Baltic Export, Belarus, Estonia, Markets and Companies, Retail, Russia

Consolidated operating profit for the same period was 14.6 mln euros, showing a year-on-year increase of 26.7%. The margin was 32% compared to the year-earlier 22.3%. Consolidated EBITDA was almost 16 mln euros compared to 13.5 milion euros for nine months of 2015, Silvano told the stock exchange.

Consolidated net profit attributable to equity holders of the parent company increased by 15.3% to 9.1 mln euros. A year ago it was 7.9 mln euros. Net profit margin attributable to equity holders of the parent company for nine months of 2016 was 20% against 16.1% in the same period last year.

The group has succeeded in cutting its production, marketing and administrative costs. Compared to nine months of 2015, the marketing and general administrative costs decreased by respectively 6.3 and 27.6%. Personnel costs declined by 26.1% whereas the workforce grew by 1.7%.

At the end of September the group's consolidated assets stood at 55.2 mln euros, up by 2.8% from the end of 2015.

Silvano's results for nine months of 2016 were defined by continued challenges in economies of its major sales markets – Russia, Belarus and Ukraine. Previously undermined by devaluations and high inflation rates, purchasing power in the region's countries remains low and future expectations are still more on the negative or neutral side, therefore it is hard to see some kind of relatively fast recovery in growth rates of the economies under discussion, the group said.

Retail sales in Russia have been stable in the last few months and decreased in August only by 0.1% compared to last year. The group's sales on the Russian market totaled 25.2 mln euros, down by 7.1% against nine months of 2015. In local currency, sales showed a 7.1% increase. The group's Russian subsidiary opened 12 new stores in the third quarter of 2016 and two more stores in October.

The Belarusian economy is not showing signs of stabilization yet. Silvano's nine-month sales in Belarus amounted to 13.9 mln euros, representing a year-on-year fall of 18.3%. In local currency sales increased by 7.5%.

Nine-month sales in Ukraine totaled 1.3 mln euros, which is 1.3% less than a year ago. Measured in local currency, sales increased by 14.3%.