AI Terminal
Apranga Group
Quarterly Report • Feb 28, 2025
2248_ir_2025-02-28_6c1bb7c6-f12e-4566-b1f1-8ef3f8d9b951.pdf
Quarterly Report
Open in ViewerOpens in native device viewer
APB APRANGA The Consolidated Interim Report and Interim Consolidated Financial Statements For the Twelve months period ended 31 December 2024
(UNAUDITED)
APB APRANGA, Company's code 121933274, Ukmerges 362, Vilnius
| NAME OF THE COMPANY | Apranga APB |
|---|---|
| LEGAL FORM | Public limited liability company |
| DATE OF REFISTRATION | 1 st March 1993 |
| CODE OF COMPANY | 121933274 |
| SHARE CAPITAL | EUR 16 034 668.40 |
| REGISTERED OFFICE | Ukmerges 362, LT-14311 Vilnius, Lithuania |
| NAME OF REGISTER OF LEGAL ENTITIES | Registrų centras VĮ, Vilnius branch |
| TELEPHONE NUMBER | +370 5 239 08 08 |
| [email protected] | |
| INTERNET ADRESS | www.aprangagroup.com |
| MAIN ACTIVITIES | Retail trade of apparel |
T A B L E O F C O N T E N T
APB APRANGA, Company's code 121933274, Ukmerges 362, Vilnius
| 1 ACTIVITY REPORT | 4-8 |
|---|---|
| 2 FINANCIAL STATEMENTS | 9-12 |
| 2.1 Statements of comprehensive income 2.2 Statements of financial position 2.3 Statements of changes in equity 2.4 Statements of cash flows |
ACTIVITY REPORT
The retail turnover (including VAT) of Apranga Group reached EUR 354.2 million in 12 months 2024 and increased by 8.5% yearon-year. In 2024, the retail turnover of Apranga Group in Lithuania reached EUR 211.8 million and increased by 7.6% year-onyear. In 2024 the retail turnover of Apranga Group in Latvia was EUR 90.7 million and surged by 14.1% year-on-year, in Estonia was EUR 51.7 million and grew by 3.4% year-on-year.
According to the data from the official statistics departments of Lithuania, Latvia and Estonia, the market of retail trade, except motor vehicles and motorcycles, in the Baltic states the year 2024 generated 40.1 billion euros (without VAT) and grew by 2.4% at current prices compared to the prior year.
The change of consumer prices in Baltic retail market in the year 2024 compared to the previous year averaged to around 1.6%. In this period the price index change in Lithuania was 0.9%, Latvia 1.4% and Estonia 3.8%. Consumer confidence index in the Euro area has been increasing throughout the year 2024 and rose from -16.0 to -14.5 (+1.5 p.). In Lithuania the index increased from +2.5 to +6.6 (+4.1 p.), Latvia from -13.2 to -12.1 (+1.1 p.). Estonia's consumer confidence despite being the lowest one of the three countries continued to shrink from -33.6 to -35.9 (-2.3 p.).
The companies participating in the textile, clothing and footwear market of the Baltic states generated around 1.9 billion euros turnover (without VAT) in 2024, which was 0.5% lower than in prior year.
The change of consumer prices index in the clothing and footwear industry in Baltic retail market in year 2024 compared to the corresponding period of the previous year averaged to around 0.6%. In this period the price index change in Lithuania was -1.1%, Latvia 2.0% and Estonia 0.9%. Lithuania remains the largest market of retail trade of textile, clothing, and footwear in specialized stores in the Baltic countries, generating about 50% of the Baltic countries market turnover.
The retail turnover of the Group's stores in 12 months 2024 by countries was as follows (EUR thousand, VAT included):
| Country | 12 months 2024 |
12 months 2023 |
12 months 2022 |
2024/2023, % | 2024/2022, % |
|---|---|---|---|---|---|
| Lithuania | 211 766 | 196 884 | 178 024 | 7,6% | 19,0% |
| Latvia | 90 746 | 79 513 | 70 900 | 14,1% | 28,0% |
| Estonia | 51 693 | 50 009 | 44 416 | 3,4% | 16,4% |
| Total: | 354 205 | 326 406 | 293 340 | 8,5% | 20,7% |
The retail turnover of the Group's stores in 12 months 2024 by countries was as follows (EUR thousand, VAT excluded)*:
| Country | 12 months 2024 |
12 months 2023 |
12 months 2022 |
2024/2023, % | 2024/2022, % |
|---|---|---|---|---|---|
| Lithuania | 175 337 | 162 728 | 147 134 | 7,7% | 19,2% |
| Latvia | 75 151 | 65 716 | 58 601 | 14,4% | 28,2% |
| Estonia | 42 687 | 41 674 | 37 016 | 2,4% | 15,3% |
| Total: | 293 175 | 270 118 | 242 752 | 8,5% | 20,8% |
*The difference between turnover (VAT excluded) shown in the Review of activity and stores income disclosed in Note 5 of the Financial statements is due to return of goods.
