Komentarai Siųsti draugui Spausdinti Vertinimas Neįvertintas

SFG: Consolidated interim report for Q2 and 6 months 2010

Spekuliantai.lt | 2010-08-11 | NASDAQ OMX biržų naujienos | perskaitė: 1514
Raktiniai žodžiai: AS Silvano Fashion Group, SFG
SFG: Consolidated interim report for Q2 and 6 months 2010

Silvano Fashion Group Quarterly report 11.08.2010

Consolidated interim report for Q2 and 6 months 2010

Management Report

Business results

From the beginning of the year the Group's major markets have continued to
recover. Economic situation in Russia, the Group's key market, is improving. The
consumers' purchasing power is improving and unemployment rate is decreasing;
Russian Rouble strengthened against USD and Euro (weighted average growth of the
Russian Rouble was 9.4% against a multi-currency basket since the beginning of
the year). Oil and gas prices continue to support the fulfilment of Russian
budget. As a result, retail sales in the end customer market have been growing
since the end of 2009. The Group's sales in Russia in H1 2010 were 28.7% above
respective period in prior year.

In Ukraine, presidential elections in February brought certain stability and
alleviated some of the uncertainty that existed in the market. The signs of
Ukrainian economy recovery are not as strong as in Russia; however, the recovery
currently appears to be gaining momentum.

The Belarusian market has been stable during 2009 and has not weakened in H1
2010. The Belarusian economy's GDP growth is forecast at a 12% rate for 2010. In
Q2 2010 retail operations in Belarus demonstrated an increase of 59.6% in local
currency terms and 60.1% in EUR terms as compared to Q2 2009.

Despite the difficult situation that remains prevalent in the Baltics, where
economy suffered the most in 2009, Lauma Lingerie's Q2 2010 sales in the Baltic
countries increased by 59.9 % as compared to Q2 2009.

In general, H1 2010 sales level and market situation confirmed management
forecast of business recovery. Q2 2010 sales demonstrated a 30.8% increase as
compared to Q2 2009.

The opinion of the management of the Group is that after a significant drop in
2008 the markets have entered into the stabilization phase and that consumers
have adjusted their purchasing patterns to the new market conditions. Based on
H1 2010 sales and orders collected for H2 2010, the management estimates 2010
sales growth at around 20% on annual basis.

At the end of the reporting period the Group and its franchising partners
operated 369 Milavitsa and Lauma lingerie outlets, including 49 stores operated
directly by the Group and the rest by franchising partners. The Group's retail
focus has been shifted towards the promotion and support of franchising in
cooperation with existing and new partners.

Financial performance

The Group's sales from continuing operations amounted to EEK 731,682 thousand
(EUR 46,763 thousand) in H1 2010, representing a 28.6% increase as compared to
the respective period in the previous year. Overall wholesale sales from
continuing operations increased by 42.4%, while retail sales from continuing
operations presented a decrease of 11.0%, mainly due to closures of
underperforming stores and the restructuring of the Group's distribution model
that was carried out by the management in 2009. Decrease in retail sales is thus
in line with management expectations and follows the restructuring decisions
taken in 2009 when loss-making own retail operations in Russia were gradually
discontinued. As the result, the proportion of retail sales in total sales
decreased by 7.7% and came at 17.2% of total sales in H1 2010.

The Group's gross margin from continuing operations in the 6 months' period
decreased and was 40.6%, as compared to 44.7% in the respective period in the
previous year. Decrease in gross margin is mainly explained by higher customs
duties on materials imported by the Group from the EU after Belarus joining the
Customs Union with Russia and by the decline of the proportion of retail sales
in total sales.

The consolidated operating profit from continuing operations amounted to EEK
139,725 thousand (EUR 8,930 thousand), compared to EEK 30,775 thousand (EUR
1,967 thousand) in H1 2009. The consolidated operating margin from continuing
operations was 19.1% (5.4% in H1 2009). The operating profit and the operating
margin in 2009 were adversely influenced by one-off expenses.

Consolidated net profit from foreign exchange rate fluctuations amounted to EEK
13,221 thousand (EUR 845 thousand) in H1 2010 and was mainly accrued in Q1 2010
and related to the intra-croup borrowings in EUR and USD. Consolidated net loss
from foreign exchange rate fluctuations amounted to EEK 7,198 thousand (EUR 460
thousand) in Q2 2010 and related to foreign exchange rate fluctuation loss of SP
ZAO Milavitsa caused by a temporary appreciation of Belarusian Rouble in Q2 2010
while the asset balances of the company were denominated in foreign currencies.

