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AS Baltika Annual Report 2018

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AS Baltika Annual Report 2018 AS BALTIKA A N N U A L R E P O R T 2 0 1 8 AS BALTIKA 2018 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 01.01.2018 - 31.12.2018 2018 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 SOCIAL RESPONSIBILITY REPORT........................................................................................................................... 25 CORPORATE GOVERNANCE REPORT ..................................................................................................................... 41 CONSOLIDATED FINANCIAL STATEMENTS ............................................................................................................ 47 MANAGEMENT BOARD’S CONFIRMATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ........................... 47 CONSOLIDATED STATEMENT OF FINANCIAL POSITION ........................................................................................ 48 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME ............................................ 49 CONSOLIDATED CASH FLOW STATEMENT ............................................................................................................ 50 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ......................................................................................... 51 NOTES TO THE FINANCIAL STATEMENTS .............................................................................................................. 52 NOTE 1 General information and summary of significant accounting policies ............................................. 52 NOTE 2 Critical accounting estimates and judgements in applying accounting policies .............................. 67 NOTE 3 Financial risks ................................................................................................................................... 68 NOTE 4 Cash and cash equivalents ............................................................................................................... 73 NOTE 5 Trade and other receivables ............................................................................................................ 73 NOTE 6 Inventories ....................................................................................................................................... 74 NOTE 7 Deferred income tax ........................................................................................................................ 75 NOTE 8 Other non-current assets ................................................................................................................. 76 NOTE 9 Property, plant and equipment ........................................................................................................ 76 NOTE 10 Intangible assets ............................................................................................................................. 77 NOTE 11 Accounting for leases ..................................................................................................................... 78 NOTE 12 Borrowings ..................................................................................................................................... 79 NOTE 13 Trade and other payables .............................................................................................................. 82 NOTE 14 Provisions ....................................................................................................................................... 83 NOTE 15 Equity ............................................................................................................................................. 83 NOTE 16 Segments ........................................................................................................................................ 85 NOTE 17 Revenue and client bonus provision .............................................................................................. 87 NOTE 18 Cost of goods sold .......................................................................................................................... 88 NOTE 19 Distribution costs ........................................................................................................................... 88 NOTE 20 Administrative and general expenses ............................................................................................ 89 NOTE 21 Wages and salaries ......................................................................................................................... 89 NOTE 22 Other operating income (-expense) ............................................................................................... 89 NOTE 23 Finance costs .................................................................................................................................. 89 NOTE 24 Income tax ...................................................................................................................................... 89 NOTE 25 Earnings per share .......................................................................................................................... 90 NOTE 26 Related parties ............................................................................................................................... 91 NOTE 27 Subsidiaries .................................................................................................................................... 92 NOTE 28 Events after the balance sheet date .............................................................................................. 92 NOTE 29 Going concern ................................................................................................................................ 93 NOTE 30 Supplementary disclosures on the parent company of the Group ................................................ 94 INDEPENDENT AUDITOR’S REPORT ....................................................................................................................... 99 PROFIT ALLOCATION RECOMMENDATION ......................................................................................................... 106 DECLARATION OF THE MANAGEMENT BOARD AND SUPERVISORY BOARD....................................................... 107 AS BALTIKA SUPERVISORY BOARD ...................................................................................................................... 108 AS BALTIKA MANAGEMENT BOARD .................................................................................................................... 111 Revenues (not consolidated) by EMTAK (the Estonian classification of economic activities) .................... 112 2 2018 Consolidated Annual Report (in thousands of euros) BALTIKA GROUP IN BRIEF Baltika Group, with the parent company AS Baltika, is an international fashion retailer. Baltika Group develops and operates fashion brands: Monton, Mosaic, Baltman, Bastion and Ivo Nikkolo. Baltika employs a vertically integrated business model, which means that it controls all stages of the fashion process: design, manufacturing, supply chain management, distribution/logistics, wholesale and retail. As at 31 December 2018 Group had 117 stores, including 23 franchise partners´ stores in Spain, Ukraine, Belarus, Russia and Serbia. The shares of AS Baltika are listed on the Nasdaq Tallinn Stock Exchange that is part of the exchange group NASDAQ. MISSION AND KEY STRATEGIC STRENGTHS Baltika Group 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 2018 2017 2016 20151 2014 Comprehensive income data, in millions Revenue 44.7 47.5 47.0 48.8 57.1 Gross profit 21.5 23.7 23.5 23.1 28.9 EBITDA -2.9 1.9 2.0 0.9 0.6 Operating profit -4.7 0.6 0.7 -0.3 -0.7 Profit before income tax -5.2 0.1 0.2 -0.8 -1.1 Net profit -5.1 0.1 0.2 -0.8 -1.3 Other data Number of stores in retail 94 95 95 95 105 Number of stores total 117 128 128 123 128 Retail sales area in the end of period, sqm 17,741 17,741 17,161 17,046 20,232 Number of employees (31 Dec) 975 1,026 1,049 1,095 1,228 Sales activity key figures Revenue growth -5.8% 1.0% -4.0% 2.0% -2.1% Retail sales growth -2.7% -0.5% -7.1% 1.3%
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