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BLT: BALTIKA'S FINANCIAL RESULTS, 1 QUARTER 2009

Spekuliantai.lt | 2009-04-28 | NASDAQ OMX biržų naujienos | perskaitė: 1162
Raktiniai žodžiai: Baltika, BLT
BLT: BALTIKA'S FINANCIAL RESULTS, 1 QUARTER 2009

Baltika Quarterly report 28.04.2009

BALTIKA'S FINANCIAL RESULTS, 1 QUARTER 2009

FINANCIAL HIGHLIGHTS, Q1 2009
- Revenue 221 million kroons (-16.9% yoy)
- Retail sales 194 million kroons (-14.2% yoy)
- Gross margin 42.9%
- Operating loss 55.1 million kroons
- Net loss 62.6 million kroons
- Sales area 13% growth yoy

In the first quarter of 2009, the Group's revenues totalled 221.0 million kroons
(14.1 million euros), a 16.9% decrease compared with a year ago. First quarter
retail revenue declined by 14.2%. At constant exchange rates, retail revenue
contracted by 5.5%. The period's gross margin was 42.9%. In Q1 2009, Baltika
Group earned operating loss of 55.1 million kroons (3.5 million euros) and net
loss of 62.6 million kroons (4.0 million euros). The Group opened five stores,
increasing its sales area by 13% yoy.

REVENUE
Revenue by business segment
--------------------------------------------------------------------------------
| EEK million | Q1 2009 | Q1 2008 | +/- |
--------------------------------------------------------------------------------
| Retail | 193.5 | 225.5 | -14.2% |
--------------------------------------------------------------------------------
| Wholesale | 27.3 | 40.1 | -32.0% |
--------------------------------------------------------------------------------
| Other | 0.2 | 0.5 | -52.2% |
--------------------------------------------------------------------------------
| Total | 221.0 | 266.1 | -16.9% |
--------------------------------------------------------------------------------

EUR 1 = EEK 15.6466

RETAIL
Owing to the overall economic downturn and a decline in consumer spending,
Baltika's first quarter retail revenue decreased by 14.2% to 193.5 million
kroons (12.4 million euros) compared with a year ago. Sales were further
undermined by the weakening of the Ukrainian, Russian, Polish and Czech
currencies against the Estonian kroon. At constant exchange rates, retail
revenue contracted by 5.5%. Comparable store revenue shrank by 18% compared with
a year ago.

The Baltic and Eastern and Central European markets followed opposite trends.
Leaving aside the opening of new stores, comparable store revenues in all the
Baltic countries slumped equally. Baltika's Eastern and Central European
markets, on the other hand, posted growth figures - in local currencies the
Ukrainian, Russian and Polish revenues for the first quarter grew by 20%, 9% and
16% respectively.

Retail sales by market
--------------------------------------------------------------------------------
| EEK million | Q1 2009 | Q1 2008 | +/- | Percentage, Q1 |
| | | | | 2009 |
--------------------------------------------------------------------------------
| Lithuania | 46.6 | 52.3 | -11% | 24% |
--------------------------------------------------------------------------------
| Estonia | 41.5 | 51.8 | -20% | 21% |
--------------------------------------------------------------------------------
| Russia | 36.7 | 40.9 | -10% | 19% |
--------------------------------------------------------------------------------
| Ukraine | 32.2 | 37.5 | -14% | 17% |
--------------------------------------------------------------------------------
| Latvia | 25.7 | 33.2 | -23% | 13% |
--------------------------------------------------------------------------------
| Poland | 7.1 | 7.7 | -8% | 4% |
--------------------------------------------------------------------------------
| Czech Republic | 3.7 | 2.1 | 76% | 2% |
--------------------------------------------------------------------------------
| Total | 193.5 | 225.5 | -14% | 100% |
--------------------------------------------------------------------------------

EUR 1 = EEK 15.6466

In terms of brands, the largest contributor is Monton that accounted for 54% of
the Group's retail sales for the first quarter of 2009. The sales of Monton
amounted to 105 million kroons (6.7 million euros), 16% down on the prior year.
Retail sales of Mosaic decreased by 11% yoy to 67 million kroons (4.3 million
euros) contributing 35% to the Group's retail revenue. Retail sales of Baltman
declined by 31% yoy to 13 million kroons (0.8 million euros). Only the sales of
the Ivo Nikkolo brand expanded (+31% yoy) in the first quarter and totalled 9
million kroons (0.6 million euros).