Effective tax rate in Q2 2010 and H1 2010 amounted to 19.2% and 22.2%
respectively and improved significantly as compared to the respective periods in
the previous year. While statutory tax rates in Belarus and Russia remained
unchanged the improvement of the effective tax rate is caused by the terminated
loss making operations, lowering the profitability of the Group's largest
subsidiary SP ZAO Milavitsa and use of tax loss of prior years in Russia.
Consolidated net profit from continuing operations attributable to equity
holders amounted to EEK 96,555 thousand (EUR 6,171 thousand) in H1 2010,
compared to net loss of EEK 15,772 thousand (EUR 1,008 thousand) in H1 2009; net
margin from continuing operations attributable to equity holders was 13.2% (up
from a negative margin of 2.8% in H1 2009).

In H1 2010, the Group's return on equity amounted to 17.3% (-9.1% in H1 2009)
and return on assets was 10.4% (-5.1% in H1 2009).

Financial position

As of 30 June 2010 consolidated assets amounted to EEK 1,000,241 thousand (EUR
63,927 thousand) representing an increase of 17.6% as compared to the position
as of 31 December 2009.

Property, plant and intangibles balances increased by EEK 7,588 thousand
(EUR 485 thousand) as compared to 31 December 2009, the key reason being the
impact of the foreign exchange rate in the amount of EEK 19,088 thousand (EUR
1,220 thousand) which is explained by BYR asset base value increase in EUR terms
as of 30 June 2010 as compared to the beginning of the year. Depreciation and
amortisation charge for the period amounted to EEK 13,707 thousand (EUR 876
thousand).

Trade receivables increased by EEK 55,234 thousand (EUR 3,530 thousand) as
compared to 31 December 2009 and amounted to EEK 186,852 thousand (EUR 11,942
thousand) as of 30 June 2010. Inventory balance decreased by EEK 4,615 thousand
(EUR 295 thousand) and amounted to EEK 261,674 thousand (EUR 16,724 thousand) as
of 30 June 2010. Increase in trade debtors and decrease in stock balance was in
line with the seasonality trend of the business.

Foreign exchange fluctuations had a positive impact on the Group's equity, in
the form of a positive change in the currency translation reserve in the amount
of EEK 37,818 thousand (EUR 2,417 thousand) for H1 2010. Equity attributable to
equity holders increased by EEK 134,373 thousand (EUR 8,588 thousand) and
amounted to EEK 624,229 thousand (EUR 39,896 thousand) as of 30 June 2010.

Current liabilities decreased by EEK 18,289 thousand (EUR 1,169 thousand) in H1
2010, in line with management expectations.

The liquidity position of the Group improved in H1 2010 with respect to the
total balance of borrowings and related maturities. Current and non-current
loans and borrowings decreased by EEK 20,982 thousand (EUR 1,341 thousand) to
EEK 7,260 thousand (EUR 464 thousand) as of 30 June 2010. Loans received and
loans repaid in H1 2010 amounted to EEK 8,308 thousand (EUR 531 thousand) and
EEK 29,588 thousand (EUR 1,891 thousand) respectively, including finance lease
liabilities repaid in the amount of EEK 751 thousand (EUR 48 thousand). In Q2
2010 the Group settled an overdraft facility of AS Lauma Lingerie that amounted
to EEK 14,473 thousand (EUR 925 thousand) as of 31 March 2010.

In 2009 the Group divested its loss making apparel business line through the
sale of shares in its former 100% subsidiary PTA Grupp AS. At the date of
disposal the Group had outstanding guarantees issued to Danske Bank A/S Estonian
branch securing certain borrowings and guarantee limits of PTA Grupp AS. As of
30 June 2010 PTA Grupp AS's balance of borrowings and guarantees from Danske
Bank A/S Estonian branch that were secured by a surety provided by SFG amounted
respectively to EEK 6,916 thousand (EUR 442 thousand) and EEK 3,567 thousand
(EUR 228 thousand).

Tax liabilities and other payables, including payables to employees, amounted to
EEK 81,528 thousand (EUR 5,210 thousand). Provisions amounted to EEK 7,604
thousand (EUR 486 thousand) as of 30 June 2010 and included residual provisions
for the restructuring of Russian retail operations in the amount of EEK 735
thousand (EUR 47 thousand). Majority of Russian retail restructuring initiatives
were finalized in Q2 2010 and the management does not anticipate any further
provisions or write-offs related to Russian retail operations.

Sales

Sales by business segments


--------------------------------------------------------------------------------
| | 6 | 6 | Change | 6 | 6 | Change | 6 | 6 |
| | month | months | EEK | months | months | EUR | months | months |
| | s | 2009 | thousa | 2010 | 2009 | thousa | 2010 | 2009 |
| | 2010 | EEK | nd | EUR | EUR | nd | percen | percen |
| | EEK | thousa | | thousa | thousa | | tage | tage |
| | thous | nd | | nd | nd | | from | from |
| | and | | | | | | sales | sales |
--------------------------------------------------------------------------------
| Whole | 602,1 | 422,95 | 179,15 | 38,482 | 27,032 | 11,450 | 82.3% | 74.3% |
| sale | 12 | 8 | 4 | | | | | |
--------------------------------------------------------------------------------
| Retai | 126,0 | 141,63 | -15,63 | 8,053 | 9,052 | -999 | 17.2% | 24.9% |
| l | 02 | 3 | 1 | | | | | |
--------------------------------------------------------------------------------
| Other | 3,568 | 4,475 | -907 | 228 | 286 | -58 | 0.5% | 0.8% |
| opera | | | | | | | | |
| tions | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 731,6 | 569,06 | 162,61 | 46,763 | 36,370 | 10,393 | 100.0% | 100.0% |
| | 82 | 6 | 6 | | | | | |
--------------------------------------------------------------------------------

