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
3006
Attachments
Submission date and time
25.02.2011 16:30:00
Content of announcement in Estonian
Title
2010. AASTA IV KVARTALI JA 12 KUU AUDITEERIMATA MAJANDUSTULEMUSED
Message
Tallinna Kaubamaja kontserni 2010. aasta konsolideeritud auditeerimata
müügitulu oli 6,3 miljardit krooni (402,8 miljonit eurot). Kontserni 2009.
aasta müügitulu oli 6,4 miljardit krooni (408,3 miljonit eurot), mis tegi
võrdluses eelmise aastaga languseks 1,3%. IV kvartali müügitul oli 1,7
miljardit krooni (109,8 miljonit eurot), olles seega eelmise aasta võrreldava
perioodi müügitulust 5,2% kõrgem. Aruandeaasta kasumiks kujunes 260,5 miljonit
krooni (16,6 miljonit eurot). IV kvartalis ulatus kasum 115,7 miljoni kroonini
(7,4 miljoni euroni). 2009. aasta kahjum oli 196,7 miljonit krooni (12,6
miljonit eurot), IV kvartali kahjum aasta tagasi oli 173,7 miljonit krooni
(11,1 miljonit eurot).
Vaatamata kontserni müügitulu 1,3%-lisele langusele võib rõõmustada jätkuva
turuosa kasvu üle Eestis, kus kontserni müügitulu kasvas 1,0%, kuid
jaekaubandusturg 0,4%. Alates juunist vähendas 18,4 miljoni krooni (1,2 miljoni
euro) võrra kontserni müügitulu Tallinnas kehtima hakanud müügimaks. Aasta
teisel poolel survestas kaupade sisseostuhindu tooraine ja tööjõu hinna kasv
maailmaturul, mis avaldas negatiivset mõju kontserni brutomarginaalile
neljandas kvartalis. Aasta kokkuvõttes on parem varude juhtimine siiski taganud
2009. aastaga võrreldes kõrgema brutomarginaali. 2010. aastal jätkus kontserni
sisemise rentaabluse kasvatamine. Protsesside korrastamisega saavutati tööjõu-
ja opereerimiskulude kokkuhoid. Amortisatsioonikulud on langenud seoses 2009.
aastal läbi viidud põhivarade allahindlusega. Madalama intressitaseme tõttu
vähenes finantskulude maht. Aruandeaasta lõpus viidi läbi kontserni varade
väärtuse testid, mille tulemusena hinnati läbi kasumiaruande põhivarasid üles
kogumaksumuses 0,8 miljonit krooni (0,1 miljonit eurot).
Kaubamajade ärisegmendi 2010. aasta müügitulu oli 1 153,2 miljonit krooni (73,7
miljonit eurot), vähenedes eelmise aasta sama perioodiga võrreldes 3,6%. IV
kvartali müügitulu oli 350,6 miljonit krooni (22,4 miljonit eurot), mis oli
2,0% suurem kui möödunud aasta samal perioodil. Kaubamajade 2010. aasta
puhaskasum oli 21,2 miljonit krooni (1,4 miljonit eurot), mis oli 6,8 miljonit
krooni (0,4 miljonit eurot) madalam, kui 2009.aastal, seda seoses
kontsernisiseste finantstulude vähenemisega. Kaubamajade segmendi ärikasum
kasvas aastaga 5,7 miljonilt kroonilt (0,4 miljonilt eurolt) 2009. aastal 15,3
miljoni kroonini (1,0 miljoni euroni) 2010. aastal. Ärikasumile avaldasid
positiivset mõju 2009. aastast tunduvalt väiksemad allahindlused, tänu millele
suudeti väiksema käibe juures teenida oluliselt suuremat brutokasumit.
Ärikasumi kasvule aitas kaasa ka parem varude ja marginaali juhtimine. 2010.
aasta esimeses kvartalis renoveeriti Tartu Kaubamaja Meeste-, spordi- ja
digimaailma, mis mõjutas müüke negatiivselt. 2010 oli Kaubamajale juubeliaasta,
mil möödus 50 aastat Tallinna Kaubamaja avamisest. Seoses juubeliaasta
turunduskampaaniatega olid turunduskulud 5,7% suuremad, kui möödunud aasta
samal perioodil. 2010. aastal tegeleti Kaubamajas uue majandusarvestussüsteemi
juurutamisega, mis võeti kasutusele 1. jaanuaril 2011. Seejuures jäid 2010.
aasta tegevuskulud kokku 2009. aastaga samale tasemele. Seni kolme I.L.U.
kosmeetikakauplust opereerinud OÜ TKM Beauty Eesti müügitulu 2010. aastal oli
34,6 miljonit krooni (2,2 miljonit eurot) ja IV kvartalis 12,7 miljonit krooni
(0,8 miljonit eurot). 2009. aasta võrreldavatel perioodidel müügitulu oli
vastavalt 12,2 ja 7,6 miljonit krooni (0,8 ja 0,5 miljonit eurot). 2010. aasta
IV kvartali puhaskahjum oli 1,2 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 aruandeaasta puhaskahjum oli 6,9 miljonit
krooni (0,4 miljonit eurot). 2011. aastal keskendutakse keti turuosa
suurendamisele ning kaupluste kasumlikkuse tõstmisele.
