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
Half-yearly financial report
Unique data record identifier
3769
Attachments
Submission date and time
25.07.2012 16:30:00
Content of announcement in Estonian
Title
2012. aasta II kvartali ja 6 kuu auditeerimata majandustulemused
Message
Tallinna Kaubamaja kontserni 2012. aasta I poolaasta konsolideeritud
auditeerimata müügitulu oli 224,9 miljonit eurot, kasvades võrreldes 2011.
aasta I poolaasta tulemusega, mil müügitulu oli 206,2 miljonit eurot, 9,1%.
Teises kvartalis oli kontserni müügitulu 118,8 miljonit eurot, ületades sellega
aasta varasemat müügitulu 8,0%. Kontserni 2012. aasta 6 kuu konsolideeritud
auditeerimata puhaskasum oli 5,5 miljonit eurot, mis on 7,6% enam kui eelmise
aasta sama perioodi 5,1 miljonit eurot. Kontserni teise kvartali puhaskasum oli
2,3 miljonit eurot, mis moodustab 65,1% eelmise aasta võrreldava perioodi
kasumist, mil vastav näitaja oli 3,6 miljonit eurot. Poolaasta ja eriti teise
kvartali puhaskasumit on oluliselt mõjutanud juunis tasutud dividendide
tulumaks 3,8 miljonit eurot. Maksueelne kasum oli I poolaastal 9,3 miljonit
eurot, kasvades aastaga 13,8%. II kvartalis ulatus maksueelne kasum 6,1 miljoni
euroni, kuid oli võrreldes eelmise aasta sama perioodiga 7,7% madalam seoses
põhivara kulumis kajastuva kasutusväärtuse kaotanud tarkvara mahakandmisega 0,9
miljoni euro ulatuses.
Nii müügitulu kui maksueelne kasum kasvasid kõigis kontserni ärisegmentides,
mis lubab kontsernil esimese poolaasta tulemusega rahule jääda. Esimese
poolaasta prioriteetideks on olnud segmentide kasvuvõimaluste otsimine ja
sisemiste ümberkorralduste kaudu konkurentsivõime tõstmine. Eesmärgiga
korrastada kontserni ettevõtete struktuuri ja muuta juhtimist läbipaistvamaks
asutas kontsern juuni lõpus kolm uut tütarühingut: Kaubamaja AS, Kulinaaria OÜ
ja Topsec Turvateenused OÜ. Kaubamaja ASile on kavas jagunemise käigus üle anda
seni kontserni emaettevõtjas Tallinna ja Tartu kaubamajasid opereerinud
kaubamajade segmendi äritegevus. Topsec Turvateenused OÜle on jagunemise käigus
plaanis üle anda Tartu Kaubamaja ASi all tegutsenud kontserni turvaalane
tegevus. Selver ASil on kavas jagunemise käigus Kulinaaria OÜle üle anda senise
keskusköögi äritegevus. 03.07.2012 viis kontsern lõpule tehingu AS-is Viking
Motors 100%-lise osaluse omandamiseks. Ostuga laiendab kontsern oma
autokaubandusvaldkonda, mis on alates 2007. aastast olnud üheks kontserni
äritegevuse strateegiliseks segmendiks. Tehinguga lisanduvad KIA sõidukite
maaletoomisele ja müügile kõigis Balti riikides ka Opeli ja Cadillaci ja
sõidukite müük ning teenindus ja Saabi, Corvette’i ning Hummeri teenindus
Tallinnas asuvas salongis ning see loob võimaluse laiendada tegevust
tarbesõidukite segmenti ning lisab täiendava müügi- ja teeninduskoha
klientidele parema teenuse pakkumiseks.
Kaubamajade ärisegmendi 2012. aasta 6 kuu müügitulu oli 40,0 miljonit eurot,
kasvades eelmise aasta sama perioodiga võrreldes 10,3%. Sellest teises
kvartalis oli müügitulu 21,0 miljonit eurot, mis oli 2011. aasta II kvartali
tuludest kõrgem 8,2%. Kaubamajade kasum 2012. aasta esimesel poolaastal oli 0,5
miljonit eurot, olles aasta tagusest tulemusest parem 0,5 miljonit eurot.
