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BLT: Baltika's Unaudited Financial Results, 2 quarter 2011

Spekuliantai.lt | 2011-07-25 | NASDAQ OMX biržų naujienos | perskaitė: 908
Raktiniai žodžiai: Baltika, BLT
BLT: Baltika's Unaudited Financial Results, 2 quarter 2011

Baltika Company Announcement 25.07.2011

Baltika's Unaudited Financial Results, 2 quarter 2011

On the whole, Baltika Group's performance in the second quarter of 2011
corresponded to the company's expectations. The focus of the period was on
improving efficiency by restructuring the Group's retail network and
streamlining the internal processes. Throughout the first half-year, the
company continued to enhance its collections creation process, upgrade
inventory and discount management, aim its marketing efforts more directly at
the brands' target customers and improve customer service at the stores. Thanks
to determined streamlining, in the second quarter sales per square metre grew
by 10%, and even more in local currencies. At the same time, store operating
expenses were almost 10% smaller and costs per square metre dropped by 1.4%.

Second quarter gross margin rose to 58% (Q2 2010: 56%) and discount rates
improved significantly; the average discount rate for the second quarter was 5
percentage points smaller than a year ago. Inventory turnover increased and
although the world market saw an upsurge in raw materials prices (particularly
cotton) and cost inflation in China was substantial, the Group succeeded in
maintaining its cost to sales price ratio stable.

Sales level with the second quarter of 2010 were achieved on an 9% smaller
sales area while gross profit grew by 4% and operating expenses (distribution
and administrative expenses) declined by 6%. In the second quarter, the Group's
profit centres considerably improved their performance, all brands and
continuing retail markets generated a profit and total profit of the retail
system grew by 57% year-over-year.

Operating loss for the second quarter of 2011 was 99 thousand euros compared
with an operating loss of 511 thousand euros for the second quarter of 2010.
The current year second quarter figure includes a foreign exchange loss of 94
thousand euros while in the comparative period the Group earned foreign
exchange gain of 304 thousand euros. The second quarter of 2011 ended in a net
loss of 444 thousand euros against a net loss of 886 thousand euros for the
second quarter of 2010.

Second quarter highlights:

-- The Group continued to monitor all underperforming stores and closed its
Evropeysky store in Moscow. This will lower operating expenses in Russia
and will increase the profitability of the retail system. At the same time,
the Group opened a store in a shopping centre in Odessa, Ukraine.
-- The Group reinforced management of the Russian market by hiring a
professional with over 15 years of retailing experience.
-- The sannual general meeting that convened on 11 May 2011 decided to
increase the share capital of AS Baltika by issuing 3,150,000 additional
shares with an issue price of 1 euro each. As a sufficient quantity of
shares was not subscribed for, the company cancelled the issue. On 27 June
2011 the supervisory council resolved to increase the share capital of AS
Baltika by the issue of 4,300,000 additional registered shares with an
issue price of 0.70 euros each. The new shares are being offered to
existing and new shareholders through a public offering and can be
subscribed for from 19 July to 2 August. The shareholder KJK Fund Sicav-SIF
has signed the obligation to subscribe for 2,142,857 shares, the
shareholder E.Miroglio S.A. for 2,157,142 shares and the shareholder East
Capital Baltic Fund for 333,000 shares.

The ongoing share issue is designed to support implementation of Baltika's
adopted strategy:

-- Sales will be increased, mainly by improving the efficiency of existing
stores, opening new stores and making more active use of additional sales
channels. For this, the company will complete a refresh of the visual
identities and retail concepts of the Monton and Mosaic brands, a project
undertaken in partnership with the creative agency Dan Pearlman, and will
begin gradual refurbishment of the stores. The new retail concepts will be
applied in at least one new store in Ukraine and one in Latvia and three
stores that will be taken over from a Russian wholesale partner in the
Siberia region in Russia. In addition, the company will continue
preparations for launching the Monton e-shop (testing has been scheduled
for the fourth quarter of this year) and making new wholesale and franchise
offers (the first contracts should be signed in the first half of 2012).
Baltika will exit the Polish market in the third quarter of 2011 and
associated sales will be discontinued in august.
-- To improve management efficiency and product development and better utilise
the sales resources, a new and more effective brand and sales management
structure will be implemented in the third quarter of 2011. Baltika will
continue to operate with four brands but will centralise a number of
activities that used to be brand-based and will streamline its matrix
management structure by reducing management levels and specifying
responsibilities.
-- To raise the efficiency of its manufacturing operations, the Group will
develop a strategic development plan for its factories. This will be done
in the third quarter. Options include complete integration of the product
development and manufacturing operations and transformation of the
factories into an independent profit centre freely competing in the market.
The purpose of both options is to continue lowering the cost of conversion.

