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BLT: BALTIKA UNAUDITED FINANCIAL RESULTS, 4Q and 2010

Spekuliantai.lt | 2011-02-28 | NASDAQ OMX biržų naujienos | perskaitė: 1123
Raktiniai žodžiai: Baltika, BLT
BLT: BALTIKA UNAUDITED FINANCIAL RESULTS, 4Q and 2010

Baltika Company Announcement 28.02.2011

BALTIKA UNAUDITED FINANCIAL RESULTS, 4Q and 2010



Q4 RESULTS

The fourth quarter was the most successful one for Baltika in 2010. The
decisions made during the year for improving the efficiency and profitability
of its retail system allowed the Group earn quarterly profit on its core
operations. The fourth quarter 7% retail revenue growth was achieved on a sales
area that was 11% smaller on average. A stronger financial position made it
possible to maintain an optimal level of inventory and to secure planned
financing for the goods of the beginning of the new season. Among other
factors, sales recovery was supported by the stabilisation of the economic
environment and the successful seasonal collections of Baltika's brands.
Consolidation of the financial position by debt restructuring ensured the
availability of sufficient working capital.

Baltika Group ended the fourth quarter of 2010 with revenue of 236 million
kroons (15.1 million euros), a 7% increase year-over-year. Retail revenues
totalled 224.2 million kroons (14.3 million euros), also 7% up year-over-year.
Sales grew in all markets except Lithuania that posted a 5% sales decline. The
largest, 18%, sales growth was achieved in Latvia. In Estonia sales grew by
14%, in Russia by 9%, in Ukraine by 7% and in Poland by 3%. Efficiency
indicators improved in all markets. Sales per square metre (sales efficiency)
rose by 21%. Comparable store sales grew by a total of 14% and results improved
in all markets: in Russia by 25%, in Ukraine by 20%, in Estonia by 13%, in
Latvia by 12%, in Lithuania by 6% and in Poland by 4%. In the fourth quarter
the Group opened one and closed four stores.

Wholesale revenue for the fourth quarter was 9 million kroons (0.6 million
euros), a 2% increase year-over-year.

REVENUE

EEK, million Q4 2010 Q4 2009 +/--
Retail 224.2 209.8 6.9%
Wholesale 9.0 8.8 2.3%
Rental 1.8 0.8 125.0%
Subcontracting 0.8 0.1 700.0%
Other 0.2 0.5 -60.0%
----------------------------------------
Total 236.0 220.0 7.3%
----------------------------------------
Baltika ended the fourth quarter with a gross profit of 130.1 million kroons
(8.3 million euros) earned on a sales area that was 11% smaller on average and
a significantly higher gross margin. Fourth quarter gross margin was 55% (2009:
51%) and gross profit for the quarter was 15% (17.4 million kroons/1.1 million
euros) larger than in the comparative period.

The retail system ended the fourth quarter with a profit of 27.5 million kroons
(1.8 million euros), an improvement of 9 million kroons (0.6 million euros)
year-over-year. Excluding the impact of the Czech market that was exited in
2009, comparable profit was 29.7 million kroons (1.9 million euros), i.e. 9.6
million kroons (0.61 million euros) larger than in the comparative period.

In the fourth quarter the Group's management adopted a number of decisions
aimed at achieving the strategic objectives of subsequent years. To restore the
retail system's efficiency to its pre-crisis level and sustain its profitable
growth, the Group will continue restructuring the existing system. It was
decided that in the first half of 2011 five additional stores would be closed.
Four of them were closed in the first two months of 2011. In addition, in the
next six months management will decide the possibilities and need for
continuing operations in the Polish market. The effects of all those activities
were provided for in the fourth quarter and are reflected in the fourth quarter
results.

The Group's fourth quarter operating profit from the core operations amounted
to 9.1 million kroons (0.6 million euros). For comparison, in the fourth
quarter of 2009 the Group incurred a loss of 25.5 million kroons (1.6 million
euros). After all the provisions made in 2010 for 2011 the quarter ended in a
loss of 20 million kroons (1.3 million euros) (Q4 2009: -34.25 million
kroons/-2.2 million euros). Fourth quarter earnings before interest, tax,
depreciation and amortisation (EBITDA) were 10.3 million kroons (0.7 million
euros) compared with -29.9 million kroons/-1.91 million euros for the fourth
quarter of 2009.

