Market announcement
TKM Grupp AS
LEI code
529900785KF1K0EEW940
Size of the entity
Large group
Economic activities
Financial and Insurance Activities
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
2966
Attachments
Submission date and time
25.11.2010 16:30:00
Content of announcement in Estonian
Title
2010. AASTA III KVARTALI JA 9 KUU AUDITEERIMATA MAJANDUSTULEMUSED
Message
Tallinna Kaubamaja kontserni 2010. aasta esimese üheksa kuu konsolideeritud
auditeerimata müügitulu oli 4,6 miljardit krooni (293,0 miljonit eurot).
Kontserni 2009. aasta võrreldava perioodi müügitulu oli 4,8 miljardit krooni
(303,9 miljonit eurot), mis tegi võrdluses eelmise aastaga languseks 3,6%. III
kvartali müügitul oli 1,6 miljardit krooni (100,6 miljonit eurot), olles seega
eelmise aasta võrreldava perioodi müügitulust 0,4% kõrgem. Kontserni müügitulu
Eestis kasvas esimesel üheksal kuul 0,2% ning kolmandas kvartalis 4,0%. Esimese
üheksa kuuga suutis kontsern saavutada 144,7 miljoni krooni (9,3 miljoni euroni)
suuruse kasumi. Aruandeaasta II ja III kvartal olid kontsernile kasumlikud. III
kvartalis ulatus kasum 73,2 miljoni kroonini (4,7 miljoni euroni). 2009. aasta
esimese üheksa kuu kahjum oli 23,0 miljonit krooni (1,5 miljonit eurot), III
kvartali kasum aasta tagasi oli 15,4 miljonit krooni (1,0 miljonit eurot).
Esimesel üheksal kuul suutis kontsern võrreldes eelmise aasta sama perioodiga
parandada kasumit 167,8 miljoni krooni (10,7 miljonit eurot) võrra eelkõige
palga- ja opereerimiskulude kokkuhoiu ning parema varude juhtimise tulemusel
saavutatud mõnevõrra kõrgema kasumlikkuse arvelt. Amortisatsioonikulud on
langenud seoses 2009. aastal läbi viidud põhivarade allahindlusega. Madalama
EURIBORi taseme tõttu vähenes finantskulude maht võrreldes eelmise aasta sama
perioodiga. Kasumlikkuse saavutamiseks kontserni kõigis tegevussegmentides
otsitakse võimalusi klientidele meelepärase ning parima hinna-kvaliteedi suhtega
sortimendi kindlustamiseks. Samuti jätkatakse tööd veelgi madalamate
tegevuskulude saavutamiseks eelkõige läbi sisemise efektiivsuse kasvu.
Kaubamajade ärisegmendi 2010. aasta 9 kuu müügitulu oli 802,5 miljonit krooni
(51,3 miljonit eurot), vähenedes eelmise aasta sama perioodiga võrreldes 5,9%.
Sellest kolmandas kvartalis oli müügitulu 264,5 miljonit krooni (16,9 miljonit
eurot), mis oli 2009. aasta III kvartali tuludest 0,8% madalam. Kaubamajade
2010. aasta 9 kuu ärikahjum oli 14,0 miljonit krooni (0,9 miljonit eurot), mis
oli 3,7 miljonit krooni (0,2 miljonit eurot) väiksem võrreldes 2009. aasta sama
perioodiga. Suviste allahindluste aastatagust võrdlusbaasi mõjutavad eelmisel
aastal juba juunikuus alanud ja oluliselt jõulisemad allahindluskampaaniad, mis
sel aastal jäid juulikuusse. Selle tulemusena suudeti käesoleval aastal teenida
väiksema käibe juures oluliselt suuremat brutokasumit. Kaubamajade 9 kuu
tegevuskulud olid aastataguse vastava perioodiga võrreldes madalamad 4,3
miljonit krooni (0,3 miljonit eurot), mis on 2,1% vähem kui möödunud aastal.
Samas on sel aastal seoses Tallinna Kaubamaja 50-aasta juubelipidustustega 11,1%
suuremad turunduskulud. Tööjõukulud olid 9 kuuga 6,3% madalamad möödunud aasta
vastava perioodiga võrreldes. Kaubamajade 9 kuu kahjum 2010. aastal oli 9,5
miljonit krooni (0,6 miljonit eurot), suurenedes aastaga 3,4 miljonit krooni
(0,2 miljonit eurot). 2010. aasta kolmanda kvartali kahjum oli 4,3 miljonit
krooni (0,3 miljonit eurot), 2009. aasta sama perioodi kahjum oli 6,3 miljonit
krooni (0,4 miljonit eurot). 2010. aasta 9 kuu puhaskahjumit mõjutasid veel
madalamate intressimäärade tõttu madalamad kontsernisisesed finantstulud. Seni
kolme I.L.U. kosmeetikakauplust opereerinud OÜ TKM Beauty Eesti müügitulu 2010.
aasta 9 kuuga oli 21,5 miljonit krooni (1,4 miljonit eurot) ja III kvartalis 7,5
miljonit krooni (0,5 miljonit eurot). 2009. aasta võrreldavatel perioodidel
toimus müügitegevus ainult Pärnu I.L.U. kaupluses, mille müügitulu oli siis
vastavalt 4,4 ja 1,9 miljonit krooni (0,3 ja 0,1 miljonit eurot). 2010. aasta
III kvartali puhaskahjum oli 1,9 miljonit krooni (0,1 miljonit eurot), mis oli
osaliselt tingitud I.L.U. keti neljanda kaupluse avamisega seotud ühekordse
iseloomuga kuludest. I.L.U. keti 9 kuu puhaskahjum oli 5,3 miljonit krooni (0,3
miljonit eurot). 2011. aastal keskendutakse keti turuosa suurendamisele ning
kaupluste kasumlikkuse tõstmisele.