The Group anticipates current growth to continue in the following quarters and
management's target is to achieve a positive net result for the second
half-year.

REVENUE

Baltika Group ended the first half of 2011 with revenue of 24,413 thousand
euros, a 3% improvement year-over-year. Second quarter revenue was 12,642
thousand euros, a figure similar to the one achieved a year ago.

Revenue by activity

Q2 2011 Q2 2010 +/- 6M 2011 6M 2010 +/-
----------------------------------------------------------------------
Retail 12,092 11,986 1% 22,847 21,913 4%
----------------------------------------------------------------------
Wholesale 421 462 -9% 1,266 1,490 -15%
Real estate management 115 87 32% 225 172 31%
Subcontracting 6 35 -83% 60 35 71%
Other 8 21 -62% 15 28 -46%
----------------------------------------------------------------------
Total 12,642 12,591 0% 24,413 23,638 3%
----------------------------------------------------------------------

Retail

Retail revenue for the first half-year was 22,847 thousand euros, a 4% increase
year-over-year. In the first half of 2011, sales grew in Latvia (17%), Estonia
(13%) and Russia (5%).

Second quarter retail revenue amounted to 12,092 thousand euros, 1% up on the
second quarter of 2010. In the second quarter of 2011, sales grew in Estonia
and Latvia. Sales contraction in Lithuania, Ukraine, Russia and Poland is
attributable to a substantial decrease in sales area and in Ukraine also the
impact of movements in foreign exchange rates. In local currency, second
quarter Ukrainian revenues dropped by 5% while in euros the contraction was 17%
on a year-over-year basis.

Retail sales by market

Q2 2011 Q2 2010 +/- Share 6M 2011 6M 2010 +/- Share
-----------------------------------------------------------------------
Estonia 3,648 3,226 13% 30% 6,456 5,689 13% 26%
Russia 2,538 2,596 -2% 21% 5,081 4,822 5% 24%
Lithuania 2,334 2,411 -3% 19% 4,452 4,532 -2% 19%
Ukraine 1,480 1,774 -17% 12% 2,974 3,357 -11% 14%
Latvia 1,789 1,616 11% 15% 3,279 2,808 17% 14%
Poland 303 363 -17% 3% 605 705 -14% 3%
-----------------------------------------------------------------------
Total 12,092 11,986 1% 100% 22,847 21,913 4% 100%

Stores and sales area

As at the end of the first half of 2011, Baltika had 116 stores in six
countries with a total sales area of 23,582 square metres, which is 12 stores
and 2,148 square metres less than at the end of the first half of 2010. In the
first half of 2011 one new store was opened in Ukraine and five stores were
closed: two in Lithuania and Russia and one in Ukraine.

Stores by market

30 June 2011 30 June 2010 Change in period-end sales
area
--------------------------------------------------------------------------------
Estonia 30 31 1%
Lithuania 29 35 -16%
Russia 21 22 -6%
Ukraine 17 20 -16%
Latvia 15 15 1%
Poland 4 5 -16%
--------------------------------------------------------------------------------
Total number of 116 128
stores
--------------------------------------------------------------------------------
Total sales area, sqm 23,582 25,730 -8%

The number of stores and the sales area have decreased on account of
restructuring undertaken in the retail system with a view to improving
operating efficiency. The Group continues to monitor underperforming stores and
will improve their results by various activities. However, to date the store
network has in all material respects been streamlined and no major closures are
planned (except for the closure of four stores in Poland).