STORES AND SALES AREA
At the end of March 2009 the Group had 133 stores with a total sales area of
27,042 square metres. Compared with March 2008, the net growth of the retail
system was nine stores and ca 3,000 square metres as a result of which the sales
area operated by the Group increased by 13% yoy.

Stores by market
--------------------------------------------------------------------------------
| | 31.03.2009 | 31.03.2008 |
--------------------------------------------------------------------------------
| Lithuania | 33 | 29 |
--------------------------------------------------------------------------------
| Estonia | 31 | 29 |
--------------------------------------------------------------------------------
| Russia | 23 | 21 |
--------------------------------------------------------------------------------
| Ukraine | 22 | 22 |
--------------------------------------------------------------------------------
| Latvia | 16 | 16 |
--------------------------------------------------------------------------------
| Poland | 6 | 5 |
--------------------------------------------------------------------------------
| Czech Republic | 2 | 2 |
--------------------------------------------------------------------------------
| Total stores | 133 | 124 |
--------------------------------------------------------------------------------
| Total sales area, sqm | 27,042 | 23,964 |
--------------------------------------------------------------------------------

In the first quarter, Baltika opened five stores - three in Lithuania and two in
Estonia - and closed six - three in Lithuania, two in Ukraine and one in
Estonia. The main reason for the closures was the transfer of the store to a new
location in the same city. According to plan, in the second quarter ten stores
will be launched, most of them in Tallinn, Estonia, because Baltika will open
all four of its brand stores both in the Rocca al Mare shopping centre and the
office and business centre in the Baltika Quarter, which will soon be completed.

According to an agreement, in the second quarter Baltika will take over the
operation of seven stores belonging to its Russian wholesale partner in the Ural
region. The stores are located in Ekaterinburg, Ufa, Perm and Tjumen in Russia.
The takeover is aligned with the Group's strategic decisions to mitigate the
risks arising from reliance on a wholesale partner and to expand retail
operations to the Siberia-Ural region in Russia.

By the end of the first half-year, the retail area operated by Baltika Group
will grow to approximately 30,000 square metres.

WHOLESALE
First quarter wholesale revenues totalled 27.3 million kroons (1.7 million
euros), a 32.0% decrease compared with a year ago. However, the cooperation
contract signed in 2008 with one of the leading European department store chains
Peek&Cloppenburg has got off to a good start. The Mosaic collection has been
well received by the customers - new orders have been placed for the
autumn-winter season and the number of department stores offering the Mosaic
collection will be increased from 13 to 17.

In connection with the takeover of stores from the Russian wholesale partner and
the reclassification of the business involved from wholesaling to retailing, the
wholesale revenue forecast for 2009 has been lowered to 70-80 million kroons
(4.5-5.1 million euros). The initial forecast was 90-100 million kroons (5.8-6.4
million euros).

EARNINGS AND MARGINS
The Group's performance in 2009 has been strongly influenced by the economic
recession and the devaluation of currencies. The first quarter is typically
characterized by the seasonal discounts offered in January and February. Due to
a deep sales slump and higher than anticipated inventory levels, the discounts
provided in the first quarter of 2009 were larger than usual and extended over a
longer period. This had a marked impact on profitability - the gross margin for
the first quarter dropped to 42.9% (Q1 2008: 52.0%) and gross profit for the
period decreased by 31.4% to 94.9 million kroons (6.1 million euros) compared
with a year ago.

Another reason for more aggressive discounting was the need to generate
liquidity for financing purchases for the new season. In addition, margins were
adversely impacted by the devaluation of currencies that began in November 2008.
According to the exchange rates quoted by the Bank of Estonia, compared with a
year ago the average exchange rates for the first quarter weakened as follows:
the Ukrainian hryvnia 28.7%, the Polish zloty 20.2%, the Russian rouble 18.0%
and the Czech koruna 7.4%.

In the first half-year, Baltika will focus on reducing inventories and adjusting
operating expenses to the lower revenue levels. The Group has launched a
programme for cutting operating and management expenses and streamlining all
processes. The savings and rightsizing measures described below should yield
benefits in the second half of the year.

In order to reduce personnel expenses, the Group has laid off 25 people from the
head office and 40 retail staff across the markets. Effective from 1 April, the
salaries of all managers and office personnel were reduced by 10%. The logistics
centre has been transferred to shorter work time.

At production units, work will be reorganised, production lines will be
readjusted and the basis for remuneration will be changed. The number of staff
will be reduced in line with shrinkage in production volumes. By the end of the
first quarter, the Group had laid off approximately 100 production staff.
According to plan, by the end of the year one factory will be closed and all
production operations in Tallinn, Estonia, will be transferred to a single
factory. The target is to reduce labour costs in manufacturing by 20%.

