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
4196
Attachments
Submission date and time
16.10.2013 16:30:00
Content of announcement in Estonian
Title
2013. aasta III kvartali ja 9 kuu auditeerimata majandustulemused
Message
Segmendid (EURm) Q3/13 Q3/12 yoy 9m/13 9m/12 yoy
------------------------------------------------------------
Supermarketid 87,0 81,8 6,4% 251,0 243,1 3,2%
Kaubamaja 21,2 20,2 5,0% 62,6 60,3 3,9%
Autokaubandus 11,9 9,0 32,1% 33,9 24,5 38,6%
Jalatsikaubandus 3,8 3,8 0,9% 10,6 10,4 2,6%
Kinnisvara 0,8 0,7 12,1% 2,3 2,1 9,2%
Müügitulud kokku 124,7 115,5 8,0% 360,5 340,4 5,9%
------------------------------------------------------------
Supermarketid 2,4 3,8 -36,1% 1,1 5,6 -80,1%
Kaubamaja 0,9 0,5 84,7% 0,4 1,0 -57,5%
Autokaubandus 0,5 0,6 -9,6% 1,6 1,5 1,4%
Jalatsikaubandus 0,0 0,0 200,0% -0,2 -0,3 -16,6%
Kinnisvara 2,2 2,2 1,4% 5,7 4,8 17,7%
Puhaskasum kokku 6,2 7,1 -13,4% 8,5 12,7 -32,7%
------------------------------------------------------------
Tallinna Kaubamaja kontserni 2013. aasta esimese üheksa kuu konsolideeritud
auditeerimata müügitulu oli 360,5 miljonit eurot, kasvades võrreldes 2012.
aasta üheksa kuu tulemusega, mil müügitulu oli 340,4 miljonit eurot, 5,9%.
Kolmandas kvartalis oli kontserni müügitulu 124,7 miljonit eurot, ületades
sellega aasta varasemat müügitulu 8,0%. Kontserni 2013. aasta 9 kuu
konsolideeritud auditeerimata puhaskasum oli 8,5 miljonit eurot, mis on
kolmandiku jagu eelmise aasta sama perioodi kasumist madalam, siis oli kasum
12,7 miljonit eurot. Kontserni kolmanda kvartali puhaskasum oli 6,2 miljonit
eurot, mis jääb eelneva aasta võrreldava perioodi tulemusele alla 13,4%ga.
Maksueelne kasum oli 9 kuul 12,3 miljonit eurot, kahanedes aastaga 25,1%.
Käibe kasv kolmandas kvartalis hoogustus. Seda toetasid hooaja lõpu
sooduskampaaniad, samuti võrreldava perioodiga kontserni lisandunud kauplused.
Samas on uusi kauplusi ning kaubanduspindu lisandunud jõudsalt kogu
jaekaubandusturule, mis ühelt poolt teravdab hinnakonkurentsi ja langetab
kaupmeeste ruutmeetritulusid, teisalt võimaldab klientidele suuremat
valikuvabadust. Tugevat hinnasurvet võib näha kontserni brutomarginaali
languses, mis 9 kuu vaates on osaliselt põhjendatud ka klientidele antud
boonuspunktidega (kuni 2012. aasta maini neid ei väljastatud). Kasuminäitajad
olid ootuspärased, kuigi ei rõõmustanud kasvudega. Sarnaselt üldistele
trendidele on kontsernis kasvanud tööjõukulud ja muud tegevuskulud kiiremini
käibe kasvust. 2013. aasta jooksul mindi järk-järgult üle
efektiivsusnäitajatest sõltuvale palgakorraldusele, millega tööjõuturu
olukorrast tingituna on kaasnenud palgakasv. Hoobi EBITDAle andis samuti
mitmesuguste tegevuskulude kasv, sealhulgas rendikulude kasv, kuid suurima
kasvu tegid soojus- ja elektrikulud - III kvartali kasvuks oli 25,7%.