EEK million 4Q 4Q
2010 2009
--------------------------------------------------------------------------------
Operating profit /-loss from the core operations before 9.1 -12.4
non-recurring expenses and effects of movements in exchange
rates
--------------------------------------------------------------------------------
Non-recurring expenses 20.8 30.7
--------------------------------------------------------------------------------
Store closure expenses 11.2 17.1
Inventory write-down allowances and inventory write-off expenses 6.2 3.7
Impairment allowances for receivables and interest expense on 3.8 3.0
discounted receivables
Revaluation of real estate 0.0 6.2
Termination benefits provisions/expense 0.7 0.7
Other expenses -1.1 0.0
--------------------------------------------------------------------------------
Currency translation differences -1.3 -2.0
--------------------------------------------------------------------------------
Financial expenses (-income) 4.3 6.2
--------------------------------------------------------------------------------
of which interest expense 4.9 4.2
Loss before income tax -14.8 -47.3
--------------------------------------------------------------------------------
Income tax expense 5.2 -13.0
--------------------------------------------------------------------------------
Net loss -20.0 -34.3
RESULTS FOR 2010

The Group's objectives for 2010 were to adapt to the impacts of the global
economic crisis, to stabilise its weakened financial position and, in the
second half of the year, to achieve positive growth trends, particularly in
revenue and gross profit. In addition, in 2010 the Group began designing
strategic projects for subsequent years. Costs were lowered to a level
appropriate for a crisis, the retail system was strengthened by closing
loss-generating stores and the Group implemented a financial package for
improving its liquidity.

RETAIL

The overall economic downturn that began stabilising in the last months of 2010
influenced Baltika's retail sales throughout the year. However, year-over-year
decline in retail revenue decreased on a monthly basis (Q1 -20%, Q2 -10%, Q3
-2%) and for the first time in the past two years the fourth quarter ended with
year-over-year sales growth that amounted to 7%. Retail revenue for 2010
totalled 761.1 million kroons (48.6 million euros), 6% down from 2009.

Retail sales by market

EEK, million 2010 2009 +/-- Proportion, 2010
Estonia 204.0 192.4 6% 27%
Lithuania 154.2 187.6 -18% 20%
Russia 166.4 161.8 3% 22%
Ukraine 112.0 119.9 -7% 15%
Latvia 100.9 104.3 -3% 13%
Poland 23.6 30.0 -21% 3%
Czech Republic 0.0 13.1 100% 0%
----------------------------------------------------
Total 761.1 809.1 -6% 100%
----------------------------------------------------
EUR 1 = EEK 15.6466

In 2010 the Group achieved retail sales growth in two markets: Estonia, where
sales grew by 6%, and Russia, where sales rose by 13%.

Retail revenue was also influenced by the ongoing contraction of the retail
system that resulted from the closure of inefficient stores. The entire revenue
was earned on a sales area that was 9% smaller on average.

If in the first half of the year sales figures were still following a downward
trend, in the second half of the year, along with economic recovery, they began
rising slowly in all of Baltika's retail markets. Comparable store sales for
the full year grew only in Russia and Poland - by 16% and 5% respectively.
Other markets posted strong sales growth in the second half-year.

Comparable store sales dynamics by market

Q1 Q2 Q3 Q4 2010
-------------------------------------
Estonia -26% -13% 11% 13% -4%
Lithuania -33% -23% -8% 6% -14%
Latvia -24% -8% 5% 12% -3%
Russia -5% 20% 25% 26% 16%
Ukraine -20% -7% 8% 20% -2%
Poland 10% 0% 8% 4% 5%
-------------------------------------
Total -23% -9% 8% 14% -2%
BRANDS

In terms of brands, most of Baltika's retail revenue is contributed by Monton
whose sales for 2010 accounted for 53% of the Group's total retail revenue.
Mosaic contributed 33% and Baltman and Ivo Nikkolo 7% each.

Monton

In 2010 retail sales of Monton totalled 404 million kroons (25.8 million
euros). Compared with 2009, sales declined by 5% while the retail area
decreased by 8%.

In 2010 Monton succeeded in improving its efficiency indicators considerably,
which confirms that the crisis is over and a new and more stable growth phase
has started. Annual retail sales were achieved with inventories that were
almost a third smaller, substantially smaller discounts and a higher sales
margin. In 2010 the process of creating the collection was simplified and
streamlined, which strengthened the composition of the whole collection and was
well received by the consumers.

