Consolidated Financial Results of Q4 and 12 months of 2007
In the fourth quarter of 2007, AS Silvano Fashion Group earned a net profit of
EEK 24.1 million (EUR 1.5 million), which increased by EEK 6.9 million (EUR 0.4
million) as compared to the fourth quarter of the previous year. The net margin
of the fourth quarter of this year is 6.6% (Q4 2006: 5.3%). The fourth quarter
sales resulted in EEK 365.3 million (EUR 23.3 million) and the Group's gross
margin in Q4 2007 reached 46.5% compared to 42.1 % in the fourth quarter of
2006. Operating margin reached 14.9% (22.3% in Q4 2006) and operating profit was
EEK 54.5 million (EUR 3.5 million) compared to EEK 58.8 million (EUR 3.8
million) in Q4 2006.
Cumulative 2007 sales of AS Silvano Fashion Group amounted to EEK 1,542.4
million (EUR 98.6 million), having increased 2.6 times compared to 2006. The
Group's gross and operating margins in 2007 stood at 43.6% and 21.6%
respectively (42.5% and 20.9% in 2006). Operating profit in 2007 amounted to EEK
333.6 million (EUR 21.3 million) compared to EEK 88.5 million (EUR 5.7 million)
in 2006. Net profit for 2007 amounted to EEK 186.9 million (EUR 11.9 million)
and net margin reached 12.1% (10.7% in 2006).
An outstanding growth in company's results and profits is explained by the
acquisition of AS Silvano Fashion Group by the former PTA Grupp AS in 2006.
Sales Revenue
Sales by Products/Services
In 2007 sales revenue related to sales of women's apparel increased by EEK 44.6
million (EUR 2.9 million) compared to 2006, forming 10.1% of the Group's sales
revenue (2006: 26.3%). Lingerie sales in 2007 amounted to EEK 1,347.4 million
(EUR 86.1 million) forming 87.4% of total Group's sales revenue. Subcontracting
services and other sales decreased by EEK 2.1 million (EUR 0.1 million) as
compared to the same period of 2006. Subcontracting services and other sales in
2007 amounted to EEK 39.3 million (EUR 2.5 million) forming 2.5% of total sales
revenue.
Sales by business segments
--------------------------------------------------------------------------------
| | 2007 | 2006 | Chang | 2007 | 2006 | Chang | 2007 | 2006 |
| | EEK | EEK | e | EUR | EUR | e | percent | percent |
| | Mill. | Mill | EEK | Mill | Mill. | EUR | from | from |
| | | . | Mill. | . | | Mill. | sales | sales |
--------------------------------------------------------------------------------
| Women's | 155.7 | 111. | 44.6 | 10.0 | 7.1 | 2.9 | 10.1% | 26.3% |
| apparel | | 1 | | | | | | |
--------------------------------------------------------------------------------
| Lingerie | 1,341 | 270. | 1071. | 86.1 | 17.3 | 68.8 | 86.1% | 63.9% |
| | .4 | 2 | 2 | | | | | |
--------------------------------------------------------------------------------
| Subcontrac | 39.3 | 41.4 | -2.1 | 2.5 | 2.6 | -0.1 | 2.5% | 9.8% |
| ting | | | | | | | | |
| services | | | | | | | | |
| and other | | | | | | | | |
| sales | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 1,542 | 422. | 1,119 | 98.6 | 27.0 | 71.6 | 100.0% | 100.0% |
| | .4 | 7 | .7 | | | | | |
--------------------------------------------------------------------------------
Sales by Markets
Women's apparel
Main driver of the growth for women's apparel sales was expansion of PTA retail
chain. In 2007 retail sales were 76.5% from the total revenue of women's
apparel. Sales volume in Baltic's increased by 22.4%, amounting EEK 111.9
million (EUR 7.2 million). Sales revenue in Russia was EEK 17.2 million (EUR 1.1
million) and in Ukraine EEK 2.6 million (EUR 0.2million). Russia and Ukraine are
new markets for PTA apparel collection, first stores in Russia were open in the
end of 2006 and first store in Ukraine in July 2007. In Finland revenue has
increased by 5%, amounting EEK 18.7 million (EUR 1.2 million).