Selverid
Supermarketite ärisegmendi 2013. aasta 9 kuu konsolideeritud müügitulu oli
251,0 miljonit eurot, kasvades aasta varasema perioodiga 3,2%. III kvartali
konsolideeritud müügitulu oli 87,0 miljonit eurot, kasvades aasta varasema
perioodiga võrrelduna 6,4%. 2013. aasta 9 kuu supermarketite segmendi
konsolideeritud maksueelne kasum oli 2,9 miljonit eurot. Maksujärgselt lõpetati
9 kuud 1,1 miljoni suuruse kasumiga. Konsolideeritud III kvartali maksueelne
kasum ning puhaskasum oli 2,4 miljonit eurot. III kvartali kasum jäi aasta
varasemast 1,4 miljonit eurot ning 9 kuu puhaskasum jäi aasta varasemast 4,5
miljonit eurot madalamaks. Eestis teenitud maksueelne kasum ja puhaskasum olid
III kvartalis 3,0 miljonit eurot. 9 kuu tulumaksueelne kasum oli 4,6 miljonit
eurot, puhaskasum 2,9 miljonit eurot. Puhaskasumi ja tulumaksueelse kasumi
erinevus tuleneb dividendidelt makstud tulumaksult. Lätis teenitud maksueelne
kahjum ja puhaskahjum olid 9 kuuga 1,8 miljonit eurot, millest III kvartali osa
oli 0,6 miljonit eurot. Kahjum püsis aasta varasemal tasemel. Äritegevus Lätis
on külmutatud. III kvartali müügitulu kasv on olnud jooksva aasta suurim, mida
on toetanud edukamad turunduskampaaniad ning uute kaupluste avamine.
Positiivsemaid müügitulemusi on näidanud III kvartali ja üheksa kuu vaates
toidukaubad, millede osakaal kogukäibes on suurenenud. Tööstuskaupade müügitulu
kasv oli III kvartalis jooksva aasta suurim. Selveri käibele ja
majandustulemustele on oluliselt mõju avaldanud konkurentsisituatsioon. Samuti
avaldavad majandustulemuste kujunemisele mõju kulud, mis kaasnevad uute
kaupluste avamiste ja käivitamiste ning olemasolevate renoveerimisega. 2013.
aastal on avatud Läänemere Selver Tallinnas ja Aardla Selver Tartus ning
laiendatud Saare Selverit Saaremaal. Seitsmesse kauplusesse on käesoleva aasta
vältel laiendatud SelveEkspressi teenus. 2013. aasta IV kvartalis on kavas
avada 3 uut kauplust – Tallinnas Balti jaamas ning Peetri alevikus ja Viljandi
kesklinnas.
Kaubamajad
Kaubamajade ärisegmendi 2013. aasta 9 kuu müügitulu oli 62,6 miljonit eurot,
kasvades eelmise aasta sama perioodiga võrreldes 3,9%. Sellest kolmandas
kvartalis oli müügitulu 21,2 miljonit eurot, mis oli 2012. aasta III kvartali
tuludest kõrgem 5,0%. Kaubamajade 2013.aasta 9 kuu maksueelne kasum oli 1,6
miljonit eurot, olles aasta tagusest tulemusest parem 60,9%. Kolmandas
kvartalis oli maksueelne kasum 0,9 miljonit eurot, mis oli 2012. aasta kasumist
kõrgem 84,7%. Kaubamaja müügitulemusele avaldasid kolmandas kvartalis mõju
juulis ja augustis toimunud renoveerimistööd Tartu Kodu- ja Lastemaailmas, kus
augustis avati Lõuna-Eesti suurim uuenenud Lastemaailm. Kaubamajade 9 kuu
ärikasum 2013. aastal oli 1,5 miljonit eurot, mis oli aasta tagusest tulemusest
ligi kaks korda ehk 0,7 miljonit eurot parem. Suvekuude müüke mõjutas turistide
eelnevast aastast erinev käitumismudel. 2012 Kultuuripealinna väisavad turistid
viibisid pealinnas pikemal perioodil ning neil oli suurem huvi kohaliku
kaubanduse vastu kui kruiisituristil. Müügitulule mõjus negatiivselt
tavapärasest soojem september, mis võimaldas klientidele lükata
garderoobikaupade ja jalatsite ostuotsust edasi. I.L.U. kosmeetikakauplusi
opereeriva OÜ TKM Beauty Eesti 2013.aasta 9 kuu müügitulu oli 3,1 miljonit
eurot, kasvades möödunud aasta sama perioodiga võrreldes 15,0%. Sellest III
kvartalis oli müügitulu 1,1 miljonit eurot, mis oli 2012. aasta vastavast
perioodist kõrgem 11,4%. I.L.U. keti 9 kuu puhaskahjum oli 0,4 miljonit eurot,
mis on aastatagusest tulemusest parem 12,7% ehk 0,05 miljonit eurot. Kolmandas
kvartalis oli kahjum 0,1 miljonit eurot, mis oli 2012. aasta kahjumist väiksem
0,04 miljoni euro võrra. Võrreldes möödunud aasta 9 kuuga on I.L.U. ketil
alates 2012. aasta augustist avatud ka kuues kauplus Tartus Tasku Keskuses.