The retail turnover of the Group's stores in Q4 2024 by countries was as follows (EUR thousand, VAT included):
| Country | Q4 2024 | Q4 2023 | Q4 2022 | 2024/2023, % | 2024/2022, % |
|---|---|---|---|---|---|
| Lithuania | 63 121 | 58 015 | 51 646 | 8,8% | 22,2% |
| Latvia | 25 848 | 23 806 | 20 420 | 8,6% | 26,6% |
| Estonia | 13 853 | 13 339 | 12 453 | 3,9% | 11,2% |
| Total: | 102 822 | 95 159 | 84 519 | 8,1% | 21,7% |
The retail turnover of the Group's stores in Q4 2024 by countries was as follows (EUR thousand, VAT excluded):
| Country | Q4 2024 | Q4 2023 | Q4 2022 | 2024/2023, % | 2024/2022, % |
|---|---|---|---|---|---|
| Lithuania | 52 275 | 47 961 | 42 683 | 9,0% | 22,5% |
| Latvia | 21 411 | 19 687 | 16 876 | 8,8% | 26,9% |
| Estonia | 11 470 | 11 127 | 10 380 | 3,1% | 10,5% |
| Total: | 85 156 | 78 776 | 69 939 | 8,1% | 21,8% |
The online turnover of the Group's stores in 12 months 2024 was as follows (EUR thousand, VAT included):
| 12 months 2024 |
12 months 2023 |
12 months 2022 |
2024/2023, % | 2024/2022, % | |
|---|---|---|---|---|---|
| Online turnover | 48 428 | 39 860 | 33 672 | 21,5% | 43,8% |
| Relative weight in total turnover | 13,7% | 12,2% | 11,5% |
The online turnover of the Group's stores in 12 months 2024 was as follows (EUR thousand, VAT excluded):
| 12 months 2024 |
12 months 2023 |
12 months 2022 |
2024/2023, % | 2024/2022, % | |
|---|---|---|---|---|---|
| Online turnover | 40 759 | 33 008 | 27 884 | 23,5% | 46,2% |
| Relative weight in total turnover | 13,9% | 12,2% | 11,5% |
The Group's online turnover (with VAT) increased by 21,5% in the 12 months 2024, and its relative weight in total turnover increased from 12.2% to 13.7% compared to the corresponding period of the previous year.
The retail turnover of the Group's stores in 12 months 2024 by chains was as follows (EUR thousand, VAT included):
| Chain | 12 months 2024 |
12 months 2023 |
12 months 2022 |
2024/2023, % | 2024/2022, % |
|---|---|---|---|---|---|
| Economy1 | 32 839 | 31 535 | 31 102 | 4,1% | 5,6% |
| Youth2 | 84 379 | 79 346 | 69 998 | 6,3% | 20,5% |
| Footwear | 3 970 | 4 263 | 4 679 | -6,9% | -15,2% |
| Business3 | 67 668 | 62 064 | 54 100 | 9,0% | 25,1% |
| Luxury4 | 34 154 | 32 087 | 29 280 | 6,4% | 16,6% |
| Zara | 115 524 | 102 871 | 89 853 | 12,3% | 28,6% |
| Outlets | 15 670 | 14 240 | 14 328 | 10,0% | 9,4% |
| Total | 354 205 | 326 406 | 293 340 | 8,5% | 20,7% |
1 Apranga, Tom Tailor, Orsay, Jack&Jones, Vero Moda
2 Aprangos galerija, Moskito, Mango, Bershka, Pull & Bear, Stradivarius, Oysho, A|X Armani Exchange;
3 City, Massimo Dutti, Marella, Pennyblack, Coccinelle, Tommy Hilfiger, Zara Home, Calvin Klein Underwear, Liu Jo, MAX&Co., Calvin Klein;
4 Burberry, Emporio Armani, Boss, Zegna, MaxMara, Weekend MaxMara, Marina Rinaldi, Mados linija, Nude, Sandro, Maje, Hugo.