Sales revenue increased in all of Monton's markets except for Lithuania where
sales decreased compared with 2009. Monton's largest market continues to be
Russia, which accounts for 30% of retail sales of the brand. In November 2010 a
new store was opened in one of St Petersburg's smartest shopping malls,
Galeria, which has the potential of becoming the best-selling Monton store in
the Group's retail system.

Mosaic

Mosaic's retail sales for 2010 amounted to 249 million kroons (15.9 million
euros), a 9% decrease compared with 2009. The sales result continues to be
undermined by the economic situation in the Group's retail markets - the
purchasing decisions of Mosaic's customers are carefully considered and often
customers refrain from buying new clothes. The decline in Mosaic's retail sales
is also attributable to the shrinkage in sales area - in 2010 the brand's sales
area decreased by 12%.

In 2010 one of Mosaic's main goals was to improve retail sales efficiency,
which rose by 4% compared with 2009. This was mainly achieved through a
significant improvement in the sales efficiency of the brand's Ukrainian and
Russian stores. It should also be noted that the improvement was achieved in
the context of 5% smaller inventory per square metre.

Development of the supply base and strong supplier relations continued. The
products' purchase margins were kept stable or, in some product groups, even
lowered, which helped improve profitability compared with 2009. Ongoing
analysis of competitors' activities including price analyses and focus group
surveys allowed the brand to obtain valuable information for maintaining
success in an environment of increasing competition.

Mosaic plays an important role in Baltika's wholesale business. In 2010 the
brand accounted for 62% of the Group's wholesale revenue. In 2010 the brand
continued successful cooperation with Peek & Cloppenburg, a leading European
department store chain. During the year Mosaic was launched at another 12
department stores and by the year-end the Mosaic ladies wear collection was
carried by 42 Peek & Cloppenburg department stores.

Baltman

Retail sales of Baltman totalled 52 million kroons (3.4 million euros), a 5%
decrease compared with 2009. As the sales area decreased by 7% in the same
period, sales efficiency improved slightly. In addition, in 2010 discounts were
smaller and sales were achieved with inventories that were almost a third
smaller than in 2009. At the year-end, Baltman operated on 12 separate retail
areas in the Baltic countries and, in addition, in two of the Group's
multi-brand stores.

In 2010 the brand focused on modernising the collection and adjusting it to the
needs of the target customer. The changes that have been made including
modernization of the fit of the suits and their simpler delivery to the
customer, alignment of the suits' internal details to sub-brand will reach the
customers in 2011.

In 2010 Baltman launched its special order service, which allows the customer
to acquire a suit sewn of specially ordered fabric. With this, Baltman entered
a new market segment. In subsequent years the brand expects to expand the
special order service from the Fashion Street store of the Estonian market to
its other Baltic markets. In delivering the special order service, the brand
cooperates with the Italian quality fabric producer Loro Piana, which allows
offering the customers an excellent quality-price ratio.

Ivo Nikkolo

Despite the prevailing economic downturn, Ivo Nikkolo sustained strong growth
also in 2010. The brand's sales for 2010 totalled 54 million kroons (3.5
million euros), 35% up on 2009. Sales area increased in the same period by 26%.

During the year, Ivo Nikkolo further expanded and strengthened its position in
the Baltics: in March its second brand store was opened in Riga, in the
Galerija Centrs located in the old city of the Latvian capital, and an
additional sales area was opened in Klaipeda in Lithuania. In addition, Ivo
Nikkolo penetrated a new geographic region, Ukraine, where an Ivo Nikkolo
shop-in-shop was opened in the Group's Monton store in Odessa.

In 2010 development of the collection continued. In the past years, the
relative importance of outdoor clothing in the brand's winder collections has
increased considerably. In addition, the brand has strengthened its positions
as a provider of office and formal/party attire and has extended its offering
of summer wear.

STORES AND SALES AREA

At the end of 2010, Baltika had 120 stores in six countries with a total sales
area of 24,424 sq metres, 13 stores and 2,476 sq metres less than at the end of
2009. During the year, the Group resolutely streamlined its store portfolio so
as to have a more efficient sales area in the final phase of the recession. The
economic downturn affected also many shopping malls whose store visits and
customer purchasing power dropped to a level where extension of the stores'
rental agreements was no longer expedient. During the year the Group opened
five stores, took over a store from its Russian business partner, and closed 19
stores. In the first two months of 2011 the Group closed four more stores whose
closure expenses were recognised already in the expenses of 2010.

