Atnaujinta: 2024.11.24 23:49 (GMT+2)
AS Klementi FINANCIAL RESULTS 30.11.2005
KLEMENTI´S FINANCIAL RESULTS,9 MONTHS 2005
AS Klementi is a company operating in Estonia in the field of
design, manufacturing, retail sales and wholesale of apparel.
The company has been registered and operates in Tallinn. The
head office of the company is located at Akadeemia tee 33,
Tallinn.
The clearance of spring and summer collections in July and
August and the warm September had a significant impact on the
performance results of the Company for the third quarter, as a
result of which the sales of outdoor clothes fell short of
plans.
The consolidated net sales of the AS Klementi group for the
first nine months of 2005 amounted to EEK 89.4 million (€5.7
million) and the net loss was EEK 8.3 million (€0.5 million).
Sales for the same period in the previous year amounted to EEK
108.0 million (€6.9 million) and the net loss was EEK 5.9
million (€0.4 million). Sales decreased over the first nine
months of 2005 by 14.6% compared to the previous year.
Apparel sales made up 76% of total sales during the first 9
months of the year 2005 (81% in the first nine months of 2004).
The percentage of subcontracted production in the sales
structure made up 21.8% (17.3% in the same period of the year
2004). Compared to the same period of the previous year, export
sales decreased by EEK 14.9 million (€0.9 million) in the first
9 months of the year 2005. The reason for the decline in net
sales for the nine months lies in a decrease of wholesale to
Sweden and Norway.
As of 30 September 2005, 417 employees worked for the Group
(460 employees as of 30 September 2004).
Retail trade
Starting from 2005, AS Klementi is focusing more on the
development of retail trade. In autumn 2004 AS Klementi started
the reorganisation of its retail trade into a retail chain
operating under the PTA trademark. During the nine months under
review, two PTA stores were opened in Latvia: one in the Sola
Centre in Daugavpils and one in the Mols Centre in Riga. The
selling space in Tartu was moved into the Tartu Kaubamaja
Department Store, which had been opened just recently, and the
factory outlet operating in Stockholm was closed at the end of
June.
Compared to the same period of the previous year, retail sales
have increased by 4% over the first 9 months of the year 2005.
Compared to the first nine months of 2004, the relative share
of retail sales has grown by 16% over the first 9 months of the
year 2005.
At the same time the efficiency of sales (sales/m2) has grown
by nearly 12%. As of the end of the third quarter of 2005,
Klementi was using 2646 square metres of sales area (2689
square metres in 2004).
In the fourth quarter of 2005, Klementi is focusing primarily
on the continuous improvement of the efficiency of sales areas.
To that end, the Company has sought to reconcile the assortment
of its products with customer expectations and commenced the
development of a new loyal customer programme.
Wholesale
As a result of inappropriate positioning of apparel marketed
under the PTA trademark at the time of designing collections
for autumn 2003 and spring 2004, wholesale to Scandinavian
countries declined in 2005. By now, AS Klementi has adjusted
the positioning of the PTA trademark and supplemented its
collections. Being based on the presales for the year 2006, the
Company is expecting a substantial increase in wholesale, incl.
export sales.
Profit
Operating profit for the first 9 months of the year 2005 before
depreciation of fixed assets amounted to EEK 1.7 million (€0.1
million), representing a decrease by EEK 2.3 million (€0.1
million) when compared to the same period of the previous year.
The net loss for the third quarter amounted to EEK 2.7 million
(€0.2 million) – an increase by EEK 1.4 million (€0.1 million)
when compared to the same period in 2004.
Balance Sheet and ratios
The consolidated Balance Sheet total of AS Klementi was EEK
97.3 million (€6.2 million) as of 30 September 2005. The
Balance Sheet total has decreased by EEK 8.5 million (€0.5
million) since the beginning of the year.
As of the end of September, inventories amounted to EEK 23.8
million (€1.5 million) and had decreased by EEK 4.4 million
(€0.3 million) since the beginning of the year. The decrease in
inventories occurred mainly among the inventories of finished
goods.