The retail turnover of the Group's stores in 12 months 2024 by chains was as follows (EUR thousand, VAT excluded):
| Chain | 12 months 2024 |
12 months 2023 |
12 months 2022 |
2024/2023, % | 2024/2022, % |
|---|---|---|---|---|---|
| Economy1 | 27 107 | 26 094 | 25 733 | 3,9% | 5,3% |
| Youth2 | 69 698 | 65 650 | 57 915 | 6,2% | 20,3% |
| Footwear | 3 276 | 3 528 | 3 873 | -7,1% | -15,4% |
| Business3 | 55 897 | 51 348 | 44 761 | 8,9% | 24,9% |
| Luxury4 | 28 811 | 26 567 | 24 242 | 8,4% | 18,8% |
| Zara | 95 328 | 85 162 | 74 387 | 11,9% | 28,2% |
| Outlets | 13 059 | 11 768 | 11 841 | 11,0% | 10,3% |
| Total | 293 175 | 270 118 | 242 752 | 8,5% | 20,8% |
During the year 2024 Apranga Group opened 7 new stores, renovated 11 stores and closed 5 stores. Currently Apranga Group operates the chain of 171 stores (103 in Lithuania, 44 in Latvia and 24 in Estonia) covering the gross area of 92.0 thousand sq. m., or by 1.3% more than a year ago.
The net capital expenditure to the retail chain expansion, restructuring and modernization amounted to EUR 11.1 million in 12 months of 2024 (see Note 4 "Investments into non-current assets"). Investments (acquisitions) by segments are disclosed in Note 3 ("Segment information"). The Group is not engaged in activities related to research and experimental development, except to the extent of process improvement. Group uses the latest technology and the latest technology processes that meet environmental standards and help reduce the negative impact on the environment.
The number of stores by countries was as follows:
| Country | 31 12 2024 | 31 12 2023 | 31 12 2022 | 2024/2023, % | 2024/2022, % |
|---|---|---|---|---|---|
| Lithuania | 103 | 100 | 100 | 3,0% | 3,0% |
| Latvia | 44 | 44 | 44 | 0,0% | 0,0% |
| Estonia | 24 | 25 | 24 | -4,0% | 0,0% |
| Total: | 171 | 169 | 168 | 1,2% | 1,8% |
The number of stores by chains was as follows:
| Chain | 31 12 2024 | 31 12 2023 | 31 12 2022 | 2024/2023, % | 2024/2022, % |
|---|---|---|---|---|---|
| Economy | 20 | 20 | 19 | 0,0% | 5,3% |
| Youth | 45 | 46 | 48 | -2,2% | -6,3% |
| Footwear | 9 | 10 | 11 | -10,0% | -18,2% |
| Business | 44 | 43 | 41 | 2,3% | 7,3% |
| Luxury | 35 | 32 | 30 | 9,4% | 16,7% |
| Zara | 9 | 9 | 10 | 0,0% | -10,0% |
| Outlets | 9 | 9 | 9 | 0,0% | 0,0% |
| Total | 171 | 169 | 168 | 1,2% | 1,8% |
The total area of stores by countries was as follows (thousand sq. m):
| Country | 31 12 2024 | 31 12 2023 | 31 12 2022 | 2024/2023, % | 2024/2022, % |
|---|---|---|---|---|---|
| Lithuania | 50,7 | 49,4 | 51,0 | 2,7% | -0,4% |
| Latvia | 27,9 | 27,9 | 26,4 | 0,0% | 5,5% |
| Estonia | 13,4 | 13,5 | 13,2 | -1,0% | 1,1% |
| Total: | 92,0 | 90,8 | 90,6 | 1,3% | 1,5% |
In addition to the key figures defined or specified in the applicable IFRS financial reporting framework, the Group also provides key financial ratios derived from or based on the prepared financial statements. These are known as Alternative Performance Measures (APM). Definitions of APM are provided on the Group's website. In table below are stated few APM.
The Group earned EUR 19.4 million of profit before income tax in 12 months 2024, while profit before taxes amounted to EUR 20.3 million in 12 months of 2023 (decreased by 4.4%).
EBITDA of the Group was EUR 41.5 million in 12 months 2024, while the Group had EBITDA of EUR 40.9 million in the same period of 2023 (increased by 1.7%). EBITDA margin has decreased from 15.2% to 14.2% during the year.
| Main Group Indicators | 12 months 2024 |
12 months 2023 |
12 months 2022 |
|---|---|---|---|
| Net sales | 292 937 | 269 696 | 242 899 |
| Net sales in foreign markets | 117 682 | 107 249 | 95 595 |
| Gross profit | 132 127 | 124 142 | 111 344 |
| Gross margin, % | 45,1% | 46,0% | 45,8% |
| Operating profit (loss) | 20 954 | 21 501 | 19 869 |
| Operating profit margin, % | 7,2% | 8,0% | 8,2% |
| EBT | 19 434 | 20 332 | 18 745 |
| EBT margin, % | 6,6% | 7,5% | 7,7% |
| Profit (loss) for the period | 15 960 | 16 773 | 15 635 |
| Profit for the period margin, % | 5,4% | 6,2% | 6,4% |
| EBITDA | 41 457 | 40 928 | 38 906 |
| EBITDA margin, % | 14,2% | 15,2% | 16,0% |
| Return on equity (end of the period), % | 24,1% | 26,3% | 25,1% |
| Return on assets (end of the period), % | 9,7% | 10,5% | 10,5% |
| Net debt to equity, % | -27,7% | -27,7% | -36,8% |
| Current ratio, times | 1,5 | 1,6 | 1,7 |
In 12 months 2024, the Group's gross profit grew slower than the sales. The Group's gross profit margin, compared to the same period last year, decreased from 46.0% to 45.1% due to more active sales promotions and higher level of goods inventory during the year.