Supermarketite ärisegmendi 2010. aasta konsolideeritud müügitulu oli 4,7
miljardit krooni (300,2 miljonit eurot), kahanedes aasta varasema perioodiga
võrrelduna 1,4%. IV kvartali müügitulu oli 1,2 miljardit krooni (79,2 miljonit
eurot), kasvades võrrelduna eelmise aastaga 2,7%. Supermarketite segmendi
konsolideeritud maksueelne kasum oli 2010. aastal 146,1 miljonit krooni (9,3
miljonit eurot), näidates võrrelduna 2009. aastaga 176,7 miljoni krooni (11,3
miljoni euro) suurust kasvu. IV kvartali konsolideeritud maksueelne kasum oli
53,0 miljonit krooni (3,4 miljonit eurot), kasvades aasta varasema perioodiga
võrrelduna 74,9 miljoni krooni (4,8 miljoni euro) võrra. Konsolideeritud
puhaskasum oli 2010. aastal 139,0 miljonit krooni (8,9 miljonit eurot),
kasvades eelmise aastaga võrreldes 174,0 miljonit krooni (11,1 miljoni euro)
võrra.
Supermarketite segmendi 2010. aasta müügitulu Eestis oli 4,7 miljardit krooni
(300,2 miljonit eurot), ületades 2009. aasta müügitulu 1,7%. IV kvartali
müügitulu oli 1,2 miljardit krooni (79,2 miljonit eurot), ületades eelmise
aasta võrreldava perioodi müügitulu 4,6% võrra. Eestis asuvates Selverites
sooritati 2010. aastal 33,3 miljonit ostu, ületades aasta varasemal perioodil
sooritatud ostude arvu 0,8% võrra. Eestis teenitud maksueelne kasum olid 2010.
aastal 193,1 miljonit krooni (12,3 miljonit eurot), millest 64,2 miljonit
krooni (4,1 miljonit eurot) teeniti IV kvartalis. Kasumite kasvud olid varasema
aastaga võrreldes vastavalt 77,4 miljonit krooni (4,9 miljonit eurot) ja 12,0
miljonit krooni (0,8 miljonit eurot). Supermarketite Eestis teenitud 2010.
aasta puhaskasum oli 186,0 miljonit krooni (11,9 miljonit eurot), kasvades
aastaga 167,1%, 74,7 miljoni krooni (4,8 miljoni euro) võrra.
Aasta müügitulemustele avaldasid positiivset mõju edukate turundustegevuste
tulemusena suurenenud klientide arv ning keskmine ostukorvi suurus. Samuti on
avaldanud mõju üldine tarbijate kindlustunde tõus, aga ka Eestis aset leidnud
toidukaupade üldine hinnatõus. 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 keskenduti Selveris kasumlikkuse tõstmisele.
Kui 2009. aastal oli Selveri puhaskasumi marginaal 2,4%, siis 2010. aastal oli
see juba 4,0%, kasvades aastaga 1,5%-punkti võrra. Saavutatud on oluline
efektiivsus tööjõukuludes, mis vaatamata käibe ning ostude arvu suurenemisele
on aastaga kahanenud 7,8% võrra. Tegevuskulude osas on sõlmitud täiendavaid
kokkuleppeid püsikulude alandamiseks ning üle vaadatud kokkuhoiuvõimalused
muutuvkuludes. Optimeeritud on laovarusid kauplustes, paremini on ära kasutatud
kontserni kuuluvate ettevõtete loodavat sünergiat.
Läti kaupluste sulgemisest tulenevalt Selveril IV kvartalis Lätis müügitulu ei
olnud. Müügitulu Lätis 2010. aastal oli 0,2 miljonit krooni (10 tuhat eurot)
võrrelduna 150,8 miljoni krooniga (9,6 miljoni euroga) eelmise aasta samal
perioodil. SIA Selver Latvia 2010. aasta maksueelne ja puhaskahjum oli 47,0
miljonit krooni (3,0 miljonit eurot), vähenedes aasta varasema perioodiga
võrrelduna 99,3 miljoni krooni (6,3 miljoni euro) võrra. IV kvartali
puhaskahjum oli 11,2 miljonit krooni (0,7 miljonit eurot), vähenedes eelmise
aasta sama perioodiga võrreldes 62,9 miljonit krooni (4,0 miljonit eurot).