In cutting the costs of the retail system, it is essential to reduce store
operating expenses including rental costs. In this area, some success has
already been achieved - in the first quarter the average store operating
expenses per square metre decreased by 15% compared with a year ago. This was
achieved by changing the basis of employee remuneration and improving work
efficiency. The Group is continuing negotiations with shopping centres regarding
its leases; the target is to reduce rental costs by up to 20%. Additionally,
some inefficient stores in the retail system will be closed.

Thanks to decisive cost-cutting, administrative and general expenses for the
first quarter decreased by 11.9% compared with a year ago and distribution costs
declined 4.3% despite growth in the sales area.

Baltika ended the first quarter of 2009 with an operating loss of 55.1 million
kroons (3.5 million euros). For comparison, operating loss for the first quarter
of 2008 amounted to 7.3 million kroons (0.5 million euros). In the first quarter
of 2008, the Group also benefited from gain on the revaluation of investment
property of 11.25 million kroons (0.7 million euros), which was recognised in
other operating income. In 2009, there has been no similar income.

Financial expenses for the first quarter grew by 93.0% to 7.3 million kroons
(0.5 million euros), mainly on account of an increase in foreign exchange
losses. The growth in borrowings expanded interest expenses by 26.2% compared
with a year ago.

The consolidated net loss for the first three months of 2009 (after tax and
minority interest) amounted to 62.6 million kroons (4.0 million euros). The loss
for the first quarter of 2008 amounted to 11.0 million kroons (0.7 million
euros).

BALANCE SHEET
At 31 March 2009, Baltika's consolidated assets amounted to 784 million kroons
(50.1 million euros), remaining at the same level as at the end of 2008.

Trade and other receivables decreased by 5 million kroons (0.3 million euros)
compared with the end of 2008, amounting to 93 million kroons (6.0 million
euros) at 31 March. Trade and other payables grew within the same period by 22
million kroons (1.4 million euros) to 230 million kroons (14.7 million euros).
At the end of March, inventories totalled 277 million kroons (17.7 million
euros), 4% down from the end of 2008.

At the end of the first quarter, the Group's borrowings totalled 322 million
kroons (20.6 million euros), comprising bank loans of 313 million kroons (20.0
million euros) and finance lease liabilities of 9 million kroons (0.6 million
euros). Compared with the end of the previous financial year, the debt burden
has grown by 49 million kroons (3.2 million euros). The rise is largely
attributable to the construction of a new office building, which is being
financed solely with a bank loan. At the end of March, borrowings related to the
construction of the office building amounted to 94 million kroons (6.0 million
euros). The new office building will be completed on schedule by the end of May
2009.

The construction loan has increased the Group's net debt (interest-bearing
liabilities less cash and bank balances) to equity ratio to 137.8%. At the end
of 2008 the corresponding figure was 88.2%.

INVESTMENT
The Group's investments for the first quarter of 2009 totalled 37.0 million
kroons/2.4 million euros (Q1 2008: 22.3 million kroons/1.4 million euros).
Investments in real estate development (phase I of the Baltika Quarter) amounted
to 31.3 million kroons (2.0 million euros), in the retail business 4.2 million
kroons (0.3 million euros) and in other activities 1.5 million kroons (0.1
million euros).

PEOPLE
At the end of March 2009, Baltika Group employed 1,902 (31 March 2008: 1,951)
people including 939 (967) in the retail business, 758 (763) in production
operations and 205 (221) in the head office. The number of people employed
outside Estonia was 756 (781), i.e., 40% of all employees. The three months'
average number of employees was 1,938 (Q1 2008: 1,956).

The Group's employee remuneration expenses for the first quarter of 2009
totalled 53.4 million kroons/3.4 million euros (Q1 2008: 56.1 million kroons/3.6
million euros). Payments made to members of the supervisory council and
management board totalled 1.05 million kroons/67 thousand euros (Q1 2008: 1.16
million kroons/74 thousand euros).