Supermarketite ärisegmendi 2010. aasta 9 kuu konsolideeritud müügitulu oli 3,5
miljardit krooni (221,0 miljonit eurot), sellest III kvartali müügitulu oli 1,2
miljardit krooni (76,3 miljonit eurot). Müügitulu kahanes võrrelduna eelmise
aastaga 9 kuu võrdluses 2,7% ja III kvartali võrdluses 1,3%. Supermarketite
segmendi konsolideeritud maksueelne kasum oli 2010. aasta esimese üheksa kuuga
93,1 miljonit krooni (6,0 miljonit eurot), näidates võrrelduna 2009. aasta sama
perioodiga 101,8 miljoni krooni (6,5 miljoni euro) suurust kasvu. III kvartali
konsolideeritud maksueelne kasum oli 59,5 miljonit krooni (3,8 miljonit eurot),
kasvades aasta varasema perioodiga võrrelduna 41,6 miljoni krooni (2,7 miljoni
euro) võrra. Konsolideeritud puhaskasum oli 2010. aasta esimese üheksa kuuga
86,1 miljonit krooni (5,5 miljonit eurot), kasvades võrrelduna aasta varasema
perioodiga 99,1 miljoni krooni (6,3 miljonit euro) võrra.
Supermarketite segmendi müügitulu Eestis oli 2010. aasta 9 kuuga 3,5 miljardit
krooni (221,0 miljonit eurot), kasvades 2009. aastaga võrreldes 0,7% võrra. III
kvartali müügitulu oli 1,2 miljardit krooni (76,3 miljonit eurot), ületades
eelmise aasta võrreldava perioodi müügitulu 2,8% võrra. Eestis teenitud
maksueelne kasum olid 2010. aasta esimese 9 kuuga 128,9 miljonit krooni (8,2
miljonit eurot), millest 70,4 miljonit krooni (4,5 miljonit eurot) teeniti III
kvartalis. Kasumite kasvud olid aasta varasemate perioodidega võrreldes
vastavalt 65,4 miljonit krooni (4,2 miljonit eurot) ja 27,0 miljonit krooni (1,7
miljonit eurot). Supermarketite Eestis teenitud puhaskasum oli 2010. aasta
esimese üheksa kuuga 121,9 miljonit krooni (7,8 miljonit eurot). 2009. aasta
võrreldava perioodi puhaskasum oli 59,2 miljonit krooni (3,8 miljonit eurot).
Puhaskasum kasvas võrrelduna aasta varasema perioodiga enam kui kahekordseks. 9
kuu majandustulemustele avaldasid positiivset mõju edukad turundustegevused, mis
on suurendanud ostude arvu. III kvartali müügitulule on lisaks ostude arvu
kasvule avaldanud positiivset mõju keskmise ostukorvi kasv, mis majanduslanguse
järgselt on esmakordselt suurenenud võrreldes baasperioodiga. Müügitulu
kujunemisele on negatiivset mõju avaldanud mõnedes regioonides toimunud
konkurentsi tihenemine, aruandeaasta ja baasaasta erinevad käibemaksumäärad ning
Tallinnas alates juunist kehtima hakanud müügimaks. 2010. aastal on saavutatud
oluline efektiivsus tööjõukuludes. Vaatamata käibe suurenemisele, on tööjõukulud
kahanenud 2010. aasta esimesel 9 kuul, võrrelduna aasta varasema perioodiga
10,6%. Tegevuskulude osas on sõlmitud täiendavaid kokkuleppeid püsikulude
alandamiseks ning üle vaadatud kokkuhoiuvõimalused muutuvkuludes. Optimeeritud
on laovarusid kauplustes.
Kinnisvarade ärisegmendi 2010. aasta esimese kolme kvartali kontserniväline
müügitulu oli 29,3 miljonit krooni (1,9 miljonit eurot), kahanedes eelmise aasta
sama perioodiga 10,0% tingituna üüritegevuse vähenemisest Lätis. Segmendi
esimese üheksa kuu kasumiks kujunes 77,2 miljonit krooni (4,9 miljonit eurot).
See oli eelmise aasta esimese üheksa kuu kasumist 23,1 miljoni krooni (1,5
miljoni euro) võrra parem tulemus ja oli peamiselt tingitud Läti tegevuskulude
ning amortisatsioonikulude vähenemisest.