The efficiency of the retail system is reflected by sales per square metre. The
indicator has improved notably across all markets except Poland where the
closure of four stores is coming to an end. The strongest growth was achieved
in the Lithuanian market that was hit by the downturn after the other Baltic
markets and also regained growth later than the others. Estonia and Latvia are
posting stable growth figures and second quarter growth in Ukraine and Russia
(15% and 8% in local currency respectively) may also be considered
satisfactory. However, due to unfavourable fluctuations in foreign exchange
rates, euro-based growth rates are considerably smaller.

Sales efficiency by market

Q2 2011 Q2 2010 +/- 6M 2011 6M 2010 +/-
-------------------------------------------------------
Estonia 206 184 12% 183 162 13%
Russia* 181 176 3% 173 161 7%
Lithuania 140 119 18% 133 111 20%
Ukraine* 150 149 1% 151 138 9%
Latvia 182 166 10% 167 146 14%
Poland 100 100 0% 100 97 3%
-------------------------------------------------------
Total 170 154 10% 159 140 14%

* In local currency, second quarter sales efficiency grew by 8% in Russia and
15% in Ukraine while the respective figures for the first half-year were 8% and
16%.

Brands

In terms of brands, the largest share of Baltika's retail revenue is generated
by Monton whose retail sales for the first half-year accounted for 53% of the
Group's retail revenue for the first half-year. Mosaic contributed 32% ,
Baltman 8% and Ivo Nikkolo 7%.

Retail revenue by brand

In thousands of Q2 2011 Q2 2010 +/- Share 6M 6M 2010 +/- Share
euros 2011
--------------------------------------------------------------------------------
Monton 6,531 6,222 5% 54% 12,171 11,447 6% 53%
Mosaic 3,823 4,076 -6% 32% 7,240 7,436 -3% 32%
Baltman 996 908 10% 8% 1,806 1,597 13% 8%
Ivo Nikkolo 732 768 -5% 6% 1,614 1,386 16% 7%
Others 10 12 -17% 0% 16 47 -66% 0%
--------------------------------------------------------------------------------
Total 12,092 11,986 1% 100% 22,847 21,913 4% 100%

Monton and Batman continued to post strong growth figures: their second quarter
growth rates were 5% and 10% respectively. Second quarter sales of Ivo Nikkolo
and Mosaic decreased year-over-year but mainly because of the closure of
stores, i.e. shrinkage in sales area. All brands improved their efficiency
indicators compared with the previous year, which may be attributed to
stabilisation in the economic environment and consumer demand as well as
effective streamlining of the retail system.

Sales efficiency and change in average sales area by brand

Q2 Q2 +/- Change in 6M 6M2010 +/- Change in
2011 2010 average area 2011 average area
--------------------------------------------------------------------------------
Monton 161 141 14% -8% 148 128 16% -8%
Mosaic 163 161 1% -8% 153 145 6% -8%
Baltman 288 224 28% -15% 262 197 33% -15%
Ivo 226 203 11% -14% 243 191 27% -8%
Nikkol
o
--------------------------------------------------------------------------------
Total 171 155 10% -9% 160 141 14% -8%
--------------------------------------------------------------------------------

Thanks to a successful spring-summer collection, active marketing and improved
visual communication, Monton, which is the largest brand in terms of revenue,
was able to improve its second quarter sales efficiency by a strong 14% (on a
year-over-year basis).

The second-largest brand, Mosaic, posted a 1% improvement in sales efficiency.
The figure is smaller because target customer spending in Ukraine and Russia
recovered more slowly than expected and movements in foreign exchange rates
were unfavourable. The purchasing behaviour of Mosaic's target customers
becomes more active during periods of special offers and discounts. This is
particularly true about Ukraine but also Russia. In the Baltic countries, the
impact of discounts is the strongest in Lithuania. Nevertheless, the discount
rates of the second quarter and consequently the first half-year improved
considerably.

In the second quarter, Mosaic's menswear collection posted excellent sales
figures. This as well as Baltman's strong performance was achieved thanks to
improvement of the collection creation process and affirms men's return to the
stores and a rise in their purchasing activity.