Majandustegevus Lätis on külmutatud ja igakuised kulud Lätis viidud
miinimumini.
23. detsembril suurendati SIA Selver Latvia aktsiakapitali mitterahalise
sissemaksena emaettevõtte A-Selver AS poolt 220,5 miljoni krooni (14,1 miljoni
euro) võrra, mis oli vajalik ettevõtte tegevuse jätkusuutlikkuse tagamiseks.
Kinnisvarade ärisegmendi 2010. aasta kontserniväline müügitulu oli 38,8
miljonit krooni (2,5 miljonit eurot), kahanedes eelmise aasta sama perioodiga
9,0% tingituna üüritegevuse vähenemisest Lätis. Neljandas kvartalis oli
segmendi kontserniväline müügitulu 9,5 miljonit krooni (0,6 miljonit eurot)
vähenedes aasta varasema perioodiga 7,5%. Segmendi kasumiks kujunes 104,6
miljonit krooni (6,7 miljonit eurot), millest 27,4 miljonit krooni (1,8
miljonit eurot) teeniti neljandas kvartalis. 2009. aastal jäi segment seoses
suurte varade allahindlustega 115,6 miljoni krooni (7,4 miljoni euro)
suurusesse kahjumisse.
2010. aasta müügitulu ilma segmentide vaheliste tehinguteta oli 202,0 miljonit
krooni (12,9 miljonit eurot), jäädes 2,8% alla eelmise aasta sama perioodi
tuludele, IV kvartali müügitulu oli 54,2 miljonit krooni (3,5 miljonit eurot ),
mis on 86,3% suurem aasta tagusest perioodist. Autosegmendi puhaskasum 2010.
aastal oli 3,4 miljonit krooni (0,2 miljon eurot), sh IV kvartalis 1,0 miljonit
krooni (0,1 miljonit eurot). 2009. aastal oli autosegmendi kahjum 23,0 miljonit
krooni (1,5 miljonit eurot ), sh IV kvartalis 4,7 miljonit krooni (0,3 miljonit
eurot). KIA sõidukite turuosa Baltikumis oli 2010. aastal 2,9%, kasvades
aastaga 30%. Autokaubanduses jätkus IV kvartalis tõus. 2010. aasta paremad
majandustulemused on seletatavad eelkõige paranenud turukonjunktuuriga, madala
kulubaasi ja paranenud marginaalidega.
Jalatsikaubanduse ärisegmendi konsolideeritud müügitulu 2010. aastal oli 211,0
miljonit krooni (13,5 miljonit eurot), kasvades võrreldes 2009. aastaga 17,4 %.
IV kvartalis oli müügitulu 64,0 miljonit krooni (4,1 miljonit eurot), kasvades
võrreldes 2009. aasta sama perioodiga 46,9%. IV kvartali kasumiks kujunes 3,8
miljonit krooni (0,2 miljonit eurot). 2009. aasta IV kvartalis oli
jalatsikaubanduse kahjum kokku 11,5 miljonit krooni (0,7 miljonit eurot). 2010.
aasta kahjum kokku oli 7,8 miljonit krooni (0,5 miljonit eurot), sh Läti
ettevõtete kahjum 1,2 miljonit krooni (0,1 miljonit eurot), vähenedes võrreldes
2009. aastaga 84,8%. Kahjumi vähenemine on tingitud peamiselt suurenenud
müügitulust, paranenud marginaalist ja tegevuskulude olulisest vähenemisest,
samuti ebarentaablite kaupluste sulgemisest. Olulisemat osa käibe kasvus on
etendanud edukas talvekaupade müük ja ka uue SHU jalatsiketi hoogne laienemine.