Autokaubandus
Autokaubandussegmendi 2013. aasta esimese üheksa kuu müügitulu ilma segmentide
vaheliste tehinguteta oli 33,9 miljonit eurot. Müügitulu ületas 38,6% eelmise
aasta sama perioodi tulusid, sealhulgas kasvas KIAde müügitulu 18,1%. Kolmanda
kvartali 11,9 miljoni euro suurune müügitulu ületas aasta varasema müügitulu
32,1%, sealhulgas kasvas KIAde müügitulu 16,0%. Segmendi 2013. üheksa kuu
puhaskasum ulatus 1,6 miljoni euroni ja III kvartali puhaskasum oli 0,5
miljonit eurot. Eelmise aasta 9 kuu kasumit ületas see 1,4%, III kvartali kasum
jäi aasta varasemale 9,6% alla. Tähelepanuväärsematest uuendustest tasub
äramärkimist, et kolmanda kvartali alguses sõlmis Forum Auto SIA Peugeot
maaletoojaga Baltikumis KW Bruun Baltic Lätis Peugeot sõidu- ja tarbeautode
esinduslepingu. Sellega kasvas autosegmendi brändiportfell nelja margini,
esindades nüüd lisaks KIA'le, OPEL'ile ja Cadillac'ile, ka Peugeot' kaubamärki.
Samuti sai Lätis alguse uue KIA ja Peugeot multibränd autokeskuse ehitus. 2013.
aasta I poolaastal algatatud autokaubandussegmendi juriidilise struktuuri
korrastamine viidi lõpule III kvartalis ning selle tulemusena koondusid KIA
Auto ASi osalused Läti tütarühingus Forum Auto SIAs ja Leedu tütarühingus UAB
KIA Auto otse TKM Auto OÜ alla. Samuti on muudatuse tulemusena kontserni autode
müügitegevus Eestis koondatud AS Viking Motors alla.
Jalatsikaubandus
Jalatsikaubanduse segmendi 2013. aasta 9 kuu käive oli 10,6 miljonit eurot,
kasvades aastaga 2,6%. III kvartalis oli käive 3,8 miljonit eurot, kasvades
võrreldes 2012. aasta sama perioodiga samuti 0,9%. Esimese üheksa kuu kahjumiks
kujunes 0,2 miljonit eurot, mis on võrreldes eelmise aruandeaasta sama
perioodiga 16,6% parem. III kvartalis jäi jalatsisegment sarnaselt 2012. aasta
III kvartaliga oma tegevusega nulli. Kohtla-Järve Shu avamine on planeeritud
2013. aasta detsembrisse. Kontserni jalatsikaupluste ketti kuulub 2013. aasta
III kvartali lõpu seisuga 28 kauplust üldpinnaga 8,8 tuhat m².
Kinnisvarad
Kinnisvarade ärisegmendi 2013. aasta 9 kuu kontserniväline müügitulu oli 2,3
miljonit eurot (2012 2,1 miljonit eurot), suurenedes eelmise aasta sama
perioodiga 9,2%. III kvartali kontserniväline müügitulu oli 0,8 miljonit eurot
(2012 0,7 miljonit eurot), suurenedes eelmise aasta sama perioodiga 12,1%.