Lingerie
The majority of lingerie sales revenue in 2007 was earned on the Russian markets
(amounting to EEK 747.9 million (EUR 47.8 million) giving 68.3% of all lingerie
sales volume for 2007). Sales in Russia comprise both retail sales and
wholesale. The second biggest region of lingerie sales is Belarus, amounting to
EEK 275.4 million (EUR 17.6 million) giving 25.1 % of all lingerie sales revenue
(also comprising both retail sales and wholesale). As lingerie sales is a new
business line for the Group, comparable figures of previous periods are not
available.
In terms of lingerie brands, the sales of “Milavitsa” core brand accounted for
75.7% of total lingerie sales revenue in 2007 and amounted to EEK 788.6 million
(EUR 50.4 million). The sales of “Lauma” core brand accounted for 7.2% of total
lingerie sales and amounted to EEK 122.0 million (EUR 7.8 million). Other brands
such as “Alisee”, “Aveline”, “Laumelle”, “Lauma Aqua”, “Laumelle Aqua” and
“Bellita” comprised 17.1% of total lingerie sales in 2007 amounting to EEK 184.6
million (EUR 11.8 million).
Total sales by markets
--------------------------------------------------------------------------------
| | 2007 | 2006 | Chan | 2007 | 2006 | Chang | 2007 | 2006 |
| | EEK | EEK | ge | EUR | EUR | e | percentag | percentag |
| | mill | mill | EEK | mill | milli | EUR | e from | e from |
| | ion | ion | mill | ion | on | milli | sales | sales |
| | | | ion | | | on | | |
--------------------------------------------------------------------------------
| Estonia | 167. | 96.9 | 70.5 | 10.7 | 6.2 | 4.5 | 10.9% | 22.9% |
| | 4 | | | | | | | |
--------------------------------------------------------------------------------
| Finland | 39.1 | 34.0 | 5.1 | 2.5 | 2.2 | 0.3 | 2.5% | 8.0% |
--------------------------------------------------------------------------------
| Latvia | 50.1 | 30.7 | 19.4 | 3.2 | 2.0 | 1.2 | 3.2% | 7.3% |
--------------------------------------------------------------------------------
| Belarus | 278. | 59.9 | 218. | 17.8 | 3.8 | 14.0 | 18.1% | 14.2% |
| | 5 | | 6 | | | | | |
--------------------------------------------------------------------------------
| Ukraine | 100. | 18.4 | 81.7 | 6.4 | 1.2 | 5.2 | 6.5% | 4.4% |
| | 1 | | | | | | | |
--------------------------------------------------------------------------------
| Russia | 766. | 145. | 621. | 49.0 | 9.3 | 39.7 | 49.7% | 34.4% |
| | 7 | 6 | 1 | | | | | |
--------------------------------------------------------------------------------
| Other | 140. | 37.2 | 103. | 9.0 | 2.3 | 6.7 | 9.1% | 8.8% |
| markets | 5 | | 3 | | | | | |
--------------------------------------------------------------------------------
| Total | 1,54 | 422. | 1,11 | 98.6 | 27.0 | 71.6 | 100.0% | 100.0% |
| | 2.4 | 7 | 9.7 | | | | | |
--------------------------------------------------------------------------------
Retail Sales
Total retail sales of the Group in 2007 amounted to EEK 280.1 million (EUR 17.9
million), increasing 3.4 times compared to 2006.
Retail operations were conducted in Estonia, Latvia, Russia, Belarus, Poland,
Lithuania and Ukraine. At the end of 2007 the Group operated 115 retail outlets
with a total area of 12,454 square meters.
Women's apparel retail operations were conducted in Estonia, Latvia, Lithuania,
Russia and Ukraine. At the end of September 2007 Group operated 30 women's
apparel stores with a total sales area of 5,741 square meters (2006: 2,688
square meters).
Lingerie retail operations were conducted in Russia, Belarus, Latvia, Lithuania
and Poland. At the end of 2007 Group operated 84 lingerie stores with a total
area of 6,713 square meters.
Within 2007 60 new stores were opened: 17 women's apparel stores operating under
the PTA brand (9 in Russia, 4 in Lithuania, 1 in Estonia and 3 in Ukraine), and
22 lingerie stores under the Oblicie brand (20 in Russia ,1 in Poland and 1 in
Ukraine). 16 lingerie stores were acquired in Lithuania.