KEY FIGURES OF THE GROUP (Q1 2009)
--------------------------------------------------------------------------------
| | 31.03.2009 | 31.03.2008 | +/- |
--------------------------------------------------------------------------------
| Revenue (EEK million) | 221.0 | 266.1 | -16.9% |
--------------------------------------------------------------------------------
| Retail sales (EEK million) | 193.5 | 225.5 | -14.2% |
--------------------------------------------------------------------------------
| Share of retail sales in revenue | 88% | 85% | |
--------------------------------------------------------------------------------
| Number of stores | 133 | 124 | 7.3% |
--------------------------------------------------------------------------------
| Sales area (sqm) | 27,042 | 23,964 | 12.8% |
--------------------------------------------------------------------------------
| Number of employees (end of | 1,902 | 1,951 | -2.5% |
| period) | | | |
--------------------------------------------------------------------------------
| Gross margin | 42.9% | 52.0% | |
--------------------------------------------------------------------------------
| Operating margin | -24.9% | -2.7% | |
--------------------------------------------------------------------------------
| EBT margin | -28.2% | -4.2% | |
--------------------------------------------------------------------------------
| Net margin | -28.3% | -4.1% | |
--------------------------------------------------------------------------------
| Current ratio | 1.1 | 1.7 | -35.3% |
--------------------------------------------------------------------------------
| Inventory turnover | 4.48 | 5.18 | -13.5% |
--------------------------------------------------------------------------------
| Debt to equity ratio | 140.4% | 60.9% | |
--------------------------------------------------------------------------------
| Return on equity | -28.1% | 1.8% | |
--------------------------------------------------------------------------------
| Return on assets | -11.7% | 0.9% | |
--------------------------------------------------------------------------------

EUR 1 = EEK 15.6466

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 INCOME STATEMENT
(unaudited, in EEK thousand)
--------------------------------------------------------------------------------
| | Q1 2009 | Q1 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 221,017 | 266,056 |
--------------------------------------------------------------------------------
| Cost of goods sold | -126,091 | -127,630 |
--------------------------------------------------------------------------------
| Gross profit | 94,926 | 138,426 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution costs | -131,382 | -137,315 |
--------------------------------------------------------------------------------
| Administrative and general expenses | -11,334 | -12,862 |
--------------------------------------------------------------------------------
| Other operating income | 11 | 12,032 |
--------------------------------------------------------------------------------
| Other operating expenses | -7,319 | -7,554 |
--------------------------------------------------------------------------------
| Operating profit (loss) | -55,098 | -7,273 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income (expenses) | -7,293 | -3,778 |
--------------------------------------------------------------------------------
| Interest expenses, net | -3,122 | -2,474 |
--------------------------------------------------------------------------------
| Foreign exchange losses, net | -4,166 | -1,593 |
--------------------------------------------------------------------------------
| Other financial income (expenses), | -5 | 289 |
| net | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit (loss) before income tax | -62,391 | -11,051 |
--------------------------------------------------------------------------------
| Income tax | -151 | -443 |
--------------------------------------------------------------------------------
| Net profit (loss) | -62,542 | -11,494 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit (loss) attributable to | -62,563 | -11,023 |
| equity holders of the parent company | | |
--------------------------------------------------------------------------------
| Net profit (loss) attributable to | 21 | -471 |
| minority shareholders | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings per share, EEK | -3.36 | -0.59 |
--------------------------------------------------------------------------------
| Diluted earnings per share, EEK | -3.36 | -0.59 |
--------------------------------------------------------------------------------


CONSOLIDATED INCOME STATEMENT
(unaudited, in EUR thousand)
--------------------------------------------------------------------------------
| | Q1 2009 | Q1 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 14,126 | 17,004 |
--------------------------------------------------------------------------------
| Cost of goods sold | -8,059 | -8,157 |
--------------------------------------------------------------------------------
| Gross profit | 6,067 | 8,847 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution costs | -8,397 | -8,776 |
--------------------------------------------------------------------------------
| Administrative and general expenses | -724 | -822 |
--------------------------------------------------------------------------------
| Other operating income | 1 | 769 |
--------------------------------------------------------------------------------
| Other operating expenses | -468 | -483 |
--------------------------------------------------------------------------------
| Operating profit (loss) | -3,521 | -465 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income (expenses) | -466 | -241 |
--------------------------------------------------------------------------------
| Interest expenses, net | -200 | -158 |
--------------------------------------------------------------------------------
| Foreign exchange losses, net | -266 | -102 |
--------------------------------------------------------------------------------
| Other financial income (expenses), | 0 | 18 |
| net | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit (loss) before income tax | -3,988 | -706 |
--------------------------------------------------------------------------------
| Income tax | -10 | -28 |
--------------------------------------------------------------------------------
| Net profit (loss) | -3,997 | -735 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit (loss) attributable to | -3,999 | -704 |
| equity holders of the parent company | | |
--------------------------------------------------------------------------------
| Net profit (loss) attributable to | 1 | -30 |
| minority shareholders | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings per share, EUR | -0.21 | -0.04 |
--------------------------------------------------------------------------------
| Diluted earnings per share, EUR | -0.21 | -0.04 |
--------------------------------------------------------------------------------