Autokaubanduse segmendi 2010. aasta esimese üheksa kuu müügitulu ilma segmentide
vaheliste tehinguteta oli 147,8 miljonit krooni (9,4 miljonit eurot), jäädes
17,3% alla eelmise aasta sama perioodi tuludele. Kolmanda kvartali müügitulu oli
51,0 miljonit krooni (3,3 miljonit eurot), mis on 63,3% suurem aasta tagusest
perioodist. 9 kuu kasumiks kujunes 2,4 miljonit krooni (0,2 miljonit eurot) tänu
parema marginaaliga müügile, kulubaasi ja finantseerimis- ning laokulude
olulisele vähendamisele. Aasta tagasi oli segment üheksa kuuga kahjumis 18,3
miljoni krooniga (1,2 miljoni euroga). Kolmandas kvartalis teeniti 1,9 miljonit
krooni (0,1 miljonit eurot) kasumit, eelmise aasta samal perioodil oli kahjum
1,9 miljonit krooni (0,1 miljonit eurot).
Jalatsikaubanduse ärisegmendi konsolideeritud müügitulu 2010. aasta 9 kuuga oli
147,0 miljonit krooni (9,4 miljonit eurot), kasvades võrreldes 2009. aasta sama
perioodiga 8,0%. Kolmandas kvartalis oli müügitulu 55,1 miljonit krooni (3,5
miljonit eurot), kasvas võrreldes 2009 aasta III kvartaliga 8,5%. 2010. aasta
kolme esimese kvartali kahjumiks kujunes 11,5 miljonit krooni (0,6 miljonit
eurot). Kahjum vähenes võrreldes 2009 aasta kolme esimese kvartaliga 71,0%. III
kvartali kahjumiks kujunes 2,9 miljonit krooni (0,2 miljonit eurot), vähenedes
2009 a. sama perioodiga võrreldes 73,3%. 2009. aasta III kvartalis oli
jalatsikaubanduse kahjum kokku 11,0 miljonit krooni (0,7 miljonit eurot).
Olulist rolli kahjumi vähendamisel on etendanud kasvanud müügitulu, millele
aitasid kaasa suvehooaja lõpumüügikampaaniad aga ka edukalt käivitunud uued SHU
ja ABC Kinga kauplused Tartu Kaubamaja keskuses.
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
tuhandetes
--------------------------------------------------------------------------------
|   | EEK | EUR |
--------------------------------------------------------------------------------
|   | 30.09.20 | 31.12.20 | 30.09.201 | 31.12.200 |
| | 10 | 09 | 0 | 9 |
--------------------------------------------------------------------------------
| VARAD | | | | |
--------------------------------------------------------------------------------
| Käibevara | | | | |
--------------------------------------------------------------------------------
| Raha ja pangakontod | 176 397 | 223 691 | 11 274 | 14 296 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | 85 403 | 75 655 | 5 458 | 4 835 |
--------------------------------------------------------------------------------
| Muud lühiajalised nõuded | 62 394 | 82 032 | 3 988 | 5 242 |
--------------------------------------------------------------------------------
| Maksude ettemaksed ja | 9 908 | 8 820 | 633 | 564 |
| tagasinõuded | | | | |
--------------------------------------------------------------------------------
| Muud ettemaksed | 8 584 | 12 404 | 549 | 793 |
--------------------------------------------------------------------------------
| Varud | 664 684 | 616 554 | 42 481 | 39 405 |
--------------------------------------------------------------------------------
| Käibevara kokku | 1 007 | 1 019 | 64 383 | 65 135 |
| | 370 | 156 | | |
--------------------------------------------------------------------------------
| Põhivara | | | | |
--------------------------------------------------------------------------------
| Ettemaksed | 25 479 | 25 499 | 1 628 | 1 630 |
--------------------------------------------------------------------------------
| Investeeringud | 22 559 | 20 323 | 1 442 | 1 299 |
| sidusettevõtetesse | | | | |
--------------------------------------------------------------------------------
| Muud pikaajalised nõuded | 2 715 | 3 613 | 174 | 231 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | 55 800 | 55 800 | 3 566 | 3 566 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 2 599 | 2 689 | 166 156 | 171 900 |
| | 782 | 639 | | |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 56 972 | 62 018 | 3 641 | 3 964 |
--------------------------------------------------------------------------------
| Firmaväärtus | 104 993 | 104 993 | 6 710 | 6 710 |
--------------------------------------------------------------------------------
| Põhivara kokku | 2 868 | 2 961 | 183 317 | 189 300 |
| | 300 | 885 | | |
--------------------------------------------------------------------------------
| VARAD KOKKU | 3 875 | 3 981 | 247 700 | 254 435 |
| | 670 | 041 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL |   |   |   |   |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Võlakohustused | 72 598 | 254 524 | 4 640 | 16 267 |
--------------------------------------------------------------------------------
| Saadud ettemaksed | 5 314 | 2 983 | 340 | 190 |
--------------------------------------------------------------------------------
| Võlad tarnijatele | 685 779 | 713 855 | 43 829 | 45 623 |
--------------------------------------------------------------------------------
| Maksukohustused | 53 742 | 63 490 | 3 435 | 4 058 |
--------------------------------------------------------------------------------
| Muud lühiajalised kohustused | 56 245 | 62 720 | 3 595 | 4 009 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | 2 161 | 445 | 138 | 28 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | 875 839 | 1 098 | 55 977 | 70 175 |
| | | 017 | | |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Võlakohustused | 1 266 | 1 267 | 80 962 | 80 982 |
| | 774 | 096 | | |
--------------------------------------------------------------------------------