Sales by markets
In H1 2010, the Group focused mainly on the Baltic, Russian, Belarusian and
Ukrainian markets.

Total sales by markets

--------------------------------------------------------------------------------
| | 6 | 6 | Change | 6 | 6 | Change | 6 | 6 |
| | month | months | EEK | months | months | EUR | months | months |
| | s | 2009 | thousa | 2010 | 2009 | thousa | 2010 | 2009 |
| | 2010 | EEK | nd | EUR | EUR | nd | percen | percen |
| | EEK | thousa | | thousa | thousa | | tage | tage |
| | thous | nd | | nd | nd | | from | from |
| | and | | | | | | sales | sales |
--------------------------------------------------------------------------------
| Russi | 429,8 | 334,11 | 95,726 | 27,472 | 21,354 | 6,118 | 58.7% | 58.7% |
| a | 44 | 8 | | | | | | |
--------------------------------------------------------------------------------
| Belar | 188,3 | 144,71 | 43,607 | 12,036 | 9,249 | 2,787 | 25.7% | 25.4% |
| us | 22 | 5 | | | | | | |
--------------------------------------------------------------------------------
| Balti | 41,80 | 30,589 | 11,219 | 2,672 | 1,955 | 717 | 5.7% | 5.4% |
| cs | 8 | | | | | | | |
--------------------------------------------------------------------------------
| Ukrai | 37,09 | 29,541 | 7,557 | 2,371 | 1,888 | 483 | 5.1% | 5.2% |
| ne | 8 | | | | | | | |
--------------------------------------------------------------------------------
| Other | 34,61 | 30,103 | 4,507 | 2,212 | 1,924 | 288 | 4.8% | 5.3% |
| marke | 0 | | | | | | | |
| ts | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 731,6 | 569,06 | 162,61 | 46,763 | 36,370 | 10,393 | 100.0% | 100.0% |
| | 82 | 6 | 6 | | | | | |
--------------------------------------------------------------------------------

The majority of lingerie sales revenue in H1 2010 in the amount of EEK 429,844
thousand (EUR 27,472 thousand) was generated in the Russian market, accounting
for 58.7% of all lingerie sales in H1 2010 as compared to EEK 334,118 thousand
(EUR 21,354 thousand) in H1 2009. Sales in Russia comprise both retail sales and
wholesale. The second largest region for lingerie sales was Belarus, where sales
reached EEK 188,322 thousand (EUR 12,036 thousand), contributing 25.7% of
lingerie sales (both retail and wholesale) as compared to EEK 144,715 thousand
(EUR 9,249 thousand) in H1 2009.

Although still affected by the economic situation, sales in the major markets
demonstrated a positive trend in terms of pieces sold in H1 2010 as compared to
the respective period in 2009.

The most considerable sales growth took place on the Russian and Ukranian
markets, while Belarussian operations were relatively stable showing a slight
increase. Overall sales results in 6 months were slightly above management's
expectations after a difficult Q4 2009.

Changes in the sales strategy introduced by Milavitsa in late 2009 were
implemented in H1 2010 in Russia and Ukraine. The Group's aims to increase
control over its distribution and its organizational structure have been
adjusted accordingly.

To support the growth of sales, Milavitsa continued conducting additional
marketing activities in Belarus, Ukraine and Russia and implementing supportive
measures in the opening of new franchised stores. Joint programs with dealers
and distributors were continued in H1 2010 in the fields of marketing and
franchising.

Lauma Lingerie experienced a sharp recovery in sales in their major markets
after being affected by the crisis. A new sales and marketing manager with
considerable experience in the industry has recently joined the company.
In terms of lingerie brands, the sales of “Milavitsa” core brand accounted for
73.3% of total lingerie sales revenue in H1 2010 (H1 2009: 76.2%) and amounted
to EEK 533,705 thousand (EUR 34,110 thousand). The sales of “Lauma Lingerie”
core brand accounted for 8.1% of total lingerie sales (H1 2009: 5.2%) and
amounted to EEK 58,972 thousand (EUR 3,769 thousand). Other brands such as
“Alisee”, “Aveline”, “Hidalgo” and “Laumelle” comprised 18.6% of total lingerie
sales in H1 2010 (H1 2009: 18.6%), amounting to EEK 135,437 thousand (EUR 8,656
thousand).