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
tuhandetes
EEK EUR
--------------------------------------------------------------------------------
31.12.2010 31.12.2009 31.12.201 31.12.2009
0
--------------------------------------------------------------------------------
VARAD
--------------------------------------------------------------------------------
Käibevara
Raha ja pangakontod 246 176 223 691 15 734 14 296
Nõuded ostjate vastu 95 168 75 655 6 082 4 835
Muud lühiajalised nõuded 86 825 82 032 5 549 5 242
Maksude ettemaksed ja 5 455 8 820 349 564
tagasinõuded
Muud ettemaksed 11 711 12 404 748 793
Varud 616 234 616 554 39 385 39 405
--------------------------------------------------------------------------------
Käibevara kokku 1 061 569 1 019 156 67 847 65 135
--------------------------------------------------------------------------------
Põhivara
--------------------------------------------------------------------------------
Ettemaksed 19 904 25 499 1 272 1 630
Investeeringud sidusettevõtetesse 23 527 20 323 1 504 1 299
Muud pikaajalised nõuded 2 207 3 613 141 231
Kinnisvarainvesteeringud 55 800 55 800 3 566 3 566
Materiaalne põhivara 2 748 134 2 689 639 175 638 171 900
Immateriaalne põhivara 55 288 62 018 3 533 3 964
Firmaväärtus 104 993 104 993 6 710 6 710
--------------------------------------------------------------------------------
Põhivara kokku 3 009 853 2 961 885 192 364 189 300
--------------------------------------------------------------------------------
VARAD KOKKU 4 071 422 3 981 041 260 211 254 435
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
--------------------------------------------------------------------------------
Lühiajalised kohustused
--------------------------------------------------------------------------------
Võlakohustused 275 926 254 524 17 635 16 267
Saadud ettemaksed 8 964 2 983 573 190
Võlad tarnijatele 631 765 713 855 40 377 45 623
Maksukohustused 73 174 63 490 4 677 4 058
Muud lühiajalised kohustused 63 828 62 720 4 079 4 009
Lühiajalised eraldised 1 982 445 127 28
--------------------------------------------------------------------------------
Lühiajalised kohustused kokku 1 055 639 1 098 017 67 468 70 175
--------------------------------------------------------------------------------
Pikaajalised kohustused
--------------------------------------------------------------------------------
Võlakohustused 998 948 1 267 096 63 844 80 982
Pikaajalised eraldised 1 382 1 736 88 111
--------------------------------------------------------------------------------
Pikaajalised kohustused kokku 1 000 330 1 268 832 63 932 81 093
--------------------------------------------------------------------------------
KOHUSTUSED KOKKU 2 055 969 2 366 849 131 400 151 268
--------------------------------------------------------------------------------
Omakapital
--------------------------------------------------------------------------------
Aktsiakapital 407 292 407 292 26 031 26 031
Kohustuslik reservkapital 40 729 40 729 2 603 2 603
Ümberhindluse reserv 834 085 673 976 53 308 43 075
Jaotamata kasum 743 141 500 730 47 495 32 004
Konverteerimiserinevused -9 794 -8 535 -626 -546
--------------------------------------------------------------------------------
OMAKAPITAL KOKKU 2 015 453 1 614 192 128 811 103 167
--------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 4 071 422 3 981 041 260 211 254 435
--------------------------------------------------------------------------------
KONSOLIDEERITUD KOONDKASUMIARUANNE
tuhandetes
EEK EUR
--------------------------------------------------------------------------------
12 kuud 12 kuud 12 kuud 12 kuud
2010 2009 2010 2009
--------------------------------------------------------------------------------
Müügitulu 6 302 023 6 388 127 402 773 408 276
Muud äritulud 205 216 217 898 13 116 13 926
Kasutatud materjal ja tarvikud -4 802 729 -4 966 417 -306 951 -317 412
Mitmesugused tegevuskulud -693 167 -727 064 -44 301 -46 468
Tööjõukulud -543 931 -614 084 -34 764 -39 247
Põhivara kulum -164 013 -179 055 -10 482 -11 444
Põhivara väärtuse langus 778 -239 461 50 -15 304
Muud ärikulud -13 141 -34 339 -840 -2 195
--------------------------------------------------------------------------------
Ärikasum 291 036 -154 395 18 601 -9 868
--------------------------------------------------------------------------------
Finantstulud 4 669 5 565 298 356
--------------------------------------------------------------------------------
Finantskulud -31 417 -46 406 -2 008 -2 966
Finantstulud sidusettevõtja 3 204 2 818 205 180
aktsiatelt
--------------------------------------------------------------------------------
Kasum/(kahjum) enne 267 492 -192 418 17 096 -12 298
tulumaksustamist
--------------------------------------------------------------------------------
Tulumaks -7 037 -4 331 -450 -277
--------------------------------------------------------------------------------
Aruandeperioodi 260 455 -196 749 16 646 -12 575
puhaskasum/(-kahjum)
--------------------------------------------------------------------------------
Muu koondkasum/(-kahjum)
--------------------------------------------------------------------------------
Realiseerimata kursivahed -1 259 -8 120 -80 -519
Aruandeperioodi muu -1 259 -8 120 -80 -519