Number of stores
31.12.2007 31.12.2006
Estonia 8 7
Latvia 6 6
Poland 10 7
Belarus 23 20
Russia 44 15
Lithuania 20 -
Ukraine 4 -
Total stores 115 55
Total sales area, m2 12,454 6,997
Women's apparel retail sales revenue increased in 2007 by 46% compared to 2006,
amounting to EEK 118.4 million (EUR 7.6 million). The increase in retail sales
was supported by the increase in sales in the like-for-like spaces as well as
the considerably greater number of stores. The increase in retail sales of
women's apparel of the like-for-like spaces was 9% compared to 2006. In Baltic's
the growth of PTA retail revenue was 22%. Growth in Baltic's was supported by
expansion to Lithuanian market. As Russia and Ukraine are new markets for
women's apparel comparable figures are not available.
The like-for-like increase in the Oblicie lingerie retail chain is about 41% for
stores operating more than one year. Group's main objectives in lingerie retail
operations is opening of new stores in Russia. In addition to the general
seasonal marketing campaigns directed to the new markets, marketing operations
were focused on campaigns supporting the expansion on the Russian market.
As lingerie sale is a new business line for Group, comparable figures of
previous years cannot be presented.
Wholesale
In 2007 wholesales amounted to EEK 1,223.6 million (EUR 78.2 million) giving
79.3% of the Group's total revenue. Main wholesales regions in the lingerie
business of the Group were Russia, Ukraine, the Baltic republics and Belarus,
and in the women's apparel business - Finland and the Baltic States. Sales
revenue from wholesales of women's apparel increased by 28.9% in 2007 compared
to same period of 2006, amounting to EEK 43.8 million ( EUR 2.8 million).
Sales of subcontracting and other services
Subcontracting and other services amounted to EEK 39.3 million (EUR 2.5
million), a 5% decrease compared to 2006. Subcontracting services increased in
the women's apparel amounted to EEK 31.3 million , a 23.3% increase compared to
2006. Subcontracting services were sold mainly to clients from Finland.
Profits
The Group's gross margin in 2007 was 43.6% (2006: 42.5%). Gross profit for 2007
amounted to EEK 671.2 million (EUR 42.9 million) compared to EEK 179.9 million
(EUR 11.5 million) in 2006.
The operating profit for 2007 amounted to EEK 333.6 million (EUR 21.3 million),
resulting in an operating profit margin of 21.6% (2006: 20.9%). Within 2007 the
Group increased its shareholding in its subsidiary Milavitsa resulting in gains
from business combination booked in 2007 in the total amount of EEK 89.4 million
( EUR 5.7 million).
The net profit of the Group (after taxes and minority shareholding) for 2007
amounted to EEK 186.9 million (EUR 11.9 million). The net profit margin for 2007
was 12.1% compared to 10.7% in the same period of the previous year.
Balance sheet
The total assets on the consolidated balance sheet amounted to EEK 1,090 million
(EUR 69.6 million) as of 31 December 2007. Compared to the end of the previous
year the balance sheet total assets have increased by EEK 278.0 million (EUR
17.7 million). Both assets and liabilities have increased in connection with
rapid retail expansion and funds obtained from the issue of additional shares.
As of the end of December the inventories of the Group amounted to EEK 337.5
million (EUR 21.6 million) increasing by EEK 107.3 million (EUR 6.9 million)
over the end of the year 2006. The increase in the balance of inventories is
related to the expansion of activities in Russia and other retail markets.
Trade receivables have increased by EEK 46.8 million (EUR 3.0 million) amounting
to EEK 158.5 million (EUR 10.1 million). Trade receivables balance grown due to
the growth of business and a change in the payment terms of agreements with some
customers made in order to retain competitiveness, especially in the CIS
markets.
Trade payables have increased by EEK 35.3 million (EUR 2.3 million) compared to
the end of previous year amounting to EEK 122.9 million (EUR 7.9 million). The
volumes of trade payables increased on account of the increase in sales volumes
and the stores opening .
At the end of December 2007, the Group's borrowings amounted to EEK 25.2 million
(EUR 1.6 million), having decreased by EEK 4.7 million (EUR 0.3 million) since
the beginning of the year.
Investments
During 2007 the Group's investments totaled EEK 156.3 million (EUR 10.0
million). A total of EEK 44.3 million (EUR 2.8 million) was invested in retail
operations, other investments were connected to equipment and facilities to
maintain effective production operations.
Personnel
By the end of December of 2007, the Group employed 3,581 employees, including
552 in retail operations and 2,243 in production. The rest of the employees are
employed in wholesale, administration and support operations. The average number
of employees in 2007 was 3,450.