Wholesale

In H1 2010, wholesale revenue amounted to EEK 602,112 thousand (EUR 38,482
thousand), representing 82.3% of the Group's total revenue (H1 2009: 74.3%). The
main wholesale regions were Russia, Belarus, Ukraine and the Baltic States.
Gradual improvements in sales were observed already in Q1 2010 despite the
expectations of the difficult start of the year. Wholesale results in Q2
continued improving compared to the same period of 2009 demonstrating a positive
trend.

Additional activities were introduced in the non-core markets targeted at the
diversification of the Group's sales towards the western European countries.
Some markets will be approached through sales agents, while others will be
served by local dealers. The Group will also seek private label production
opportunities where practical.

Retail operations

Total lingerie retail sales of the Group in H1 2010 amounted to EEK 126,002
thousand (EUR 8,053 thousand), representing a 11.0% decrease as compared to H1
2009.

Retail operations were conducted in Belarus, Russia and Latvia. At the end of H1
2010 the Group operated 49 own retail outlets with a total area of 4,126 square
meters. As of 30 June 2010, there were 310 Milavitsa branded shops operated by
Milavitsa trading partners in Russia, Belarus, Ukraine, Moldavia, Kazakhstan,
Uzbekistan, Kirgizstan, Latvia, Azerbaijan, Armenia, and Cyprus, of which 47
shops were opened in H1 2010. Some underperforming shops were closed or
relocated. Additionally, as of 30 June 2010, there were 10 Lauma Lingerie retail
outlets operated by Lauma Lingerie trading partners in Lithuania, Latvia,
Estonia and Russia, of which 6 were opened in H1 2010.
In 6 months 2010 6 new own lingerie stores were opened, including 2 under
Milavitsa brand name in Belarus and 4 stores under Lauma Lingerie brand name in
Latvia. Three underperforming stores were closed in Russia and 18 stores were
transferred to Milavitsa's trading partners in the course of the strategy to
shift focus from own retail chain towards the development of Milavitsa franchise
network, thus terminating the loss making own retail operations in Russia.

Number of own stores as of:

--------------------------------------------------------------------------------
| | 30.06.2010 | 31.12.2009 |
--------------------------------------------------------------------------------
| Latvia | 9 | 5 |
--------------------------------------------------------------------------------
| Belarus | 40 | 38 |
--------------------------------------------------------------------------------
| Russia | 0 | 21 |
--------------------------------------------------------------------------------
| Total stores | 49 | 64 |
--------------------------------------------------------------------------------
| Total sales area, sq m | 4,126 | 5,523 |
--------------------------------------------------------------------------------

A number of sales promotions were conducted in the Milavitsa retail chain in
Belarus. Own retail operations in Belarus remain one of the key priorities for
the Group's further sales development in the country. Overall retail operations
in the country demonstrated a 47.6% growth in local currency terms and a 40.0%
growth in EUR terms as compared to the same period in 2009 mainly due to the
number of new shops opened in the recent year. Sales per square meter in the
like-for-like shops have increased as well due to high sales in May and June.

In the Baltics, retail sales decreased by 52.6% as compared to H1 2009 and
amounted to EEK 5,445 thousand (EUR 348 thousand). Decrease in sales in the
Baltics is explained by the divestment of Lithuanian retail operations in
November 2009.

In respect of lingerie retail in Russia the strategic decision to shift focus
from own retail chain towards the development of Milavitsa franchise network was
made in H2 2009, that resulted in the termination of the loss making own retail
operations in Russia. As the result, the Group's own Oblicie stores were
rebranded to Milavitsa and a transfer of stores to Milavitsa's trading partners
commenced while non-performing stores were closed. During H1 2010 all 21
remaining stores were either transferred to trading partners or closed. As of 30
June 2010 the Group didn't operate any own retail stores in Russia. Certain
structural and management changes have been made in the Group's Russian
operations (including the establishment of a separate franchise department) to
implement the selected franchise development strategy.

Own stores by concept

--------------------------------------------------------------------------------
| Market | Milavitsa | Lauma | Total | Sales area, |
| | stores | Lingerie | | sq m |
| | | stores | | |
--------------------------------------------------------------------------------
| Belarus | 40 | 0 | 40 | 3,566 |
--------------------------------------------------------------------------------
| Latvia | 0 | 9 | 9 | 560 |
--------------------------------------------------------------------------------
| Total | 40 | 9 | 49 | 4,126 |
--------------------------------------------------------------------------------

Discontinued operations

Discontinued operations' reported results in H1 2009 include operations of PTA
(apparel business line) for H1 2009. Results of PTA operations are presented in
the consolidated income statement as a single line item under ‘Loss from
discontinued operations'.

Production, sourcing, purchasing and logistics

Due to the high demand on the market, similarly to Q1 2010, in Q2 2010 the
Group's manufacturing companies increased their production and purchasing
volumes.