koondkasum/(-kahjum)
--------------------------------------------------------------------------------
ARUANDEPERIOODI 259 196 -204 869 16 566 -13 094
KOONDKASUM/(-KAHJUM)
--------------------------------------------------------------------------------
tuhandetes
EEK EUR
--------------------------------------------------------------------------------
IV kvartal IV kvartal IV kvartal IV kvartal
2010 2009 2010 2009
--------------------------------------------------------------------------------
Müügitulu 1 717 725 1 633 135 109 783 104 377
Muud äritulud 62 879 77 943 4 019 4 981
Kasutatud materjal ja -1 296 492 -1 246 487 -82 861 -79 666
tarvikud
Mitmesugused tegevuskulud -183 488 -186 583 -11 727 -11 924
Tööjõukulud -136 113 -138 997 -8 699 -8 883
Põhivara kulum -38 564 -35 851 -2 465 -2 292
Põhivara väärtuse langus 778 -239 461 50 -15 304
Muud ärikulud -5 031 -24 602 -322 -1 573
--------------------------------------------------------------------------------
Ärikasum 121 694 -160 903 7 778 -10 284
--------------------------------------------------------------------------------
Finantstulud 1 227 1 427 78 92
--------------------------------------------------------------------------------
Finantskulud -8 164 -14 982 -522 -958
Finantstulud 968 746 62 48
sidusettevõtjate aktsiatelt
--------------------------------------------------------------------------------
Kasum/(-kahjum) enne 115 725 -173 712 7 396 -11 102
tulumaksustamist
--------------------------------------------------------------------------------
Tulumaks 0 0 0 0
--------------------------------------------------------------------------------
Aruandeperioodi 115 725 -173 712 7 396 -11 102
puhaskasum/(-kahjum)
--------------------------------------------------------------------------------
Muu koondkasum/(-kahjum)
--------------------------------------------------------------------------------
Realiseerimata kursivahed -330 -8 447 -20 -540
Aruandeperioodi muu -330 -8 447 -20 -540
koondkasum/(-kahjum)
--------------------------------------------------------------------------------
ARUANDEPERIOODI 115 395 -182 159 7 376 -11 642
KOONDKASUM/(-KAHJUM)
--------------------------------------------------------------------------------
Raul Puusepp
Juhatuse esimees
Tel 731 5000
Content of announcement in English
Title
UNAUDITED CONSOLIDATED INTERIM ACCOUNTS FOR THE FOURTH QUARTER AND THE TWELVE MONTHS OF 2010
Message
The consolidated non-audited sales revenue of the Tallinna Kaubamaja Group was
6.3 billion kroons (402.8 million euros) in 2010. The sales revenue of the
Group was 6.4 billion kroons (408.3 million euros) in 2009, which translates
into a drop of 1.3% compared to the preceding year. The sales revenue of the
fourth quarter was 1.7 billion kroons (109.8 million euros), which makes it
higher by 5.2% year-on-year. The profit for the financial year was 260.5
million kroons (16.6 million euros). In the fourth quarter, the profit was
115.7 million kroons (7.4 million euros). The loss of the year 2009 was 196.7
million kroons (12.6 million euros), whereas the loss of the fourth quarter of
the previous year was 173.7 million kroons (11.1 million euros).
Although the Group's sales revenue was down by 1.3%, the continued growth of
the market share in Estonia is good news. The Group's sales revenue in Estonia
was up by 1.0% and the retail trade market by 0.4%. The Group sales revenue
decreased by 18.4 million kroons (1.2 million euros) due to the sales tax
levied in Tallinn since June. In the second half of the year, the purchase
prices of goods were under pressure because of the increasing prices of raw
materials and labour on the global market that had a negative impact on the
Group's gross margin in the fourth quarter. In the annual outcome, improved
inventory management has ensured a higher gross margin compared to 2009. In
2010, the Group's internal efficiency continued to grow. Rearranging our
processes led to saving on labour and operating costs. The depreciation costs
have decreased due to the write-down of fixed assets in 2009. The amount of
financial expenses has reduced due to lower interest rates. The impairment
tests conducted on the Group's assets at the end of the financial year
increased the value of fixed assets in the total amount of 0.8 million kroons
(0.1 million euros) as reported in the profit and loss statement.
The sales revenue of the department stores business segment was 1,153.2 million
kroons (73.7 million euros) in 2010, down by 3.6% year-on-year. The sales
revenue for the fourth quarter was 350.6 million kroons (22.4 million euros),
an increase of 2.0% compared to the previous year. The net profit of department
stores was 21.2 million kroons (1.4 million euros) in 2010, which is lower by
6.8 million kroons (0.4 million euros) compared to 2009 due to smaller
financial income inside the Group. The operating profit of the department
stores segment grew from 5.7 million kroons (0.4 million euros) in 2009 to 15.3
million kroons (1.0 million euros) in 2010. Much smaller discounts given
compared to 2009 had a positive impact on operating profit, making it possible
to earn a much higher gross profit from lower turnover. Improved management of
inventory and margins also contributed to the growth of operating profit.