Teises kvartalis oli kasum 0,8 miljonit eurot, mis oli 2011. aasta kasumist
kõrgem 21,4% ehk 0,14 miljonit eurot. Müügitulule avaldas teises kvartalis
positiivset mõju Spordimaailma lõpukampaania Tartu müügimajas ja parimatele
klientidele suunatud eelallahindluskampaania. Esimese poolaasta müügitulemust
mõjutasid negatiivselt jaanuari keskpaigast kuni märtsini renoveerimistööd
Tallinna Kaubamaja Naistemaailmas, mõjutades ajutiselt müügitegevust 3500
ruutmeetril. Samuti oli kaks kuud ümberehituste tõttu täielikult suletud 12,6%
kogu müügipinnast ehk 2100 ruutmeetrit, kus varasema Spordi- ja Digimaailma
asemel avati 22. märtsil Eesti suurim Lastemaailm. I.L.U. kosmeetikakauplusi
opereeriva OÜ TKM Beauty Eesti müügitulu 2012. aasta esimesel poolaastal oli
1,7 miljonit eurot, kasvades möödunud aasta sama perioodiga võrreldes 39,1%.
Sellest II kvartalis oli müügitulu 0,9 miljonit eurot, mis oli 2011. aasta
vastavast perioodist kõrgem 29,0%. I.L.U. keti puhaskahjum esimesel poolaastal
oli 0,3 miljonit eurot, mis on 0,03 miljonit eurot väiksem kui möödunud aasta
samal perioodil.
Supermarketite ärisegmendi 2012. aasta I poolaasta konsolideeritud müügitulu
ning müügitulu Eestis oli 161,3 miljonit eurot, kasvades aasta varasema
perioodiga 5,2%. II kvartali konsolideeritud müügitulu, samuti müügitulu Eestis
oli 84,1 miljonit eurot, kasvades aasta varasema perioodiga võrrelduna 3,6%.
2012. aasta esimesel poolaastal kaupade müügitulu Lätis ei olnud. Selveri
müügitulu Lätis oli I poolaastal 0,9 tuhat eurot ja II kvartalis 0,4 tuhat
eurot, püsides aasta varasemaga võrrelduna samal tasemel. 2012. aasta I
poolaasta supermarketite segmendi konsolideeritud maksueelne kasum oli 4,6
miljonit eurot, kasvades võrreldava perioodi suhtes 0,02% ja puhaskasum 1,8
miljonit eurot, kasvades võrreldava perioodi suhtes 15,1%. Konsolideeritud II
kvartali maksueelne kasum oli 2,7 miljonit eurot, kahanemine 23,2% ja
puhaskahjum -0,1 miljonit eurot, mis oli 0,6 miljoni euro võrra väiksem eelneva
aasta võrreldava perioodi puhaskasumist. Eestis teenitud maksueelne kasum oli I
poolaastal 5,7 miljonit eurot, millest 3,3 miljonit eurot teeniti II kvartalis.
Kasumite hälbed, võrrelduna aasta varasema perioodiga olid vastavalt -0,1% ja
-19,9%. Supermarketite segmendi Eestis teenitud puhaskasum oli I poolaastal 2,9
miljonit eurot, kasvades võrreldava baasperioodi suhtes 8,3%, millest II
kvartali puhaskasum oli 0,5 miljonit eurot, mis moodustas 45% aasta varasemast
kasumist. Lätis teenitud maksueelne kahjum ja puhaskahjum olid I poolaastal 1,2
miljonit eurot, millest II kvartali osa oli 0,6 miljonit eurot. Kahjum püsis
aasta varasemal tasemel, kahanedes vastavalt 0,5% ja 0,2%. Äritegevus Lätis on
külmutatud. Müügitulu kasvule on negatiivset mõju avaldanud oluliselt tihenenud
konkurents jaekaubandusturul. Eelmise aasta müügitulu võrdlusbaas sisaldab
Tallinna müügimaksu mõju. Eelmise aasta madala võrdlusbaasi taustal on I
poolaastal paranenud tööstus- ja esmatarbekaupade müügitulemused. Toidukaupade
müügitulu kasvule on hindade tõusu mõju vähenenud ning mahuline müügilangus on
pidurdunud. Selveri kasumi kujunemisele Eestis on positiivselt mõjunud
töötajate tööprotsesside ülevaatamise ja multifunktsionaalse töökorralduse
juurutamise tulemusena tõusnud tööjõuefektiivsus. Samuti oli dividendidelt
makstav tulumaks käesoleval aastal 7,6% madalam aasta varasemast. Kasumi
kujunemisele on avaldanud mõju käesoleva aasta I poolaastal, võrrelduna aasta
varasemaga, 40% suurenenud amortisatsioonikulu, mis on tingitud eelmise aasta
vältel teostatud nelja kaupluse renoveerimisest, Eestis uudse SelveEkspressi
ostusüsteemi juurutamisest kolmes kaupluses eelmisel ja käesoleval aastal ning
käesoleva aasta esimeses kvartalis lõpule jõudnud Selveri Pagarite
kontseptsiooni loomisest, millega kaasnes kaupluste pagarilettide ülevõtmine.