The total volume of production in SP ZAO Milavitsa amounted to 4,363 thousand
pieces in Q2 2010, representing a 49% increase as compared to the respective
period in the previous year. The total production volume in Lauma Lingerie
amounted to 217.8 thousand pieces in Q2 2010, showing an increase of 160% as
compared to the respective period in the previous year. Production capacities in
SP ZAO Milavitsa in Q2 2010 increased by 3.7% compared to Q1 2010 in order to
prepare for increased production volumes in 2010.

Investment

In H1 2010, the Group's investments totalled EEK 8,700 thousand (EUR 556
thousand) with investments into retail amounting to EEK 3,286 thousand (EUR 210
thousand). Other investments were made in equipment and facilities to maintain
effective production.

Personnel

As of 30 June 2010, the Group employed 3,141 employees including 420 in retail
and 1,988 in production. The rest were employed in wholesale, administration and
support operations.
Total salaries and wages in H1 2010 amounted to EEK 145,310 thousand (EUR 9,287
thousand). The remuneration of the members of the Management Board totalled EEK
3,630 thousand (EUR 233 thousand). The members of the Management Board also
serve as executives for the Group's subsidiaries.

Key Events in H1 2010

Changes in the Supervisory Board

The extraordinary general meeting of shareholders of AS Silvano Fashion Group
was held on 5 March 2010, in Tallinn. The meeting resolved to recall members of
the Supervisory Board of SFG Mr. Indrek Rahumaa and Mr. Priit Põldoja and to
elect Mr. Risto Mägi, Mr. Stephan Balkin, Mr. Otto Tamme and Mr. Sven Kunsing to
the Supervisory Board.

Resignation of a Member of the Supervisory Board

On 24 March 2010 a member of the Supervisory Board Mr. Sven Kunsing presented to
SFG an application for his resignation from the position of a supervisory board
member, and requested that the application would be provided to the next
ordinary general meeting of SFG. The shareholders of the Company acknowledged
Sven Kunsing's resignation from the supervisory board on the Annual General
Meeting held on 28 June 2010.

Share buy-back program of the Group's subsidiary SP ZAO Milavitsa

On 21 May 2010 the parent company of the Group approved the share buy-back
program of the Group's largest subsidiary SP ZAO Milavitsa. The terms of the
program permit a buy-back of up to 1,967 shares of SP ZAO Milavitsa,
representing up to 20% of all shares in SP ZAO Milavitsa, in the period between
June 2010 and February 2011 with the objective of subsequent cancellation of
shares; the offered price per share of SP ZAO Milavitsa is 3,000,000 BYR. As at
2 August 2010, 112 shares have been acquired by SP ZAO Milavitsa constituting
1.14% of all shares in SP ZAO Milavitsa. The management of the Group does not
expect that the shareholding of SFG will increase significantly after the
completion of the buy-back program. Changes in AS SFG's shareholding as the
result of share buy-back will take place in H1 2011, provided the Annual General
Meeting of SP ZAO Milavitsa will resolve to cancel the shares that were
repurchased by SP ZAO Milavitsa.

Changes in the Management Board

On 5 June 2010 the term of office of Dmitry Ditchkovsky and Sergei Kusonski as
Management Board members of SFG expired. Mr. Ditchkovski and Mr. Kusonski will
continue to work in the same positions in the management of SFG under employment
agreements.
On 5 August 2010 the Supervisory Board of AS Silvano Fashion Group decided to
increase the number of the Management Board members to three members and to
elect Märt Meerits as the new management board member of SFG.

The resolutions of the Annual General Meeting

The Annual General Meeting was held on 28 June 2010. Apart from other decisions,
the resolutions of the general meeting included:
Approval of a distribution of EEK 30,985,744 (EUR 1,980,350) as dividends, of
which EEK 0.78233 (EUR 0.05) per share will be paid to the shareholders of the
Company on 21 September 2010. The list of shareholders entitled to receive
dividends (the dividend record date) has been fixed on the basis of the
shareholders' register as of 23.59 on 15 July 2010.
Election of Ants Susi as the supervisory board member of the Company. Ants Susi
has worked as a management board member of Estonian company OÜ Baltsped since
1997. OÜ Baltsped provides international carrier transportation and freight
forwarding services. He is a member of the supervisory board of AS Esmar and a
member of the management board of OÜ Callada Invest. In addition, he is a member
of the management board of a Latvian company Spedline SIA and a Lithuanian
company Spedline UAB.
Approval of the new Articles of Association of the Company.
Decision to reduce the share capital of the Company by EEK 3,930,000 to EEK
396,070,000 by way of cancelling 393,000 own shares owned by the Company. The
share capital was reduced for the purpose of increasing the value of all
remaining shares of the Company; the registration of the share capital reduction
is anticipated in the end of September 2010.