Stores by market

31 Dec 2010 31 Dec 2009
Lithuania 31 36
Estonia 30 30
Russia 23 25
Ukraine 17 23
Latvia 15 14
Poland 4 5
Total number of stores 120 133
WHOLESALE

The Group's wholesale revenue for 2010 amounted to 47 million kroons (3.0
million euros), 31% down from 2009. Comparable wholesale revenue from Baltika's
own brands only decreased by 6% year-over-year.

The successful test period of the wholesale contract signed with Peek &
Cloppenburg that lasted through 2009 was followed by Mosaic's vigorous
expansion across the chain in 2010. If at the end of 2009 Mosaic was
represented at 30 department stores, then in 2010 the brand penetrated another
12 department stores and two new markets, the Netherlands and Romania.
Previously Mosaic was already represented at selected Peek & Cloppenburg
department stores in Germany, Austria, Poland, Slovakia, Slovenia, Hungary, the
Czech Republic and Croatia. In the Austrian and Polish markets the brand is
represented in most of the chain's department stores. Peek & Cloppenburg is one
of the leading European department store chains that has more than 80
department stores in Germany and over 100 department stores across Europe.

EARNINGS AND MARGINS

In 2010, Baltika Group's performance was influenced the most by
recession-induced changes in consumer behaviour, changes in the Group's retail
system and the speed of exiting the crisis.

Better inventory management and discount planning helped improve the gross
margins. The Group's gross margin for 2010 was 51.8% (2009: 48%). Gross profit
for the year was 423.0 million kroons (27.0 million euros); in light of a 7%
decrease in sales gross profit remained roughly at the level of the previous
year.

In 2010 Baltika's retail markets generated a profit of 35.6 million kroons (2.3
million euros), 79.5 million kroons (5.1 million euros) up on 2009. The retail
markets ended 2009 with a loss of 43.8 million kroons (2.8 million euros).

In 2010 the Group continued to focus on cutting operating expenses throughout
the system. Cutbacks were made in personnel expenses and the number of staff
and a lot of effort was put in lowering rental charges in all markets.
Distribution expenses decreased during the year by 57.5 million kroons (3.7
million kroons) to 443.2 million kroons (28.3 million euros). In the retail
system, the stores' rental expenses per square metre dropped by 4% on average
while personnel expenses remained on the level of 2009.

In manufacturing, production volumes were reduced, which resulted in a decline
in headcount. During the year, the Group paid the production staff that had
been laid off termination benefits of 1.2 million kroons (0.1 million euros).
Altogether, in manufacturing personnel expenses declined by 26% year-over-year.

Administrative expenses grew by 1.4 million kroons (0.1 million euros) to 45.9
million kroons(2.9 million euros). Growth is mainly attributable to the costs
of designing a new strategy for subsequent years.

In 2010 Baltika's operating loss from the core business amounted to 62.7
million kroons (4.0 million euros) compared with a core business operating loss
of 113.7 million kroons (7.3 million euros) for 2009. After all the provisions
made in 2010 for 2011 the year ended in a loss of 90.3 million kroons (5.8
million euros) (2009: -160.3 million kroons/-10.3 million euros). Earnings
before interest, tax, depreciation and amortisation (EBITDA) were negative at
-17.4 million kroons (-1.1 million euros) (2009: -87.1 million kroons/-5.6
million euros).

EEK million 2010 2009
--------------------------------------------------------------------------------
Operating loss from the core operations before non-recurring -62.5 -113.7
expenses and effects of movements in exchange rates
--------------------------------------------------------------------------------
Non-recurring expenses 17.8 33.3
--------------------------------------------------------------------------------
Store closure expenses 12.6 18.7
Inventory write-down allowances and inventory write-off expenses 1.2 0.0
Impairment allowances for receivables and interest expense on 3.8 3.0
discounted receivables
Revaluation of real estate 0.0 6.2
Termination benefits provisions/expense 1.3 3.9
Other expenses -1.1 1.5
--------------------------------------------------------------------------------
Currency translation differences -5.7 12.3
--------------------------------------------------------------------------------
Financial expenses (-income) 18.1 13.6
--------------------------------------------------------------------------------
of which interest expense 18.1 14.3
Loss before income tax -92.7 -172.9
--------------------------------------------------------------------------------
Income tax expense 6.4 -12.7
--------------------------------------------------------------------------------
Net loss -99.1 -160.3
Baltika Group's operating loss for 2010 amounted to 73.8 million kroons (4.7
million euros). Operating loss for 2009 was 160,2 million kroons (10,2 million
euros).

