been recognized in other operating expenses from continuing operations in 2009. The management will continue actions to recover the loan balance. In total one-off continuing operating losses related to the restructuring of Russian operations and the provisioning of a loan amounted to EEK 73,523 thousand (EUR 4,699 thousand) in 2009 (total normalization adjustments amounted to EEK 83,130 thousand (EUR 5,313 thousand) in 2008). As the result, consolidated normalised operating profit from continuing operations amounted to EEK 133,966 thousand (EUR 8,562 thousand) for the year 2009, representing a 0.6% decline as compared to 2008. The consolidated normalised operating margin from continuing operations reached 11.6% (8.5% in 2008). On 30 June 2009 the Group closed the transaction for the sale of all shares in PTA Grupp AS (“PTA”) held by the Group to PTA Holding OÜ for total consideration of EEK 15,224 thousand (EUR 973 thousand), including EEK 7,401 thousand (EUR 473 thousand) paid upon closing by way of taking over certain liabilities of the Group and the remaining part of the purchase price being payable in cash by 31 December 2011 at the latest and carrying interest until full payment. The transaction resulted in a EEK 23,845 thousand (EUR 1,524 thousand) loss in the consolidated results of the Group in 2009 (Note 15). Further details of the transaction are provided in section ‘Key events'. In accordance with the requirements of the International Financial Reporting Standards PTA operations (apparel business line) are now regarded as discontinued operations for the purposes of financial reporting. Accordingly, PTA's financial performance is not consolidated in sales and expenses, but instead the consolidated loss from PTA's business operations in the amount of EEK 12,189 thousand (EUR 779 thousand) for the 6 months' period ended 30 June 2009 and the loss generated by the sales transaction are recorded separately in the consolidated income statement as a loss from discontinued operations in the total amount of EEK 36,034 thousand (EUR 2,303 thousand). Consolidated net profit from foreign exchange rate fluctuations amounted to EEK 15,208 thousand (EUR 972 thousand) in 2009. SP ZAO Milavitsa accrued a foreign exchange gain in the amount of EEK 37,356 thousand (EUR 2,388 thousand) that was caused partially by EUR-denominated intra-Group trading in Q1 2009, while Russian operations suffered a loss from foreign exchange rate fluctuations. Starting from April 2009, all trading to Russia is Russian Rouble denominated to minimise unrealized foreign exchange gains and losses within the Group. Corporate income tax from continuing operations amounted to EEK 54,888 thousand (EUR 3,508 thousand) against EEK 87,777 (EUR 5,610 thousand) in the previous year and effective tax rate for the Group decreased significantly, though still remaining high. In Q4 2009 the Group recognized a deferred tax asset in its largest subsidiary in the amount of EEK 18,119 thousand (EUR 1,158 thousand) and fully provided a deferred tax asset in a Russian retail company in the amount of EEK 8,574 thousand (EUR 548 thousand). Income tax expense in 2009 was higher than anticipated due to taxable foreign exchange gains of SP ZAO Milavitsa. However, high overall effective tax rate is the temporary result of the loss making subsidiaries' net loss position for the reporting period, non-tax deductable one-off expenses discussed above and other non-tax deductable expenses in Belarus (mainly employee remuneration). For the year 2009, consolidated net loss from continuing operations attributable to equity holders amounted to EEK 2,582 thousand (EUR 165 thousand), compared to net loss of EEK 111,091 thousand (EUR 7,100 thousand) in 2008 (Note 10); net margin from continuing operations attributable to equity holders was -0.2% (up from a negative margin of 7.0% in 2008). In Q4 2009, consolidated net profit from continuing operations attributable to equity holders amounted to EEK 5,100 thousand (EUR 326 thousand) and demonstrated a considerable growth compared to the loss of EEK 157,984 (EUR 10,097 thousand) in the previous year; net margin from continuing operations attributable to equity holders was 2.0% against negative margin of 46.9% in Q4 2008. Consolidated normalised net profit from continuing operations attributable to equity holders (excluding one-off expenses in the amount of EEK 73,523 thousand (EUR 4,699 thousand)) amounted to EEK 64,387 thousand (EUR 4,115 thousand), compared to net loss of EEK 31,415 thousand (EUR 2,008 thousand) in 2008 (one-off expenses in 2008 amounted to EEK 83,130 thousand (EUR 5,313 thousand)); normalised net margin from continuing operations was 5.6% (-2.0% in 2008). In 2009, the Group's return on equity was negative and amounted to -6.8% (-17.3% in 2008) and return on assets was -3.8% (-10.4% in 2008). Financial position As of 31 December 2009 consolidated assets amounted to EEK 850,423 thousand (EUR 54,352 thousand) representing a decrease of 29.6% as compared to the position as of 31 December 2008. The value of total asset base in EUR terms was significantly impacted by the devaluation of the Belarusian Rouble which depreciated against the Euro by 33.4% in 2009, decreasing the value of assets based in Belarus in EUR terms. Furthermore, due to the closing of the PTA sales transaction on 30 June 2009 and UAB “Linret LT” in November 2009, the financial position of PTA and UAB “Linret LT” are not consolidated as of 31 December 2009, causing a further decrease in the assets of the Group. Property, plant and intangibles balances decreased by EEK 132,448 thousand (EUR 8,465 thousand) as compared to 31 December 2008, the key reason being the impact of the foreign exchange rate in the amount of EEK 60,102 thousand (EUR 3,841 thousand) and the sale of PTA and UAB “Linret LT” in the amount of EEK 25,674 thousand (EUR 1,641 thousand). Trade receivables decreased by EEK 36,395 thousand (EUR 2,326 thousand) as compared to 31 December 2008 and amounted to EEK 131,618 thousand (EUR 8,412 thousand) as of 31 December 2009. Payment discipline of key customers in Russia improved during 2009. Inventory balance decreased by EEK 168,123 thousand (EUR 10,745 thousand) and amounted to EEK 266,289 thousand (EUR 17,019 thousand) as of 31 December 2009. This was partially