FINANCIAL HIGHLIGHTS, 1Q 2007
- Net sales at 266 million kroons, +44% yoy
- Retail sales growth 53% yoy
- Like-for-like sales growth 16% yoy
- Gross margin at 53.4%
- Operating profit 26.4 million kroons, +83% yoy
- Operating margin at 9.9%
- Net profit 24.0 million kroons, +69% yoy
- Net margin at 9.0%
- Return on equity 36.6%
In the first quarter of 2007, Baltika Group earned a net profit of 24.0 million
kroons (1.5 million euros), up 69.2% yoy. 1Q net profit includes one-off income
from the sale of building lease and logistics centre in the amount of 16.2
million kroons (1.0 million euros). Net margin of the period reached 9.0% (1Q
2006: 7.7%). The Group's net sales grew 43.8% in the first quarter, while retail
sales posted a growth of 53.4% and wholesale was up 15.9%. The Group's gross
margin was 53.4% (1Q 2006: 53.9%) and operating margin 9.9% (1Q 2006: 7.8%).
Operating profit amounted to 26.4 million kroons (1.7 million euros), up 83.1%
yoy.
SALES
Sales by segment
--------------------------------------------------------------------------------
| EEK million | 1Q 2007 | 1Q 2006 | +/- |
--------------------------------------------------------------------------------
| Retail sales | 213.6 | 139.2 | 53.4% |
--------------------------------------------------------------------------------
| Wholesale | 49.6 | 42.8 | 15.9% |
--------------------------------------------------------------------------------
| Other sales | 3.1 | 3.2 | -0.9% |
--------------------------------------------------------------------------------
| Total | 266.3 | 185.2 | 43.8% |
--------------------------------------------------------------------------------
1 EUR = 15.6466 EEK
RETAIL SALES
The Group's retail sales increased by 53.4% yoy to 213.6 million kroons (13.7
million euros) in 1Q 2007. The 1Q average retail space grew 55% in comparison
with the same period last year and sales efficiency (sales/m2) remained at the
same level. The Group's average sales efficiency is impacted by the large number
of new openings and larger formats of the new shops. Nevertheless, like-for-like
sales (sales in comparable stores) delivered a strong 16% growth in 1Q 2007.
In the first quarter, a new product group was launched. At the end of March,
childrenswear was added into the men's and women's collections in Mosaic.
Firstly, the collection was launched in the Baltic markets; in Russia and
Ukraine it will be launched in April. The children's line is meant for 2-10 year
old kids. In addition to clothing, the line includes accessories and some other
product groups will be available in the near future. Monton is also planning to
launch a new product group this year - footwear during the fall season.
In terms of brands, the sales of Monton accounted for 55% of the total retail
sales in the first quarter and amounted to 118 million kroons (7.5 million
euros), up 63% yoy. The sales of Mosaic accounted for 31% of retail sales and
grew 47% yoy to 67 million kroons (4.3 million euros). Baltman's sales grew 49%
and totalled 21 million kroons (1.4 million euros). The sales of Ivo Nikkolo,
the brand that was acquired in September 2006, amounted to 4.2 million kroons
(0.3 million euros) in 1Q 2007.
In terms of markets, Estonia was the Group's largest retail market based on its
24% share in sales in 1Q. Lithuania was the second largest and Russia rose to
the third position. Russia was also the fastest growing market in the first
quarter reflecting the largest number of new openings there in 2006. In Poland,
sales decreased on an annual comparison in 1Q due to store closings, however,
like-for-like sales posted a 12% yoy growth.
Retail sales by market
--------------------------------------------------------------------------------
| EEK million | 1Q 2007 | 1Q 2006 | +/- | Percentage,|
| | | | | 1Q 2007 |
--------------------------------------------------------------------------------
| Estonia | 52.3 | 37.6 | 39% | 24% |
--------------------------------------------------------------------------------
| Latvia | 29.6 | 18.4 | 61% | 14% |
--------------------------------------------------------------------------------
| Lithuania | 47.9 | 34.6 | 38% | 22% |
--------------------------------------------------------------------------------
| Ukraine | 37.4 | 25.3 | 48% | 18% |
--------------------------------------------------------------------------------
| Russia | 39.7 | 14.6 | 172% | 19% |
--------------------------------------------------------------------------------
| Poland | 6.7 | 8.7 | -23% | 3% |
--------------------------------------------------------------------------------
| Total | 213.6 | 139.2 | 53% | 100% |
--------------------------------------------------------------------------------
SHOPS AND SALES AREA
As of the end of March, the Baltika Group operated 118 shops with total sales
area of 20,901 square metres. A year ago, Baltika's retail system comprised 90
stores with total sales area of 13,423 square metres. The net annual growth of
the retail system was 28 stores and 7,478 square metres as a result of which the
sales area operated by Baltika increased by 56% yoy.