The Group's operating loss for 2010 includes various store closure expenses
(including write-off of investments) of 12.6 million kroons (0.8 million euros)
in aggregate.

The Group's financial expenses for 2010 totalled 22.0 million kroons (1.4
million euros), 24% up on 2009. Interest expense on loans totalled 18.0 million
kroons (1.2 million euros), an 26% increase on 2009. The average annual
interest rate of loans was 5.79% (2009: 4.45%).

Baltika ended 2010 with a net loss of 99.3 million kroons (6.3 million euros)
compared with a net loss of 160.3 million kroons (10.2 million euros) incurred
in 2009.

FINANCIAL POSITION

In 2010 the Group focused on adapting to the impacts of the global economic
crisis and strengthening its weakened financial position.

At 31 December 2010, Baltika's consolidated balance sheet stood at 617.3
million kroons (39.5 million euros), a 12% decrease year-over-year.

The greatest changes that improved the financial position resulted from the
restructuring of the loan portfolio in November 2010. As the last step in the
package implemented for strengthening its financial position, in November AS
Baltika signed loan refinancing agreements of 17.1 million euros and guarantee
limit agreements of 2.9 million euros maturing on 31 December 2014 with AS
Swedbank and Nordea Bank Finland Plc Estonian Branch. The transaction involved
consolidation of a number of different short- and long-term loans and
adjustment of the loans' repayment schedules with the Group's actual cash flow
capabilities in the next few years. The margin of the new loan was fixed at 6
month EURIBOR plus 4.8%. Thanks to the transaction, at the year-end current
assets exceeded current liabilities by 88.3 million kroons (5.6 million euros).
At the end of 2009 working capital was negative at -33.2 million kroons (-2.1
million euros).

Another measure implemented for strengthening the financial position was a
share issue conducted in June 2010 by which the Group increased share capital
by 8,850,000 shares, raising 106.2 million kroons (6.8 million euros).

Trade receivables decreased in 2010 by 9.2 million kroons (0.6 million euros)
to 19.8 million kroons (1.3 million euros). The net amount of trade receivables
includes the allowance for doubtful receivables of 0.3 million kroons (0.02
million euros) and interest expense from discounting long-term receivables of
3.3 million kroons (0.2 million euros).

At the year-end inventories totalled 169.1 million kroons (10.8 million euros),
a decrease of 18.0 million kroons (1.2 million euros), i.e. 10% compared with
the previous year-end. At the year-end, the retail system was 8% smaller than
at the beginning of the year.

Thanks to effective negotiations with suppliers, the Group has achieved more
favourable settlement terms which allow ensuring timely delivery while lowering
tensions in liquidity management. At the year-end, trade payables totalled 64.3
million kroons (4.1 million euros), a 38% decrease compared with the end of
2009.

The Group's net debt (interest-bearing liabilities less cash and bank balances)
decreased in 2010 to 297.3 million kroons (19.0 million euros). The year-end
net debt to equity ratio was 153.8% (31 December 2009: 183.1%).

In 2010 the Group's equity grew by 5.5 million kroons (0.4 million euros) to
202.0 million kroons (12.9 million euros).

CASH FLOWS

Thanks to the measures adopted for improving financial position, the Group's
cash flows for 2010 increased by 6.9 million kroons (0.4 million euros). In
2009 the Group's cash flows decreased by 2.7 million kroons (0.2 million
euros).

Operating activities resulted in a net cash outflow of 78.2 million kroons (5.0
million euros). Operating cash flow was strongly influenced by a sales decline
in the first half-year which in the second half-year was replaced by a rise;
settlement of trade payables with the funds raised through the additional share
issue and decreases in inventory levels. The main working capital changes were
related to decreases in inventories, receivables and trade payables and an
increase in the cash balance.

Cash flows from investing activities were influenced by the sale of the Group's
properties in Rakvere and Ahtme in April 2010 that generated proceeds of 23.1
million kroons (1.5 million euros). Capital investments totalled 6.3 million
kroons (0.4 million euros). Net cash inflow from investing activities amounted
to 18.6 million kroons (1.9 million euros).