Tulenevalt eeltoodust on 2011. ja 2012 aastal olnud varasematest aastatest
kõrgem investeeringute maht. Käesoleva aasta juunis otsustati teostada IT
tarkvara vahetus, mille tulemusena kanti maha kasutusväärtuse kaotanud
tarkvarainvesteeringuid summas 0,9 miljonit eurot.
Kinnisvarade ärisegmendi 2012. aasta 6 kuu kontserniväline müügitulu oli 1,4
miljonit eurot, suurenedes eelmise aasta sama perioodiga 5,2%. Kinnisvarade
ärisegmendi 2012. aasta II kvartali kontserniväline müügitulu oli 0,7 miljonit
eurot, suurenedes eelmise aasta sama perioodiga 4,4%. Tõus tuleneb peamiselt
Tartu Kaubamaja Kinnisvara OÜ üürnike ja üüripindade ümberkorraldusest.
Kinnisvara segmendi esimese kuue kuu maksueelseks kasumiks kujunes 3,6 miljonit
eurot ja II kvartali maksueelseks kasumiks 1,8 miljonit eurot. See oli eelmise
aasta esimese poolaasta maksueelsest kasumist 0,2 miljoni euro ja II kvartali
maksueelsest kasumist 0,1 miljoni euro võrra parem tulemus, mis tugineb
müügitulude kasvule. Segmendi kuue kuu puhaskasum oli 2,6 miljonit eurot ja II
kvartali puhas kasum 0,8 miljonit eurot, mis on 2011. aasta kuue kuu
puhaskasumist 0,7 miljoni euro ja II kvartali puhaskasumist 0,9 miljoni euro
võrra madalam tulemus. Puhaskasumit mõjutas 2012. aasta II kvartalis makstud
dividendide tulumaks.
Autokaubandussegmendi 2012. aasta I poolaasta müügitulu ilma segmentide
vaheliste tehinguteta oli 15,5 miljonit eurot, ületades 73,1% eelmise aasta
sama perioodi tulusid. Teise kvartali 9,4 miljoni euro suurune müügitulu ületas
aasta varasema müügitulu 82,9%-ga. Heade tulemuste taga on eelkõige uue cee’di
edukas lansseerimine ning oluliselt paranenud eduka linnamaasturi Kia Sportage
tarned. Lisaks on müügiedu saatnud ka uut väikeautot KIA Riot. Segment jõudis
poolaastaga 0,9 miljoni euro suurusesse kasumisse, 0,6 miljonit sellest teeniti
teises kvartalis. 2011. aasta vastavad kasuminäitajad olid 0,6 miljonit eurot
ja 0,4 miljonit eurot.
Jalatsikaubanduse segmendi 2012. aasta I poolaasta käive oli 6,6 miljonit
eurot, kasvades aastaga 5,4%. II kvartalis oli käive 3,6 miljonit eurot,
vähenedes võrreldes 2011. aasta sama perioodiga 0,6%. Müügitulu vähenemine II
kvartalis oli tingitud kaupuste arvu vähenemisest – võrreldes 2011. aasta II
kvartaliga oli käesoleva aasta II kvartalis Eestis üks ning Lätis 3 kauplust
vähem. Võrreldavate kaupluste käibekasv oli I poolaastal 14,0% ja II kvartalis
8,4%. Esimese poolaasta kahjumiks kujunes 0,3 miljonit eurot, mis on võrreldes
eelmise aruandeaasta sama perioodiga vähenenud ligikaudu 0,1 miljoni euro
võrra. II kvartali kasumiks kujunes 0,2 miljonit eurot, jäädes 2011. aasta II
kvartali tulemusele alla 0,1 miljoni euro võrra. Kasumi vähenemise peamiseks
põhjuseks II kvartalis võrreldes aasta varasemaga olid tarbimist ebasoodsalt
mõjutanud ilmastikuolud (eriti aprillis), mis tõid kaasa planeeritust enam
allahindlusi ning madalama brutomarginaali.