| Pikaajalised eraldised | 1 538 | 1 736 | 97 | 111 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | 1 268 | 1 268 | 81 059 | 81 093 |
| | 312 | 832 | | |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU | 2 144 | 2 366 | 137 036 | 151 268 |
| | 151 | 849 | | |
--------------------------------------------------------------------------------
| Omakapital | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 407 292 | 407 292 | 26 031 | 26 031 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | 40 729 | 40 729 | 2 603 | 2 603 |
--------------------------------------------------------------------------------
| Ümberhindluse reserv | 667 228 | 673 976 | 42 644 | 43 075 |
--------------------------------------------------------------------------------
| Jaotamata kasum | 625 734 | 500 730 | 39 992 | 32 004 |
--------------------------------------------------------------------------------
| Konverteerimiserinevused | -9 464 | -8 535 | -606 | -546 |
--------------------------------------------------------------------------------
| OMAKAPITAL KOKKU | 1 731 | 1 614 | 110 664 | 103 167 |
| | 519 | 192 | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU | 3 875 | 3 981 | 247 700 | 254 435 |
| | 670 | 041 | | |
--------------------------------------------------------------------------------
KONSOLIDEERITUD KOONDKASUMIARUANNE
tuhandetes
--------------------------------------------------------------------------------
|   | EEK | EUR |
--------------------------------------------------------------------------------
|   | 9 kuud | 9 kuud | 9 kuud | 9 kuud |
| | 2010 | 2009 | 2010 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Äritulud | | | | |
--------------------------------------------------------------------------------
| Müügitulu | 4 584 | 4 754 992 | 292 990 | 303 899 |
| | 298 | | | |
--------------------------------------------------------------------------------
| Muud äritulud | 142 337 | 139 955 | 9 097 | 8 945 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasutatud materjal ja | -3 506 | -3 719 | -224 089 | -237 746 |
| tarvikud | 237 | 930 | | |
--------------------------------------------------------------------------------
| Mitmesugused tegevuskulud | -509 679 | -540 481 | -32 575 | -34 544 |
--------------------------------------------------------------------------------
| Tööjõukulud | -407 818 | -475 087 | -26 064 | -30 364 |
--------------------------------------------------------------------------------
| Põhivara kulum | -125 449 | -143 204 | -8 018 | -9 152 |
--------------------------------------------------------------------------------
| Muud ärikulud | -8 110 | -9 737 | -518 | -622 |
--------------------------------------------------------------------------------
| Ärikasum | 169 342 | 6 508 | 10 823 | 416 |
--------------------------------------------------------------------------------
| Finantstulud | 3 442 | 4 138 | 220 | 264 |
--------------------------------------------------------------------------------
| Finantskulud | -23 253 | -31 424 | -1 486 | -2 008 |
--------------------------------------------------------------------------------
| Finantstulud sidusettevõtja | 2 236 | 2 072 | 143 | 132 |
| aktsiatelt | | | | |
--------------------------------------------------------------------------------
| Kasum/(kahjum) enne | 151 767 | -18 706 | 9 700 | -1 196 |
| tulumaksustamist | | | | |
--------------------------------------------------------------------------------
| Tulumaks | -7 037 | -4 331 | -450 | -277 |
--------------------------------------------------------------------------------
| Aruandeperioodi | 144 730 | -23 037 | 9 250 | -1 473 |
| puhaskasum/(-kahjum) | | | | |
--------------------------------------------------------------------------------
| Muu koondkasum/(-kahjum) | | | | |
--------------------------------------------------------------------------------
| Realiseerimata kursivahed | -929 | 327 | -60 | 21 |
--------------------------------------------------------------------------------
| Aruandeperioodi muu | -929 | 327 | -60 | 21 |
| koondkasum/(-kahjum) | | | | |
--------------------------------------------------------------------------------
| ARUANDEPERIOODI | 143 801 | -22 710 | 9 190 | -1 452 |
| KOONDKASUM/(-KAHJUM) | | | | |
--------------------------------------------------------------------------------
tuhandetes
--------------------------------------------------------------------------------
|   | EEK | EUR |
--------------------------------------------------------------------------------
|   | III | III | III | III |
| | kvartal | kvartal | kvartal | kvartal |
| | 2010 | 2009 | 2010 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Äritulud | | | | |
--------------------------------------------------------------------------------
| Müügitulu | 1 574 | 1 568 994 | 100 630 | 100 277 |
| | 521 | | | |
--------------------------------------------------------------------------------
| Muud äritulud | 47 374 | 50 702 | 3 028 | 3 240 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasutatud materjal ja | -1 191 | -1 219 | -76 167 | -77 923 |
| tarvikud | 755 | 218 | | |
--------------------------------------------------------------------------------
| Mitmesugused tegevuskulud | -166 295 | -169 281 | -10 627 | -10 818 |
--------------------------------------------------------------------------------
| Tööjõukulud | -134 157 | -151 541 | -8 574 | -9 685 |
--------------------------------------------------------------------------------
