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Worldreginfo - B1fae66e-7532-452D-A510-D10977c03d99 Worldreginfo - B1fae66e-7532-452D-A510-D10977c03d99 AS BALTIKA WorldReginfo - b1fae66e-7532-452d-a510-d10977c03d99 WorldReginfo - b1fae66e-7532-452d-a510-d10977c03d99 AS BALTIKA 2014 CONSOLIDATED ANNUAL REPORT (Translation of the Estonian original) Commercial name AS BALTIKA Commercial Registry no 10144415 Legal address Veerenni 24, Tallinn 10135, Estonia Phone +372 630 2731 Fax +372 630 2814 E-mail [email protected] Internet homepage: www.baltikagroup.com Main activities Design, development, production and sales arrangement of the fashion brands of clothing Auditor AS PricewaterhouseCoopers Beginning and end of financial year 01.01.2014 - 31.12.2014 WorldReginfo - b1fae66e-7532-452d-a510-d10977c03d99 2014 Consolidated Annual Report (in thousands of euros) CONTENTS BALTIKA GROUP IN BRIEF ................................................................................................................... 3 MISSION AND KEY STRATEGIC STRENGTHS.................................................................................... 3 KEY FIGURES AND RATIOS ................................................................................................................. 3 MANAGEMENT BOARD’S CONFIRMATION OF MANAGEMENT REPORT........................................ 5 MANAGEMENT REPORT....................................................................................................................... 6 BALTIKA SHARE .................................................................................................................................. 24 CORPORATE GOVERNANCE REPORT ............................................................................................. 28 CONSOLIDATED FINANCIAL STATEMENTS..................................................................................... 33 MANAGEMENT BOARD’S CONFIRMATION OF THE CONSOLIDATED FINANCIAL STATEMENTS.......33 CONSOLIDATED STATEMENT OF FINANCIAL POSITION............................................................... 34 CONSOLIDATED STATEMENT OF PROFIT OR LOSS...................................................................... 35 CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME ....................................... 36 CONSOLIDATED CASH FLOW STATEMENT..................................................................................... 37 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY .............................................................. 38 NOTES TO THE FINANCIAL STATEMENTS....................................................................................... 39 NOTE 1 General information and summary of significant accounting policies.............................. 39 NOTE 2 Critical accounting estimates, and judgements in applying accounting policies.............. 49 NOTE 3 Financial risks .................................................................................................................. 49 NOTE 4 Cash and cash equivalents.............................................................................................. 55 NOTE 5 Trade and other receivables ............................................................................................ 55 NOTE 6 Inventories........................................................................................................................ 56 NOTE 7 Deferred income tax......................................................................................................... 56 NOTE 8 Other non-current assets ................................................................................................. 57 NOTE 9 Property, plant and equipment......................................................................................... 57 NOTE 10 Intangible assets ............................................................................................................ 58 NOTE 11 Accounting for leases..................................................................................................... 59 NOTE 12 Borrowings ..................................................................................................................... 60 NOTE 13 Trade and other payables .............................................................................................. 61 NOTE 14 Provisions....................................................................................................................... 62 NOTE 15 Equity ............................................................................................................................. 62 NOTE 16 Segments ....................................................................................................................... 64 NOTE 17 Revenue and client bonus reserve ................................................................................ 