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes
30.06.2012 31.12.2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
VARAD
Käibevara
Raha ja pangakontod 7 088 11 948
Nõuded ostjate vastu 8 923 9 976
Muud lühiajalised nõuded 233 9 372
Maksude ettemaksed ja muud ettemaksed 1 142 959
Varud 47 243 41 973
--------------------------------------------------------------------------------
Käibevara kokku 64 629 74 228
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Põhivara
Ettemaksed 982 985
Sidusettevõtjad 1 629 1 550
Muud pikaajalised nõuded 40 56
Kinnisvarainvesteeringud 3 566 3 566
Materiaalne põhivara 185 033 172 272
Immateriaalne põhivara 9 827 9 809
Põhivara kokku 201 077 188 238
--------------------------------------------------------------------------------
VARAD KOKKU 265 706 262 466
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Lühiajalised kohustused
Võlakohustused 8 891 11 261
Võlad tarnijatele 49 715 46 419
Maksuvõlad 3 957 5 038
Muud lühiajalised võlad 4 393 4 489
Lühiajalised eraldised 92 135
--------------------------------------------------------------------------------
Lühiajalised kohustused kokku 67 048 67 342
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Pikaajalised kohustused
Võlakohustused 67 163 55 591
Pikaajalised eraldised ja ettemakstud tulevaste 611 73
perioodide tulud
--------------------------------------------------------------------------------
Pikaajalised kohustused kokku 67 774 55 664
--------------------------------------------------------------------------------
KOHUSTUSED KOKKU 134 822 123 006
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Omakapital
Aktsiakapital 24 438 24 438
Kohustuslik reservkapital 2 603 2 603
Ümberhindluse reserv 51 638 52 197
Jaotamata kasum 52 178 60 333
Konverteerimiserinevused 27 -111
--------------------------------------------------------------------------------
OMAKAPITAL KOKKU 130 884 139 460
--------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 265 706 262 466
--------------------------------------------------------------------------------
KONSOLIDEERITUD KOONDKASUMIARUANNE
Tuhandetes eurodes
6 kuud 6 kuud II kvartal II kvartal
2012 2011 2012 2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müügitulu 224 867 206 180 118 833 110 081
Muud äritulud 250 120 102 37
Müüdud kaubad, kasutatud -167 879 -153 436 -87 986 -80 918
materjalid ja teenused
Mitmesugused tegevuskulud -23 133 -21 986 -11 627 -10 843
Tööjõukulud -17 663 -16 976 -9 101 -8 856
Põhivara kulum ja väärtuse langus -6 109 -4 936 -3 571 -2 504
Muud ärikulud -205 -166 -65 -63
--------------------------------------------------------------------------------
Ärikasum 10 128 8 800 6 585 6 934
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud 88 131 33 55
Finantskulud -988 -852 -579 -446
Kasum sidusettevõtja aktsiatelt 79 101 40 46
--------------------------------------------------------------------------------
Kasum enne tulumaksustamist 9 307 8 180 6 079 6 589
--------------------------------------------------------------------------------
Tulumaks -3 766 -3 031 -3 762 -3 031
--------------------------------------------------------------------------------
Aruandeperioodi puhaskasum 5 541 5 149 2 317 3 558
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum
Konverteerimiserinevused 138 76 169 5
--------------------------------------------------------------------------------
Aruandeperioodi muu koondkasum 138 76 169 5
--------------------------------------------------------------------------------
ARUANDEPERIOODI KOONDKASUM 5 679 5 225 2 486 3 563
--------------------------------------------------------------------------------
Raul Puusepp
Juhatuse esimees
Tel 731 5000
Content of announcement in English
Title
Unaudited consolidated interim accounts for the second quarter and first six months of 2012
Message
The consolidated unaudited sales revenue of the Tallinna Kaubamaja Group in the
1st half-year of 2012 was 224.9 million euros, having increased by 9.1%
compared to the 1st half-year of 2011, when the sales revenue was 206.2 million
euros. In the second quarter, the Group’s sales revenue reached 118.8 million
euros, exceeding the sales revenue of a year earlier by 8.0%. The consolidated
unaudited net profit of the group, generated in the first six months of 2012,
was 5.5 million euros, which is 7.6% higher than the 5.1 million euros of the
same period last year. The Group’s net profit of the second quarter was 2.3
million euros, which forms 65.1% of the comparable period of the previous year,
when the corresponding indicator was 3.6 million euros. The net profit of the
six months and especially the second quarter were considerably influenced by
the income tax of 3.8 million euros paid on dividends in June. The pre-tax
profit in the first six months was 9.3 million euros, having increased by 13.8%
compared to the year before. The pre-tax profit of the 2nd quarter amounted to
6.1 million euros, but was 7.7% lower compared to the same period of the year
before due to the write-off of the software which had lost its disposable value
recognised in the depreciation of fixed assets in the amount of 0.9 million
euros.
