Market announcement
ABC Grupp
Category
Half-yearly financial report
Attachments
Date
01.09.2009 17:15:53
Title
Interim report 6 months 2009
Message
For the ABC Grupi AS companies the first half year of 2009 was a period of cost saving and adaptation to the fast economic downturn. As compared to the first half year of 2008 we succeeded to reduce staff, interest and other operating expenses by 23.9 million EEK while the net sales only fell by 6.7% to 650.96 million EEK. The consolidated loss amounted to 2.87 million EEK. This was the result of reduction in the value of real estate and loss from the principal activities of the vehicle segment. Significant events of the group ABC Grupi AS that took place in the first half year of 2009 and between the end of the reporting period and the disclosure of the Interim Report were the following: Abestock AS started selling the Nestle Purina animal feeds; in July ABC Motors AS sold 75 new vehicles, making thus Renault the market leader of new vehicles in Estonia. As compared to the first half year of 2008, the net sales of the stores of Comarket AS increased in the first half year of 2009 by 1.8%, amounting to 279.0 million EEK. The company sustained a loss of 0.98 million EEK, while at the same period in 2008 the profit amounted to 0.8 million EEK. At the same time staff costs decreased in quarter 2 of 2009 by 17.6% as compared to the same period in 2008 and the profit of the quarter amounted to 0.14 million EEK. The market share of Comarket in the retail turnover of stores specialised in food and convenience goods (predominantly food products) was 2.6%. The net sales of Abestock AS in the first half year of 2009 decreased by 2.7% to 279,2 million EEK as compared to the first half year of 2008. At the same time profit increased by 12.0% to 7.34 EEK. Since June the current net sales has reached the level of the previous year. The net sales of ABC Motors AS in the first half year of 2009 decreased by 34,7% to 80,4 million EEK as compared to the first half year of 2008. The company sustained a loss amounting to 5.63 million EEK. The sales of new vehicles reduced by 53% to 230 vehicles, while the sales of used vehicles increased by 2.7% to 153 vehicles. The decrease in the net sales and operating expenses has been proportionate; the reason behind the decline in the margin is the sales of used vehicles at a low price due to the market situation as well as the reduction in the average cost of service work. The loss of the real estate segment in the first half year of 2009 amounted to 3,2 million EEK as compared to the profit of 15,6 million EEK of the same period in 2008. At the same time revenue from rent increased by 39.6% to 15.5 million EEK. The reduction in the revenue of the segment has been due to the impairment of assets. Consolidated statement of financial position -------------------------------------------------------------------------------- | (unaudited, thousands ) | EEK | EEK | EUR | EUR | -------------------------------------------------------------------------------- | | 30.06.200 | 31.12.200 | 30.06.200 | 31.12.200 | | | 9 | 8 | 9 | 8 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Cash | 2 931 | 13 394 | 187 | 856 | -------------------------------------------------------------------------------- | Short-term financial | 1 536 | 3 751 | 98 | 239 | | investments | | | | | -------------------------------------------------------------------------------- | Receivables and prepayments | 124 561 | 105 422 | 7 961 | 6 737 | -------------------------------------------------------------------------------- | Inventories | 160 556 | 193 580 | 10 262 | 12 372 | -------------------------------------------------------------------------------- | Total current assets | 289 583 | 316 147 | 18 508 | 20 204 | -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Long-term financial | 10 011 | 13 104 | 640 | 837 | | investments | | | | | -------------------------------------------------------------------------------- | Investment properties | 454 392 | 463 974 | 29 041 | 29 653 | -------------------------------------------------------------------------------- | Tangible assets | 138 004 | 152 021 | 8 820 | 9 715 | -------------------------------------------------------------------------------- | Intangible assets | 75 002 | 73 750 | 4 793 | 4 713 | -------------------------------------------------------------------------------- | Total non-current assets | 677 409 | 702 850 | 43 294 | 44 918 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 966 992 | 1 018 997 | 61 802 | 65 122 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES AND EQUITY | | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Interest bearing loans and | 284 797 | 242 762 | 18 202 | 15 515 | | borrowings | | | | | -------------------------------------------------------------------------------- | Payables and prepayments | 176 085 | 152 211 | 11 254 | 9 728 | -------------------------------------------------------------------------------- | Total current liabilities | 460 882 | 394 974 | 29 456 | 25 243 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | Interest bearing loans and | 185 583 | 300 250 | 11 860 | 19 189 | | borrowings | | | | | -------------------------------------------------------------------------------- | Other non-current | 1 352 | 1 728 | 87 | 109 | | liabilities | | | | | -------------------------------------------------------------------------------- | Total non-current | 186 934 | 301 978 | 11 947 | 19 298 | | liabilities | | | | | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 647 816 | 696 952 | 41 403 | 44 541 | -------------------------------------------------------------------------------- | EQUITY | | | | | -------------------------------------------------------------------------------- | Equity attributable to | | | | | | equity holders of the | | | | | | parent company | | | | | -------------------------------------------------------------------------------- | Share capital | 100 280 | 100 280 | 6 409 | 6 409 | -------------------------------------------------------------------------------- | Issue premium | 18 575 | 18 575 | 1 187 | 1 187 | -------------------------------------------------------------------------------- | Legal reserve | 2 180 | 2 180 | 139 | 139 | -------------------------------------------------------------------------------- | Retained profit (loss) | 201 010 | 191 950 | 12 847 | 12 267 | -------------------------------------------------------------------------------- | Net profit (loss) for the | -2 869 | 9 060 | -183 | 579 | | period | | | | | -------------------------------------------------------------------------------- | Total equity attributable to | 319 176 | 322 045 | 20 399 | 20 581 | | equity holders of the parent | | | | | | company | | | | | -------------------------------------------------------------------------------- | TOTAL EQUITY | 319 176 | 322 045 | 20 399 | 20 581 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 966 992 | 1 018 997 | 61 802 | 65 122 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Consolidated statement of comprehensive income -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (unaudited, thousands) | | | | | -------------------------------------------------------------------------------- | | | EEK | EEK | EUR | EUR | -------------------------------------------------------------------------------- | | | 6 m 2009 | 6 m 2008 | 6 m 2009 | 6 m 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 650 955 | 697 222 | 41 603 | 44 560 | -------------------------------------------------------------------------------- | Other operating revenues | 12 671 | 47 636 | 809 | 3 044 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Goods, raw materials and | -555 331 | -584 801 | -35 492 | -37 375 | | services | | | | | -------------------------------------------------------------------------------- | Other operating expenses | -31 591 | -39 242 | -2 019 | -2 508 | -------------------------------------------------------------------------------- | Staff costs | | | | | -------------------------------------------------------------------------------- | | Wages and salaries | -40 716 | -49 527 | -2 602 | -3 165 | -------------------------------------------------------------------------------- | | Social taxes | -13 583 | -16 490 | -868 | -1 053 | -------------------------------------------------------------------------------- | Total staff costs | -54 299 | -66 018 | -3 470 | -4 219 | -------------------------------------------------------------------------------- | Depreciation and impairment | -6 599 | -6 943 | -421 | -444 | | of non-current assets | | | | | -------------------------------------------------------------------------------- | Other operating charges | -5 880 | -5 230 | -375 | -334 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit (loss) | 9 925 | 42 625 | 635 | 2 725 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and expenses | | | | | -------------------------------------------------------------------------------- | Financial income and expenses | -439 | 0 | 28 | 0 | | from investments | | | | | | in subsidiaries | | | | | -------------------------------------------------------------------------------- | Financial income and expenses | 10 | 86 | 0 | 5 | | from investments | | | | | | in affiliates | | | | | -------------------------------------------------------------------------------- | Interest expenses | -14 229 | -18 853 | -909 | -1 205 | -------------------------------------------------------------------------------- | Profit (loss) on conversion | 412 | -55 | 26 | -4 | | of foreign currencies | | | | | -------------------------------------------------------------------------------- | Other financial income and | 1 452 | 119 | 93 | 7 | | expenses | | | | | -------------------------------------------------------------------------------- | Total financial income and | -12 795 | -18 703 | -818 | -1 197 | | expenses | | | | | -------------------------------------------------------------------------------- | | | | | 0 | 0 | -------------------------------------------------------------------------------- | Profit (loss) before income | -2 869 | 23 922 | -183 | 1 528 | | tax | | | | | -------------------------------------------------------------------------------- | | Company income tax | 0 | -116 | 0 | -7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income | -2 869 | 23 806 | -183 | 1 521 | | (loss) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- The Consolidated interim report for the first half year of 2009 of ABC Grupi AS is available on NASDAQ OMX Tallinn Stock Exchange's and ABC Grupi AS Internet home page http://www.abc.ee. Jüri Vips Chairman of the Board Phone+372 6505555