Men's, sports and digital products departments of Tartu Kaubamaja were
renovated in the first quarter of 2010, having a negative effect on sales. 2010
was an anniversary year for Kaubamaja with 50 years from the opening of
Tallinna Kaubamaja. The marketing campaigns of the anniversary increased
marketing costs by 5.7% year-on-year. The year 2010 in Kaubamaja was the year
of introducing a new management accounting system, which was taken into use
from 1 January 2011. All in all, the total operating expenses of 2010 remained
on the level of 2009. The sales revenue of OÜ TKM Beauty Eesti, which had so
far been operating three I.L.U. cosmetics stores, was 34.6 million kroons (2.2
million euros) in 2010 and 12.7 million kroons (0.8 million euros) in the
fourth quarter. The respective year-on-year sales revenues were 12.2 and 7.6
million kroons (0.8 and 0.5 million euros) in 2009. The net loss of the fourth
quarter of 2010 was 1.2 million kroons (0.1 million euros), which was partly
due to the one-time opening costs of the fourth store of the I.L.U. chain. The
net loss of the financial year of the I.L.U. chain was 6.9 million kroons (0.4
million euros). In 2011, the focus will be on activities that help to grow the
chain's market share and increase the profitability of the stores.
The consolidated sales revenue of the business segment of supermarkets was 4.7
billion kroons (300.2 million euros) in 2010, a year-on-year fall of 1.4%. The
sales revenue for the fourth quarter was 1.2 billion kroons (79.2 million
euros), a growth of 2.7% compared to the previous year. The consolidated profit
before taxes of the supermarket segment was 146.1 million kroons (9.3 million
euros) in 2010, showing a growth of 176.7 million kroons (11.3 million euros)
compared to 2009. The consolidated pre tax profit of the fourth quarter was
53.0 million kroons (3.4 million euros), a year-on-year growth of 74.9 million
kroons (4.8 million euros). The consolidated net profit was 139.0 million
kroons (8.9 million euros) in 2010, growing by 174.0 million kroons (11.1
million euros) compared to the previous year.
The sales revenue of the supermarket segment in Estonia was 4.7 billion kroons
(300.2 million euros) in 2010, exceeding the sales revenue earned in 2009 by
1.7%. The sales revenue of the fourth quarter was 1.2 billion kroons (79.2
million euros), exceeding the year-on-year sales revenue by 4.6%. In 2010, 33.3
million purchases were made in Selver stores in Estonia, exceeding the number
of purchases by 0.8% year-on-year. The pre tax profit earned in Estonia was
193.1 million kroons (12.3 million euros) in 2010, of which 64.2 million kroons
(4.1 million euros) were earned in the fourth quarter. Compared to the previous
year, the profits grew by 77.4 million kroons (4.9 million euros) and 12.0
million kroons (0.8 million euros), respectively. The net profit earned in
supermarkets in Estonia was 186.0 million kroons (11.9 million euros) in 2010,
which gives an annual growth of 167.1%, or 74.7 million kroons (4.8 million
euros).
Successful marketing activities that helped to grow the number of customers and
the average size of a shopping basket had a positive effect on the annual sales
figures. The overall growth in consumer confidence as well as the rise in food
prices in Estonia also had their effect. The tightening of competition in some
regions, different value added tax rates of the financial and reference years
and the sales tax in Tallinn effective from June also had a negative impact on
the sales revenue. In 2010, the main focus was on increasing profitability in
Selver. While the net profit margin of Selver was 2.4% in 2009, the respective
indicator was already 4.0% in 2010, growing by 1.5% points in a year. A
remarkable efficiency was achieved in labour costs that have fallen by 7.8%
regardless of the higher turnover and larger number of purchases. As for
operating expenses, additional agreements were made to reduce fixed costs and
the opportunities to save on variable costs were reviewed. The amount of stock
carried at stores was optimised and the synergy created by the companies
belonging to the Group has been taken advantage of.
Selver did not earn any sales revenue in the fourth quarter in Latvia due to
the closing of Latvian stores. The sales revenue in Latvia was 0.2 million
kroons (10.0 thousand euros) in 2010 compared to 150.8 million kroons (9.6
million euros) earned on the same period of the previous year. The loss before
taxes and net loss of SIA Selver Latvia was 47.0 million kroons (3.0 million
euros) in 2010, decreasing by 99.3 million kroons (6.3 million euros)
year-on-year. The net loss earned in the fourth quarter was 11.2 million kroons
(0.7 million euros), decreasing by 62.9 million kroons (4.0 million euros)
year-on-year. All economic activities have been frozen and monthly costs have
been reduced to minimum in Latvia.