The sales revenue and the pre-tax profit of all business segments of the group
increased, which allows the group to be satisfied with the result of the first
six months. The priorities of the first six months have been looking for growth
possibilities for the segments and increasing competitiveness through internal
rearrangements. In late June, the group founded three new subsidiaries:
Kaubamaja AS, Kulinaaria OÜ and Topsec Turvateenused OÜ, with the aim to
reorganize the structure of the companies within the group and make management
more transparent. The business activities of the segment of department stores
which has been operating the department stores in Tallinn and Tartu in the
parent company of the group are scheduled to be transferred to Kaubamaja AS in
the course of the division. The security-related activities of the group which
have been operated under Tartu Kaubamaja AS are scheduled to be transferred to
Topsec Turvateenused OÜ. Selver AS is planning to transfer the business
activities of the central kitchen to Kulinaaria OÜ in the course of the
division. On 3 July, 2012, the group finalized the transaction to acquire 100%
participation in AS Viking Motors. With this purchase, the group expands its
segment of vehicle trade, which has been one of the strategic segments of the
business activities of the group since 2007. By virtue of this transaction, in
parallel to the export and sale of KIA vehicles in all the Baltic States, the
salon in Tallinn will launch the sale and service of Opel and Cadillac, also
the service of Saab, Corvette, and Hummer vehicles, providing an opportunity to
expand the group's activities to the segment of commercial vehicles, and
additional sale and service premises for better customer service.
The sales revenue of the business segment of department stores in the first 6
months of 2012 was 40.0 million euros, having grown by 10.3% compared to the
same period of the previous year. Of that sum, 21.0 million euros of sales
revenue was earned in the second quarter; the sales revenue was 8.2% higher
than the revenue of the 2nd quarter of 2011. The profit of department stores in
the first six months of 2012 was 0.5 million euros, exceeding the result of the
year before by 0.5 million euros. The profit of the 2nd quarter was 0.8 million
euros, which exceeded the profit of 2011 by 21.4% or 0.14 million euros. In the
second quarter, the sales revenue was positively influenced by the final
campaign of the Sports Department in the Tartu store, as well as the
preliminary discount campaign targeted at best customers. The sales results of
the first half-year were negatively influenced by renovation works in the
Women’s Department of Tallinna Kaubamaja, which lasted from mid-January to
March and had a temporary impact on selling activities on 3,500 square metres.
In addition, 12.6% of the total selling space or 2,100 square metres were
completely closed for two months due to alteration works – Estonia's largest
Children’s Department was opened on March 22 instead of the earlier Sports and
Digital Departments. The sales revenue of OÜ TKM Beauty Eesti, which operates
the I.L.U. beauty stores, was 1.7 million euros in the first half-year of 2012,
having grown by 39.1% compared to the same period of the year before. Of that
sum, the sales revenue of the 2nd quarter was 0.9 million euros, which was
29.0% higher than the sum earned in the respective period of 2011. The net loss
of the I.L.U. chain in the first six months was 0.3 million euros, which is
0.03 million euros less than in the same period the year before.