Selected financial data

The Group's operating results are summarised in the following figures and
ratios:

--------------------------------------------------------------------------------
| Key figures and ratios | H1 2010 | H1 2009 | Change |
--------------------------------------------------------------------------------
| Net sales from continuing operations (EEK | 731,682 | 569,066 | 162,616 |
| thousand) | | | |
--------------------------------------------------------------------------------
| Net profit from continuing operations, | 96,555 | -15,772 | 112,327 |
| attributable to owners of the Company (EEK | | | |
| thousand) | | | |
--------------------------------------------------------------------------------
| Earnings before interest, taxes and | 153,651 | 49,286 | 104,365 |
| depreciation (EBITDA) from continuing | | | |
| operations (EEK thousand) | | | |
--------------------------------------------------------------------------------
| Earnings before interest and taxes (EBIT) | 139,725 | 30,775 | 108,950 |
| from continuing operations (EEK thousand) | | | |
--------------------------------------------------------------------------------
| Net sales from continuing operations (EUR | 46,763 | 36,370 | 10,393 |
| thousand) | | | |
--------------------------------------------------------------------------------
| Net profit from continuing operations, | 6,171 | -1,008 | 7,179 |
| attributable to owners of the Company (EUR | | | |
| thousand) | | | |
--------------------------------------------------------------------------------
| Earnings before interest, taxes and | 9,820 | 3,150 | 6,670 |
| depreciation (EBITDA) from continuing | | | |
| operations (EUR thousand) | | | |
--------------------------------------------------------------------------------
| Earnings before interest and taxes (EBIT) | 8,930 | 1,967 | 6,963 |
| from continuing operations (EUR thousand) | | | |
--------------------------------------------------------------------------------
| Operating margin from continuing | 19.1% | 5.4% | - |
| operations, % | | | |
--------------------------------------------------------------------------------
| Net margin from continuing operations | 13.2% | -2.8% | - |
| attributable to owners of the Company, % | | | |
--------------------------------------------------------------------------------
| ROA, % | 10.4% | -5.1% | - |
--------------------------------------------------------------------------------
| ROE, % | 17.3% | -9.1% | - |
--------------------------------------------------------------------------------
| Earnings per share (EPS), in EEK | 2.44 | -1.31 | - |
--------------------------------------------------------------------------------
| Earnings per share (EPS), in EUR | 0.16 | -0.08 | - |
--------------------------------------------------------------------------------
| Current ratio | 3.8 | 2.8 | - |
--------------------------------------------------------------------------------
| Quick ratio | 2.5 | 1.5 | - |
--------------------------------------------------------------------------------

Underlying formulas:
Operating margin from continuing operations = operating profit from continuing
operations / sales revenue
Net margin from continuing operations = net profit from continuing operations
attributable to owners of the Company / sales revenue
ROA (return on assets) = net profit attributable to owners of the Company/
average total assets
ROE (return on equity) = net profit attributable to owners of the Company/
average equity attributable to equity holders of the Company
EPS (earnings per share) = net profit attributable to owners of the Company/
weighted average number of ordinary shares
Current ratio = current assets / current liabilities
Quick ratio = (current assets - inventories) / current liabilities