| Põhivara kulum | -41 052 | -48 250 | -2 624 | -3 084 |
--------------------------------------------------------------------------------
| Muud ärikulud | -2 434 | -4 915 | -156 | -314 |
--------------------------------------------------------------------------------
| Ärikasum | 86 202 | 26 491 | 5 510 | 1 693 |
--------------------------------------------------------------------------------
| Finantstulud | 1 101 | 1 084 | 70 | 69 |
--------------------------------------------------------------------------------
| Finantskulud | -7 754 | -8 437 | -496 | -539 |
--------------------------------------------------------------------------------
| Finantstulud sidusettevõtjate | 714 | 555 | 46 | 35 |
| aktsiatelt | | | | |
--------------------------------------------------------------------------------
| Kasum enne tulumaksustamist | 80 263 | 19 693 | 5 130 | 1 258 |
--------------------------------------------------------------------------------
| Tulumaks | -7 037 | -4 331 | -450 | -277 |
--------------------------------------------------------------------------------
| Aruandeperioodi puhaskasum | 73 226 | 15 362 | 4 680 | 981 |
--------------------------------------------------------------------------------
| Muu koondkasum/(-kahjum) | | | | |
--------------------------------------------------------------------------------
| Realiseerimata kursivahed | -370 | 7 | -24 | 1 |
--------------------------------------------------------------------------------
| Aruandeperioodi muu | -370 | 7 | -24 | 1 |
| koondkasum/(-kahjum) | | | | |
--------------------------------------------------------------------------------
| ARUANDEPERIOODI KOONDKASUM | 72 856 | 15 369 | 4 656 | 982 |
--------------------------------------------------------------------------------
Raul Puusepp
Juhatuse esimees
Tel 731 5000
Content of announcement in English
Title
UNAUDITED CONSOLIDATED INTERIM ACCOUNTS FOR THE THIRD QUARTER AND THE FIRST NINE
Message
The consolidated unaudited sales revenue of the Tallinna Kaubamaja Group, earned
in the first nine months of 2010, was 4.6 billion kroons (293.0 million euros).
In the reference period of 2009, the sales revenue was 4.8 billion kroons (303.9
million euros), representing a decline of 3.6% year-on-year. The sales revenue
earned in the third quarter was 1.6 billion kroons (100.6 million euros), being
thus higher by 0.4% year-on-year. The Group's sales revenue in Estonia grew by
0.2% in the first nine months and 4.0% in the third quarter. In the first nine
months, the Group managed to earn a profit of 144.7 million kroons (9.3 million
euros). The quarters II and III of the fiscal year were profitable for the
Group. The profit amounted to 73.2 million kroons (4.7 million euros) in the
third quarter. The loss sustained in the first nine months of 2009 was 23.0
million kroons (1.5 million euros), while the profit earned in the third quarter
of the previous year was 15.4 million kroons (1.0 million euros).
The Group managed to improve its profit by 167.8 million kroons (10.7 million
euros) year-on-year in the first nine months, primarily by saving on payroll and
operating costs and improving inventory management that resulted in a slightly
better profitability. The depreciation costs have decreased after the write-down
of fixed assets performed in 2009. Lower EURIBOR contributed to the decrease in
the amount of financial costs year-on-year. In order to achieve profitability in
all its segments of activity, the Group is striving to find an assortment of
goods that the clients would appreciate and that would have the best
price-quality ratio. Continued efforts are made to achieve even lower operating
costs, primarily through improved internal efficiency.
The sales revenue of the department stores business segment was 802.5 million
kroons (51.3 million euros) in the 9 months of 2010, decreasing 5.9%
year-on-year. Of this figure, the third quarter sales revenue was 264.5 million
kroons (16.9 million euros), which was 0.8% lower compared to the revenue of the
third quarter of 2009. The department stores' operating loss for the nine months
of 2010 was 14.0 million kroons (0.9 million euros), which was 3.7 million
kroons (0.2 million euros) smaller compared to the same period of 2009. The
reference base for the summer discounts conducted in the previous year was
influenced by the much stronger discount campaigns that already started in June,
whereas the same discount campaigns were held in July this year. This enabled to
earn a considerably higher gross margin with a lower turnover. The operating
costs of the department stores incurred in 9 months were lower by 4.3 million
kroons (0.3 million euros) year-on-year, which is 2.1% less than in the previous
year. However, due to the events celebrating the 50th jubilee of Tallinna
Kaubamaja, marketing costs are 11.1% higher this year. The personnel costs
incurred in 9 months were 6.3% lower year-on-year. The loss of the department
stores in the 9 months of 2010 was 9.5 million kroons (0.6 million euros),
increased by 3.4 million kroons (0.2 million euros) compared to the previous
year. The loss in the third quarter of 2010 was 4.3 million kroons (0.3 million
euros), the loss for the same period of 2009 was 6.3 million kroons (0.4
million). In 9 months of 2010, the net loss was also influenced by lower
internal financial revenue earned due to much lower interest rates. The sales
revenue of OÜ TKM Beauty Eesti that has been operating the three I.L.U.