Net cash inflow from financing activities was 63.4 million kroons (4.1 million
euros). Proceeds from bank loans totalled 29.5 million kroons (1.9 million
euros) while loan repayments totalled 63.7 million kroons (4.1 million euros).
Proceeds from the share issue totalled 106.2 million kroons (6.8 million
euros).

INVESTMENT

In 2010 the Group's capital investments totalled 6.3 million kroons (0.4
million euros) against 103.1 million kroons (6.9 million euros) in 2009.

Investments in the retail system totalled 4.4 million kroons (0.28 million
euros), investments in information technology and IT systems amounted to 1.8
million kroons (0.12 million euros) and other investments totalled 0.1 million
kroons (0.01 million euros).

PEOPLE

At the end of 2010 Baltika Group employed a total of 1,419 people (31 December
2009: 1,696): 799 (2009: 928) in the retail system, 442 (2009: 580) in
manufacturing and 178 (2009: 188) at the head office. The proportion of staff
employed outside Estonia was 43%, i.e. 614 people (2009: 43%, 727). During the
year, the number of employees decreased by 277. The Group's annual average
number of staff was 1,527 (2009: 1,832).

Employee remuneration expenses for 2010 totalled 166 million kroons / 10.6
million euros (2009: 197.8 million kroons / 12.6 million euros), a 16% decrease
year-over-year. The remuneration of the members of the supervisory council and
the management board totalled 4.8 million kroons /0.3 million euros (2009: 4.9
million kroons/0.3 million euros). During the year, the number of members of
the supervisory council increased by two.

RELEASE OF FINANCIAL RESULTS IN 2011

In 2011, AS Baltika will release its consolidated financial results on the
following dates:



Unaudited results for 2010 28 February

Audited annual report for 2010 31 March

Results for Q1 2011 5 May

Results for Q2 2011 4 August

Results for Q3 2011 3 November

In addition, at the beginning of each month Baltika will release its sales
results for the previous month.

The unaudited interim report of AS Baltika for Q4 2010 is available at
thewebsite of NASDAQ OMX Tallinn www.nasdaqomxbaltic.com and at the website of
ASBaltika www.baltikagroup.com .



KEY FIGURES OF THE GROUP 2010



31 Dec 2010 31 Dec 2009 +/--
Revenue (EEK, million) 816.9 880.2 -7.2%
Retail sales (EEK, million) 761.1 809.1 -5.9%
Contribution of retail sales to total revenue 93% 92%
Number of stores 120 135 -11.1%
Sales area (m2) 24,424 26,900 -9.2%
Number of employees (at end of period) 1,419 1,697 -16.4%
Gross margin 51.8% 48.0%
Operating margin -9.0% -17.6%
EBT margin -11.3% -19.6%
Net margin -12.2% -18.1%
Current ratio 0.4 0.9 -51.9%
Inventory turnover ratio 4.74 3.77 25.8%
Debt to equity ratio 160.4% 186.3%
Return on equity -52.6% -73.8%
Return on assets -14.9% -21.2%

EUR 1 = EEK 15.6466



Underlying formulas

Gross margin = (Revenue - Cost of sales)/ Revenue

Operating margin = Operating profit / Revenue

EBT margin = Profit before income tax / Revenue

Net margin = Net profit (attributable to the parent) / Revenue

Current ratio = Current assets / Current liabilities

Inventory turnover ratio = Revenue / Average inventories*

Debt to equity ratio = Interest-bearing liabilities / Equity

Return on equity = Net profit (attributable to the parent)/ Average equity*

Return on assets = Net profit (attributable to the parent)/ Average total
assets*

*12 months' average

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(unaudited, in EEK thousand)
Q3 2010 Q3 2009 9m 2010 9m 2009

Revenue 236 012 219 989 816 869 880 170
Cost of goods sold -105 925 -107 285 -393 845 -457 425
Gross profit 130 087 112 704 423 024 422 745

Distribution costs -116 179 -123 899 -445 085 -500 659
Administrative and general expenses -12 969 -12 771 -45 812 -44 467
Other operating income 3 883 -93 10 107 549
Other operating expenses -12 041 -18 874 -16 073 -33 478
Operating profit (loss) -7 219 -42 933 -73 839 -155 310

Finance income 620 40 3 139 66
Finance costs -8 216 -4 362 -22 003 -17 697
Profit (loss) before income tax -14 815 -47 255 -92 703 -172 941

