Last update: 20.07.2024 21:23 (GMT+3)
Klementi FINANCIAL RESULTS 09/01/2004
FINANCIAL RESULTS, 6 MONTHS 2004
Results for the first half of 2004
The unaudited consolidated net sales of AS Klementi for the
first half of 2004 were EEK 63.6m (EUR 4,1m) and the net loss
was EEK 4.7m (EUR 0.3m). The unaudited consolidated net sales
of for the same period of the previous year were EEK 54.8m (EUR
3.5m) and the net loss was EEK 19.0m (EUR 1.2m). Sales
increased in the first half of 2004 by 16.1% compared to the
same period of the previous year.
There are no significant changes in the sales structure
compared to the same period of the previous year. Sales of
clothes formed 78.43% of the total sales (77.4% in 2003). The
percentage of subcontracted production in the sales structure
has remained the same when compared to the same period of the
previous year, but sales have increased by EEK 1.7m (EUR 0.1m).
Export sales increased by EEK 5.9m (EUR 0.4m) or by 19.2%
compared to the same period of the previous year. Exports to
Latvia and Sweden increased 2.3 and nearly 1.8 fold,
respectively, compared to the same period last year. The new
market of Norway was added this year.
Retail sales formed nearly 44% of the clothes sales of the
first half of 2004. The respective percentage in the same
period of 2003 was 43%. Compared to the first half of 2003,
retail sales increased by nearly 13% and over 31% in Estonia
and Latvia, respectively. The growth in retail sales is partly
due to the opening of new shops in the 2nd quarter. Three new
ladies outfits shops were opened, two in Tallinn and one in
Stockholm. As of the end of June 2004, Klementi was using 3154
square meters of sales area (compared to 2952 square meters a
year ago).
The group employed 479 people as of 30 June 2004 (559 in
2003).
PROFIT ANALYSIS
Operating income before depreciation of fixed assets amounted
to EEK 1.8m (EUR 0.1m), representing an EEK 14.6m (EUR 0.9m)
growth compared to the same period last year.
The consolidated net loss of the AS Klementi group for the
first half of 2004 was EEK 4.7m (EUR 0.3m). The net loss for
the same period of 2003 was EEK 19.0m (EUR 1.2m).
Due to increased sales, expenses on production and
intermediation of goods increased by EEK 2.0m (EUR 0.1m) in the
first half of the year. Labour expenses have decreased by over
EEK 5.2m (EUR 0.3m) compared to the same period last year.
Operating expenses (except for production and intermediation
expenses) have decreased, compared to the same period of the
previous year, by nearly 13%.
BALANCE SHEET AND RATIOS
The consolidated balance sheet total of AS Klementi was EEK
121.4m (EUR 7.8m) as of 30 June 2004. The balance sheet total
has decreased by EEK 0.6m (EUR 0.04m) since the beginning of
the year.
Accounts receivable have decreased by EEK 4.5m (EUR 0.3m) in
connection with the receipt of the sales proceeds of the spring
and summer collection. The group’s inventories totaled EEK
37.0m (EUR 2.4m) at the end of the 2nd quarter of 2004. The
increase in inventories by EEK 3.7m (EUR 0.2m) since the
beginning of the year is related to the completion of the
autumn and winter collection, produced under the Klementi and
PTA trademark, and purchases for retail sales. Accounts payable
have increased by EEK 4.5m (EUR 0.3m) in connection with
materials and goods acquired for the autumn and winter
collection. The net change of EEK 2.7m (EUR 0.2m) in debt
obligations arises from the difference between loans received
and repaid in the 2nd quarter.