The operating expenses of the Group totaled to EUR 111.2 million in 12 months 2024 and increased by 8.3%, comparing to the same period 2023. Operating expenses increased less than sales, which grew by 8,6%.
| Main Group Indicators | 12 months 2024 |
12 months 2023 |
Change |
|---|---|---|---|
| Net sales | 292 937 | 269 696 | 8,6% |
| Net sales in foreign markets | 117 682 | 107 249 | 9,7% |
| Gross profit | 132 127 | 124 142 | 6,4% |
| Operating (expenses) | (111 173) | (102 641) | 8,3% |
| Operating profit (loss) | 20 954 | 21 501 | -2,5% |
| EBT | 19 434 | 20 332 | -4,4% |
| Profit (loss) for the period | 15 960 | 16 773 | -4,8% |
| EBITDA | 41 457 | 40 928 | 1,3% |
| Main Group Indicators | Q4 2024 | Q4 2023 | Change |
|---|---|---|---|
| Net sales | 83 487 | 77 122 | 8,3% |
| Net sales in foreign markets | 32 272 | 30 371 | 6,3% |
| Gross profit | 38 062 | 35 386 | 7,6% |
| Operating (expenses) | (33 379) | (30 545) | 9,3% |
| Operating profit (loss) | 4 683 | 4 841 | -3,3% |
| EBT | 4 240 | 4 484 | -5,4% |
| Profit (loss) for the period | 3 410 | 3 736 | -8,7% |
| EBITDA | 10 261 | 9 884 | 3,8% |
In Q4 2024, the Group's gross profit grew slower than the sales. The Group's gross profit margin, compared to the same period last year, decreased from 45.9% to 45.6% in Q4 2024 amid more active sales promotions as well as bigger year-end inventory allowances made for sales below cost of fall-winter season goods.
The Group's level of inventories during the last 12 months decreased by 0.9% to EUR 50.1 million. Company's inventories increased by 3.9% to EUR 28.4 million.
The number of employees during the year till 31 December 2024 in the Group has increased by 46 to 2 295 (+2.0%) and has increased in Company by 25 to 785 (+3.3%). During the Q4 2024 the number of employees increased by 47 (+2.1%) in the Group and increased by 12 (+1.6%) in the Company.
The price of the Company shares in 12 months 2024 increased by 10.0% from EUR 2.66 per share to EUR 2.93 per share. The maximum share price for the 12 months period was EUR 3.06 per share, minimum share price - EUR 2.67 per share. The market capitalization of the Company increased from EUR 147 million at the beginning of the year to EUR 162 million at the end of December 2024. The weighted average price of 1 share during the reporting period was EUR 2.86. Company's share turnover was EUR 6.2 million in 12 months 2024.