related to the disposal of PTA; however, a major decrease was achieved through changes in the production planning to adjust to the new level of the working capital resulting from decreased sales volumes and through the devaluation of the Belarusian Rouble which depreciated against the Euro by 33.4% in 2009, decreasing the value of inventories based in Belarus in EUR terms. Foreign exchange fluctuations also left a negative impact on the Group's equity, in the form of a negative change in currency translation reserve in the amount of EEK 128,453 thousand (EUR 8,209 thousand) for the year. On the overall basis, equity attributable to equity holders decreased by EEK 151,391 thousand (EUR 9,675 thousand) and amounted to EEK 489,856 thousand (EUR 31,308 thousand) as of 31 December 2009. Current liabilities decreased by EEK 186,532 thousand (EUR 11,922 thousand) in 2009, in line with management expectations. The liquidity position of the Group improved in 2009 with respect to the total balance of borrowings and related maturities. Current and non-current loans and borrowings decreased by EEK 106,209 thousand (EUR 6,788 thousand) to EEK 28,242 thousand (EUR 1,805 thousand) as of 31 December 2009. Loans received and loans repaid in 2009 amounted to EEK 102,609 thousand (EUR 6,558 thousand) and EEK 177,338 thousand (EUR 11,334 thousand) respectively, including finance lease liabilities repaid in the amount of EEK 13,722 thousand (EUR 877 thousand). PTA loan balance in the amount of EEK 31,606 thousand (EUR 2,020 thousand) was eliminated from the consolidated financial position as the result of the PTA sales transaction. However, as at the date of disposal PTA had two loans and an overdraft from Danske Bank A/S Estonian branch outstanding which were secured by a surety provided by SFG. The surety agreement was not terminated after the PTA sales transaction and the balance of loans and credit line amounted to EEK 23,423 thousand (EUR 1,497 thousand) as of 31 December 2009; however, the liability of the Group to Danske Bank A/S Estonian branch is in turn secured by a commercial pledge over PTA's assets. In January 2010 a credit line facility of Lauma Lingerie with Unicredit Bank in Latvia was prolonged, decreasing the available facility's limit with the bank from EEK 21,905 thousand (EUR 1,400 thousand) to EEK 17,211 thousand (EUR 1,100 thousand) until 31 March 2010 and to EEK 15,647 thousand (EUR 1,000 thousand) until 30 April 2010. Information on the maturity of current borrowings is presented in Note 8 to the summarized financial statements. Tax liabilities and other payables, including payables to employees, amounted to EEK 45,461 thousand (EUR 2,905 thousand). Provisions amounted to EEK 26,724 thousand (EUR 1,708 thousand) as of 31 December 2009 and included provisions for the restructuring of Russian retail operations in the amount of EEK 2,425 thousand (EUR 155 thousand). Sales from continuing operations Women's apparel operations were fully divested as of 31 December 2009 after the sale of PTA at the end of H1 2009 and are no longer part of continuing operations of the Group. Continuing operations include design, production and sale of women lingerie. Sales by business segments -------------------------------------------------------------------------------- | | 2009 | 2008 | Chang | 2009 | 2008 | Change | 2009 | 2008 | | | EEK | EEK | e EEK | EUR | EUR | EUR | percent | percent | | | thous | thous | thous | thousa | thousa | thousa | age | age | | | and | and | and | nd | nd | nd | from | from | | | | | | | | | sales | sales | -------------------------------------------------------------------------------- | Whole | 869,6 | 1,188 | -318, | 55,583 | 75,936 | -20,35 | 75.1% | 75.2% | | sale | 85 | ,139 | 454 | | | 3 | | | -------------------------------------------------------------------------------- | Retai | 270,2 | 357,3 | -87,0 | 17,275 | 22,841 | -5,566 | 23.3% | 22.6% | | l | 95 | 84 | 89 | | | | | | -------------------------------------------------------------------------------- | Other | 18,55 | 34,86 | -16,3 | 1,186 | 2,228 | -1,042 | 1.6% | 2.2% | | opera | 7 | 0 | 03 | | | | | | | tions | | | | | | | | | -------------------------------------------------------------------------------- | Total | 1,158 | 1,580 | -421, | 74,044 | 101,00 | -26,96 | 100.0% | 100.0% | | | ,537 | ,383 | 846 | | 5 | 1 | | | -------------------------------------------------------------------------------- Sales by markets In 2009, the Group focused mainly on the Baltic, Russian, Belarusian and Ukrainian markets. Total sales by markets -------------------------------------------------------------------------------- | | 2009 | 2008 | Chang | 2009 | 2008 | Change | 2009 | 2008 | | | EEK | EEK | e EEK | EUR | EUR | EUR | percent | percent | | | thous | thous | thous | thousa | thousa | thousa | age | age | | | and | and | and | nd | nd | nd | from | from | | | | | | | | | sales | sales | -------------------------------------------------------------------------------- | Russi | 677,4 | 898,5 | -221, | 43,295 | 57,426 | -14,13 | 58.5% | 56.9% | | a | 20 | 21 | 101 | | | 1 | | | -------------------------------------------------------------------------------- | Belar | 306,0 | 361,1 | -55,1 | 19,558 | 23,083 | -3,525 | 26.4% | 22.9% | | us | 16 | 69 | 53 | | | | | | -------------------------------------------------------------------------------- | Ukrai | 61,74 | 100,2 | -38,5 | 3,946 | 6,409 | -2,463 | 5.3% | 6.3% | | ne | 1 | 79 | 38 | | | | | | -------------------------------------------------------------------------------- | Balti | 54,65 | 114,6 | -59,9 | 3,493 | 7,326 | -3,833 | 4.7% | 7.3% | | cs | 4 | 27 | 73 | | | | | | -------------------------------------------------------------------------------- | Other | 58,70 | 105,7 | -47,0 | 3,752 | 6,761 | -3,009 | 5.1% | 6.6% | | marke | 6 | 87 | 81 | | | | | | | ts | | | | | | | | | -------------------------------------------------------------------------------- | Total | 1,158 | 1,580 | -421, | 74,044 | 101,00 | -26,96 | 100.0% | 100.0% | | | ,537 | ,383 | 846 | | 5 | 1 | | | -------------------------------------------------------------------------------- The majority of lingerie sales revenue in 2009 in the amount of EEK 677,420 thousand (EUR 43,295 thousand) was generated in the Russian market, accounting for 