CONSOLIDATED BALANCE SHEET
(unaudited, in EEK thousand)
--------------------------------------------------------------------------------
| | 31.03.2009 | 31.12.2008 |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and bank | 5,910 | 8,671 |
--------------------------------------------------------------------------------
| Trade and other receivables | 93,266 | 98,369 |
--------------------------------------------------------------------------------
| Inventories | 277,002 | 288,431 |
--------------------------------------------------------------------------------
| Total current assets | 376,178 | 395,471 |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Deferred income tax asset | 5,547 | 5,547 |
--------------------------------------------------------------------------------
| Other non-current assets | 8,460 | 6,103 |
--------------------------------------------------------------------------------
| Investment property | 165,353 | 134,098 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 169,636 | 180,580 |
--------------------------------------------------------------------------------
| Intangible assets | 58,586 | 59,604 |
--------------------------------------------------------------------------------
| Total non-current assets | 407,582 | 385,932 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 783,760 | 781,403 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | |
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings | 119,819 | 103,967 |
--------------------------------------------------------------------------------
| Trade and other payables | 230,263 | 207,946 |
--------------------------------------------------------------------------------
| Total current liabilities | 350,082 | 311,913 |
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings | 201,959 | 168,388 |
--------------------------------------------------------------------------------
| Other liabilities | 304 | 0 |
--------------------------------------------------------------------------------
| Deferred income tax liability | 2,196 | 2,196 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 204,459 | 170,584 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 554,541 | 482,497 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Share capital at par value | 186,449 | 186,449 |
--------------------------------------------------------------------------------
| Reserves | 26,133 | 26,133 |
--------------------------------------------------------------------------------
| Retained earnings | 89,953 | 108,722 |
--------------------------------------------------------------------------------
| Net profit (loss) for the period | -62,563 | -18,947 |
--------------------------------------------------------------------------------
| Currency translation differences | -13,277 | -7,165 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders | 226,695 | 295,192 |
| of the parent company | | |
--------------------------------------------------------------------------------
| Minority interest | 2,524 | 3,714 |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 229,219 | 298,906 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 783,760 | 781,403 |
--------------------------------------------------------------------------------


CONSOLIDATED BALANCE SHEET
(unaudited, in EUR thousand)
--------------------------------------------------------------------------------
| | 31.03.2009 | 31.12.2008 |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and bank | 378 | 554 |
--------------------------------------------------------------------------------
| Trade and other receivables | 5,961 | 6,287 |
--------------------------------------------------------------------------------
| Inventories | 17,704 | 18,434 |
--------------------------------------------------------------------------------
| Total current assets | 24,042 | 25,275 |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Deferred income tax asset | 355 | 355 |
--------------------------------------------------------------------------------
| Other non-current assets | 541 | 390 |
--------------------------------------------------------------------------------
| Investment property | 10,568 | 8,570 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 10,842 | 11,541 |
--------------------------------------------------------------------------------
| Intangible assets | 3,744 | 3,809 |
--------------------------------------------------------------------------------
| Total non-current assets | 26,049 | 24,666 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 50,091 | 49,941 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | |
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings | 7,658 | 6,645 |
--------------------------------------------------------------------------------
| Trade and other payables | 14,716 | 13,290 |
--------------------------------------------------------------------------------
| Total current liabilities | 22,374 | 19,935 |
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings | 12,908 | 10,762 |
--------------------------------------------------------------------------------
| Other liabilities | 19 | 0 |
--------------------------------------------------------------------------------
| Deferred income tax liability | 140 | 140 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 13,067 | 10,902 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 35,442 | 30,837 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Share capital at par value | 11,916 | 11,916 |
--------------------------------------------------------------------------------
| Reserves | 1,670 | 1,670 |
--------------------------------------------------------------------------------
| Retained earnings | 5,749 | 6,949 |
--------------------------------------------------------------------------------
| Net profit (loss) for the period | -3,999 | -1,211 |
--------------------------------------------------------------------------------
| Currency translation differences | -849 | -458 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders | 14,488 | 18,866 |
| of the parent company | | |
--------------------------------------------------------------------------------
| Minority interest | 161 | 237 |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 14,650 | 19,104 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 50,091 | 49,941 |
--------------------------------------------------------------------------------



Ülle Järv
CFO, Member of the Management Board
+372 630 2741

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