Apranga APB share price in 12 months period from 1 st January 2024 to 31 st December 2024:
Information about members of the Management board on 31 December 2024:
| Name, Surname | Position | Number of shares owned and part in the share capital |
Election date | End of term |
|---|---|---|---|---|
| Darius Juozas Mockus | Chairman of the Board |
- - |
28 04 2022 | 27 04 2026 |
| Vidas Lazickas | Member of the Board | 265 138 0.48% |
28 04 2022 | 27 04 2026 |
| Ilona Šimkūnienė | Member of the Board, Purchasing Director |
- - |
28 04 2022 | 27 04 2026 |
| Ramūnas Gaidamavičius | Member of the Board, | 5 000 | 27 04 2026 | |
| Development Director |
0.01% | 28 04 2022 | ||
| Jonas Jokštys | Member of the Board, independent |
- - |
28 04 2022 | 27 04 2026 |
| Gintaras Juškauskas | Member of the Board, independent |
- - |
28 04 2022 | 27 04 2026 |
Millions
STATEMENTS OF COMPREHENSIVE INCOME
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| Note | 12 months 2024 |
12 months 2023 |
12 months 2024 |
12 months 2023 |
|
| Revenue from contracts with customers Cost of sales |
5 | 292 937 (160 810) |
269 696 (145 554) |
107 545 (62 894) |
104 443 (60 500) |
| GROSS PROFIT | 132 127 | 124 142 | 44 651 | 43 943 | |
| Operating (expenses) Other income |
(111 272) 99 |
(102 700) 59 |
(40 426) 13 098 |
(37 432) 10 311 |
|
| OPERATING PROFIT (LOSS) | 20 954 | 21 501 | 17 323 | 16 822 | |
| Finance income | 337 | 269 | 414 | 284 | |
| Finance (costs) | (1 857) | (1 438) | (1 172) | (1 003) | |
| PROFIT (LOSS) BEFORE INCOME TAX | 19 434 | 20 332 | 16 565 | 16 103 | |
| Income tax (expense) | (3 474) | (3 559) | ( 677) | ( 904) | |
| PROFIT (LOSS) FOR THE PERIOD | 3 | 15 960 | 16 773 | 15 888 | 15 199 |
| Other comprehensive income | - | - | - | - | |
| TOTAL COMPREHENSIVE INCOME | 15 960 | 16 773 | 15 888 | 15 199 | |
| Total comprehensive income attributable to: Owners of the Company Non-controlling interests |
15 960 15 960 - |
16 773 16 773 - |
15 888 15 888 - |
15 199 15 199 - |
|
| Basic and diluted earnings per share (in EUR) | 0,29 | 0,30 | 0,29 | 0,27 |
STATEMENTS OF FINANCIAL POSITION
| ASSETS | GROUP | COMPANY | |||
|---|---|---|---|---|---|
| ASSETS | Note | 31 12 2024 |
31 12 2023 |
31 12 2024 |
31 12 2023 |
| Property, plant and equipment | 28 719 | 24 052 | 16 536 | 12 019 | |
| Intangible assets | 1 426 | 1 483 | 1 376 | 1 441 | |
| Investments in subsidiaries | - | - | 5 095 | 5 095 | |
| Prepayments | 105 | 142 | 105 | 63 | |
| Trade and other receivables | 669 | 528 | 80 | 80 | |
| Right-of-use assets | 58 856 | 58 785 | 23 664 | 24 455 | |
| Other financial assets | 2 600 | 2 600 | 2 600 | 2 600 | |
| Total non-current assets | 92 375 | 87 590 | 49 456 | 45 753 | |
| CURRENT ASSETS | |||||
| Inventories | 50 141 | 50 607 | 28 352 | 27 297 | |
| Prepayments | 1 452 | 1 525 | 1 445 | 1 524 | |
| Trade and other receivables | 2 537 | 2 638 | 9 945 | 10 482 | |
| Cash and cash equivalents | 18 405 | 17 665 | 6 845 | 7 974 | |
| Total current assets | 72 535 | 72 435 | 46 587 | 47 277 | |
| TOTAL ASSETS | 3 | 164 910 | 160 025 | 96 043 | 93 030 |
| EQUITY AND LIABILITIES | GROUP | COMPANY | |||
|---|---|---|---|---|---|
| EQUITY | Note | 31 12 2024 |
31 12 2023 |
31 12 2024 |
31 12 2023 |
| Ordinary shares Legal reserve |
16 035 1 604 |
16 035 1 604 |
16 035 1 604 |
16 035 1 604 |
|
| Foreign currency translation reserve Retained earnings |
( 53) 48 762 |
( 53) 46 072 |
- 34 339 |
- 31 721 |
|
| Total equity | 66 348 | 63 658 | 51 978 | 49 360 | |
| NON-CURRENT LIABILITIES | |||||
| Deferred tax liabilities Non-current lease liabilities |
2 469 48 074 |
2 301 47 629 |
501 19 087 |
366 19 765 |
|
| Non-current employee benefits Total non-current liabilities |
282 50 825 |
194 50 124 |
282 19 870 |
194 20 325 |
|
| CURRENT LIABILITIES | |||||
| Borrowings Current lease liabilities Current income tax liability Trade and other payables Total current liabilities |
6 | - 14 578 261 32 898 47 737 |
- 14 306 579 31 358 46 243 |
6 960 5 742 - 11 493 24 195 |
6 360 5 616 320 11 049 23 345 |
| Total liabilities | 98 562 | 96 367 | 44 065 | 43 670 | |
| TOTAL EQUITY AND LIABILITIES | 164 910 | 160 025 | 96 043 | 93 030 |
STATEMENTS OF CHANGES IN EQUITY
| GROUP | Note | Share capital |
Legal reserve |
Translation reserve |
Retained earnings |
Total |
|---|---|---|---|---|---|---|
| Balance at 1 January 2023 | 16 035 | 1 604 | ( 53) | 44 781 | 62 367 | |