Consolidated statement of financial position

Unaudited

--------------------------------------------------------------------------------
| | 30.06. | 31.12. | 30.06. | 30.06.2 | 31.12.2 | 30.06.2 |
| | 2010 | 2009 | 2009 | 010 | 009 | 009 |
--------------------------------------------------------------------------------
| | EEK | EEK | EEK | EUR | EUR | EUR |
| | thousa | thousa | thousa | thousan | thousan | thousan |
| | nd | nd | nd | d | d | d |
--------------------------------------------------------------------------------
| ASSETS | | | | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | | | | |
--------------------------------------------------------------------------------
| Property, plant and | 175,72 | 168,24 | 199,54 | 11,231 | 10,753 | 12,753 |
| equipment | 7 | 8 | 1 | | | |
--------------------------------------------------------------------------------
| Intangible assets | 9,028 | 8,919 | 6,149 | 577 | 570 | 393 |
--------------------------------------------------------------------------------
| Investment property | 22,124 | 20,090 | 19,683 | 1,414 | 1,284 | 1,258 |
--------------------------------------------------------------------------------
| Investments in | 1,095 | 2,175 | 2,018 | 70 | 139 | 129 |
| equity accounted | | | | | | |
| investees | | | | | | |
--------------------------------------------------------------------------------
| Available-for-sale | 6,243 | 5,664 | 6,744 | 399 | 362 | 431 |
| financial assets | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax asset | 20,826 | 18,119 | 0 | 1,331 | 1,158 | 0 |
--------------------------------------------------------------------------------
| Other receivables | 10,233 | 9,920 | 29,369 | 654 | 634 | 1,877 |
--------------------------------------------------------------------------------
| Total non-current | 245,27 | 233,13 | 263,50 | 15,676 | 14,900 | 16,841 |
| assets | 6 | 5 | 4 | | | |
--------------------------------------------------------------------------------
| Current assets | | | | | | |
--------------------------------------------------------------------------------
| Inventories | 261,67 | 266,28 | 274,22 | 16,724 | 17,019 | 17,526 |
| | 4 | 9 | 2 | | | |
--------------------------------------------------------------------------------
| Corporate income | 798 | 7,260 | 6,572 | 51 | 464 | 420 |
| tax asset | | | | | | |
--------------------------------------------------------------------------------
| Other tax | 20,904 | 22,875 | 10,874 | 1,336 | 1,462 | 695 |
| receivables | | | | | | |
--------------------------------------------------------------------------------
| Trade receivables | 186,85 | 131,61 | 168,49 | 11,942 | 8,412 | 10,769 |
| | 2 | 8 | 8 | | | |
--------------------------------------------------------------------------------
| Other receivables | 9,607 | 18,260 | 31,700 | 614 | 1,167 | 2,026 |
--------------------------------------------------------------------------------
| Prepayments | 9,419 | 9,529 | 13,268 | 602 | 609 | 848 |
--------------------------------------------------------------------------------
| Cash and cash | 264,60 | 153,93 | 63,776 | 16,911 | 9,838 | 4,076 |
| equivalents | 0 | 1 | | | | |
--------------------------------------------------------------------------------
| Assets classified | 1,111 | 7,526 | 0 | 71 | 481 | 0 |
| as held for sale | | | | | | |
--------------------------------------------------------------------------------
| Total current | 754,96 | 617,28 | 568,91 | 48,251 | 39,452 | 36,360 |
| assets | 5 | 8 | 0 | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 1,000, | 850,42 | 832,41 | 63,927 | 54,352 | 53,201 |
| | 241 | 3 | 4 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND | | | | | | |
| EQUITY | | | | | | |
--------------------------------------------------------------------------------
| Equity | | | | | | |
--------------------------------------------------------------------------------
| Share capital at | 400,00 | 400,00 | 400,00 | 25,565 | 25,565 | 25,565 |
| per value | 0 | 0 | 0 | | | |
--------------------------------------------------------------------------------
| Share premium | 223,29 | 223,29 | 223,29 | 14,271 | 14,271 | 14,271 |
| | 3 | 3 | 3 | | | |
--------------------------------------------------------------------------------
| Own shares | -7,041 | -7,041 | -7,041 | -450 | -450 | -450 |
--------------------------------------------------------------------------------
| Statutory capital | 1,046 | 1,046 | 1,046 | 67 | 67 | 67 |
| reserve | | | | | | |
--------------------------------------------------------------------------------
| Translation reserve | -148,7 | -186,5 | -168,8 | -9,505 | -11,922 | -10,790 |
| | 21 | 39 | 27 | | | |
--------------------------------------------------------------------------------
| Retained earnings | 155,65 | 59,097 | 45,907 | 9,948 | 3,777 | 2,934 |
| | 2 | | | | | |
--------------------------------------------------------------------------------
| Total equity | 624,22 | 489,85 | 494,37 | 39,896 | 31,308 | 31,597 |
| attributable to | 9 | 6 | 8 | | | |
| equity holders of | | | | | | |
| the Company | | | | | | |
--------------------------------------------------------------------------------
| Non-controlling | 170,43 | 136,14 | 127,83 | 10,893 | 8,701 | 8,170 |
| interest | 8 | 1 | 3 | | | |
--------------------------------------------------------------------------------
| Total equity | 794,66 | 625,99 | 622,21 | 50,789 | 40,009 | 39,767 |
| | 7 | 7 | 1 | | | |
--------------------------------------------------------------------------------
| Non-current | | | | | | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Loans and | 4,944 | 4,052 | 7,260 | 316 | 259 | 464 |
| borrowings | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax | 0 | 0 | 266 | 0 | 0 | 17 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Other liabilities | 0 | 1,455 | 0 | 0 | 93 | 0 |
--------------------------------------------------------------------------------
| Provisions | 0 | 0 | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Total non-current | 4,944 | 5,507 | 7,526 | 316 | 352 | 481 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | | | |
--------------------------------------------------------------------------------
| Loans and | 2,316 | 24,190 | 40,650 | 148 | 1,546 | 2,598 |
| borrowings | | | | | | |
--------------------------------------------------------------------------------
| Trade payables | 109,18 | 123,99 | 96,806 | 6,978 | 7,925 | 6,187 |
| | 2 | 9 | | | | |
--------------------------------------------------------------------------------
| Corporate income | 12,095 | 3,552 | 6,446 | 773 | 227 | 412 |
| tax payable | | | | | | |
--------------------------------------------------------------------------------
| Other tax payable | 23,032 | 24,831 | 22,390 | 1,472 | 1,587 | 1,431 |
--------------------------------------------------------------------------------
| Other payables | 21,295 | 14,270 | 16,163 | 1,361 | 912 | 1,033 |
--------------------------------------------------------------------------------
| Provisions | 7,604 | 3,395 | 19,746 | 486 | 217 | 1,262 |
--------------------------------------------------------------------------------
| Deferred tax | 0 | 0 | 16 | 0 | 0 | 1 |
| liability | | | | | | |
--------------------------------------------------------------------------------
| Accrued expenses | 24,988 | 24,033 | 38 | 1,597 | 1,536 | 2 |
--------------------------------------------------------------------------------
| Deferred income | 118 | 649 | 422 | 7 | 41 | 27 |
--------------------------------------------------------------------------------
| Total current | 200,63 | 218,91 | 202,67 | 12,822 | 13,991 | 12,953 |
| liabilities | 0 | 9 | 7 | | | |
--------------------------------------------------------------------------------
| Total liabilities | 205,57 | 224,42 | 210,20 | 13,138 | 14,343 | 13,434 |
| | 4 | 6 | 3 | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 1,000, | 850,42 | 832,41 | 63,927 | 54,352 | 53,201 |
| AND EQUITY | 241 | 3 | 4 | | | |
--------------------------------------------------------------------------------