58.5% of all lingerie sales in 2009 as compared to EEK 898,521 thousand (EUR 57,426 thousand) in 2008. Sales in Russia comprise both retail sales and wholesale. The second largest region for lingerie sales was Belarus, where sales reached EEK 306,016 thousand (EUR 19,558 thousand), contributing 26.4% of lingerie sales (both retail and wholesale) as compared to EEK 361,169 thousand (EUR 23,083 thousand) in 2008. Although still affected by the economic situation and the devaluation of the local currencies, sales in the major markets demonstrated positive trend in terms of pieces sold in Q4 2009 as compared to the respective period in 2008. As the result, in the Group's largest subsidiary SP ZAO Milavitsa, sales in Q4 2009 improved in volume terms as compared to Q4 2008; however, sales decreased in monetary terms due to increased proportion of cheaper products in the sales and additional discounts introduced in H2 2009. In Q4 2009 the Group suffered from customer traffic slowdown attributable in part to swine flue worries and a relatively cold winter. Wholesale operations improved during the year as many of the Group's Russian and Ukrainian wholesale partners realized their excess stock levels reducing them to the normal operational levels after being overstocked in 2008 after a sharp decrease in demand caused by the overall economic crisis. Decrease in sales in Belarus was lower as compared to sales trends in Russia, Ukraine and the Baltic countries, leading to the growing share of the Belarusian market in the total sales in 2009 as compared to the previous year. This is an effect of the more stable economic situation in Belarus compared to the neighboring countries as well as the tight control over distribution that the Group has developed in the country. A number of actions have been introduced to the market including additional marketing activities in Belarus, Ukraine and Russia and supportive measures in the opening of new franchised stores. Dealers and distributors were motivated to increase their sales activities in the exchange for favorable pricing opportunities. A new order processing and reservation system introduced by Milavitsa at the end of Q2 allowed trading partners broader access to the Group's stock, speedier packing and delivery. As the result Milavitsa managed to reach 2008 sales level in terms of units sold during summer months and exceed last year's level in Q4 2009. Changes in the top management of the Group's Russian operations took place in the second half of 2009 in order to execute a new sales strategy in that core market and improve corporate governance of the Russian subsidiaries of the Group. Changes in the sales strategy were introduced to the trading partners in late September and later developed and presented to the trading partners in December. The Group targets increased control over its distribution and intends to adjust its organizational structure accordingly. In terms of lingerie brands, the sales of “Milavitsa” core brand accounted for 74.4% of total lingerie sales revenue in 2009 (2008: 76.1%) and amounted to EEK 848,139 thousand (EUR 54,206 thousand). The sales of “Lauma Lingerie” core brand accounted for 5.3% of total lingerie sales (2008: 5.7%) and amounted to EEK 60,412 thousand (EUR 3,861 thousand). Other brands such as “Alisee”, “Aveline”, “Hidalgo” and “Laumelle” comprised 20.3% of total lingerie sales in 2009 (2008: 18.2%), amounting to EEK 231,429 thousand (EUR 14,791 thousand) mainly due to the growth of sales of lower priced goods under “Aveline” brand. Wholesale In 2009, wholesale revenue amounted to EEK 869,685 thousand (EUR 55,583 thousand), representing 75.1% of the Group's total revenue (2008: 75.2%). The main wholesale regions were Russia, Belarus, Ukraine and the Baltic States. Gradual improvements in sales were observed already in Q2 2009. Furthermore, the second half of 2009 demonstrated an increase in lingerie wholesale revenue of 5.6% as compared to the first half of 2009 as many of the Milavitsa's Russian and Ukrainian wholesale partners had adjusted their working capital levels to the new market and trading circumstances caused by the crisis at the end of 2008. Most of the lingerie wholesale partners are located in Russia, a key market for the Group. A new channel of distribution was introduced in Ukraine by Milavitsa in late 2008 and early 2009. The channel allowed the Group to offset the sharp decrease in sales caused by the economic crisis and the inability of the old distribution network to address the new circumstances. Although still below the 2008 level, sales in the Ukrainian market demonstrated positive trends in Q2 and Q3 2009. Q4 2009, however, saw a slowdown in Ukrainian sales caused by the difficult economic situation in the country, flue quarantine in some shopping centres and pre-election uncertainty. Lauma Lingerie experienced a sharp reduction in sales in their major markets being affected by the crisis to a greater extent due to its higher pricing positioning and inability of the distribution partners to meet current market conditions. Certain changes in the management of the company were made to address the market realities. Lauma Lingerie is in the process of implementing a revised sales strategy for its core markets including Russia, Ukraine and the Baltics. Retail operations Total lingerie retail sales of the Group in 2009 amounted to EEK 270,295 thousand (EUR 17,275 thousand), representing a 24.4% decrease as compared to 2008. Lingerie retail operations were conducted in Latvia, Russia, Belarus, and Lithuania. At the end of 2009 the Group operated 64 own retail outlets with a total area of 5,523 square meters. Additionally as of 31 December 2009 there were more than 250 Milavitsa branded shops operated by Milavitsa trading partners in Russia, Belarus, Ukraine, Moldavia, Kazakhstan, Uzbekistan, Kirgizstan, Latvia, Romania, Azerbaijan, Armenia, Portugal and Cyprus, of which 10 shops were opened in Q4. In 2009 17 new own lingerie stores were opened, including 12 under Milavitsa name in Belarus, 2 stores under Lauma Lingerie brand name in Latvia, 1 under Yamamay and 2 under Jockey brand names in Lithuania. Yamamay and Jockey shops along with other shops in Lithuania were subsequently sold as a result of the disposal by the Group of all its shares in UAB “Linert LT” in November 2009. Further details of the transaction are provided in section ‘Key events'. Additionally, 33 underperforming stores were closed: 13 PTA stores, 15 Oblicie stores and 3 Milavitsa stores in Russia, 2 Milavitsa stores in Belarus. 