Income tax -5 198 13 004 -6 373 12 660

Net profit (loss) -20 013 -34 251 -99 076 -160 281
Profit (loss) attributable to:
Net profit (loss) attributable to equity -20 011 -32 942 -99 268 -159 104
holders of the parent company
Net profit (loss) attributable to -2 -1 309 192 -1 177
non-controlling interests


Other comprehensive income (loss)
Currency translation differences 477 -61 -2 274 -2 245
Revaluation of investment property 0 17 434 0 17 434
Total comprehensive income (loss) -19 536 -16 878 -101 350 -145 092
Comprehensive income (loss) attributable
to:
Equity holders of the parent company -19 536 -16 784 -101 544 -143 918
Non-controlling interests 0 -94 194 -1 174

Basic earnings per share, EEK -0,73 -1,77 -4,25 -8,53
Diluted earnings per share, EEK -0,73 -1,77 -4,25 -8,53


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(unaudited, in EUR thousand)

Q3 Q3 9m 2010 9m 2009
2010 2009

Revenue 15 084 14 060 52 207 56 253
Cost of goods sold -6 770 -6 857 -25 171 -29 235
Gross profit 8 314 7 203 27 036 27 018

Distribution costs -7 425 -7 919 -28 446 -31 998
Administrative and general expenses -829 -816 -2 928 -2 842
Other operating income 248 -6 646 35
Other operating expenses -770 -1 206 -1 027 -2 140
Operating profit (loss) -461 -2 744 -4 719 -9 926

Finance income 40 3 201 4
Finance costs -525 -279 -1 406 -1 131
Profit (loss) before income tax -947 -3 020 -5 925 -11 053

Income tax -332 831 -407 809

Net profit (loss) -1 279 -2 189 -6 332 -10 244
Profit (loss) attributable to:
Net profit (loss) attributable to equity -1 279 -2 105 -6 344 -10 169
holders of the parent company
Net profit (loss) attributable to 0 -84 12 -75
non-controlling interests


Other comprehensive income (loss)
Currency translation differences 30 -4 -145 -143

Total comprehensive income (loss) -1 249 -1 079 -6 477 -9 273
Comprehensive income (loss) attributable to:
Equity holders of the parent company -1 249 -1 073 -6 490 -9 198
Non-controlling interests 0 -6 12 -75


Basic earnings per share, EUR -0,05 -0,11 -0,27 -0,55
Diluted earnings per share, EUR -0,05 -0,11 -0,27 -0,55


CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(unaudited, in EEK thousand)

31.12.2010 31.12.2009
ASSETS
Current assets
Cash and bank 12 877 6 024
Trade and other receivables 48 805 54 932
Inventories 169 046 188 181
Total current assets 230 728 249 137
Non-current assets
Deferred income tax asset 13 119 16 488
Other non-current assets 12 203 7 728
Investment property 110 609 103 294
Property, plant and equipment 189 647 263 165
Intangible assets 60 985 62 133
Total non-current assets 386 563 452 808
TOTAL ASSETS 617 291 701 945

EQUITY AND LIABILITIES
Current liabilities
Borrowings 33 256 122 942
Trade and other payables 109 232 159 375
Total current liabilities 142 488 282 317
Non-current liabilities
Borrowings 280 904 232 942
Other liabilities 574 114
Deferred income tax liability 0 0
Total non-current liabilities 281 478 233 056
TOTAL LIABILITIES 423 966 515 373

EQUITY
Share capital at par value 314 949 226 449
Share premium 20 846 1 049
Reserves 43 567 43 567
Retained earnings -77 617 81 487
Net profit (loss) for the period -99 268 -159 104
Currency translation differences -11 684 -9 410
Total equity attributable to equity holders of the 190 793 184 038
parent company
Non-controlling interest 2 532 2 534
TOTAL EQUITY 193 325 186 572
TOTAL LIABILITIES AND EQUITY 617 291 701 945
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(unaudited, in EUR thousand)

31.12.2010 31.12.2009
ASSETS
Current assets
Cash and bank 823 385
Trade and other receivables 3 119 3 511
Inventories 10 804 12 027
Total current assets 14 746 15 923
Non-current assets
Deferred income tax asset 838 1 054
Other non-current assets 780 494
Investment property 7 069 6 602
Property, plant and equipment 12 121 16 819
Intangible assets 3 898 3 971
Total non-current assets 24 706 28 940
TOTAL ASSETS 39 452 44 862