Number of shops by country
--------------------------------------------------------------------------------
| | 31.03.2007 | 31.03.2006 |
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| Estonia | 28 | 24 |
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| Latvia | 13 | 10 |
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| Lithuania | 26 | 23 |
--------------------------------------------------------------------------------
| Ukraine | 22 | 15 |
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| Russia | 24 | 11 |
--------------------------------------------------------------------------------
| Poland | 5 | 7 |
--------------------------------------------------------------------------------
| Total shops | 118 | 90 |
--------------------------------------------------------------------------------
| Total sales area, m2 | 20,901 | 13,423 |
--------------------------------------------------------------------------------
In the first quarter, Baltika opened six new stores and relocated one store to
larger premises. The openings took place in Lithuania, Ukraine and Russia.
In March, Baltika opened the first Ivo Nikkolo store outside Estonia. The store
is located on the largest shopping street in Vilnius, Lithuania and is designed
in accordance with the new concept developed for the brand in Baltika.
A total of 12-16 openings are planned in the first half of the year. The plan
for the whole year is to open 20-25 new stores.
WHOLESALE
The first quarter is traditionally a strong wholesale period. In 1Q 2007,
wholesale sales of Baltika's brands amounted to 49.6 million kroons (3.2 million
euros) expanding by 15.9% yoy.
EARNINGS AND MARGINS
The first quarter results were impacted by the Group's fast expansion last year
with large number of new openings taking place in Russia and Ukraine (including
nine stores in Russia in 4Q 2006) where the starting period of new stores is
longer and shop operating expenses higher in comparison with the Baltic
countries. The first quarter of the year is also characterised by the end of
season clearance sale in January and February.
In 1Q, the Group's gross profit margin was 53.4% (1Q 2006: 53.9%) and gross
profit amounted to 142.3 million kroons (9.1 million euros) increasing by 42.6%
yoy.
First quarter operating profit totalled 26.4 million kroons (1.7 million euros)
posting a growth of 83.1% versus previous year. Operating margin reached 9.9%
(1Q 2006: 7.8%). 1Q operating profit includes one-off income from the sale of
fixed assets in the amount of 16.2 million kroons (1.0 million euros), recorded
in other operating income. In March, OÜ Baltika TP, the subsidiary of AS
Baltika, concluded an agreement for the sale of building lease and logistics
centre located in Lasnamäe Industrial Park in Tallinn. According to the
agreement, Baltika TP is obligated to rent the logistics centre for the next ten
years.
The Group's financial expenses grew 36.1% yoy in the first quarter to 1.8
million kroons (117 thousand euros). The growth was mainly due to increasing
interest expenses which amounted to 1.8 million kroons (118 thousand euros).
Interest expenses were up 85.6% over the year reflecting higher overall debt
level of the Group as well as increasing Euribor.
The Baltika Group's net profit (after taxes and minority shareholding) in the
first quarter of 2007 amounted to 24.0 million kroons (1.5 million euros)
increasing by 69.2% yoy. Net profit margin reached 9.0% (1Q 2006: 7.7%).
BALANCE SHEET
As of 31 March 2007, the total assets of the Baltika Group amounted to 628
million kroons (40.1 million euros), up 53% over the year. The growth in balance
sheet items is attributed to the Group's fast expansion.
As of the end of March, the Group's total inventories stood at 208 million
kroons (13.3 million euros), up 39% yoy. The Group's inventory turnover ratio
(net sales/average inventories) increased 5.2% over the year from 5.16 to 5.43.
The Group's trade receivables increased by 25 million kroons (1.6 million euros)
over the year, reaching 96 million kroons (6.1 million euros) by the end of 1Q
2007. Traditionally, the trade receivables balance is higher during the strong
wholesale periods such as the first and third quarter. Supplier payables
expanded by 36 million kroons (2.3 million euros) over the year to 80 million
kroons (5.1 million euros). In the first three months of this year, supplier
payables declined by 17 million kroons (1.1 million euros).