Baltman's second quarter sales per square metre grew by 28% year-over-year,
reflecting the success of the collection, better planning and the economic
recovery of the markets (particularly in Estonia and Latvia). The spring and
summer of 2011 have been a tough time for selling men's outerwear because
spring was very short. However, this was counterbalanced by outstanding results
in Baltman's primary clothing categories - suits, jackets and shirts.

Strong results were also achieved in the sale of Baltman's special-order suits
that generated revenue of 28 thousand euros, a roughly three-fold improvement
on the previous year. Thus, special-order sales accounted for 3% of the brand's
total retail revenue, which corresponds to the brand's long-term strategic
objectives.

Ivo Nikkolo performed well in the first half-year. In the second quarter, sales
per square metre grew by 11%. Due to the main focus of the collection -
business and outerwear - in the second half of the season demand decreased
somewhat and growth remained below the exceptionally high figure achieved in
the first quarter.

Wholesale

Baltika's wholesale revenue for the first half-year amounted to 1,266 thousand
euros, 15% down from the first half of 2010. At the same time, wholesale
revenue to comparable customers grew by 18%. In the first half of 2010, 28% of
the Group's wholesale revenue was generated by the products of AS Virulane
whose brands have to date been divested.

The largest sales growth was achieved in Western and Eastern European markets
in connection with the acceptance of the Group's products to an increasing
number of Peek & Cloppenburg department stores. If in the beginning of 2010
Mosaic was represented at 30 Peek & Cloppenburg department stores, to date the
brand has penetrated a further 10 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.

Wholesale to Stockmann has increased in connection with the opening of
Stockmann's new stores in the Russian market (particularly the flagship store
in St Petersburg).

FINANCIAL PERFORMANCE

Distribution expenses for the second quarter decreased by 8% to 6,535 thousand
euros. The retail system's store operating expenses were almost 10% smaller
than in the previous year and costs per square metre decreased by around 1.4%.
The positive trend in cost development results from the restructuring of the
store network, particularly the closure of Europeysky, the Group's flagship
store in Moscow, at the beginning of April. Comparable market and store
operating expenses have grown somewhat because in the previous year several
lease contracts were granted crisis-induced price concessions which to date
have expired. Economic recovery in Baltika's target markets has increased
pressure on lease and labour expenses but the Group considers cost control a
priority and continues to scrutinise its expenses.

Administrative and general expenses for the second quarter have grown compared
with the second quarter of 2010 mostly because of a rise in salary expenses
(the Group has hired some new professionals with long-term international
experience including the manager of retail operations and visual merchandising)
and banking charges. Other operating income and other operating expenses for
the second quarter were influenced by unfavourable movements in foreign
exchange rates. Other operating income and other operating expenses for the
second quarter of 2011 include a foreign exchange loss of 94 thousand euros
whereas in the first quarter of 2010 the items included foreign exchange gain
of 304 thousand euros.

The Group's gross profit for the second quarter of 2011 was 7,315 thousand
euros, a 4% increase year-over-year on a sales area that was 8% smaller on
average. The vigorous growth may be attributed to a higher gross margin. The
Group's gross margin for the second quarter was 58% (Q2 2010: 56%).

Second quarter operating loss from the core business was 99 thousand euros
compared with 511 thousand euros incurred in the second quarter of 2010.

Operating loss for the first half-year was 2,194 thousand euros compared with
2,514 thousand euros for the first half of 2010. The figure for the previous
year was improved by the divestment in the first quarter of the MasCara and
Herold brands of AS Virulane and the sale of some items of property, plant and
equipment that yielded 256 thousand euros. In addition, in the first half of
2010 movements in foreign exchange rates had a positive impact and Baltika
Group earned foreign exchange gain of 840 thousand euros in contrast to a
foreign exchange loss of 269 thousand euros incurred in the first half of 2011.

The Group's finance costs for the second quarter of 2011 were 332 thousand
euros, a 10% decrease year-over-year. The largest finance cost item was
interest expense. At the end of the second quarter of 2011, the weighted
average loan interest rate for the Group's loan portfolio was 6.40% (Q2 2010:
5.66%).