Trade receivables are on the same level as of the end of the
year 2004. Considering the wholesale of goods on credit in the
third quarter as well as the decreased wholesale volumes, trade
receivables can be deemed to be on an anticipated level when
compared to the situation at the end of the third quarter of
2004. Accounts payable have decreased by EEK 0.8 million (€0.05
million) as of the end of the third quarter of 2005.
Total debts amounted to EEK 70.2 million (€4.5 million) as of
the end of the accounting period and have increased by EEK 0.8
million (€0.05 million) since the beginning of the year. Debts
to the amount of EEK 19.8 million (€1.3 million) were repaid
during the first 9 months of the year 2005. Debts increased as
a result of a loan of working capital raised for the purpose of
financing the autumn collection of 2005. The loan will be due
in the fourth quarter. When compared to the end of the third
quarter of 2004, debts have decreased by EEK 8.8 million (€0.6
million) by the end of September.
The main financial indicators and ratios that characterise the
consolidated data of the AS Klementi group for the first 9
months of the year 2005 are as follows:
9 months 9 months Variation
Main financial indicators 2005 2004
Operating income, EEK thousand 89,582 107,985 -17.2%
Operating profit/loss before 1,682 3,963 -2,281
depreciation of fixed assets
(EBITDA), EEK thousand
Margin, % 1.9% 3.7% -
Operating loss (EBIT), EEK -3,588 -1,756 -1,832
thousand
EBIT to net sales, % -4.0% -1.6% -
Loss for period, EEK thousand -8,312 -5,941 -2,371
ROA, % -8.2% -4.9% -
ROE, % -59.5% -22.4% -
Earnings per share (EPS), EEK -4.27 -3.13 -1.14
Share of apparel sales in total 76.0% 81.5% -
sales, %
Current ratio 0.53 0.76 -
Quick ratio 0.21 0.40 -
Inventory turnover 2.06 3.39 -
The ratios were calculated as follows:
Return on assets (ROA): Net income/average total assets
Return on equity (ROE): Net income/average owners' equity
Earnings per share (EPS): Net income/average number of ordinary
shares
Current ratio: Current assets/current liabilities
Quick ratio: (Current assets – inventories)/current liabilities
Inventory turnover: Net sales/average inventory for the period
Balance Sheet
Consolidated, unaudited
30.09. 30.09. 31.12. 30.09. 30.09. 31.12.
2005 2004 2004 2005 2004 2004
EEK EEK EEK EUR EUR EUR
thousand thousand thousand thousand thousand thousand
ASSETS
Current assets
Cash at bank and in 2,796 4,804 3,400 179 307 217
hand
Trade receivables 10,056 23,448 9,906 643 1,499 633
Other short-term 1,520 540 1,706 97 34 109
receivables
Prepaid expenses 1,568 2,245 1,141 100 144 73
Inventories 23,824 28,542 28,255 1,522 1,824 1,806
Total current 39,764 59,579 44,408 2,541 3,808 2,838
assets
Fixed assets
Long-term financial 801 956 955 51 61 61
investments
Tangible assets 49,907 54,185 52,896 3,190 3,463 3,381
Intangible assets 6,852 7,902 7,574 438 505 484
Total fixed assets 57,560 63,043 61,425 3,679 4,029 3,926
TOTAL ASSETS 97,324 122,622 105,833 6,220 7,837 6,764
LIABILITIES AND
OWNERS’ EQUITY
Current liabilities
Debts 59,091 58,916 43,183 3776 3765 2761
Prepayments 46 33 223 3 2 14
received for goods
and service
Trade creditors 8,351 10,883 9,189 534 696 586
Other payables 71 782 - 5 50 -
Taxes payable 1,537 2,101 1,399 98 134 90