At the end of the first quarter, the Group's borrowings amounted to 170 million
kroons (10.9 million euros), including bank loans of 125 million kroons (8.0
million euros). The rest of the debt consists of bonds (40 million kroons/2.6
million euros) and finance lease liabilities (5 million kroons/0.3 million
euros). Over the year, the borrowings have increased by 66 million kroons (4.2
million euros). The Group's overall debt level has grown because of the need to
finance the expansion of the retail space.
As of the end of March, the Group's total net debt (Interest-bearing liabilities
less Cash and Current financial assets) to equity ratio stood at 35.3%. A year
ago, net debt to equity ratio was 40.2%.
INVESTMENTS
The Baltika Group's investments during the first three months of 2007 totalled
23.8 million kroons (1.52 million euros). A total of 20.2 million kroons (1.29
million euros) was invested in the retail system, 2.2 million kroons (0.14
million euros) in information technology and 1.4 million kroons (0.09 million
euros) in production.
PERSONNEL
As of 31 March 2007, Baltika Group employed 2,017 (31 March 2006: 1,705) people,
including 968 (662) in retail, 847 (885) in production and 202 (158) at the head
office. The number of people employed outside Estonia was 792 (515) representing
39% of the Group's employees. The average number of personnel in the first
quarter was 1,949 (1Q 2006: 1,693).
In 1Q 2007, the Baltika Group's wages and salaries amounted to 40.1 million
kroons (2.6 million euros). The remuneration paid to the members of the
Management Board and Supervisory Board totalled 1.3 million kroons (83 thousand
euros).
ACQUIRING 100% CONTROL IN PRODUCTION COMPANIES
In the first quarter, Baltika concluded purchase agreements as a result of which
AS Baltika acquires 100% control in two production companies belonging to the
Group. Baltika acquires full control in the production companies due to the fast
expansion of its retail network and growing need for quality production
capacity.
In February, Baltika concluded an agreement with the Finnish garment
manufacturer Oy Turo Tailor Ab for repurchasing of a 50% stake in the joint
venture OÜ Baltika Tailor. The joint venture was established in November 2004 on
the basis of Baltika's production company which specialises in manufacturing of
menswear.
In a transaction in March, AS Baltika acquired an additional stake of 37.5% of
the share capital of its subsidiary AS Elina STC which specialises in
manufacturing of womenswear.
KEY FIGURES OF THE GROUP (1Q 2007)
--------------------------------------------------------------------------------
| | 31.03.2007 | 31.03.2006 | +/- |
--------------------------------------------------------------------------------
| Net sales (EEK million) | 266.3 | 185.2 | 43.8% |
--------------------------------------------------------------------------------
| Retail sales (EEK million) | 213.6 | 139.2 | 53.4% |
--------------------------------------------------------------------------------
| Share of retail sales in net sales | 80% | 75% | |
--------------------------------------------------------------------------------
| Number of directly managed stores | 118 | 90 | 31.1% |
--------------------------------------------------------------------------------
| Sales area (m2) | 20,901 | 13,423 | 55.7% |
--------------------------------------------------------------------------------
| Number of employees (end of | 2,017 | 1,705 | 18.3% |
| period) | | | |
--------------------------------------------------------------------------------
| Gross margin | 53.4% | 53.9% | |
--------------------------------------------------------------------------------
| Operating margin | 9.9% | 7.8% | |
--------------------------------------------------------------------------------
| EBT margin | 9.2% | 7.1% | |
--------------------------------------------------------------------------------
| Net margin | 9.0% | 7.7% | |
--------------------------------------------------------------------------------
| Current ratio | 2.0 | 2.2 | -9.1% |
--------------------------------------------------------------------------------
| Inventory turnover | 5.43 | 5.16 | 5.2% |
--------------------------------------------------------------------------------
| Debt to equity ratio | 51.9% | 43.9% | |
--------------------------------------------------------------------------------
| Return on equity | 36.6% | 41.6% | |
--------------------------------------------------------------------------------
| Return on assets | 18.3% | 22.1% | |
--------------------------------------------------------------------------------
1 EUR = 15.6466 EEK
Definitions of key ratios
Gross margin = (Net sales-COGS)/Net sales
Operating margin = Operating profit/Net sales
EBT margin = Profit before corporate income tax/Net sales
Net margin = Net profit (attributable to parent)/Net sales
Current ratio = Current assets/Current liabilities
Inventory turnover = Net sales/Average inventories*
Debt to equity ratio = Interest-bearing liabilities/Equity
Return on equity (ROE) = Net profit (attributable to parent)/Average equity*
Return on assets (ROA) = Net profit (attributable to parent)/Average total
assets*
*Based on 12-month average
CONSOLIDATED INCOME STATEMENT
(unaudited, in EEK thousand)
--------------------------------------------------------------------------------
| | 1Q 2007 | 1Q 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 266,330 | 185,198 |
--------------------------------------------------------------------------------
| Cost of goods sold | -124,054 | -85,401 |
--------------------------------------------------------------------------------
| Gross profit | 142,276 | 99,797 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution costs | -117,788 | -72,966 |
--------------------------------------------------------------------------------