The total salaries and wages for 2007 amounted to EEK 293.6 million (EUR 18.8
million). The remuneration paid to members of the Management Board and
Supervisory Board totaled EEK 1.8 million (EUR 0.1 million).
Selected financial data 2007
--------------------------------------------------------------------------------
| Key figures and ratios | 31.12.200 | 31.12.2006 | Change |
| | 7 | | |
--------------------------------------------------------------------------------
| Net sales (EEK million) | 1,542.4 | 422.7 | 1,119.7 |
--------------------------------------------------------------------------------
| Net income, attributable to shareholders | 186.9 | 45.0 | 141.9 |
| (EEK million) | | | |
--------------------------------------------------------------------------------
| Earnings before interest, taxes and | 372.0 | 90.7 | 281.3 |
| depreciation (EBITDA) ( EEK million) | | | |
--------------------------------------------------------------------------------
| Earnings before interest and taxes | 333.6 | 79.0 | 254.6 |
| (EBIT) (EEK million) | | | |
--------------------------------------------------------------------------------
| Net sales (EUR million) | 98.6 | 27.0 | 71.6 |
--------------------------------------------------------------------------------
| Net income attributable to shareholders | 11.9 | 2.9 | 9.0 |
| (EUR million) | | | |
--------------------------------------------------------------------------------
| Earnings before interest, taxes and | 23.8 | 5.8 | 18.0 |
| depreciation (EBITDA) ( EUR million) | | | |
--------------------------------------------------------------------------------
| Earnings before interest and taxes | 21.3 | 5.1 | 16.2 |
| (EBIT) (EUR million) | | | |
--------------------------------------------------------------------------------
| Operating margin, % | 21.6% | 18.7% | - |
--------------------------------------------------------------------------------
| Net margin, % | 12.1% | 10.6% | - |
--------------------------------------------------------------------------------
| ROA, % | 17.1% | 10.4% | - |
--------------------------------------------------------------------------------
| ROE, % | 21.4% | 19.3% | - |
--------------------------------------------------------------------------------
| Earnings per share (EPS), in EEK | 4.81 | 4.08 | - |
--------------------------------------------------------------------------------
| Earnings per share (EPS), in EUR | 0.31 | 0.26 | - |
--------------------------------------------------------------------------------
| Current ratio | 3.6 | 3.6 | - |
--------------------------------------------------------------------------------
| Quick ratio | 2.1 | 2.3 | - |
--------------------------------------------------------------------------------
Underlying formulas:
Operating margin = operating profit / sales revenue
Net margin = net profit 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
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
Balance Sheet
Consolidated, unaudited
--------------------------------------------------------------------------------
| | | 31.12.2 | 31.12.2006 | 31.12.2 | 31.12.20 |
| | | 007 | | 007 | 06 |
--------------------------------------------------------------------------------
| | | EEK | EEK | EUR | EUR |
| | | thousan | thousand | thousan | thousand |
| | | d | | d | |
--------------------------------------------------------------------------------
| ASSETS | | | | | |
--------------------------------------------------------------------------------
| Current assets | | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | 180,233 | 200,460 | 11,519 | 12,812 |
--------------------------------------------------------------------------------
| Trade receivables | | 158,531 | 111,729 | 10,132 | 7,141 |
--------------------------------------------------------------------------------
| Other receivables | | 29,713 | 10,680 | 1,899 | 682 |
--------------------------------------------------------------------------------
| Prepayments | | 51,680 | 34,414 | 3,303 | 2,200 |
--------------------------------------------------------------------------------
| Current tax assets | | 24,471 | 31,568 | 1,564 | 2,017 |
--------------------------------------------------------------------------------
| Inventories | | 337,528 | 230,255 | 21,572 | 14,716 |
--------------------------------------------------------------------------------
| Total current assets | | 782,156 | 619,106 | 49,989 | 39,568 |
--------------------------------------------------------------------------------
| Non-current assets | | | | | |
--------------------------------------------------------------------------------
| Intangible assets | | 27,976 | 16,551 | 1,788 | 1,058 |
--------------------------------------------------------------------------------
| Property, plant and equipment | | 246,541 | 172,281 | 15,757 | 11,011 |
--------------------------------------------------------------------------------
| Investments in equity | | 876 | 78 | 56 | 5 |
| accounted investees | | | | | |
--------------------------------------------------------------------------------