Müügitulu tõus tuleneb peamiselt 2012. ja 2013. aastal lisandunud
üüripindadest. Kinnisvara segmendi 2013. aasta III kvartali maksueelseks
kasumiks kujunes 2,2 miljonit eurot (2012 2,2 miljonit eurot), suurenedes
eelmise aasta sama perioodiga 1,5%. Kinnisvara segmendi 2013. aasta 9 kuu
maksueelseks kasumiks kujunes 6,5 miljonit eurot, mis on 0,7 miljonit eurot
enam, kui eelmise majandusaasta samal perioodil (2012 5,8 miljonit eurot),
suurenedes eelmise aasta sama perioodiga 12,6%. Segmendi üheksa kuu puhaskasum
oli 5,7 miljonit eurot, mis oli 0,8 miljoni euro võrra suurem tulemus aasta
varasemast, suurenedes eelmise aasta sama perioodiga 17,7%. 2013. aastal
valmivad Peetri Selveri hoone Rae vallas ja rekonstrueeritud autosalong Riias
Ulmana tänaval.
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes
30.09.2013 31.12.2012
--------------------------------------------------------------------------------
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VARAD
Käibevara
Raha ja pangakontod 5 531 13 494
Nõuded ja ettemaksed 11 333 18 497
Varud 52 747 48 264
--------------------------------------------------------------------------------
Käibevara kokku 69 611 80 255
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Põhivara
Pikaajalised nõuded ja ettemaksed 674 667
Sidusettevõtjad 1 762 1 628
Kinnisvarainvesteeringud 3 756 3 756
Materiaalne põhivara 205 145 190 298
Immateriaalne põhivara 10 725 11 236
Põhivara kokku 222 062 207 585
--------------------------------------------------------------------------------
VARAD KOKKU 291 673 287 840
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Lühiajalised kohustused
Võlakohustused 14 430 17 210
Võlad ja ettemaksed 58 553 64 151
Lühiajalised kohustused kokku 72 983 81 361
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Pikaajalised kohustused
Võlakohustused 77 409 59 781
Pikaajalised eraldised ja ettemakstud tulevaste 1 072 519
perioodide tulud
--------------------------------------------------------------------------------
Pikaajalised kohustused kokku 78 481 60 300
--------------------------------------------------------------------------------
KOHUSTUSED KOKKU 151 464 141 661
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Omakapital
Aktsiakapital 24 438 24 438
Kohustuslik reservkapital 2 603 2 603
Ümberhindluse reserv 50 244 51 079
Konverteerimiserinevused -250 -7
Jaotamata kasum 63 174 68 066
OMAKAPITAL KOKKU 140 209 146 179
--------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 291 673 287 840
--------------------------------------------------------------------------------
KONSOLIDEERITUD KOONDKASUMIARUANNE
Tuhandetes eurodes
III III 9 kuud 9 kuud
kvartal kvartal 2013 2012
2013 2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müügitulu 124 735 115 497 360 516 340 364
Muud äritulud 152 383 567 633
Müüdud kaubad, kasutatud materjalid -93 599 -86 179 -272 208 -254 058
ja teenused
Mitmesugused tegevuskulud -12 231 -11 126 -37 480 -34 259
Tööjõukulud -9 720 -8 472 -29 728 -26 135
Põhivara kulum ja väärtuse langus -2 726 -2 685 -8 221 -8 794
Muud ärikulud -148 -65 -362 -270
--------------------------------------------------------------------------------
Ärikasum 6 463 7 353 13 084 17 481
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud 7 21 24 109
Finantskulud -350 -275 -944 -1 263
Kasum sidusettevõtja aktsiatelt 48 21 134 100
--------------------------------------------------------------------------------
Kasum enne tulumaksustamist 6 168 7 120 12 298 16 427
--------------------------------------------------------------------------------
Tulumaks 0 3 -3 770 -3 763
--------------------------------------------------------------------------------
Aruandeperioodi puhaskasum 6 168 7 123 8 528 12 664
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum
--------------------------------------------------------------------------------
Kirjed, mida hiljem
klassifitseeritakse ümber
kasumiaruandesse
Konverteerimiserinevused -15 23 -243 161
--------------------------------------------------------------------------------
Aruandeperioodi muu koondkasum -15 23 -243 161
/(-kahjum) kokku
--------------------------------------------------------------------------------
ARUANDEPERIOODI KOONDKASUM 6 153 7 146 8 285 12 825