| Comprehensive income: Profit for the 12 months 2023 Total comprehensive income Transactions with owners: Dividends paid |
3 | - | - | - | 16 773 16 773 (15 482) |
16 773 16 773 (15 482) |
| Balance at 31 December 2023 | 16 035 | 1 604 | ( 53) | 46 072 | 63 658 | |
| Balance at 1 January 2024 | 16 035 | 1 604 | ( 53) | 46 072 | 63 658 | |
| Comprehensive income: Profit for the 12 months 2024 Total comprehensive income Transactions with owners: Dividends paid |
3 8 |
- | - | - | 15 960 15 960 (13 270) |
15 960 15 960 (13 270) |
| Balance at 31 December 2024 | 16 035 | 1 604 | ( 53) | 48 762 | 66 348 |
| COMPANY | Share capital |
Legal reserve |
Retained earnings |
Total | |
|---|---|---|---|---|---|
| Balance at 1 January 2023 | 16 035 | 1 604 | 32 004 | 49 643 | |
| Comprehensive income: Profit for the 12 months 2023 Total comprehensive income Transactions with owners: Dividends paid |
- | - | 15 199 15 199 (15 482) |
15 199 15 199 (15 482) |
|
| Balance at 31 December 2023 | 16 035 | 1 604 | 31 721 | 49 360 | |
| Balance at 1 January 2024 | 16 035 | 1 604 | 31 721 | 49 360 | |
| Comprehensive income: Profit for the 12 months 2024 Total comprehensive income Transactions with owners: Dividends paid |
8 | - | - | 15 888 15 888 (13 270) |
15 888 15 888 (13 270) |
| Balance at 31 December 2024 | 16 035 | 1 604 | 34 339 | 51 978 |
STATEMENTS OF CASH FLOW
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| OPERATING ACTIVITIES | Note | 12 months 2024 |
12 months 2023 |
12 months 2024 |
12 months 2023 |
| Profit (loss) before income taxes | 19 434 | 20 332 | 16 565 | 16 103 | |
| ADJUSTMENTS FOR: | |||||
| Depreciation and amortization | 20 503 | 19 427 | 8 170 | 7 524 | |
| Impairment charge (reversal) | 186 | ( 74) | 63 | ( 70) | |
| Write-down (reversal) of inventories to net realisable value | 579 | 719 | 255 | 161 | |
| Loss (gain) on disposal of property, plant and equipment | ( 9) | 9 | ( 6) | ( 2) | |
| Write-off of property, plant and equipment Dividend income |
63 ( 65) |
105 ( 33) |
43 (13 065) |
( 10) (10 283) |
|
| Interest expenses | 1 857 | 1 438 | 1 172 | 1 003 | |
| Total | 42 548 | 41 923 | 13 197 | 14 426 | |
| CHANGES IN OPERATING ASSETS AND LIABILITIES: | |||||
| Decrease (increase) in inventories | ( 113) | (9 940) | (1 310) | (5 252) | |
| Decrease (increase) in receivables | ( 266) | 823 | ( 808) | ( 909) | |
| Increase (decrease) in payables | 1 610 | 4 557 | 514 | 1 538 | |
| Cash generated from operations | 43 779 | 37 363 | 11 593 | 9 803 | |
| Income taxes paid | (3 624) | (3 574) | ( 862) | (1 216) | |
| Interest paid | (1 857) | (1 438) | (1 172) | (1 003) | |
| Net cash from operating activities | 38 298 | 32 351 | 9 559 | 7 584 | |
| INVESTING ACTIVITIES | |||||
| Interest received | 337 | 269 | 414 | 284 | |
| Dividends received | 65 | 33 | 13 065 | 10 283 | |
| Loans granted | (124 000) | (71 200) | (147 301) | (77 670) | |
| Loans repayments received Purchases of property, plant and equipment and intangible |
124 000 | 71 200 | 148 270 | 78 430 | |
| assets | 4 | (12 038) | (12 381) | (7 405) | (3 295) |
| Proceeds on disposal of property, plant and equipment | 958 | 2 640 | 280 | 21 | |
| Net cash from investing activities | (10 678) | (9 439) | 7 323 | 8 053 | |
| FINANCING ACTIVITIES | |||||
| Dividends paid | (13 252) | (15 472) | (13 252) | (15 472) | |
| Proceeds from borrowings | - | - | 139 020 | 102 201 | |
| Repayments of borrowings Payment of principal portion of lease liabilities |
- (13 628) |
- (12 753) |
(138 420) (5 359) |
(97 873) (4 894) |
|
| Net cash from financing activities | (26 880) | (28 225) | (18 011) | (16 038) | |
| NET INCREASE (DECREASE) IN CASH | 740 | (5 313) | (1 129) | ( 401) | |
| CASH AND CASH EQUIVALENTS: | |||||
| AT THE BEGINNING OF THE PERIOD | 17 665 | 22 978 | 7 974 | 8 375 | |
| AT THE END OF THE PERIOD | 18 405 | 17 665 | 6 845 | 7 974 |
NOTES TO INTERIM FINANCIAL STATEMENTS
1. General information
APB Apranga, (hereinafter "the Company"), was incorporated and commenced its operations in March 1993. The Company's main office is situated in Ukmerges 362, Vilnius, Lithuania. The Company has legal form of public limited liability company under the Law on Companies of Republic of Lithuania. The principal activity of the Company and its subsidiaries (hereinafter "the Group") is retail trade of apparel.