The consolidated sales revenue of the business segment of supermarkets and the
segment’s sales revenue earned in Estonia in the 1st half-year of 2012 were
161.3 million euros, having grown by 5.2% compared to the year before. The
consolidated sales revenue and the sales revenue earned in Estonia in the 2nd
quarter were 84.1 million euros, which is 3.6% higher than the result of the
same period of the previous year. In the first half-year of 2012, no sales
revenue of goods was earned in Latvia. The sales revenue of Selver earned in
Latvia in the 1st half-year of 2012 was 0.9 thousand euros; 0.4 thousand euros
were earned in the 2nd quarter, thus remaining at the same level as the
previous year. The consolidated pre-tax profit of the segment of supermarkets
in the 1st half-year of 2012 was 4.6 million euros, which means an increase of
0.02% compared to the period of a year before, and the net profit 1.8 million
euros, which means an increase of 15.1% compared to the period of a year
before. The consolidated pre-tax profit of the 2nd quarter was 2.7 million
euros, a decrease of 23.2%, and the net loss was -0.1 million euros, which was
0.6 million euros lower compared to the net profit of the period of the year
before. The pre-tax profit earned in Estonia in the first six months was 5.7
million euros, of that 3.3 million euros were generated in the 2nd quarter. The
deflections in the profits, compared to the period of the year before, were
-0.1% and -19.9%, respectively. The net profit of the segment of supermarkets
generated in Estonia in the first six months was 2.9 million euros, having
increased by 8.3% compared to the base period, of that, 0.5 million euros was
the net profit of the 2nd quarter, which formed 45% of the profit of the year
before. The pre-tax loss and net loss generated in Latvia in the first six
months was 1.2 million euros, of that, 0.6 million euros were generated in the
2nd quarter. The loss remained on the same level as earlier in the year,
decreasing by 0.5% and 0.2%, respectively. Business activities in Latvia have
been brought to a halt. The increase in sales revenue has been affected by the
significantly increased competition in the retail trade market. The reference
base of last year’s sales revenue includes the influence of the sales tax
levied in Tallinn. In the background of last year’s low reference base, the
sales results of manufactured and staple goods have improved in the first six
months. The influence of an increase in prices on the growth of the sales
revenue of food products has decreased and the decrease in sales volumes has
stopped. The profit formation of Selver in Estonia has been positively
influenced by an increase in the efficiency of labour as a result of reviewing
the work processes of the employees and the introduction of multifunctional
organization of work. Also, the income tax paid on dividends is 7.6% lower than
before this year. The profit was also influenced by depreciation costs, which
have increased by 40% compared to the year before due to the renovation of four
stores in the course of the year before, the introduction of the SelveEkspress
purchase system, which is innovative in Estonia, in three stores last year and
this year, and the creation of the bakers’ concept, which was finalized in the
first quarter of this year, which involved taking over the bakery stalls in the
stores. Due to the abovementioned, the volume of investments in 2011 and 2012
has been higher than in previous years. In this June, it was decided to replace
IT software, as a result of which software investments, which had lost its
disposable value, in the amount of 0.9 million euros were written off.
The extra-group sales revenue of the real estate business segment earned in the
first 6 months of 2012 was 1.4 million euros, having grown by 5.2% compared to
the same period of the previous year. The extra-group sales revenue of the real
estate business segment earned in the 2nd quarter of 2012 was 0.7 million
euros, having increased by 4.4% compared to the same period of the previous
year. The increase was mainly due to the rearrangement of the lessees and
rented spaces of Tartu Kaubamaja Kinnisvara OÜ. The pre-tax profit of the
segment of real estate of the first six months was 3.6 million euros and the
pre-tax profit of the 2nd quarter was 1.8 million euros. This result exceeded
the pre-tax profit of the first six months of the year before by 0.2 million
euros and the pre-tax profit of the 2nd quarter by 0.1 million euros, which is
based on an increase in sales revenues. The segment’s net profit of the six
months was 2.6 million euros and the net profit of the 2nd quarter 0.8 million
euros, which is 0.7 million euros less than the net profit of the first six
months of 2011 and 0.9 million euros less than the net profit of the 2nd
quarter of 2011. The net profit was influenced by the income tax paid on
dividends in the 2nd quarter of 2012.
The sales revenue of the car trade segment earned in the 1st half-year of 2012
without inter-segment transactions was 15.5 million euros, thus exceeding the
revenue of the same period of the year before by 73.1%. The sales revenue of
the second quarter in the sum of 9.4 million euros was greater than the revenue
of the year before by 82.9%. These good results were chiefly brought about by
the successful launch of the new Cee'd and the considerably improved supply of
the triumphant crossover SUV Kia Sportage. In addition, the new small car KIA
Rio has enjoyed booming sales. The segment earned a profit of 0.9 million euros
in six months, of that, 0.6 million was generated in the 2nd quarter. The
respective profits of 2011 were 0.6 million euros and 0.4 million euros.