--------------------------------------------------------------------------------
Raul Puusepp
Juhatuse esimees
Tel 731 5000
Content of announcement in English
Title
Unaudited consolidated interim accounts for the third quarter and first nine months of 2013
Message
Segments (EURm) Q3/13 Q3/12 yoy 9m/13 9m/12 yoy
-------------------------------------------------------------
Supermarkets 87.0 81.8 6.4% 251.0 243.1 3.2%
Department stores 21.2 20.2 5.0% 62.6 60.3 3.9%
Cars 11.9 9.0 32.1% 33.9 24.5 38.6%
Footwear 3.8 3.8 0.9% 10.6 10.4 2.6%
Real Estate 0.8 0.7 12.1% 2.3 2.1 9.2%
Total sales 124.7 115.5 8.0% 360.5 340.4 5.9%
-------------------------------------------------------------
Supermarkets 2.4 3.8 -36.1% 1.1 5.6 -80.1%
Department stores 0.9 0.5 84.7% 0.4 1.0 -57.5%
Cars 0.5 0.6 -9.6% 1.6 1.5 1.4%
Footwear 0.0 0.0 0.0% -0.2 -0.3 -16.6%
Real Estate 2.2 2.2 1.4% 5.7 4.8 17.7%
Total net profit 6.2 7.1 -13.4% 8.5 12.7 -32.7%
-------------------------------------------------------------
The consolidated unaudited sales revenue of the Tallinna Kaubamaja Group in the
first nine months of 2013 was 360.5 million euros – an increase of 5.9%
compared to the result of the first nine months of 2012, when the sales revenue
was 340.4 million euros. In the 3rd quarter, the sales revenue of the Group was
124.7 million euros, exceeding the sales revenue of the year before by 8.0%.
The Group’s consolidated unaudited net profit of the first nine months of 2013
was 8.5 million euros, a third less than the profit of the same period of the
year before, which was 12.7 million euros. The Group’s net profit for the third
quarter was 6.2 million euros, 13.4% lower than the result of the comparable
period of the previous year. The pre-tax profit for 9 months was 12.3 million
euros, a decrease of 25.1% over last year.
The turnover growth increased in the 3rd quarter. This was supported by
end-of-the-season discount campaigns, as well as the stores added to the Group
after the comparable period. At the same time, new stores and new retail spaces
have been emerging fast in the entire retail sale market, which on the one hand
increases price competition and decreases the traders’ costs on a square metre,
and on the other hand gives more choice to customers. Sharp price pressure can
be observed in the decrease of the gross margin of the Group, partly caused in
the nine month perspective by the new system of bonus points awarded to
customers (bonus points were not awarded before May 2012). Profit indicators
met the expectations, but were not satisfying in terms of growth. Similarly to
the general trends, the Group has experienced an increase in labour costs and
other operating costs, which has been faster than turnover growth. In 2013, the
Group gradually adopted a wage system depending on efficiency indicators, which
has caused an increase in wages due to the situation on the labour market.
EBITDA was also shaken by the increase of various operational costs, incl. the
growth of rent expenses, but the largest leap was seen in heating and
electricity costs – by 25.7% in the 3rd quarter.
Selver supermarkets
The consolidated sales revenue of the supermarket segment in the first nine
months of 2013 was 251.0 million euros, a growth of 3.2% compared to last year.
The consolidated sales revenue of the 3rd quarter was 87.0 million euros, 6.4%
more than last year. The consolidated pre-tax profit of the supermarket segment
for the first nine months of 2013 was 2.9 million euros. Post-tax, the nine
months ended in a profit of 1.1 million. The consolidated pre-tax profit and
net profit of the 3rd quarter was 2.4 million euros. The profit of the 3rd
quarter was 1.4 million euros and the net profit of nine months was 4.5 million
euros lower than the year before. The pre-tax profit and net profit generated
in Estonia in the 3rd quarter was 3.0 million euros. The pre-income tax profit
of nine months was 4.6 million euros, the net profit 2.9 million euros. The
difference of net profit and the profit before income tax was caused by the
income tax paid on dividends. The pre-tax loss and net loss generated in Latvia
in nine months was 1.8 million euros; of that, the share of the 3rd quarter was
0.6 million euros. The loss remained at a level equal to the year before.
