Pēd. atjaunots: 29.11.2024 07:18 (GMT+2)
Baltika FINANCIAL RESULTS 07/24/2002
BALTIKA'S RESULTS FOR 6M 2002
NOTES ON CONSOLIDATED ECONOMIC RESULTS OF AS BALTIKA FOR THE
FIRST SIX MONTHS OF 2002
The unaudited consolidated net sales of Baltika in the first
six months of 2002 were EEK 232.6m (EUR 14.8m) and the net
profit was EEK 9.6m (EUR 0.61m). Compared to the same period
of 2001, the net sales increased by 25.8% (EEK 47.5m; EUR
3.4m) and the net profit by 8.5% (EEK 0.8m; EUR 0.05m). The
net sales within the first six months of 2001 were EEK
184.1m and the net profit was EEK 8.8m. The net sales of the
2nd quarter were EEK 107.3m - an increase of 43.4% (EEK
32.5m) compared with the 2nd quarter of the previous year.
The net profit of the 2nd quarter was EEK 1.6m, which was by
19.8% less (EEK 0.4m) than in the previous year.
The share of Baltika's own shops (brand and factory shops)
in the retail sales of the Baltika Group increased to 49%,
constituting EEK 112.5m (EUR 7.19m). The wholesales
comprised EEK 90.25m (EUR 5.77m) and the sales of
subcontracted products were EEK 26.13m (EUR 1.67m). Compared
to the same period of the previous year, the sales of our
own products and goods increased by 48% up to EEK 204.5m
(EUR 13.07m), while the sales of subcontracted products
downsized by 42%. The changes are related to the activities
arising from the strategy of the company. As of the end of
June, Baltika Group had operable retail space in seven
countries with a total area of 7714m2, of which the sales
space of own shops accounted for 5484m2 (a total of 40
shops). Simultaneously with the opening of new shops,
preparations were underway to implement a new retail concept
of BG and to introduce a new retail brand.
The sales efficiency has also increased in line with the
increment of new retail outlets (sales/m2). Average sales
per m2 have increased by 29% compared to the six months of
the previous year.
Significant changes have occurred in the cost structure of
Baltika Group, attributable to the increment of new stores;
lease and labour costs have increased the most. Also, in
2002 higher than usual costs can be explained by the
development and implementation of a new retail concept by
September this year. The operating costs and labour costs of
the company increased, compared to the same period of the
previous year, by 43% and 23%, respectively. The increase
in the sales of Baltika's own products has also increased
the percentage of goods and material related costs in the
structure of costs.
The consolidated balance sheet total of Baltika was EEK
351.3m (EUR 22.5m) as of the end of June; the growth
compared to the beginning of the year was EEK 53.9m (EUR
3.4m), i.e. +18%. The inventories of goods, semi-finished
goods and basic materials increased, compared to the
beginning of the year, by EEK 35.3m (EUR 2.3m) up to EEK
166.4m (EUR 10.6m). Such an increase is mainly attributable
to the increment of retail premises and to the ongoing
preparations for the autumn season.
During the six months, investments into noncurrent physical
assets amounted to EEK 29m (EUR 1.9m).
Towards the end of May, a 75% subsidiary, SIA Baltika
Latvija, was founded in Latvia. Its share capital is 131,200
LVL and it will start operations with three stores in
August.
The following methods of financing have been used: overdraft
facilities, proceeds from the issue of bonds, a new bank
loan for the completion of the Ahtme sewing factory and the
sale and lease-back of equipment.