Baltika Group ended the second quarter of 2011 with a net loss of 444 thousand
euros. The net loss for the second quarter of 2010 was 886 thousand euros.

FINANCIAL POSITION

At 30 June 2011, Baltika Group had total assets of 39,867 thousand euros, 1% up
on 31 December 2010.

Trade and other receivables remained stable compared with the previous
year-end, totalling 2,963 thousand euros at the end of the quarter. Trade
receivables decreased by 5% to 1,194 thousand euros. The net amount of trade
receivables includes the allowance for doubtful receivables of 34 thousand
euros.

At the end of the second quarter, inventories totalled 12,887 thousand euros,
an increase of 2,083 thousand euros, i.e. 19% compared with the previous
year-end. Above all, the Group has increased purchases of fabric and other
materials so as to be able to respond flexibly to customer expectations and
prepare for larger sales in the third quarter. Inventory turnover rate has also
improved compared with the previous year.

Trade payables as at the end of the second quarter totalled 9,538 thousand
euros, an increase of 2,557 thousand euros on the year-end figure. The rise is
attributable to growth in inventory purchases.

At the end of the second quarter, the Group's net debt (interest-bearing
liabilities less cash and bank balances) was 19,654 thousand euros. The net
debt to equity ratio was 201%. The Group's equity as at 30 June 2011 amounted
to 9,773 thousand euros.

INVESTMENT

Baltika Group did not make any major investments in the second quarter of 2011.

PEOPLE

At 30 June 2011, Baltika Group employed a total of 1,420 people (31 December
2010: 1,419): 808 (799) in the retail system, 432 (442) in manufacturing and
180 (178) at the head office and logistics centre. The period's average number
of staff was 1,406 (6M 2010: 1,602).

Employee remuneration expenses for the first half of 2011 totalled 5,258
thousand euros (6M 2010: 5,238 thousand euros). The remuneration of the members
of the supervisory council and management board totalled 154 thousand euros (6M
2010: 152 thousand euros).

ANNUAL GENERAL MEETING

The annual general meeting of the shareholders of AS Baltika that convened on
11 May 2011 approved the company's annual report for 2010 and decided to pay
the holders of preference shares dividends as provided in the articles of
association. In addition, the general meeting decided to cancel four million
preference shares and to replace them with registered ordinary shares and to
increase share capital by 40,000 thousand kroons.

Preference shares were cancelled and registered ordinary shares were issued in
accordance with Section 12 Subsection 2 Clause 3 of the Securities Market Act
to the following investors:

ING LUXEMBOURG S.A.
2,346,990 ordinary shares;

AS Genteel
977,837 ordinary shares;

OÜ Renum Invest
400,000 ordinary shares;

OÜ BMIG
125,173 ordinary shares;

TENLION OÜ
150,000 ordinary shares;

TOTAL
4,000,000 ordinary shares.

The annual general meeting decided to change the articles of association so
that it would be possible to convert share capital and the par value of the
shares from kroons to euros and to increase share capital in connection with
this without making any additional contributions (through a bonus issue) by
1,917,518 euros. The conversion of the capital to euros does not affect the
rights attaching to the shares or the ratio of the par values of the shares to
share capital.

The change in share capital was registered in the Commercial Register on 30 May
2011. The new amount of share capital is 22,046,395 euros. The company has
registered ordinary shares of one class with a par value of 0.70 euros each.

The annual general meeting appointed PricewaterhouseCoopers as the auditor of
the company's financial statements for 2011.

In addition, the annual general meeting decided to increase the share capital
of AS Baltika by issuing 3,150,000 additional registered ordinary shares with a
par value of 0.70 euros and an issue price of one euro each. Share premium was
to amount to 0.30 euros per share. The new shares were offered to existing and
new investors through a public offering. As investors did not subscribe for a
sufficient quantity of shares, the company cancelled the share issue.