cosmetics stores so far was 21.5 million kroons (1.4 million euros) in the first
9 months of 2010 and 7.5 million kroons (0.5 million euros) in the third
quarter. In the comparable periods of 2009, only the I.L.U. store in Pärnu was
operating. Its sales revenue was 4.4 and 1.9 million kroons (0.3 and 0.1 million
euros), respectively. The net loss in the third quarter of 2010 was 1.9 million
kroons (0.1 million euros), which was partly caused by one-time costs related to
the opening of the fourth store of the I.L.U. stores chain. The net loss
sustained by the I.L.U. stores chain in nine months was 5.3 million kroons (0.3
million euros). In 2011, the focus will be on increasing the chain's market
share and improving the profitability of the stores.
The consolidated sales revenue of the supermarkets' business segment earned in
the nine months of 2010 was 3.5 billion kroons (221.0 million euros), of which
the sales revenue of the third quarter accounted for 1.2 billion kroons (76.3
million euros). The sales revenue earned in 9 months declined by 2.7%
year-on-year and the third quarter sales revenue declined by 1.3% year-on-year.
The consolidated earnings before taxes of the supermarkets' segment were 93.1
million kroons (6.0 million euros) in the first nine months of 2010, indicating
a growth of 101.8 million kroons (6.5 million euros) as compared to the same
period of 2009. The consolidated earnings before taxes earned in the third
quarter were 59.5 million kroons (3.8 million euros), a growth of 41.6 million
kroons (2.7 million euros) year-on-year. The consolidated net profit was 86.1
million kroons (5.5 million euros) in the first nine months of 2010, a growth of
99.1 million kroons (6.3 million euros) year-on-year.
The sales revenue produced in the first nine months of 2010 in the supermarkets'
segment in Estonia was 3.5 billion kroons (221.0 million euros), a growth of
0.7% compared to 2009. The sales revenue was 1.2 billion kroons (76.3 million
euros) in the third quarter, exceeding year-on-year sales revenue by 2.8%. The
earnings before taxes gained in Estonia were 128.9 million kroons (8.2 million
euros) in the first nine months of 2010, of which, 70.4 million kroons (4.5
million euros) were earned in the third quarter. The growth in profits compared
to year-on-year figures was 65.4 million kroons (4.2 million euros) and 27.0
million kroons (1.7 million euros), respectively. The net profit earned by
supermarkets in Estonia in the first nine months of 2010 was 121.9 million
kroons (7.8 million euros). The year-on-year net profit was 59.2 million kroons
(3.8 million euros). The growth of the net profit more than doubled compared to
the previous year. Successful marketing activities that helped increase the
number of purchases had a positive impact on the economic results produced in 9
months. Apart from the increased number of purchases, the increased volume of
the average market basket, which has risen compared to the reference period for
the first time after the economic depression, has also had a positive impact on
the sales revenue earned in the third quarter. In some regions, a more intensive
competition, different value added tax rates applied in the reporting year and
the reference year and the sales tax that was levied in Tallinn in June have all
had a negative impact on the sales revenue. In 2010, significant efficiency in
personnel costs has been achieved. Although the turnover has increased, the
personnel costs have decreased in the first 9 months of 2010, making up 10.6%
compared to the previous year. In regards to operating costs, additional
agreements have been made to reduce fixed costs and possible areas of saving
variable costs have been reviewed. The volume of stocks held at stores has been
optimised.
In the first three quarters of 2010, the sales revenue of the business segment
of real estate outside the group was 29.3 million kroons (1.9 million euros),
decreasing by 10% compared to the same period of the previous year due to the
decrease of rental activities in Latvia. The segment's profit of the first nine
months amounted to 77.2 million kroons (4.9 million euros). This result is 23.1
million kroons (1.5 million euros) better than the profit of the first nine
months of the previous year and it is caused by the reduction of operating
expenses in Latvia and decrease of depreciable costs.
The sales revenue of the car trade segment without the intra-segment
transactions was 147.8 million kroons (9.4 million euros) in the first nine
months of 2010, making up a decrease of 17.3% year-on-year. The third quarter
sales revenue was 51.0 million kroons (3.3 million euros), which is 63.3% higher
year-on-year. The profit earned in 9 months amounted to 2.4 million kroons (0.2
million euros) thanks to sales made at a better margin and the significant
reduction in cost base as well as financing and storage costs. A year ago, the
segment sustained a loss in nine months that amounted to 18.3 million kroons
(1.2 million euros). In the third quarter, a profit of 1.9 million kroons (0.1
million euros) was earned, a loss of 1.9 million kroons (0.1 million euros) was
sustained year-on-year.