The main ratios of AS Baltika Group as of 30.06.2002 were:
30.06.2002 30.06.2001
- operating profitability 6.13% 6.24%
(operating profit / net sales)
- net profitability 4.14% 4.79%
(operating profit / net sales)
return on owners' equity ROE 11.18% 14.1%
(operating profit / net sales)
the average of 12 months)
- return on total assets 5.4% 8.0%
(operating profit / net sales)
average cost -
the average of 12 months)
- solvency ratio
(current assets - stocks/ 0.69 0.71
short-term obligations)
Income statement
consolidated,
unaudited
th EEK Q2 2002 Q2 6m 6m
2001 2002 2001
Revenue
Net sales 107 296 74 809 231 602 184 132
Other revenue 872 333 5 902 1 863
Total revenue 108 168 75 142 237 504 185 995
Expenses
Materials -43 232 -36 473 -101 942 -79 008
Change in 10 338 13 566 15 653 9 312
inventories
Other operating -27 338 -17 965 -53 363 -37 351
expenses
Personnel expenses -37 947 -27 050 -73 157 -59 284
Depreciation -4 803 -3 588 -9 139 -6 900
Other expenses -1 057 -252 -1 370 -1 268
Total expenses -104 039 -71 762 -223 318 -174 499
Operating profit 4 129 3 380 14 186 11 496
Financial income 113 114 231 573
Financial expenses -2 407 -1 353 -4 575 -2 892
Profit before taxes 1 835 2 141 9 842 9 177
Declared income tax -265 0 -265 0
Net profit for the 1 570 2 141 9 577 9 177
financial year
Minority interest -182 -43 -3 351
Net profit for the 1 752 2 184 9 580 8 826
Group
Basic earnings per 0,37 0,46 2,0 1,84
share (kr)
Diluted earnings per 0,36 0,45 1,97 1,82
share (kr)
Income statement
consolidated, unaudited
th EUR Q2 Q2 6m 6m
2002 2001 2002 2001
Revenue
Net sales 6 857 4 781 14 802 11 768
Other revenue 56 21 377 119
Total revenue 6 913 4 802 15 179 11 887
Expenses
Materials -2 763 -2 331 -6 515 -5 050
Change in inventories 661 867 1 000 595
Other operating expenses -1 747 -1 148 -3 411 -2 387
Personnel expenses -2 425 -1 729 -4 676 -3 789
Depreciation -307 -229 -584 -441
Other expenses -68 -16 -88 -81
Total expenses -6 649 -4 586 -14 273 -11 152
Operating profit 264 216 907 735
Financial income 7 7 15 37
Financial expenses -154 -86 -292 -185
Profit before taxes 117 137 629 587
Declared income tax -17 0 -17 0
Net profit for the financial year 100 137 612 587
Minority interest -12 -3 0 22
Net profit for the Group 112 140 612 564
Basic earnings per share 0,02 0,03 0,13 0,12
Diluted earnings per share 0,02 0,03 0,13 0,12
Balance sheet
consolidated,unaudited
th EEK 30.06.2002 30.06.2001 31.12.2001
ASSETS
Current assets
Cash and bank 11 280 4 682 12 626
Marketable securities 476 512 574
Customer receivables 57 415 43 624 56 115
Other receivables 14 328 9 720 10 802
Inventory 166 391 113 632 131 145
Total current assets 249 890 172 170 211 262
Non-current assets
Long-term fin. 2 454 1 951 2 600
investments
Tangible fixed assets 94 302 61 531 78 390
Intangible fixed assets 4 643 2 462 5 180
Total non-current 101 399 65 944 86 170
assets
TOTAL ASSETS 351 289 238 114 297 432
LIABILITIES AND OWNERS’
EQUITY
Current liabilities
Debt obligations 59 120 48 133 34 721
Customer prepayments 141 109 154
Supplier payables 45 654 25 153 40 544
Other tax liabilities 7 811 4 702 5 081
Accrued expenses 8 220 4 281 6 641
Short-term provisions - 120 -
Total current 120 946 82 498 87 141
liabilities
Long-term liabilities
Long-term debt 74 199 16 532 63 723
obligations
Total long-term 74 199 16 532 63 723
liabilities
TOTAL LIABILITIES 195 145 99 030 150 864
Minority interest 6 629 6 033 6 632
OWNERS’ EQUITY 149 515 133 051 139 936
Share capital at 48 000 48 000 48 000
nominal value
Share premium 24 910 24 910 24 910
Reserves 22 885 22 885 22 885
Retained earnings 44 141 28 430 28 430
Net profit for the 9 580 8 826 15 711
fin.year
TOTAL LIABILITIES AND 351 289 238 114 297 432
OWNERS’ EQUITY
Balance sheet
consolidated,unaudited
th EUR 30.06.2002 30.06.2001 31.12.2001
ASSETS
Current assets
Cash and bank 721 299 807
Marketable securities 30 33 37
Customer receivables 3 669 2 788 3 586
Other receivables 916 621 690
Inventory 10 634 7 262 8 382
Total current assets 15 971 11 004 13 502
Non-current assets
Long-term fin. 157 125 166
investments
Tangible fixed assets 6 027 3 933 5 010
Intangible fixed assets 297 157 331
Total non-current 6 481 4 215 5 507
assets
TOTAL ASSETS 22 451 15 218 19 009
LIABILITIES AND OWNERS’
EQUITY
Current liabilities
Debt obligations 3 778 3 076 2 219
Customer prepayments 9 7 10
Supplier payables 2 918 1 608 2 591
Other tax liabilities 499 301 325
Accrued expenses 525 274 424
Short-term provisions - 8 -
Total current 7 730 5 273 5 569
liabilities
Long-term liabilities
Long-term debt 4 742 1 057 4 073
obligations
Total long-term 4 742 1 057 4 073
liabilities
TOTAL LIABILITIES 12 472 6 329 9 642
Minority interest 424 386 424
OWNERS’ EQUITY 9 556 8 503 8 944
Share capital at 3 068 3 068 3 068
nominal value
Share premium 1 592 1 592 1 592
Reserves 1 463 1 463 1 463
Retained earnings 2 821 1 817 1 817
Net profit for the 612 564 1 004
fin.year
TOTAL LIABILITIES AND 22 451 15 218 19 009
OWNERS’ EQUITY
Ülle Järv
Member of the Management Board
+372 6302 741
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