| Available-for-sale financial | | 8,480 | 1,772 | 542 | 113 |
| assets | | | | | |
--------------------------------------------------------------------------------
| Investment property | | 22,954 | 0 | 1,467 | 0 |
--------------------------------------------------------------------------------
| Other receivables | | 595 | 2,349 | 38 | 150 |
--------------------------------------------------------------------------------
| Total non-current assets | | 307,422 | 193,031 | 19,648 | 12,337 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 1 089,5 | 812,137 | 69,637 | 51,905 |
| | | 78 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | | |
--------------------------------------------------------------------------------
| Loans and borrowings | | 25,160 | 29,907 | 1,608 | 1,911 |
--------------------------------------------------------------------------------
| Trade payables | | 122,888 | 87,534 | 7,854 | 5,594 |
--------------------------------------------------------------------------------
| Corporate income tax | | 3,192 | 5,976 | 204 | 382 |
| liability | | | | | |
--------------------------------------------------------------------------------
| Other tax liabilities | | 23,486 | 19,369 | 1,501 | 1,238 |
--------------------------------------------------------------------------------
| Other payables | | 17,430 | 10,366 | 1,113 | 663 |
--------------------------------------------------------------------------------
| Provisions | | 22,462 | 17,461 | 1,436 | 1,116 |
--------------------------------------------------------------------------------
| Accrued expenses | | 125 | 0 | 8 | 0 |
--------------------------------------------------------------------------------
| Total current liabilities | | 214,743 | 170,613 | 13,724 | 10,904 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | | |
--------------------------------------------------------------------------------
| Loans and borrowings | | 4,068 | 9,544 | 260 | 610 |
--------------------------------------------------------------------------------
| Other liabilities | | 360 | 0 | 23 | 0 |
--------------------------------------------------------------------------------
| Provisions | | 139 | 139 | 9 | 9 |
--------------------------------------------------------------------------------
| Deferred tax liabilities | | 201 | 201 | 13 | 13 |
--------------------------------------------------------------------------------
| Total non-current liabilities | | 4,768 | 9,884 | 305 | 632 |
--------------------------------------------------------------------------------
| Total liabilities | | 219,511 | 180,497 | 14,029 | 11,536 |
--------------------------------------------------------------------------------
| Equity | | | | | |
--------------------------------------------------------------------------------
| Share capital at par value | | 400,000 | 379,472 | 25,565 | 24,252 |
--------------------------------------------------------------------------------
| Share premium | | 223,293 | 83,011 | 14,271 | 5,305 |
--------------------------------------------------------------------------------
| Statutory capital reserve | | 1046 | 1,046 | 67 | 67 |
--------------------------------------------------------------------------------
| Translation reserve | | -76,512 | -10,710 | -4,890 | -684 |
--------------------------------------------------------------------------------
| Retained earnings | | 185,927 | -987 | 11,883 | -63 |
--------------------------------------------------------------------------------
| Total equity attributable to | | 733,754 | 451,832 | 46,896 | 28,877 |
| equity holders of the parent | | | | | |
--------------------------------------------------------------------------------
| Minority interest | | 136,313 | 179,808 | 8,712 | 11,492 |
--------------------------------------------------------------------------------
| Total equity | | 870,067 | 631,640 | 55,608 | 40,369 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | | 1 089,5 | 812,137 | 69,637 | 51,905 |
| | | 78 | | | |
--------------------------------------------------------------------------------
Income Statement-12 months 2007
Consolidated, unaudited
--------------------------------------------------------------------------------
| | | 2007 | 2006 | 2007 | 2006 |
| | | 12 | 12 | 12 | 12 |
| | | months | months | months | months |
| | | EEK | EEK | EUR | EUR |
| | | thousan | thousan | thousand | thousand |
| | | d | d | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | | 1 542,4 | 422,682 | 98,580 | 27,014 |
| | | 38 | | | |
--------------------------------------------------------------------------------
| Costs of goods sold | | -870,78 | -242,84 | -55,653 | -15,521 |
| | | 0 | 7 | | |
--------------------------------------------------------------------------------
| Gross Profit | | 671,658 | 179,835 | 42,927 | 11,493 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating income | | 119,829 | 12,778 | 7,658 | 817 |
--------------------------------------------------------------------------------
| Distribution costs | | -213,95 | -59,085 | -13,674 | -3,776 |
| | | 8 | | | |
--------------------------------------------------------------------------------