The consolidated sales revenue of the footwear business segment earned in the
first nine months of 2010 was 147.0 million kroons (9.4 million euros), growing
by 8.0% compared to the same period of 2009. The third quarter sales revenue was
55.1 million kroons (3.5 million euros), growing by 8.5% compared to the third
quarter of 2009. The loss sustained in the first three quarters of 2010 amounted
to 11.5 million kroons (0.6 million euros). Compared to the first three quarters
of 2009, the loss decreased by 71.0%. The loss sustained in the third quarter
was 2.9 million kroons (0.2 million euros), decreasing 73.3% year-on-year. The
total loss incurred in the quarter III of 2009 was 11.0 million kroons (0.7
million euros). The increased sales revenue, which was supported by the sales of
the end of the summer season and the successfully launched new SHU and ABC King
stores in Tartu Kaubamaja centre, has played an important role in decreasing the
amount of loss.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
In thousands of
--------------------------------------------------------------------------------
|   | EEK | EUR |
--------------------------------------------------------------------------------
|   | 30.09.201 | 31.12.200 | 30.09.201 | 31.12.200 |
| | 0 | 9 | 0 | 9 |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Cash and bank | 176,397 | 223,691 | 11,274 | 14,296 |
--------------------------------------------------------------------------------
| Trade receivables | 85,403 | 75,655 | 5,458 | 4,835 |
--------------------------------------------------------------------------------
| Other short-term receivables | 62,394 | 82,032 | 3,988 | 5,242 |
--------------------------------------------------------------------------------
| Prepaid and refundable taxes | 9,908 | 8,820 | 633 | 564 |
--------------------------------------------------------------------------------
| Other prepayments | 8,584 | 12,404 | 549 | 793 |
--------------------------------------------------------------------------------
| Inventories | 664,684 | 616,554 | 42,481 | 39,405 |
--------------------------------------------------------------------------------
| Total current assets | 1,007,370 | 1,019,156 | 64,383 | 65,135 |
--------------------------------------------------------------------------------
| Fixed assets | | | | |
--------------------------------------------------------------------------------
| Prepaid expenses | 25,479 | 25,499 | 1,628 | 1,630 |
--------------------------------------------------------------------------------
| Shares in affiliated | 22,559 | 20,323 | 1,442 | 1,299 |
| companies | | | | |
--------------------------------------------------------------------------------
| Other long-term receivables | 2,715 | 3,613 | 174 | 231 |
--------------------------------------------------------------------------------
| Investment property | 55,800 | 55,800 | 3,566 | 3,566 |
--------------------------------------------------------------------------------
| Tangible fixed assets | 2,599,782 | 2,689,639 | 166,156 | 171,900 |
--------------------------------------------------------------------------------
| Intangible fixed assets | 56,972 | 62,018 | 3,641 | 3,964 |
--------------------------------------------------------------------------------
| Goodwill | 104,993 | 104,993 | 6,710 | 6,710 |
--------------------------------------------------------------------------------
| Total fixed assets | 2,868,300 | 2,961,885 | 183,317 | 189,300 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 3,875,670 | 3,981,041 | 247,700 | 254,435 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | , | , | , | , |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Borrowings | 72,598 | 254,524 | 4,640 | 16,267 |
--------------------------------------------------------------------------------
| Prepayments received | 5,314 | 2,983 | 340 | 190 |
--------------------------------------------------------------------------------
| Trade payables | 685,779 | 713,855 | 43,829 | 45,623 |
--------------------------------------------------------------------------------
| Tax liabilities | 53,742 | 63,490 | 3,435 | 4,058 |
--------------------------------------------------------------------------------
| Other current liabilities | 56,245 | 62,720 | 3,595 | 4,009 |
--------------------------------------------------------------------------------
| Provisions | 2,161 | 445 | 138 | 28 |
--------------------------------------------------------------------------------
| Total current liabilities | 875,839 | 1,098,017 | 55,977 | 70,175 |
--------------------------------------------------------------------------------
| Long-term liabilities | | | | |
--------------------------------------------------------------------------------
| Borrowings | 1,266,774 | 1,267,096 | 80,962 | 80,982 |
--------------------------------------------------------------------------------
| Provisions | 1,538 | 1,736 | 97 | 111 |
--------------------------------------------------------------------------------
| Total long-term liabilities | 1,268,312 | 1,268,832 | 81,059 | 81,093 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 2,144,151 | 2,366,849 | 137,036 | 151,268 |
--------------------------------------------------------------------------------
| Equity | | | | |
--------------------------------------------------------------------------------
| Share capital | 407,292 | 407,292 | 26,031 | 26,031 |
--------------------------------------------------------------------------------
| Statutory reserve capital | 40,729 | 40,729 | 2,603 | 2,603 |
--------------------------------------------------------------------------------
| Revaluation reserve | 667,228 | 673,976 | 42,644 | 43,075 |
--------------------------------------------------------------------------------
| Retained earnings | 625,734 | 500,730 | 39,992 | 32,004 |
--------------------------------------------------------------------------------
| Currency translation | -9,464 | -8,535 | -606 | -546 |
| differences | | | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 1,731,519 | 1,614,192 | 110,664 | 103,167 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 3,875,670 | 3,981,041 | 247,700 | 254,435 |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