18 Oblicie stores in Russia were rebranded to Milavitsa. Number of own stores as at: -------------------------------------------------------------------------------- | | 31.12.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | Latvia | 5 | 3 | -------------------------------------------------------------------------------- | Poland | 0 | 7 | -------------------------------------------------------------------------------- | Belarus | 38 | 28 | -------------------------------------------------------------------------------- | Russia | 21 | 52 | -------------------------------------------------------------------------------- | Lithuania | 0 | 16 | -------------------------------------------------------------------------------- | Total stores | 64 | 106 | -------------------------------------------------------------------------------- | Total sales area, sq m | 5,523 | 9,549 | -------------------------------------------------------------------------------- In Belarus, two ineffective stores were closed and 12 new Milavitsa stores were opened, adding to the growth of the retail sales in the country. A number of sales promotions were conducted in the Milavitsa retail chain. Own retail operations in Belarus remain one of the key priorities for the Group's further sales development in Belarus. In the Baltics, retail sales decreased by 31.4% as compared to 2008, amounting to EEK 19,214 thousand (EUR 1,228 thousand). The decision to divest the Group's retail subsidiary in Lithuania was taken in H2 2009 due to adverse current market situation and its prospects. In respect of lingerie retail in Russia the strategic decision to shift focus from own retail chain towards the development of Milavitsa franchise network was made in H2 2009 to terminate the loss making own retail operations in Russia. As the result, the Group's own Oblicie stores were rebranded to Milavitsa and a transfer of stores to Milavitsa trading partners was commenced while non-performing stores are being closed. Certain structural and management changes have been made in the Group's Russian operations (including the establishment of a separate franchise department and the recruitment of the new experienced general manager) to implement the selected strategy. Own stores by concept -------------------------------------------------------------------------------- | Market | Milavitsa | Oblicie | Lauma | Total | Sales area, | | | stores | stores | Lingerie | | sq m | | | | | stores | | | -------------------------------------------------------------------------------- | Belarus | 38 | 0 | 0 | 38 | 3,411 | -------------------------------------------------------------------------------- | Russia | 19 | 2 | 0 | 21 | 1,754 | -------------------------------------------------------------------------------- | Latvia | 0 | 0 | 5 | 5 | 358 | -------------------------------------------------------------------------------- | Total | 57 | 2 | 5 | 64 | 5,523 | -------------------------------------------------------------------------------- Discontinued operations Discontinued operations' results include operations of PTA (apparel business line) for 6 months' period ended 30 June 2009. Results of PTA operations are presented in the consolidated income statement as a single line item under ‘Loss from discontinued operations'. Production, sourcing, purchasing and logistics Due to increased uncertainty in the marketplace and sharply falling demand in Q4 2008 and Q1 2009 the Group's manufacturing companies reduced their production and purchasing volumes in 2009. In addition, adjustments in the production planning process were made to adjust for changing circumstances. For example, the Group's largest production subsidiary SP ZAO Milavitsa switched from quarterly production planning to monthly planning. As the result of the adjustments in production and sourcing volumes as well as in the production planning process, the Group was able to decrease inventories to normal levels. Consequently, the Group's working capital position has improved significantly. The total volume of production in SP ZAO Milavitsa amounted to 14,303 thousand pieces in 2009, representing a 24.3% decrease as compared to the previous year. The total production volumes in Lauma Lingerie amounted to 660 thousand pieces in 2009, showing a decrease of 65.3% as compared to the previous year. In broad terms, the utilisation of own production capacities in SP ZAO Milavitsa remained at the level of 2008, while outsourced production capacities were the major source for the production output decrease. However, at the end of 2009 the number of cooperation partners for outsourced production in Q4 2009 increased by 30% compared to Q3 2009 with majority of new contracts concluded in late December 2009 in order to prepare for the increased production volumes in 2010. In respect of logistics, the implementation of a supply chain management system on the basis of IFS software application is in process is planned to be finalised in H1 2010. Investment In 2009, the Group's investments in continuing operations totalled EEK 22,750 thousand (EUR 1,454 thousand) with investments into retail amounting to EEK 6,478 thousand (EUR 414 thousand). Other investments were made in equipment and facilities to maintain effective production. Personnel At the end of December 2009, the Group employed 3,164 employees including 472 in retail and 1,992 in production. The rest were employed in wholesale, administration and support operations. The average number of employees in 2009 was 3,085. Total salaries and wages in 2009 amounted to EEK 262,597 thousand (EUR 16,783 thousand). The remuneration of the members of the Management Board totalled EEK 10,092 thousand (EUR 645 thousand). The members of the Management Board also serve as executives for the Group's subsidiaries. Key Events in 2009 Changes in significant shareholdings The shareholders' register of SFG includes all legal owners of the shares but does not necessarily reflect the allocation of voting rights among shareholders. However, shareholders must notify SFG