On December 23rd, A-Selver AS, the parent company, increased the share capital
of SIA Selver Latvia with non-cash contributions in the amount of 220.5 million
kroons (14.1 million euros), necessary to ensure the continued operations of
the company.
The non-Group sales revenue of the real estate segment was 38.8 million kroons
(2.5 million euros) in 2010, a year-on-year reduction of 9.0% due to the
decline in rental activities in Latvia. The non-Group sales revenue of the
segment was 9.5 million kroons (0.6 million euros) in the fourth quarter, which
is a drop by 7.5% year-on-year. The segment's profit was 104.6 million kroons
(6.7 million euros), of which, 27.4 million kroons (1.8 million euros) was
earned in the fourth quarter. In 2009, the segment suffered a loss in the
amount of 115.6 million kroons (7.4 million euros) due to the large-scale
write-down of assets.
The sales revenue of 2010 without the intersegment transactions was 202.0
million kroons (12.9 million euros), lower by 2.8% of the year-on-year
revenues; whereas the sales revenue of the fourth quarter was 54.2 million
kroons (3.5 million euros), which was 86.3% higher compared to the period a
year ago. The net profit of the car trade segment was 3.4 million kroons (0.2
million euros) in 2010, including 1.0 million kroons (0.1 million euros) in the
fourth quarter. In 2009, the car trade segment suffered a loss of 23.0 million
kroons (1.5 million euros), including 4.7 million kroons (0.3 million euros) in
the fourth quarter. The market share of KIA vehicles in the Baltic countries
was 2.9% in 2010, with an annual growth of 30%. The growth continued in the
fourth quarter. The improved market situation, low cost base and better margins
explain the better economic results of 2010.
The consolidated sales revenue of the footwear business segment was 211.0
million kroons (13.5 million euros) in 2010, growing by 17.4% compared to 2009.
The sales revenue was 64.0 million kroons (4.1 million euros) in the fourth
quarter, growing by 46.9% compared to 2009. The profit of the fourth quarter
was 3.8 million kroons (0.2 million euro). The total loss in footwear trade in
the fourth quarter of 2009 was 11.5 million kroons (0.7 million euros). The
total loss suffered in 2010 was 7.8 million kroons (0.5 million euros),
including the loss of Latvian companies in the sum of 1.2 million kroons (0.1
million euros), a drop of 84.8% compared to 2009. The decreased loss is mainly
due to the higher sales revenue, better margin and significant reduction in
operating costs as well as closing non-profitable stores. The successful sale
of winter goods and the rapid expansion of the SHU footwear chain accounted for
a significant portion of the growth in turnover.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
In thousands of
EEK EUR
--------------------------------------------------------------------------------
31.12.2010 31.12.2009 31.12.2010 31.12.2009
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
Current assets
Cash and bank 246,176 223,691 15,734 14,296
Trade receivables 95,168 75,655 6,082 4,835
Other short-term receivables 86,825 82,032 5,549 5,242
Prepaid and refundable taxes 5,455 8,820 349 564
Other prepayments 11,711 12,404 748 793
Inventories 616,234 616,554 39,385 39,405
--------------------------------------------------------------------------------
Total current assets 1,061,569 1,019,156 67,847 65,135
--------------------------------------------------------------------------------
Fixed assets
--------------------------------------------------------------------------------
Prepaid expenses 19,904 25,499 1,272 1,630
Shares in affiliated companies 23,527 20,323 1,504 1,299
Other long-term receivables 2,207 3,613 141 231
Investment property 55,800 55,800 3,566 3,566
Tangible fixed assets 2,748,134 2,689,639 175,638 171,900
Intangible fixed assets 55,288 62,018 3,533 3,964
Goodwill 104,993 104,993 6,710 6,710
--------------------------------------------------------------------------------
Total fixed assets 3,009,853 2,961,885 192,364 189,300
--------------------------------------------------------------------------------
TOTAL ASSETS 4,071,422 3,981,041 260,211 254,435
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LIABILITIES AND EQUITY
--------------------------------------------------------------------------------
Current liabilities
--------------------------------------------------------------------------------
Borrowings 275,926 254,524 17,635 16,267
Prepayments received 8,964 2,983 573 190
Trade payables 631,765 713,855 40,377 45,623
Tax liabilities 73,174 63,490 4,677 4,058
Other current liabilities 63,828 62,720 4,079 4,009
Provisions 1,982 445 127 28
--------------------------------------------------------------------------------
Total current liabilities 1,055,639 1,098,017 67,468 70,175
--------------------------------------------------------------------------------
Long-term liabilities
--------------------------------------------------------------------------------
Borrowings 998,948 1,267,096 63,844 80,982
Provisions 1,382 1,736 88 111