EQUITY AND LIABILITIES
Current liabilities
Borrowings 2 125 7 857
Trade and other payables 6 981 10 186
Total current liabilities 9 107 18 043
Non-current liabilities
Borrowings 17 953 14 888
Other liabilities 37 7
Deferred income tax liability 0 0
Total non-current liabilities 17 990 14 895
TOTAL LIABILITIES 27 096 32 938

EQUITY
Share capital at par value 20 129 14 473
Share premium 1 332 67
Reserves 2 784 2 784
Retained earnings -4 961 5 208
Net profit (loss) for the period -6 344 -10 169
Currency translation differences -747 -601
Total equity attributable to equity holders of the 12 194 11 762
parent company
Non-controlling interest 162 162
TOTAL EQUITY 12 356 11 924
TOTAL LIABILITIES AND EQUITY 39 452 44 862


Consolidated cash flow statement
(unaudited, in EEK thousand)
2010 2009
Operating activities
Operating profit (loss) -73 839 -155 310
Adjustments:
Depreciation, amortisation and impairment of PPE and 46 666 49 547
intangibles
Loss (gain) from disposal of PPE and investment property 8 107 13 119
Loss (gain) from revaluation of investment property 0 4 789
Other non-monetary expenses -4 587 4 732
Changes in working capital:
Change in trade and other receivables -953 36 727
Change in inventories 19 135 100 250
Change in trade and other payables -50 086 -50 420
Interest paid -21 769 -16 419
Income tax paid -895 -860
Net cash generated from operating activities -78 221 -13 845

Investing activities
Acquisition of property, plant and equipment, intangibles, -6 288 -101 278
thereof
Under the finance lease terms 674 3 775
Proceeds from disposal of property, plant and equipment 24 215 1 567
Investments in subsidiaries 0 -2 380
Interest received 16 15
Net cash used in investing activities 18 617 -98 301

Financing activities
Received borrowings 29 479 131 715
Repayments of borrowings -43 766 -29 289
Change in bank overdraft -19 946 -26 179
Repayments of finance lease and other liabilities -3 877 -4 675
Receipts from share issue 106 200 40 000
Transaction costs of issuing preference shares 0 -865
Dividend paid for preference shares -4 557 -337
Dividend paid -3 0
Treasury stock transactions -86 0
Bonds transactions 0 126
Net cash generated from financing activities 63 444 110 496
Effect of exchange gains (losses) on cash and cash 3 013 -997
equivalents
Total cash flows 6 853 -2 647

Cash and cash equivalents at the beginning of the period 6 024 8 671
Cash and cash equivalents at the end of the period 12 877 6 024

Change in cash and cash equivalents 6 853 -2 647


Consolidated cash flow statement
(unaudited, in EUR thousand)

2010 2009
Operating activities
Operating profit (loss) -4 719 -9 926
Adjustments:
Depreciation, amortisation and impairment of PPE and intangibles 2 983 3 167
Loss (gain) from disposal of PPE and investment property 518 838
Loss (gain) from revaluation of investment property 0 306
Other non-monetary expenses -293 302
Changes in working capital:
Change in trade and other receivables -61 2 347
Change in inventories 1 223 6 407
Change in trade and other payables -3 201 -3 222
Interest paid -1 391 -1 049
Income tax paid -57 -55
Net cash generated from operating activities -4 999 -885

Investing activities
Acquisition of property, plant and equipment, intangibles, -402 -6 473
thereof
Under the finance lease terms 43 241
Proceeds from disposal of property, plant and equipment 1 548 100
Investments in subsidiaries 0 -152
Interest received 1 1
Net cash used in investing activities 1 190 -6 282

Financing activities
Received borrowings 1 884 8 418
Repayments of borrowings -2 797 -1 872
Change in bank overdraft -1 275 -1 673
Repayments of finance lease and other liabilities -248 -299
Receipts from share issue 6 787 2 556
Transaction costs of issuing preference shares 0 -55
Dividend paid for preference shares -291 -22
Dividend paid -0,2 0
Treasury stock transactions -5 0
Bonds transactions 0 8
Net cash generated from financing activities 4 055 7 062
Effect of exchange gains (losses) on cash and cash equivalents 193 -64
Total cash flows 438 -169

Cash and cash equivalents at the beginning of the period 385 554
Cash and cash equivalents at the end of the period 823 385

Change in cash and cash equivalents 438 -169


Ülle Järv

Member of the Management Board

+372 630 2731

[email protected]


1. Baltika_ Interim report 4Q 2010.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=337860)

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