of changes in allocation of voting rights where a shareholder increases or reduces its participation above or below 5, 10, 15, 20, 25 or 50 per cent, 1/3 or 2/3 of all votes represented by shares. Based on such notifications, SFG identifies the persons holding significant shareholdings. Based on the aforementioned notifications received up to date, the following persons held significant shareholdings in SFG based on notifications up to date: Mr. Toomas Tool held 9,810,983 shares (24.52% of all votes) as of 28 December 2009; Mr. Stephan David Balkin held 8,000,000 shares (20% of all votes) as of 23 December 2009; Funds managed by Pioneer Pekao Investment Management SA held 2,065,529 shares (10.16% of all votes) as of 14 August 2009. During Q4 2010, the shareholding of SIA Alta Capital Partners reduced below 5% of all votes to 1,864,286 shares (4.66% of all votes based on notification from 3 February 2010) and shareholdings of Mr. Toomas Tool and Mr. Stephan David Balkin increased as indicated above. Changes in the top management of the Group's Russian operations Within the fourth quarter of 2009 Nikolay Dolgiy was appointed the general manager for both of the Group's largest Russian subsidiaries - ZAO “STK Milavitsa” and ZAO “Linret”. Mr. Dolgiy (33) is a skilled manager with over 10 years' experience in managerial positions, primarily in the field of retail. From August 2009, Mr. Dolgiy worked as the first deputy general manager of STK responsible for sales. This appointment marked the completion of the restructuring of the Group's Russian operations. Restructuring of Russian Retail Operations In December 2009 an action plan was approved for the restructuring of the Group's loss-making retail operations in Russia. The plan included the transfer of Milavitsa retail outlets to franchise partners and the closing of inefficient stores. Other cost-cutting measures under the action plan included the optimisation of the office and warehouse lease expenses and a reduction in the number of employees. The decision to switch to the franchise business model in Russia followed similar reorganization measures in Poland and Lithuania. Sale of UAB “Linret LT” In November 2009 the Group closed the sale of all its shares in UAB Linret LT. Linret LT was a Lithuanian retail subsidiary, operating 14 retail outlets. Linret LT was engaged primarily in the distribution of Lauma Lingerie and Milavitsa goods in Lithuania through retail chain under Amadea Line brand and also operated franchised stores under Jockey and Yamamay brands. Linret LT made a loss of EEK 9,278 thousand (EUR 593 thousand) in the first ten months of 2009. Taking into account the decrease in consumer demand in Lithuania, and the overall state of the Lithuanian economy, the management was of the opinion that it was unlikely that Linret LT will become profitable in 2010 or will generate positive cash flows in the observable future. Taking into account the total investment of SFG in Linret LT, the transaction generated an accounting profit of approximately EEK 782 thousand (EUR 50 thousand). The transaction is also expected to have a positive contribution to the Group's financial performance in the future as the result of discontinuing of loss-making operations. The Group intends to continue the shift to franchise operations in Baltics under Lauma Lingerie brand. Sale of PTA Grupp AS On 30 June 2009 the Group entered into an agreement for the sale of all shares in PTA held by the Group to PTA Holding OÜ for a total consideration of EEK 15,224 thousand (EUR 973 thousand). The transaction was performed immediately upon signing. EEK 7,401 thousand (EUR 473 thousand) was paid on the date of the closing of the transaction by way of taking over certain liabilities of the Group and EEK 7,823 thousand (EUR 500 thousand) will be paid in cash by 31 December 2011 at the latest, carrying interest until full payment. The obligation to pay the purchase price is secured by a share pledge over 100% of all shares in PTA in favour of the Group. PTA operates in the field of manufacture, retail and wholesale of women's apparel under the „PTA“ trademark. With the sale of the apparel business, the Group focused on its core business - design, manufacturing and sale of lingerie. The sale enabled the Group to reallocate financial and managerial resources to its core operations and improve the efficiency of management. PTA made a net loss of EEK 12,189 thousand (EUR 779 thousand) in 6 months period ended 30 June 2009. PTA Holding OÜ, the acquirer, is related to Peeter Larin (a member of the management board in PTA), who was a member of the management board and is a shareholder in PTA Holding OÜ. Therefore, the transaction was made with a related party within the meaning of the Tallinn Stock Exchange rules. The transaction was not a material transaction with a related party within the meaning of the Tallinn Stock Exchange rules. Changes in the composition of the Management Board In Q1 2009 the Group named Ms. Baiba Gegere as the new Chief Financial Officer of the Group and was appointed to the Management Board of SFG by the Supervisory Board decision adopted on 4 March 2009. In addition, in Q1 2009 SFG's Supervisory Board removed Mr. Remigiusz Pilat from the Management Board with immediate effect in connection with the previously disclosed changes in the structure of SFG's Polish operations. In Q2 the Supervisory Board of the Group resolved to recall the members of the Management Board Mr. Dmitry Podolinski and Mr. Peeter Larin and to appoint Mr. Norberto Rodriguez as the new member of the Management Board of the Group. Mr. Rodriguez joined the Group's management team as the Chief Logistics Officer in October 2007. His main responsibilities include the development and implementation of the corporate strategy in logistics. Currently Mr. Rodriguez also serves as a Deputy General Director at Milavitsa being responsible for logistics, IT, quality management and other business processes. Sale of Splendo Polska Sp. z o.o. The closing of the agreement for the sale of the Company's shares (90% of the share capital) in Splendo Polska Sp. z o.o., a Polish retail subsidiary operating 6 retail outlets, was completed in October 2009. The operating results of Splendo Polska Sp. z o.o. were not consolidated in the Group's financial