| Administrative expenses | | -170,55 | -42,019 | -10,900 | -2,686 |
| | | 2 | | | |
--------------------------------------------------------------------------------
| Other operating expenses | | -73,350 | -12,502 | -4,688 | -799 |
--------------------------------------------------------------------------------
| Operating profit | | 333,627 | 79,007 | 21,323 | 5,049 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest expenses | | -2,921 | -1,371 | -187 | -88 |
--------------------------------------------------------------------------------
| Gains/losses on conversion of | | -7,818 | 645 | -500 | 42 |
| foreign currencies | | | | | |
--------------------------------------------------------------------------------
| Other financial income / | | 13,077 | 3,213 | 836 | 205 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Total financial income / | | 2,338 | 2,487 | 149 | 159 |
| expenses | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share of profit of equity | | 988 | 44 | 63 | 3 |
| accounted investees | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before corporate income | | 336,953 | 81,538 | 21,535 | 5,211 |
| tax | | | | | |
--------------------------------------------------------------------------------
| Corporate income tax | | -92,943 | -19,362 | -5,940 | -1,237 |
--------------------------------------------------------------------------------
| Net profit for period | | 244,010 | 62,176 | 15,595 | 3,974 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit attributable to | | 186,914 | 44,990 | 11,946 | 2,876 |
| parent company | | | | | |
--------------------------------------------------------------------------------
| Net profit attributable to | | 57,096 | 17,186 | 3,649 | 1,098 |
| minority shareholders | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | | 4,81 | 4,08 | 0,31 | 0,26 |
| (EEK/EUR) | | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | | 4,81 | 4,08 | 0,31 | 0,26 |
| (EEK/EUR) | | | | | |
--------------------------------------------------------------------------------
Income Statement-Q4
Consolidated, unaudited
--------------------------------------------------------------------------------
| | | 2007 | 2006 | 2007 | 2006 |
| | | Q4 | Q4 | Q4 | Q4 |
| | | EEK | EEK | EUR | EUR |
| | | thousan | thousan | thousan | thousan |
| | | d | d | d | d |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | | 365,313 | 321,784 | 23,348 | 20,565 |
--------------------------------------------------------------------------------
| Costs of goods sold | | -195,48 | -186,44 | -12,494 | -11,916 |
| | | 8 | 9 | | |
--------------------------------------------------------------------------------
| Gross Profit | | 169,825 | 135,335 | 10,854 | 8,649 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating income | | 26,278 | 12,494 | 1,679 | 799 |
--------------------------------------------------------------------------------
| Distribution costs | | -73,624 | -35,592 | -4,705 | -2,275 |
--------------------------------------------------------------------------------
| Administrative expenses | | -45,254 | -30,714 | -2,892 | -1,963 |
--------------------------------------------------------------------------------
| Other operating expenses | | -22,749 | -11,550 | -1,454 | -738 |
--------------------------------------------------------------------------------
| Operating profit | | 54,476 | 69,973 | 3,482 | 4,472 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest expenses | | -903 | -477 | -58 | -31 |
--------------------------------------------------------------------------------
| Gains/losses on conversion of | | -4,078 | 647 | -261 | 42 |
| foreign currencies | | | | | |
--------------------------------------------------------------------------------
| Other financial income / | | 6,865 | 3,261 | 439 | 208 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Total financial income / | | 1,884 | 3,431 | 120 | 219 |
| expenses | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share of profit of equity | | 988 | 44 | 63 | 3 |
| accounted investees | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before corporate income | | 57,348 | 73,448 | 3,665 | 4,694 |
| tax | | | | | |
--------------------------------------------------------------------------------
| Corporate income tax | | -20,562 | -19,098 | -1,314 | -1,220 |
--------------------------------------------------------------------------------
| Net profit for period | | 36,786 | 54,350 | 2,351 | 3,474 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit attributable to | | 24,094 | 37,164 | 1,540 | 2,376 |
| parent company | | | | | |
--------------------------------------------------------------------------------
| Net profit attributable to | | 12,692 | 17,186 | 811 | 1,098 |
| minority shareholders | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | | | 4,08 | | 0,26 |
| (EEK/EUR) | | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | | | 4,08 | | 0,26 |
| (EEK/EUR) | | | | | |
--------------------------------------------------------------------------------
Sergei Kusonski
CEO, Member of the Management Board