At 31 December 2024 the Group consisted of the Company and 25 subsidiaries:
| Name | Country | Ownership interest in % 31 12 2024 |
Ownership interest in % 31 12 2023 |
|---|---|---|---|
| UAB Apranga LT | Lithuania | 100% | 100% |
| UAB Apranga BPB LT | Lithuania | 100% | 100% |
| UAB Apranga PLT | Lithuania | 100% | 100% |
| UAB Apranga SLT | Lithuania | 100% | 100% |
| UAB Apranga MLT | Lithuania | 100% | 100% |
| UAB Apranga HLT | Lithuania | 100% | 100% |
| UAB Apranga OLT | Lithuania | 100% | 100% |
| UAB Apranga Ecom LT | Lithuania | 100% | 100% |
| SIA Apranga | Latvia | 100% | 100% |
| SIA Apranga LV | Latvia | 100% | 100% |
| SIA Apranga BPB LV | Latvia | 100% | 100% |
| SIA Apranga PLV | Latvia | 100% | 100% |
| SIA Apranga SLV | Latvia | 100% | 100% |
| SIA Apranga MLV | Latvia | 100% | 100% |
| SIA Apranga HLV | Latvia | 100% | 100% |
| SIA Apranga OLV | Latvia | 100% | 100% |
| SIA Apranga Ecom LV | Latvia | 100% | 100% |
| OU Apranga* | Estonia | 100% | 100% |
| OU Apranga Estonia | Estonia | 100% | 100% |
| OU Apranga BEE | Estonia | 100% | 100% |
| OU Apranga PB Trade | Estonia | 100% | 100% |
| OU Apranga ST Retail | Estonia | 100% | 100% |
| OU Apranga MDE | Estonia | 100% | 100% |
| OU Apranga HEST | Estonia | 100% | 100% |
| OU Apranga Ecom EE | Estonia | 100% | 100% |
1 The Company directly owns 14.91% shares and indirectly through its subsidiary OU Apranga Estonia owns the rest 85.09% of shares.
The share capital of APB Apranga is EUR 16,034,668.40 and it is divided into 55,291,960 ordinary registered shares with a nominal value of EUR 0.29 each, where each share grants to its owner 1 vote (in total 55,291,960 voting shares), all shares are paid in full and give the owners equal rights. All 55 291 960 ordinary shares of nominal value EUR 0.29 each (ISIN code LT0000102337) that comprise Company's share capital are listed on Baltic equity list of Nasdaq Vilnius Stock Exchange.
At 31 December 2024, the Company had 7 163 shareholders. Company's shareholders which owned or had undermanagement more than 5% of share capital were:
| Shareholder | Enterprise code |
Address | Number of shares |
% of total ownership |
|---|---|---|---|---|
| UAB MG Investment | 123249022 | Aukštaičių 7, Vilnius, Lithuania | 36 169 099 | 65,4% |
| UAB Minvista | 110685692 | Aukštaičių 7, Vilnius, Lithuania | 5 795 929 | 10,5% |
The ultimate parent company whose financial statements are available for public use is UAB MG grupė. The ultimate controlling individual of the Group is Mr. D. J. Mockus:
2. Basis of preparation and summary of main accounting policies
The financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU. The principle accounting policies applied in the preparation of Interim financial statements are the same to those applied in preparation of the Annual financial statements.
The financial statements for the period ended 31 December 2024 are not audited.
In the financial statements all figures are presented in thousands of euro, unless indicated otherwise.
3. Segment information
Management has determined the operating segments based on the reports reviewed by the General Director and other 6 Directors (responsible for managing, sales and marketing, human resources, purchases, development and finance) that are used to make strategic decisions.