results in 2009 and a loss related to the transaction was fully provided as of 31 December 2008. Selected financial data The Group's operating results are summarised in the following figures and ratios: -------------------------------------------------------------------------------- | Key figures and ratios | 31.12.2009 | 31.12.2008 | Change | -------------------------------------------------------------------------------- | Net sales from continuing | 1,158,537 | 1,580,383 | -421,846 | | operations (EEK thousand) | | | | -------------------------------------------------------------------------------- | Net profit from continuing | -2,582 | -111,091 | 108,509 | | operations, attributable to | | | | | shareholders (EEK thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest, | 94,693 | 93,175 | 1,518 | | taxes and depreciation | | | | | (EBITDA) from continuing | | | | | operations (EEK thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest and | 60,443 | 51,649 | 8,794 | | taxes (EBIT) from continuing | | | | | operations (EEK thousand) | | | | -------------------------------------------------------------------------------- | Net sales from continuing | 74,044 | 101,005 | -26,961 | | operations (EUR thousand) | | | | -------------------------------------------------------------------------------- | Net profit from continuing | -165 | -7,100 | 6,935 | | operations, attributable to | | | | | shareholders (EUR thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest, | 6,052 | 5,955 | 97 | | taxes and depreciation | | | | | (EBITDA) from continuing | | | | | operations (EUR thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest and | 3,863 | 3,301 | 562 | | taxes (EBIT) from continuing | | | | | operations (EUR thousand) | | | | -------------------------------------------------------------------------------- | Operating margin from | 5.2% | 3.3% | - | | continuing operations, % | | | | -------------------------------------------------------------------------------- | Net margin from continuing | -0.2% | -7.0% | - | | operations attributable to | | | | | equity holders, % | | | | -------------------------------------------------------------------------------- | ROA, % | -3.8% | -10.4% | - | -------------------------------------------------------------------------------- | ROE, % | -6.8% | -17.3% | - | -------------------------------------------------------------------------------- | Earnings per share (EPS), in | -0.97 | -2.97 | - | | EEK | | | | -------------------------------------------------------------------------------- | Earnings per share (EPS), in | -0.06 | -0.19 | - | | EUR | | | | -------------------------------------------------------------------------------- | Current ratio | 2.8 | 2.1 | - | -------------------------------------------------------------------------------- | Quick ratio | 1.6 | 1.1 | - | -------------------------------------------------------------------------------- Underlying formulas: Operating margin from continuing operations = operating profit from continuing operations / sales revenue Net margin from continuing operations = net profit from continuing operations attributable to equity holders of the parent / sales revenue ROA (return on assets) = net profit attributable to equity holders of the parent / average total assets ROE (return on equity) = net profit attributable to equity holders of the parent / average equity attributable to equity holders of the parent EPS (earnings per share) = net profit attributable to equity holders of the parent / weighted average number of ordinary shares Current ratio = current assets / current liabilities Quick ratio = (current assets - inventories) / current liabilities Consolidated statement of financial position Unaudited -------------------------------------------------------------------------------- | | | 31.12.2009 | 31.12.2008 | 31.12.2009 | 31.12.2008 | | | | EEK | EEK | EUR | EUR | | | | thousand | thousand | thousand | thousand | -------------------------------------------------------------------------------- | ASSETS | | | | | | -------------------------------------------------------------------------------- | Non-curren | | | | | | | t assets | | | | | | -------------------------------------------------------------------------------- | Property, | 1 | 168,248 | 293,530 | 10,753 | 18,760 | | plant and | | | | | | | equipment | | | | | | -------------------------------------------------------------------------------- | Intangible | 2 | 8,919 | 16,085 | 570 | 1,028 | | assets | | | | | | -------------------------------------------------------------------------------- | Investment | | 20,090 | 23,141 | 1,284 | 1,479 | | property | | | | | | -------------------------------------------------------------------------------- | Investment | | 2,175 | 2,879 | 139 | 184 | | s in | | | | | | | equity | | | | | | | accounted | | | | | | | investees | | | | | | -------------------------------------------------------------------------------- | Available- | | 5,664 | 8,716 | 362 | 557 | | for-sale | | | | | | | financial | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Other long | 5 | 28,039 | 26,051 | 1,792 | 1,665 | | term | | | | | | | receivable | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Total | | 233,135 | 370,402 | 14,900 | 23,673 | | non-curren | | | | | | | t assets | | | | | | -------------------------------------------------------------------------------- | Current | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Inventorie | 3 | 266,289 | 434,412 | 17,019 | 27,764 | | s | | | | | | -------------------------------------------------------------------------------- | Prepaid | | 30,135 | 57,689 | 1,926 | 3,687 | | taxes | | | | | | -------------------------------------------------------------------------------- | Trade | 4 | 131,618 | 168,013 | 8,412 | 10,738 | | receivable | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Other | 5 | 18,260 | 46,658 | 1,167 | 2,982 | | receivable | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Prepayment | 6 | 9,529 | 49,209 | 609 | 3,145 | | s | | | | | | -------------------------------------------------------------------------------- | Cash and | 7 | 153,931 | 82,129 | 9,838 | 5,249 | | cash | | | | | | | equivalent | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Assets | | 7,526 | 