66 NOTE 18 Cost of goods sold ......................................................................................................... 66 NOTE 19 Distribution costs............................................................................................................ 67 NOTE 20 Administrative and general expenses ............................................................................ 67 NOTE 21 Wages and salaries........................................................................................................ 67 NOTE 22 Other operating income and expenses .......................................................................... 67 NOTE 23 Finance income and costs ............................................................................................. 68 NOTE 24 Income tax...................................................................................................................... 68 NOTE 25 Earnings per share......................................................................................................... 68 NOTE 26 Related parties ............................................................................................................... 69 NOTE 27 Subsidiaries.................................................................................................................... 70 NOTE 28 Discontinued operations................................................................................................. 71 NOTE 29 Supplementary disclosures on the parent company of the Group................................. 72 INDEPENDENT AUDITOR’S REPORT ................................................................................................ 77 LOSS ALLOCATION RECOMMENDATION......................................................................................... 79 DECLARATION OF THE MANAGEMENT BOARD AND SUPERVISORY COUNCIL......................... 80 AS BALTIKA SUPERVISORY COUNCIL.............................................................................................. 81 AS BALTIKA MANAGEMENT BOARD ................................................................................................. 83 Revenues (not consolidated) by EMTAK (the Estonian classification of economic activities)....... 84 2 WorldReginfo - b1fae66e-7532-452d-a510-d10977c03d99 2014 Consolidated Annual Report (in thousands of euros) BALTIKA GROUP IN BRIEF The Baltika Group, with the parent company AS Baltika, is an international fashion retailer. Baltika Group develops and operates fashion brands: Monton, Mosaic, Baltman, Bastion, Ivo Nikkolo. In addition Baltika operates under franchise agreement British fashion brand Blue Inc London stores in Baltic countries. Baltika uses a vertically integrated business model that combines collection design, manufacturing, supply chain management, logistics, wholesale and retailing. At the end of 2014 the Group had 128, among which 105 Baltika’s retail network stores in the Baltic countries and Russia. Baltika’s franchise partners are operating stores in Spain, Ukraine, Belarus and Russia. Baltika’s shares are listed on the Tallinn Stock Exchange that is part of the exchange company NASDAQ. MISSION AND KEY STRATEGIC STRENGTHS Baltika creates quality fashion that allows people to express themselves and feel great. Learning organisation with high targets Flexible, vertically integrated business model Centralised management with strong retail organisations in the markets Brand portfolio covering a broad customer base KEY FIGURES AND RATIOS 20141 20132 2013 2012 2011 2010 Profit or loss data, in millions Revenue 55.6 51.8 58.3 56.3 53.4 52.2 Gross profit 28.4 27.8 31.2 30.7 28.4 27.0 EBITDA 1.9 2.5 2.3 3.7 -1.4 -1.2 Operating profit 0.7 1.0 0.7 2.0 -4.5 -4.7 Profit before income tax 0.2 0.6 0.3 1.1 -5.8 -5.9 Net profit 0.1 0.4 0.1 0.8 -5.9 -6.3 Other data Number of stores in retail 105 106 124 113 115 120 Numberofstorestotal 128 108 126 113 115 120 Retail sales area in the end ofperiod, sqm 20,232 20,444 23,852 22,210 23,111 24,424 Numberofemployees(31Dec) 1,228 1,215 1,345 1,288 1,363 1,419 Sales activity key figures Revenuegrowth 7.3% 4.7% 3.6% 5.5% 2.3% -7.2% Retailsalesgrowth 3.8% 4.7% 3.6% 5.2% 5.2% -5.9% Share of retail sales in revenue 90% 93% 94% 93% 94% 93% Share of exports in revenue 64% 62% 66% 68% 70% 73% Gross margin 51.0% 53.6% 53.5% 54.5% 53.1% 51.8% Operating margin 1.2% 1.9% 1.1% 3.5% -8.3% -9.0% EBT margin 0.3% 1.2% 0.5% 1.9% -10.8% -11.3% Netmargin 0.1% 0.9% 0.2% 1.4% -11.0% -12.2% Inventory turnover 2.03 1.99 2.09 2.37 2.13 2.30 Financial position data, in millions3 Totalassets 23.1 24.3 24.3 23.5 34.8 39.5 Interest-carrying liabilities 7.3 5.3 5.3 6.3 18.3 19.8 Shareholders' equity 8.7 11.5 11.5 10.2 9.6 12.4 Current ratio 1.6 1.5 1.5 1.8 1.3 1.6 Debttoequityratio 83.0% 46.1% 46.1% 61.6% 190.3% 160.4%
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