On 27 June the supervisory council decided to increase the share capital of AS
Baltika by the issue of 4,300,000 registered ordinary shares with a par value
of 0.70 euros and an issue price of 0.70 euros each. The new shares are being
offered to existing and new investors through a public offering and they can be
subscribed for from 19 July to 2 August.

KEY FIGURES OF THE GROUP (H1 2011)

30 June 2011 30 June 2010 +/-
Revenue (EUR thousand) 24,413 23,638 3.3%
Retail sales (EUR thousand) 22,847 21,913 4.3%
Share of retail sales in revenue 94% 93%
Number of stores 116 128 -9.4%
Sales area (sqm) 23,582 25,730 -8.3%
Number of employees (end of period) 1,420 1,520 -6.6%
Gross margin 54.1% 51.4%
Operating margin -9.0% -10.6%
EBT margin -11.5% -12.2%
Net margin -11.5% -12.3%
Current ratio 1.3 1.1 20.1%
Inventory turnover 4.89 4.25 15.2%
Debt to equity ratio 207.3% 130.5%
Return on equity -51.3% -60.8%
Return on assets -15.5% -15.3%

Definitions of key ratios

Gross margin = (Revenue-Cost of goods sold)/Revenue

Operating margin = Operating profit/Revenue

EBT margin = Profit before income tax/Revenue

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

Current ratio = Current assets/Current liabilities

Inventory turnover = Revenue/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 statement of financial position

30 June 2011 31 Dec 2010
ASSETS
Current assets
Cash and bank 602 823
Trade and other receivables 2,963 3,119
Inventories 12,887 10,804
Total current assets 16,452 14,746
Non-current assets
Deferred income tax asset 838 838
Other non-current assets 775 780
Investment property 7,069 7,069
Property, plant and equipment 10,982 12,121
Intangible assets 3,751 3,898
Total non-current assets 23,415 24,706
TOTAL ASSETS 39,867 39,452

EQUITY AND LIABILITIES
Current liabilities
Borrowings 2,910 2,125
Trade and other payables 9,538 6,981
Total current liabilities 12,448 9,106
Non-current liabilities
Borrowings 17,642 17,953
Other liabilities 4 37
Total non-current liabilities 17,646 17,990
TOTAL LIABILITIES 30,094 27,096

EQUITY
Share capital at par value 22,046 20,129
Share premium 22 1,332
Reserves 2,244 2,784
Retained earnings -11,305 -4,961
Net loss for the period -2,808 -6,344
Currency translation differences -588 -746
Total equity attributable to equity holders of the 9,611 12,194
parent
Non-controlling interest 162 162
TOTAL EQUITY 9,773 12,356
TOTAL LIABILITIES AND EQUITY 39,867 39,452



Consolidated statement of comprehensive income

Q2 2011 Q2 2010 6M 2011 6M 2010

Revenue 12,642 12,591 24,413 23,638
Cost of goods sold -5,327 -5,564 -11,207 -11,487
Gross profit 7,315 7,027 13,206 12,151

Distribution costs -6,535 -7,103 -13,563 -14,051
Administrative and general expenses -751 -634 -1,494 -1,341
Other operating income -3 298 3 885
Other operating expenses -125 -99 -346 -158
Operating loss -99 -511 -2,194 -2,514

Finance income -6 22 15 233
Finance costs -332 -369 -619 -599

Loss before income tax -437 -858 -2,798 -2,880

Income tax expense -7 -28 -10 -32

Net loss -444 -886 -2,808 -2,912
Loss attributable to:
Equity holders of the parent company -444 -883 -2,808 -2,925
Non-controlling interest 0 -3 0 13


Other comprehensive income (loss)
Currency translation differences 26 -151 158 -122

Total comprehensive income (loss) -418 -1,037 -2,650 -3,034
Comprehensive income (loss) attributable to:
Equity holders of the parent company -418 -1,034 -2,650 -3,047
Non-controlling interest 0 -3 13


Basic earnings per share, EUR -0.02 -0.05 -0.10 -0.15
Diluted earnings per share, EUR -0.02 -0.05 -0.10 -0.15

Maigi Pärnik

CFO, Member of the Management Board

+372 630 2731

maigi.parnik@baltikagroup.com

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