Consolidated income statement for 6 months 2010

Unaudited

--------------------------------------------------------------------------------
| | H1 2010 | H1 2009 | H1 2010 | H1 2009 |
| | EEK | EEK | EUR | EUR |
| | thousand | thousand | thousand | thousand |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Continuing operations | | | | |
--------------------------------------------------------------------------------
| Revenue | | | | |
--------------------------------------------------------------------------------
| Sales revenue | 731,682 | 569,066 | 46,763 | 36,370 |
--------------------------------------------------------------------------------
| Costs of goods sold | -434,678 | -314,950 | -27,781 | -20,129 |
--------------------------------------------------------------------------------
| Gross Profit | 297,004 | 254,116 | 18,982 | 16,241 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating income | 5,821 | 17,289 | 372 | 1,105 |
--------------------------------------------------------------------------------
| Distribution costs | -74,321 | -92,722 | -4,750 | -5,926 |
--------------------------------------------------------------------------------
| Administrative expenses | -66,576 | -80,033 | -4,255 | -5,115 |
--------------------------------------------------------------------------------
| Other operating expenses | -22,203 | -67,875 | -1,419 | -4,338 |
--------------------------------------------------------------------------------
| Operating profit / loss | 139,725 | 30,775 | 8,930 | 1,967 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finance income and finance | | | | |
| costs | | | | |
--------------------------------------------------------------------------------
| Interest expenses | -1,001 | -6,008 | -64 | -384 |
--------------------------------------------------------------------------------
| Gains/losses on conversion | 13,221 | 11,954 | 845 | 764 |
| of foreign currencies | | | | |
--------------------------------------------------------------------------------
| Other financial income / | 5,537 | 6,572 | 354 | 420 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Net finance income/ (costs) | 17,757 | 12,518 | 1,135 | 800 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share of profit of equity | -1,220 | -422 | -78 | -27 |
| accounted investees | | | | |
--------------------------------------------------------------------------------
| Profit before tax | 156,262 | 42,871 | 9,987 | 2,740 |
--------------------------------------------------------------------------------
| Income tax expense | -34,626 | -45,703 | -2,213 | -2,921 |
--------------------------------------------------------------------------------
| Profit / (loss) from | 121,636 | -2,832 | 7,774 | -181 |
| continuing operations | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Discontinued operations | | | | |
--------------------------------------------------------------------------------
| Loss from discontinued | 0 | -36,034 | 0 | -2,303 |
| operations (net of income | | | | |
| tax) | | | | |
--------------------------------------------------------------------------------
| Profit / (loss) for the | 121,636 | -38,866 | 7,774 | -2,484 |
| period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to | | | | |
--------------------------------------------------------------------------------
| Owners of the Company | 96,555 | -51,806 | 6,171 | -3,311 |
--------------------------------------------------------------------------------
| Non-controlling interest | 25,081 | 12,940 | 1,603 | 827 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | 2.44 | -1.31 | 0.16 | -0.08 |
| (EEK/EUR) | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | 2.44 | -1.31 | 0.16 | -0.08 |
| (EEK/EUR) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Continuing operations | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | 2.44 | -0.40 | 0.16 | -0.03 |
| (EEK/EUR) | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | 2.44 | -0.40 | 0.16 | -0.03 |
| (EEK/EUR) | | | | |
--------------------------------------------------------------------------------


Baiba Gegere
Aktsiaselts Silvano Fashion Group management board member
Tel +375 172880770
E-mail: info@silvanofashion.com
Address: Tulika 15/17, Tallinn 10613, Estonia



1. cons interim report_2q_2010_eng.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=315041)

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