All financial information, including the measure of profit and total assets, is analyzed on a country basis. The segment information provided to the Directors for the reportable segments for the 12 months 2024 is as follows:
| 12 months 2024 |
Lithuania | Latvia | Estonia | Total | Inter company elimina tions |
Total in consolidated financial statements |
|---|---|---|---|---|---|---|
| Total segment revenue | 193 406 | 75 285 | 43 037 | 311 728 | - | |
| Inter-segment revenue | (18 151) | ( 289) | ( 351) | (18 791) | - | |
| Revenue from external customers (Note 5) |
175 255 | 74 996 | 42 686 | 292 937 | - | 292 937 |
| Gross profit margin | 44,7% | 45,3% | 46,6% | 45,1% | 45,1% | |
| Profit (loss) for the year | 10 110 | 3 888 | 1 962 | 15 960 | - | 15 960 |
| Total assets | 127 771 | 35 852 | 17 657 | 181 280 | (16 370) | 164 910 |
| Additions to non-current assets | 10 141 | 1 121 | 776 | 12 038 | - | 12 038 |
| 12 months 2023 |
Lithuania | Latvia | Estonia | Total | Inter company elimina tions |
Total in consolidated financial statements |
|---|---|---|---|---|---|---|
| Total segment revenue | 182 689 | 66 272 | 42 291 | 291 252 | - | |
| Inter-segment revenue | (20 270) | ( 643) | ( 643) | (21 556) | - | |
| Revenue from external customers (Note 5) |
162 419 | 65 629 | 41 648 | 269 696 | - | 269 696 |
| Gross profit margin | 45,6% | 46,4% | 47,1% | 46,0% | 46,0% | |
| Profit (loss) for the year | 11 348 | 3 401 | 2 024 | 16 773 | - | 16 773 |
| Total assets Additions to non-current assets |
120 938 5 800 |
35 553 5 706 |
19 173 875 |
175 664 12 381 |
(15 639) - |
160 025 12 381 |
4. Investments into non-current assets
Net investments of the Group in the 12 months 2024 amounted to EUR 11.1 million. The Company's investments reached EUR 7.1 million, including the acquisition of 250 sq. m. of commercial premises located in Town Hall Square in Vilnius, while daughter companies invested EUR 4.0 million.
5. Income
For the 12 months 2024, revenue from contracts with customers consisted of the following:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Stores income | 292 842 | 269 540 | 82 842 | 77 355 |
| Wholesale income | 36 | 38 | 17 639 | 19 731 |
| Management fees | - | - | 7 707 | 7 291 |
| Other income | 59 | 118 | 93 | 66 |
| Total revenue from contracts with customers | 292 937 | 269 696 | 108 281 | 104 443 |
6. Borrowings
In August 2023, the Company and SEB bank signed the amendment to the previously concluded credit line agreement. According to the amendment, credit repayment term was prolonged to 31 May 2025. Credit limit remained at EUR 27 000 thousand. The interests are paid for the amount used, and the interest rate is calculated as 1 month EURIBOR plus margin. There is fixed interest rate set for amount used for the issuance of guarantees and letters of credit.
The Company and LUMINOR bank signed the amendment to the previously concluded non-binding credit limit agreement. According to the amendment, the commitment period of EUR 5 000 thousand non-binding credit limit was prolonged for the year until 30 June 2025. For the drawdown amount of the overdraft a floating interest rate calculated as the 1-month EURIBOR plus margin is being paid. There is fixed interest rate set for amount used for the issuance of guarantees.
7. Guarantees and letters of credit
As of 31 December 2024, guarantees issued by the credit institutions on behalf of the Company to secure the obligations of its subsidiaries to their goods suppliers totaled EUR 22 523 thousand (31 December 2023: EUR 15 447 thousand). The letters of credit and guarantees provided to goods suppliers by the credit institutions on behalf of the Group as of 31 December 2024 amounted to EUR 24 146 thousand (31 December 2023: EUR 16 718 thousand). Significantly increased turnover over the past few years led to the need to revise amounts of outstanding guarantees. There were no new guarantees issued.
As of 31 December 2024, the Company's guarantees issued to secure the obligations of its subsidiaries to lessors of premises totaled EUR 466 thousand (31 December 2023: EUR 474 thousand).
8. Profit distribution
The Annual shareholders meeting of APB Apranga held on 30 April 2024 has resolved to pay EUR 13 270 thousand in dividends for the year 2023.
9. Turnover and expansion plans in 2025
Apranga Group plans to reach EUR 377 million turnover (including VAT) in 2025, or by 6.4% higher than the year 2024 turnover. In 2025 Apranga Group plans to renovate or open 7-10 stores. The net investment is planned to be about EUR 7-10 million.
10. Alternative performance measures
With regard to the requirements of the European Securities and Markets Authority (ESMA) Guidelines on Alternative Performance Measures, Apranga APB provides an overview of the Alternative Performance Measures (APM) used, their definition and calculation on Apranga APB website at: http://aprangagroup.lt/en/investors/investor-relations/alternativeperformancemeasures .