0 | 481 | 0 | | classified | | | | | | | as held | | | | | | | for sale | | | | | | -------------------------------------------------------------------------------- | Total | | 617,288 | 838,110 | 39,452 | 53,565 | | current | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | TOTAL | | 850,423 | 1,208,512 | 54,352 | 77,238 | | ASSETS | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIE | | | | | | | S AND | | | | | | | EQUITY | | | | | | -------------------------------------------------------------------------------- | Equity | | | | | | -------------------------------------------------------------------------------- | Share | | 400,000 | 400,000 | 25,565 | 25,565 | | capital | | | | | | -------------------------------------------------------------------------------- | Share | | 223,293 | 223,293 | 14,271 | 14,271 | | premium | | | | | | -------------------------------------------------------------------------------- | Own shares | | -7,041 | -7,041 | -450 | -450 | -------------------------------------------------------------------------------- | Statutory | | 1,046 | 1,046 | 67 | 67 | | capital | | | | | | | reserve | | | | | | -------------------------------------------------------------------------------- | Translatio | | -186,539 | -58,086 | -11,922 | -3,713 | | n reserve | | | | | | -------------------------------------------------------------------------------- | Retained | | 59,097 | 82,035 | 3,777 | 5,243 | | earnings | | | | | | -------------------------------------------------------------------------------- | Total | 11 | 489,856 | 641,247 | 31,308 | 40,983 | | equity | | | | | | | attributab | | | | | | | le to | | | | | | | equity | | | | | | | holders of | | | | | | | the parent | | | | | | -------------------------------------------------------------------------------- | Non-contro | | 136,141 | 141,977 | 8,701 | 9,074 | | lling | | | | | | | interest | | | | | | -------------------------------------------------------------------------------- | Total | | 625,997 | 783,224 | 40,009 | 50,057 | | equity | | | | | | -------------------------------------------------------------------------------- | Non-curren | | | | | | | t | | | | | | | liabilitie | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Loans and | 8 | 4,052 | 18,197 | 259 | 1,163 | | borrowings | | | | | | -------------------------------------------------------------------------------- | Deferred | | 0 | 201 | 0 | 13 | | tax | | | | | | | liabilitie | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Other | | 1,455 | 1,314 | 93 | 84 | | liabilitie | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Provisions | | 0 | 125 | 0 | 8 | -------------------------------------------------------------------------------- | Total | | 5,507 | 19,837 | 352 | 1,268 | | non-curren | | | | | | | t | | | | | | | liabilitie | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Current | | | | | | | liabilitie | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Loans and | 8 | 24,190 | 116,254 | 1,546 | 7,430 | | borrowings | | | | | | -------------------------------------------------------------------------------- | Trade | | 123,999 | 167,951 | 7,925 | 10,734 | | payables | | | | | | -------------------------------------------------------------------------------- | Corporate | | 3,552 | 4,006 | 227 | 256 | | income tax | | | | | | | liability | | | | | | -------------------------------------------------------------------------------- | Other tax | | 24,831 | 18,150 | 1,587 | 1,160 | | liabilitie | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Deferred | | 0 | 0 | 0 | 0 | | tax | | | | | | | liability | | | | | | -------------------------------------------------------------------------------- | Other | 9 | 14,270 | 27,584 | 912 | 1,763 | | payables | | | | | | -------------------------------------------------------------------------------- | Provisions | | 26,724 | 70,817 | 1,708 | 4,526 | -------------------------------------------------------------------------------- | Accrued | | 704 | 689 | 45 | 44 | | expenses | | | | | | -------------------------------------------------------------------------------- | Deferred | | 649 | 0 | 41 | 0 | | income | | | | | | -------------------------------------------------------------------------------- | Total | | 218,919 | 405,451 | 13,991 | 25,913 | | current | | | | | | | liabilitie | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Total | | 224,426 | 425,288 | 14,343 | 27,181 | | liabilitie | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | TOTAL | | 850,423 | 1,208,512 | 54,352 | 77,238 | | LIABILITIE | | | | | | | S AND | | | | | | | EQUITY | | | | | | -------------------------------------------------------------------------------- Consolidated statement of comprehensive income for 2009 Unaudited -------------------------------------------------------------------------------- | | | 2009 EEK | 2008 EEK | 2009 EUR | 2008 EUR | | | | thousand | thousand | thousand | thousand | | | | | (restated) | | (restated) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Continuing | | | | | | | operations | | | | | | -------------------------------------------------------------------------------- | Net sales | 12 | 1,158,537 | 1,580,383 | 74,044 | 101,005 | -------------------------------------------------------------------------------- | Costs of | | -654,998 | -932,052 | -41,862 | -59,569 | | goods sold | | | | | | -------------------------------------------------------------------------------- | Gross | | 503,539 | 648,331 | 32,182 | 41,436 | | Profit | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other | | 18,995 | 33,625 | 1,214 | 2,149 | | operating | | | | | | | income | | | | | | -------------------------------------------------------------------------------- | Distributio | | -179,373 | -262,221 | -11,464 | -16,759 | | n costs | | | | | | -------------------------------------------------------------------------------- | Administrat | | -160,002 | -196,255 | -10,226 | -12,543 | | ive | | | | | | | expenses | | | | | | -------------------------------------------------------------------------------- | Other | | -122,716 | -171,831 | -7,843 | -10,982 | | operating | | | | | | | expenses | | | | | | -------------------------------------------------------------------------------- | Operating | | 60,443 | 