In thousands of
--------------------------------------------------------------------------------
|   | EEK | EUR |
--------------------------------------------------------------------------------
|   | 9 months | 9 months | 9 months | 9 months |
| | 2010 | 2009 | 2010 | 2009 |
--------------------------------------------------------------------------------
| Revenue | 4,584,29 | 4,754,99 | 292,990 | 303,899 |
| | 8 | 2 | | |
--------------------------------------------------------------------------------
| Other operating income | 142,337 | 139,955 | 9,097 | 8,945 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and consumables used | -3,506,2 | -3,719,9 | -224,089 | -237,746 |
| | 37 | 30 | | |
--------------------------------------------------------------------------------
| Other operating expenses | -509,679 | -540,481 | -32,575 | -34,544 |
--------------------------------------------------------------------------------
| Staff costs | -407,818 | -475,087 | -26,064 | -30,364 |
--------------------------------------------------------------------------------
| Depreciation and amortisation | -125,449 | -143,204 | -8,018 | -9,152 |
--------------------------------------------------------------------------------
| Other expenses | -8,110 | -9,737 | -518 | -622 |
--------------------------------------------------------------------------------
| Operating profit (loss) | 169,342 | 6,508 | 10,823 | 416 |
--------------------------------------------------------------------------------
| Financial income | 3,442 | 4,138 | 220 | 264 |
--------------------------------------------------------------------------------
| Financial costs | -23,253 | -31,424 | -1,486 | -2,008 |
--------------------------------------------------------------------------------
| Financial income on shares of | 2,236 | 2,072 | 143 | 132 |
| associates | | | | |
--------------------------------------------------------------------------------
| Profit/Loss before income tax | 151,767 | -18,706 | 9,700 | -1,196 |
--------------------------------------------------------------------------------
| Income tax | -7,037 | -4,331 | -450 | -277 |
--------------------------------------------------------------------------------
| Net profit (loss) for the | 144,730 | -23,037 | 9,250 | -1,473 |
| reporting period | | | | |
--------------------------------------------------------------------------------
| Other comprehensive income/loss | | | | |
--------------------------------------------------------------------------------
| Exchange differences on | -929 | 327 | -60 | 21 |
| translating foreign operations | | | | |
--------------------------------------------------------------------------------
| Other comprehensive income for | -929 | 327 | -60 | 21 |
| the reporting period | | | | |
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME/LOSS | 143,801 | -22,710 | 9,190 | -1,452 |
| FOR THE REPORTING PERIOD | | | | |
--------------------------------------------------------------------------------
In thousands of
--------------------------------------------------------------------------------
|   | EEK | EUR |
--------------------------------------------------------------------------------
|   | 3rd | 3rd | 3rd | 3rd |
| | quarter | quarter | quarter | quarter |
| | 2010 | 2009 | 2010 | 2009 |
--------------------------------------------------------------------------------
| Revenue | 1,574,52 | 1,568,99 | 100,630 | 100,277 |
| | 1 | 4 | | |
--------------------------------------------------------------------------------
| Other operating income | 47,374 | 50,702 | 3,028 | 3,240 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and consumables used | -1,191,7 | -1,219,2 | -76,167 | -77,923 |
| | 55 | 18 | | |
--------------------------------------------------------------------------------
| Other operating expenses | -166,295 | -169,281 | -10,627 | -10,818 |
--------------------------------------------------------------------------------
| Staff costs | -134,157 | -151,541 | -8,574 | -9,685 |
--------------------------------------------------------------------------------
| Depreciation and amortisation | -41,052 | -48,250 | -2,624 | -3,084 |
--------------------------------------------------------------------------------
| Other expenses | -2,434 | -4,915 | -156 | -314 |
--------------------------------------------------------------------------------
| Operating profit | 86,202 | 26,491 | 5,510 | 1,693 |
--------------------------------------------------------------------------------
| Financial income | 1,101 | 1,084 | 70 | 69 |
--------------------------------------------------------------------------------
| Financial costs | -7,754 | -8,437 | -496 | -539 |
--------------------------------------------------------------------------------
| Financial income on shares of | 714 | 555 | 46 | 35 |
| associates | | | | |
--------------------------------------------------------------------------------
| Profit before income tax | 80,263 | 19,693 | 5,130 | 1,258 |
--------------------------------------------------------------------------------
| Income tax | -7,037 | -4,331 | -450 | -277 |
--------------------------------------------------------------------------------
| Net profit for the reporting | 73,226 | 15,362 | 4,680 | 981 |
| period | | | | |
--------------------------------------------------------------------------------
| Other comprehensive income/loss | | | | |
--------------------------------------------------------------------------------
| Exchange differences on | -370 | 7 | -24 | 1 |
| translating foreign operations | | | | |
--------------------------------------------------------------------------------
| Other comprehensive income for | -370 | 7 | -24 | 1 |
| the reporting period | | | | |
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME FOR | 72,856 | 15,369 | 4,656 | 982 |
| THE REPORTING PERIOD | | | | |
--------------------------------------------------------------------------------
Raul Puusepp
Chairman of the Board
Phone +372 731 5000