| Administrative and general expenses | -12,887 | -11,310 |
--------------------------------------------------------------------------------
| Other operating income | 16,278 | 39 |
--------------------------------------------------------------------------------
| Other operating expenses | -1,431 | -1,113 |
--------------------------------------------------------------------------------
| Operating profit | 26,448 | 14,447 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income (expenses) | -1,836 | -1,349 |
--------------------------------------------------------------------------------
| Share of joint venture results | 0 | -234 |
--------------------------------------------------------------------------------
| Interest expenses, net | -1,845 | -994 |
--------------------------------------------------------------------------------
| Foreign exchange gains, net | 13 | 230 |
--------------------------------------------------------------------------------
| Other financial expenses, net | -4 | -351 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before income tax | 24,612 | 13,098 |
--------------------------------------------------------------------------------
| Income tax | -422 | -461 |
--------------------------------------------------------------------------------
| Net profit | 24,190 | 12,637 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit attributable to equity holders of the | 24,038 | 14,208 |
| parent company | | |
--------------------------------------------------------------------------------
| Net profit (loss) attributable to minority | 152 | -1,571 |
| shareholders | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings per share, EEK | 3.71 | 2.42 |
--------------------------------------------------------------------------------
| Diluted earnings per share, EEK | 3.71 | 2.34 |
--------------------------------------------------------------------------------
CONSOLIDATED INCOME STATEMENT
(unaudited, in EUR thousand)
--------------------------------------------------------------------------------
| | 1Q 2007 | 1Q 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 17,022 | 11,836 |
--------------------------------------------------------------------------------
| Cost of goods sold | -7,928 | -5,458 |
--------------------------------------------------------------------------------
| Gross profit | 9,093 | 6,378 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution costs | -7,528 | -4,663 |
--------------------------------------------------------------------------------
| Administrative and general expenses | -824 | -723 |
--------------------------------------------------------------------------------
| Other operating income | 1,040 | 2 |
--------------------------------------------------------------------------------
| Other operating expenses | -91 | -71 |
--------------------------------------------------------------------------------
| Operating profit | 1,690 | 923 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income (expenses) | -117 | -86 |
--------------------------------------------------------------------------------
| Share of joint venture results | 0 | -15 |
--------------------------------------------------------------------------------
| Interest expenses, net | -118 | -64 |
--------------------------------------------------------------------------------
| Foreign exchange gains, net | 1 | 15 |
--------------------------------------------------------------------------------
| Other financial expenses, net | 0 | -22 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before income tax | 1,573 | 837 |
--------------------------------------------------------------------------------
| Income tax | -27 | -29 |
--------------------------------------------------------------------------------
| Net profit | 1,546 | 808 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit attributable to equity holders of the | 1,536 | 909 |
| parent company | | |
--------------------------------------------------------------------------------
| Net profit (loss) attributable to minority | 10 | -101 |
| shareholders | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings per share, EUR | 0.24 | 0.15 |
--------------------------------------------------------------------------------
| Diluted earnings per share, EUR | 0.24 | 0.15 |
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
(unaudited, in EEK thousand)
--------------------------------------------------------------------------------
| | 31.03.2007 | 31.12.2006 |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and bank | 54,370 | 12,584 |
--------------------------------------------------------------------------------
| Trade receivables | 95,832 | 86,402 |
--------------------------------------------------------------------------------
| Other receivables and prepaid expenses | 39,652 | 42,069 |
--------------------------------------------------------------------------------
| Inventories | 208,489 | 200,702 |
--------------------------------------------------------------------------------
| Total current assets | 398,343 | 341,757 |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Investment property | 23,572 | 23,572 |
--------------------------------------------------------------------------------
| Deferred income tax asset | 4,462 | 4,462 |
--------------------------------------------------------------------------------
| Other non-current assets | 11,641 | 11,077 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 141,523 | 166,448 |
--------------------------------------------------------------------------------
| Intangible assets | 48,413 | 49,074 |
--------------------------------------------------------------------------------