Accrued expenses 6,510 5,410 7,747 416 346 495
Short-term - 2 12 - 0 1
provisions
Total current 75,606 78,127 61,753 4,832 4,993 3,947
liabilities
Long-term
liabilities
Long-term debt 11,119 20,067 26,219 711 1,283 1,676
Other long-term 182 782 25 12 50 2
payables
Long-term 148 68 148 9 4 9
provisions
Total long-term 11,449 20,917 26,392 732 1,337 1,687
liabilities
Total liabilities 87,055 99,044 88,145 5,564 6,330 5,634
Owners’ equity
Share capital 19,469 18,969 18,969 1,244 1,212 1,212
Share premium 40,994 40,294 40,294 2,620 2,575 2,575
account
Revaluation reserve 13,876 15,578 13,876 887 996 887
Other reserves 1,046 1,046 1,046 67 67 67
Retained earnings -56,636 -46,439 -44,735 -3,620 -2,968 -2,859
Unrealised exchange -168 71 139 -11 5 9
rate differences
Net profit for -8,312 -5,941 -11,901 -531 -380 -761
financial year
Total owners' 10,269 23,578 17,688 656 1,507 1,130
equity
TOTAL LIABILITIES 97,324 122,622 105,833 6,220 7,837 6,764
AND OWNERS’ EQU
Income Statement – 3rd quarter
Consolidated, unaudited
2005 2004 2005 2004
3rd 3rd 3rd 3rd
quarter quarter quarter quarter
EEK EEK EUR EUR
thousand thousand thousand thousand
Operating revenue
Net sales 31,389 41,124 2,006 2,628
Other operating revenue 35 2,065 2 132
Total operating revenue 31,424 43,189 2,008 2,760
Operating expenses
Change in inventories 2,171 593 139 38
Goods, raw materials and 11,549 20,109 738 1,285
services
Other operating expenses 5,793 8,261 370 528
Staff costs 10,891 11,825 696 756
Other operating charges 302 256 19 16
Total operating expenses 30,706 41,044 1,962 2,623
EBITDA 718 2,145 46 137
Depreciation 1,788 1,898 114 121
Operating profit -1,070 247 -68 16
Financial income and expenses
Interest expense -2,018 -1,234 -129 -92
Gains (losses) on conversion 2 -258 0 -4
of foreign currencies
Other financial income and 413 -3 26 0
expenses
Total financial income and -1,603 -1,495 -103 -96
expenses
Net profit (loss) -2,673 -1,248 -171 -80
Earnings per share
Basic earnings per share -1.37 -0.66 -0.09 -0.04
(EEK/EUR)
Diluted earnings per share -1.37 -0.66 -0.09 -0.04
(EEK/EUR)
Income Statement – 9 months
Consolidated, unaudited
2005 2004 2005 2004
9 months 9 months 9 months 9 months
EEK EEK EUR EUR
thousand thousand thousand thousand
Operating revenue
Net sales 89,422 104,726 5,715 6,693
Other operating revenue 160 3,259 10 208
Total operating revenue 89,582 107,985 5,725 6,901
Operating expenses
Change in inventories 4,789 772 306 49
Goods, raw materials and 30,269 44,984 1,934 2,875
services
Other operating expenses 18,993 22,766 1,214 1,455
Staff costs 33,005 33,947 2,109 2,170
Other operating charges 844 1,553 54 99
Total operating expenses 87,900 104,022 5,617 6,648
EBITDA 1,682 3,963 108 253
Depreciation 5,270 5,719 337 365
Operating profit -3,588 -1,756 -229 -112
Financial income and expenses
Interest expense -4,575 -4,059 -292 -260
Gains (losses) on conversion -8 -120 -1 -8
of foreign currencies
Other financial income and -141 -6 -9 0
expenses
Total financial income and -4,724 -4,185 -302 -268
expenses
Net profit (loss) -8,312 -5,941 -531 -380
Earnings per share
Basic earnings per share -4.27 -3.13 -0.27 -0.20
(EEK/EUR)
Diluted earnings per share -4.27 -3.13 -0.27 -0.20
(EEK/EUR)
Toomas Leis
CEO of AS Klementi
+372 6 710 700
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