The turnover of the footwear trade segment in the 1st half-year of 2012 was 6.6
million euros, having grown by 5.4% in a year. In the 2nd quarter, the turnover
was 3.6 million euros, which is 0.6% less compared to the same period of 2011.
The decrease of the sales revenue in the 2nd quarter was caused by the drop in
the number of stores – compared to the 2nd quarter of 2011, by the 2nd quarter
of this year the group had lost one store in Estonia and 3 stores in Latvia.
The turnover growth in the comparable stores was 14.0% in the 1st half-year and
8.4% in the 2nd quarter. The loss of the first six months was 0.3 million
euros, which has decreased by approximately 0.1 million euros compared to the
same period of the previous accounting year. The profit of the 2nd quarter was
0.2 million euros, which is 0.1 million euros less than the result of the 2nd
quarter of 2011. The main reason for the decrease in profit in the 2nd quarter
compared to the year before were the weather conditions (especially in April),
which had an unfavourable effect on consumption and resulted in more discounts
and a lower gross margin than planned.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
In thousands of euros
30.06.2012 31.12.2011
-----------------------------------------------------------
ASSETS
-----------------------------------------------------------
Current assets
Cash and bank 7,088 11,948
Trade receivables 8,923 9,976
Other short-term receivables 233 9,372
Prepaid taxes and other prepayments 1,142 959
Inventories 47,243 41,973
Total current assets 64,629 74,228
-----------------------------------------------------------
Non-current assets
Prepayments 982 985
Investments in associates 1,629 1,550
Other long-term receivables 40 56
Investment property 3,566 3,566
Property, plant and equipment 185,033 172,272
Intangible assets 9,827 9,809
Total non-current assets 201,077 188,238
-----------------------------------------------------------
TOTAL ASSETS 265,706 262,466
-----------------------------------------------------------
LIABILITIES AND EQUITY
-----------------------------------------------------------
Current liabilities
Borrowings 8,891 11,261
Trade payables 49,715 46,419
Tax liabilities 3,957 5,038
Other current liabilities 4,393 4,489
Provisions 92 135
Total current liabilities 67,048 67,342
-----------------------------------------------------------
Non-current liabilities
Borrowings 67,163 55,591
Provisions and prepayments 611 73
-----------------------------------------------------------
Total non-current liabilities 67,774 55,664
TOTAL LIABILITIES 134,822 123,006
-----------------------------------------------------------
Equity
Share capital 24,438 24,438
Statutory reserve capital 2,603 2,603
Revaluation reserve 51,638 52,197
Retained earnings 52,178 60,333
Currency translation differences 27 -111
TOTAL EQUITY 130,884 139,460
-----------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 265,706 262,466
-----------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
In thousands of euros
6 months 6 months II II quarter
2012 2011 quarter 2011
2012
--------------------------------------------------------------------------------
Revenue 224,867 206,180 118,833 110,081
Other operating income 250 120 102 37
Materials, consumables used and -167,879 -153,436 -87,986 -80,918
services
Other operating expenses -23,133 -21,986 -11,627 -10,843
Staff costs -17,663 -16,976 -9,101 -8,856
Depreciation, amortisation and -6,109 -4,936 -3,571 -2,504
impairment losses
Other expenses -205 -166 -65 -63
--------------------------------------------------------------------------------
Operating profit 10,128 8,800 6,585 6,934
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finance income 88 131 33 55
Finance costs -988 -852 -579 -446
Finance income on shares of 79 101 40 46
associates
--------------------------------------------------------------------------------
Profit before tax 9,307 8,180 6,079 6,589
--------------------------------------------------------------------------------
Income tax -3,766 -3,031 -3,762 -3,031
--------------------------------------------------------------------------------
NET PROFIT FOR THE FINANCIAL YEAR 5,541 5,149 2,317 3,558
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income:
--------------------------------------------------------------------------------
Currency translation differences 138 76 169 5
--------------------------------------------------------------------------------
Other comprehensive income for the 138 76 169 5
financial year
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME FOR THE 5,679 5,225 2,486 3,563
FINANCIAL YEAR
--------------------------------------------------------------------------------
Raul Puusepp
Chairman of the Board
Phone +372 731 5000