| Total non-current assets | 229,611 | 254,633 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 627,954 | 596,390 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | |
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings | 73,592 | 88,179 |
--------------------------------------------------------------------------------
| Supplier payables | 79,517 | 96,535 |
--------------------------------------------------------------------------------
| Tax liabilities | 26,513 | 23,006 |
--------------------------------------------------------------------------------
| Accrued expenses | 20,031 | 18,174 |
--------------------------------------------------------------------------------
| Other short-term liabilities | 2,881 | 7,022 |
--------------------------------------------------------------------------------
| Total current liabilities | 202,534 | 232,916 |
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Long-term borrowings | 96,879 | 59,234 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 96,879 | 59,234 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 299,413 | 292,150 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Share capital at par value | 62,150 | 62,150 |
--------------------------------------------------------------------------------
| Share premium | 59,088 | 59,088 |
--------------------------------------------------------------------------------
| Reserves | 9,721 | 9,721 |
--------------------------------------------------------------------------------
| Retained earnings | 160,897 | 73,521 |
--------------------------------------------------------------------------------
| Net profit for the period | 24,038 | 87,376 |
--------------------------------------------------------------------------------
| Currency translation reserve | 4,451 | 4,319 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders of | 320,345 | 296,175 |
| the parent | | |
--------------------------------------------------------------------------------
| Minority interest | 8,196 | 8,065 |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 328,541 | 304,240 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 627,954 | 596,390 |
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
(unaudited, in EUR thousand)
--------------------------------------------------------------------------------
| | 31.03.2007 | 31.12.2006 |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and bank | 3,475 | 804 |
--------------------------------------------------------------------------------
| Trade receivables | 6,125 | 5,522 |
--------------------------------------------------------------------------------
| Other receivables and prepaid expenses | 2,534 | 2,689 |
--------------------------------------------------------------------------------
| Inventories | 13,325 | 12,827 |
--------------------------------------------------------------------------------
| Total current assets | 25,459 | 21,843 |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Investment property | 1,507 | 1,507 |
--------------------------------------------------------------------------------
| Deferred income tax asset | 285 | 285 |
--------------------------------------------------------------------------------
| Other non-current assets | 744 | 708 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 9,045 | 10,638 |
--------------------------------------------------------------------------------
| Intangible assets | 3,094 | 3,136 |
--------------------------------------------------------------------------------
| Total non-current assets | 14,675 | 16,274 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 40,134 | 38,117 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | |
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings | 4,703 | 5,636 |
--------------------------------------------------------------------------------
| Supplier payables | 5,082 | 6,170 |
--------------------------------------------------------------------------------
| Tax liabilities | 1,694 | 1,470 |
--------------------------------------------------------------------------------
| Accrued expenses | 1,280 | 1,162 |
--------------------------------------------------------------------------------
| Other short-term liabilities | 184 | 449 |
--------------------------------------------------------------------------------
| Total current liabilities | 12,944 | 14,886 |
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Long-term borrowings | 6,192 | 3,786 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 6,192 | 3,786 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 19,136 | 18,672 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Share capital at par value | 3,972 | 3,972 |
--------------------------------------------------------------------------------
| Share premium | 3,776 | 3,776 |
--------------------------------------------------------------------------------
| Reserves | 621 | 621 |
--------------------------------------------------------------------------------
| Retained earnings | 10,283 | 4,699 |
--------------------------------------------------------------------------------
| Net profit for the period | 1,536 | 5,584 |
--------------------------------------------------------------------------------
| Currency translation reserve | 284 | 276 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders of | 20,474 | 18,930 |
| the parent | | |
--------------------------------------------------------------------------------
| Minority interest | 524 | 515 |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 20,998 | 19,445 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 40,134 | 38,117 |
--------------------------------------------------------------------------------
Ülle Järv
CFO, Member of the Management Board
+372 630 2741
Further information:
Triin Palge
Head of investor relations
+372 630 2886
triin.palge@baltikagroup.com