51,649 | 3,863 | 3,301 | | profit | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest | | -8,246 | -2,832 | -527 | -181 | | expenses | | | | | | -------------------------------------------------------------------------------- | Gains/losse | | 15,208 | -61,851 | 972 | -3,953 | | s on | | | | | | | conversion | | | | | | | of foreign | | | | | | | currencies | | | | | | -------------------------------------------------------------------------------- | Other | | 9,560 | 6,681 | 611 | 427 | | financial | | | | | | | income / | | | | | | | expenses | | | | | | -------------------------------------------------------------------------------- | Total | | 16,522 | -58,002 | 1,056 | -3,707 | | financial | | | | | | | income / | | | | | | | expenses | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share of | | -313 | 1,752 | -20 | 112 | | profit of | | | | | | | equity | | | | | | | accounted | | | | | | | investees | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit | | 76,652 | -4,601 | 4,899 | -294 | | before | | | | | | | corporate | | | | | | | income tax | | | | | | -------------------------------------------------------------------------------- | Corporate | | -54,888 | -87,777 | -3,508 | -5,610 | | income tax | | | | | | -------------------------------------------------------------------------------- | Profit from | | 21,764 | -92,378 | 1,391 | -5,904 | | continuing | | | | | | | operations | | | | | | -------------------------------------------------------------------------------- | Discontinue | | | | | | | d | | | | | | | operations | | | | | | -------------------------------------------------------------------------------- | Loss from | | -36,034 | -7,870 | -2,303 | -503 | | discontinue | | | | | | | d operation | | | | | | | (net of | | | | | | | income tax) | | | | | | -------------------------------------------------------------------------------- | Profit/ | | -14,270 | -100,248 | -912 | -6,407 | | (loss) for | | | | | | | the period | | | | | | -------------------------------------------------------------------------------- | Profit | | | | | | | attributabl | | | | | | | e to: | | | | | | -------------------------------------------------------------------------------- | Owners of | | -38,616 | -118,961 | -2,468 | -7,603 | | the Company | | | | | | -------------------------------------------------------------------------------- | Non-control | | 24,346 | 18,713 | 1,556 | 1,196 | | ling | | | | | | | interest | | | | | | -------------------------------------------------------------------------------- | Profit for | | -14,270 | -100,248 | -912 | -6,407 | | the period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings | | | | | | | per share | | | | | | -------------------------------------------------------------------------------- | Basic | 10 | -0.97 | -2.97 | -0.06 | -0.19 | | earnings | | | | | | | per share | | | | | | | (EEK/EUR) | | | | | | -------------------------------------------------------------------------------- | Diluted | 10 | -0.97 | -2.97 | -0.06 | -0.19 | | earnings | | | | | | | per share | | | | | | | (EEK/EUR) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Continuing | | | | | | | operations | | | | | | -------------------------------------------------------------------------------- | Basic | 10 | -0.07 | -2.78 | -0.004 | -0.18 | | earnings | | | | | | | per share | | | | | | | (EEK/EUR) | | | | | | -------------------------------------------------------------------------------- | Diluted | 10 | -0.07 | -2.78 | -0.004 | -0.18 | | earnings | | | | | | | per share | | | | | | | (EEK/EUR) | | | | | | -------------------------------------------------------------------------------- Consolidated statement of comprehensive income for 2009 Unaudited -------------------------------------------------------------------------------- | | | 2009 EEK | 2008 EEK | 2009 EUR | 2008 EUR | | | | thousand | thousand | thousand | thousand | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for | | -14,270 | -100,248 | -912 | -6,407 | | the period | | | | | | -------------------------------------------------------------------------------- | Other | | | | | | | comprehensi | | | | | | | ve income | | | | | | -------------------------------------------------------------------------------- | Foreign | | -158,525 | 23,840 | -10,131 | 1,523 | | currency | | | | | | | translation | | | | | | | differences | | | | | | | for foreign | | | | | | | operations | | | | | | -------------------------------------------------------------------------------- | Disposal of | | 16,820 | 0 | 1,075 | 0 | | subsidiary | | | | | | -------------------------------------------------------------------------------- | Non-control | | 0 | 94 | 0 | 6 | | ling | | | | | | | interest | | | | | | | from | | | | | | | business | | | | | | | combination | | | | | | -------------------------------------------------------------------------------- | Other | | -141,705 | 23,934 | -9,056 | 1,529 | | comprehensi | | | | | | | ve income | | | | | | | for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Total | | -155,975 | -76,314 | -9,968 | -4,878 | | comprehensi | | | | | | | ve income | | | | | | -------------------------------------------------------------------------------- | Total | | | | | | | comprehensi | | | | | | | ve income | | | | | | | attributabl | | | | | | | e to: | | | | | | -------------------------------------------------------------------------------- | Owners of | | -151,391 | -85,467 | -9,675 | -5,463 | | the Company | | | | | | -------------------------------------------------------------------------------- | Non-control | | -4,584 | 9,153 | (293) | 585 | | ling | | | | | | | interest | | | | | | -------------------------------------------------------------------------------- | Total | | -155,975 | -76,314 | -9,968 | -4,878 | | comprehensi | | | | | | | ve income | | | | | | -------------------------------------------------------------------------------- ____________________________ Dmitry Ditchkovsky Chairman of the Management Board 26 February 2010 ____________________________ Sergei Kusonski Member of the Management Board 26 February 2010 ___________________________ Baiba Gegere Member of the Management Board 26February 2010 ___________________________ Norberto Rodriguez Member of the Management Board 26 February 2010