The main financial indicators and ratios that characterize the
consolidated data of the AS Klementi group for the first six
months of 2004 are as follows:
1st half 1st half Change
Main financial indicators of 2004 of 2003
Operating income, EEK ‘000 64 796 55 394 17.0%
Operating profit/loss before
depreciation (EBITDA), EEK ‘000 1 818 -12 795 14 613
Margin, % 3% -23% -
Operating income (EBIT), EEK‘000 -2 003 -16 488 14 485
EBIT to net sales, % -3% -30% -
Loss for the period, EEK ‘000 -4 693 -19 003 14 310
ROA, % -3.9% -16.1% -
ROE, % -17.2% -55,4% -
Earnings per share (EPS), EEK -2.47 -13.78 11.31
Sales growth, % 16.1% -4.4% -
Share of clothes sales in total 78.4% 77.4% -
sales, %
Current ratio 0.76 0.90 -
Quick ratio 0.25 0.31 -
Inventory turnover 3.96 3.80 -
BALANCE SHEET
Consolidated, unaudited
30 June 31 Dec 30 June 31 Dec
2004 2003 2004 2003
EEK‘000 EEK‘000 EUR‘000 EUR‘000
ASSETS
Current assets
Cash and bank 5 433 2 916 347 186
Accounts receivable 10 327 14 862 660 950
Other short-term receivables 339 1 097 22 70
Prepaid expenses 1 534 945 98 60
Inventories 36 986 33 284 2 363 2 127
Total current assets 54 619 53 104 3 490 3 393
Fixed assets
Long-term investments 1 156 1 173 74 75
Tangible assets 58 909 60 403 3 765 3 861
Intangible assets 6 678 7 306 427 467
Total fixed assets 66 743 68 882 4 266 4 403
TOTAL ASSETS 121 362 121 986 7 756 7 796
OWNERS’ EQUITY AND
LIABILITIES
Current liabilities
Debt obligations 50 352 47 604 3 218 3 042
Customer prepayments 20 470 1 30
Accounts payable 14 244 9 745 910 623
Other payables 782 782 50 50
Tax debt 2 724 3 242 174 207
Accrued expenses 2 704 5 064 173 324
Short-term provisions 6 12 1 1
Total current liabilities 70 832 66 919 4 527 4 277
Noncurrent liabilities
Long-term debt 21 283 21 283 1 360 1 360
Other long-term payables 4 203 4 204 269 269
Provisions for liabilities 68 68 4 4
and charges
Total noncurrent liabilities 25 554 25 555 1 633 1 633
Total liabilities 96 386 92 474 6 160 5 910
Owners’ equity
Share capital 18 969 18 969 1 212 1 212
Share premium 40 294 40 294 2 575 2 575
Revaluation reserve 15 578 15 578 996 996
Other reserves 1 046 1 046 67 67
Retained earnings -46 439 -24 798 -2 968 -1 585
Foreign exchange differences 221 64 14 4
Profit for the financial year -4 693 -21 641 -300 -1 383
Total owners’ equity 24 976 29 512 1 596 1 886
TOTAL OWNERS’ EQUITY 121 362 121 986 7 756 7 796
AND LIABILITIES
INCOME STATEMENT - 2nd quarter
Consolidated, unaudited
2004 2003 2004 2003
2nd 2nd 2nd 2nd
quarter quarter quarter quarter
EEK ‘000 EEK ‘000 EUR ‘000 EUR ‘000
Operating income
Net sales 24 546 22 968 1 569 1 468
Other income 753 289 48 18
Total operating income 25 299 23 257 1 617 1 486
Operating expenses
Change in inventories -1 731 -771 -111 -49
Materials, raw materials 8 235 9 982 526 637
and services
Other operating expenses 7 623 7 788 487 497
Personnel expenses 10 446 12 627 668 808
Other expenses 822 386 53 25
Total operating expenses 25 395 30 012 1 623 1 918
Earnings before depreciation -96 -6 755 -6 -432
Depreciation 1 919 1 858 123 119
Operating profit -2 015 -8 613 -129 -551
Financial income and
expenses
Interest expenses -1 183 -1 283 -76 -82
Foreign exchange loss -109 -41 -7 -2
Other financial income and -18 49 -1 3
expenses
Total financial income and -1 310 -1 275 -84 -81
expenses
Net loss -3 325 -9 888 -213 -632
Earnings per share
Basic earnings per share -1.75 -5.93 -0.11 -0.38
(EEK/EUR)
Diluted earnings per share -1.75 -5.93 -0.11 -0.38
(EEK/EUR)
INCOME STATEMENTI - 1st half of
the year
Consolidated, unaudited
2004 2003 2004 2003
1st half- 1st half- 1st half- 1st half-
year year year year
EEK‘000 EEK‘000 EUR‘000 EUR‘000
Operating income
Net sales 63 602 54 779 4 065 3 501
Other income 1 194 615 76 39
Total operating income 64 796 55 394 4 141 3 540
Operating expenses
Change in inventories 179 1 990 11 127
Materials, raw materials 24 875 22 852 1 590 1 460
and services
Other operating expenses 14 505 14 712 927 940
Personnel expenses 22 122 27 345 1 414 1 748
Other expenses 1 297 1 290 83 83
Total operating expenses 62 978 68 189 4 025 4 358
Earnings before depreciation 1 818 -12 795 116 -818
Depreciation 3 821 3 693 244 236
Operating loss -2 003 -16 488 -128 -1 054
Financial income and
expenses
Interest expenses -2 622 -2 536 -168 -162
Foreign exchange loss -65 -80 -4 -5
Other financial income and -3 101 0 6
expenses
Total financial income and -2 690 -2 515 -172 -161
expenses
Net loss -4 693 -19 003 -300 -1 215
Earnings per share
Basic earnings per share -2.47 -13.78 -0.16 -0.88
(EEK/EUR)
Diluted earnings per share -2.47 -13.78 -0.16 -0.88
(EEK/EUR)
Toomas Leis
Chairman
+372 6 710 700
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