Total long-term liabilities 1,000,330 1,268,832 63,932 81,093
--------------------------------------------------------------------------------
TOTAL LIABILITIES 2,055,969 2,366,849 131,400 151,268
--------------------------------------------------------------------------------
Equity
--------------------------------------------------------------------------------
Share capital 407,292 407,292 26,031 26,031
Statutory reserve capital 40,729 40,729 2,603 2,603
Revaluation reserve 834,085 673,976 53,308 43,075
Retained earnings 743,141 500,730 47,495 32,004
Currency translation differences -9,794 -8,535 -626 -546
--------------------------------------------------------------------------------
TOTAL EQUITY 2,015,453 1,614,192 128,811 103,167
--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 4,071,422 3,981,041 260,211 254,435
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
In thousands of
EEK EUR
--------------------------------------------------------------------------------
12 months 12 months 12 months 12 months
2010 2009 2010 2009
--------------------------------------------------------------------------------
Revenue 6,302,023 6,388,127 402,773 408 276
--------------------------------------------------------------------------------
Other operating income 205,216 217,898 13,116 13 926
Materials and consumables used -4,802,729 -4,966,417 -306,951 -317 412
Other operating expenses -693,167 -727,064 -44,301 -46 468
Staff costs -543,931 -614,084 -34,764 -39 247
Depreciation and amortisation -164,013 -179,055 -10,482 -11 444
Impairment losses 778 -239,461 50 -15 304
Other expenses -13,141 -34,339 -840 -2 195
--------------------------------------------------------------------------------
Operating profit 291,036 -154,395 18,601 -9 868
--------------------------------------------------------------------------------
Financial income 4,669 5,565 298 356
--------------------------------------------------------------------------------
Financial costs -31,417 -46,406 -2,008 -2 966
Financial income on shares of 3,204 2,818 205 180
associates
--------------------------------------------------------------------------------
Profit/(loss) before income tax 267,492 -192,418 17,096 -12 298
--------------------------------------------------------------------------------
Income tax -7,037 -4,331 -450 -277
--------------------------------------------------------------------------------
Net profit (loss) for the 260,455 -196,749 16,646 -12 575
reporting period
--------------------------------------------------------------------------------
Other comprehensive income/(loss)
--------------------------------------------------------------------------------
Exchange differences -1,259 -8,120 -80 -519
Other comprehensive income for the -1,259 -8,120 -80 -519
reporting period
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME/(LOSS) 259,196 -204,869 16,566 -13,094
FOR THE REPORTING PERIOD
--------------------------------------------------------------------------------
In thousands of
EEK EUR
--------------------------------------------------------------------------------
4th 4th 4th 4th
quarter quarter quarter quarter
2010 2009 2010 2009
--------------------------------------------------------------------------------
Revenue 1,717,725 1,633,135 109,783 104,377
--------------------------------------------------------------------------------
Other operating income 62,879 77,943 4,019 4,981
Materials and consumables used -1,296,492 -1,246,487 -82,861 -79,666
Other operating expenses -183,488 -186,583 -11,727 -11,924
Staff costs -136,113 -138,997 -8,699 -8,883
Depreciation and amortisation -38,564 -35,851 -2,465 -2,292
Impairment losses 778 -239,461 50 -15,304
Other expenses -5,031 -24,602 -322 -1,573
--------------------------------------------------------------------------------
Operating profit 121,694 -160,903 7,778 -10,284
--------------------------------------------------------------------------------
Financial income 1,227 1,427 78 92
--------------------------------------------------------------------------------
Financial costs -8,164 -14,982 -522 -958
Financial income on shares of 968 746 62 48
associates
--------------------------------------------------------------------------------
Profit/(loss) before income tax 115,725 -173,712 7,396 -11,102
--------------------------------------------------------------------------------
Income tax 0 0 0 0
--------------------------------------------------------------------------------
Net profit (loss) for the 115,725 -173,712 7,396 -11,102
reporting period
--------------------------------------------------------------------------------
Other comprehensive
income/(loss)
--------------------------------------------------------------------------------
Exchange differences -330 -8,447 -20 -540
Other comprehensive income for -330 -8,447 -20 -540
the reporting period
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE 115,395 -182,159 7,376 -11,642
INCOME/(LOSS) FOR THE REPORTING
PERIOD
--------------------------------------------------------------------------------
Raul Puusepp
Chairman of the Board
Phone +372 731 5000