Business activities in Latvia have been frozen. The growth of sales revenue in
the 3rd quarter has been the greatest of the current year – this has been
supported by more successful marketing campaigns and the opening of new stores.
Food products have indicated more positive sales results for the 3rd quarter
and nine months; the share of food products in the total turnover has
increased. The increase of the sales revenue of industrial goods was the
greatest of the current year in the 3rd quarter. The turnover and economic
results of Selver were greatly influenced by the competitive situation.
Economic results were additionally influenced by the costs of opening and
activating new stores and renovating existing ones. In 2013, the Läänemere
Selver in Tallinn and the Aardla Selver in Tartu were opened and the Saare
Selver in Saaremaa was expanded. The SelveEkspress self-service system has been
introduced to seven stores this year. There are plans to open three new stores
in Q4 2013: in the Baltic Station in Tallinn and Peetri small borough, and in
downtown Viljandi.
Department stores
The sales revenue of the department store business segment for the first nine
months of 2013 was 62.6 million euros, having grown by 3.9% compared to the
same period of the previous year. Of that, the sales revenue of the 3rd quarter
was 21.2 million euros, 5.0% more than the revenue of the 3rd quarter 2012. The
pre-tax profit of department stores for the first nine months of 2013 was 1.6
million euros, 60.9% higher than the result of the year before. The pre-tax
profit of the 3rd quarter was 0.9 million euros, 84.7% more than the profit of
2012. The sales results of department stores in the 3rd quarter were influenced
by the renovation works done in the Tartu Home and Children Departments in July
and August; as a result, the renewed Children’s Department opened in August was
the largest in Southern Estonia. The operating profit of department stores for
the first nine months of 2013 was 1.5 million euros, almost twice as good, i.e.
0.7 million euros higher than the result of a year before. During summer
months, the sales results were influenced by the behaviour of tourists, which
was different compared to last year. The tourists who visited the Capital of
Culture 2012 spent a longer time in Tallinn and showed keener interest in local
trade than cruise tourists. Sales results suffered negatively in September,
which was warmer than usual and enabled customers to postpone purchasing
clothes and footwear. The sales revenue of OÜ TKM Beauty Eesti, which operates
the I.L.U. beauty stores, was 3.1 million euros in the first nine months of
2013, 15.0% higher than in the same period of the previous year. Of that, the
sales revenue of the 3rd quarter was 1.1 million euros, 11.4% more compared to
the comparable period of 2012. The nine-month net loss of the I.L.U. chain was
0.4 million euros, 12.7% or 0.05 million euros smaller than last year. In the
3rd quarter, the loss was 0.1 million euros – 0.04 million euros smaller than
the loss of 2012. Compared to the first nine months of last year, the I.L.U.
chain opened a sixth store in the Tasku Centre in Tartu in August 2012.
Car Trade
The sales revenue of the vehicle trade segment for the first nine months of
2013 without inter-segment transactions was 33.9 million euros. The sales
revenue exceeded the revenue of the same period of the last year by 38.6%; the
sales revenue of KIAs increased by 18.1%. The sales revenue of 11.9 million
euros generated in the 3rd quarter exceeded the sales revenue of the year
before by 32.1%; the sales revenue of KIAs increased by 16.0%. The segment’s
net profit for the nine months of 2013 reached 1.6 million euros and the net
profit of the 3rd quarter was 0.5 million euros. This was 1.4% higher than the
result of the first nine months of the previous year, while the profit of the
3rd quarter was 9.6% lower than the year before. One significant change worth
noting is that in the beginning of the 3rd quarter, Forum Auto SIA entered into
a representation contract concerning Peugeot passenger cars and commercial
vehicles in Latvia with KW Bruun Baltic, which is the importer of Peugeot
vehicles in the Baltics. Thanks to that, the brand portfolio of the vehicle
segment increased to four brands: in addition to KIA, Opel and Cadillac, it now
represents the Peugeot brand as well. In addition, the construction of a new
multi-brand vehicle centre began in Latvia. The reorganisation of the legal
structure of the vehicle trade segment, initiated in the first half of 2013,
was completed in the 3rd quarter. As a result, the holdings of KIA Auto AS in
the Latvian subsidiary Forum Auto SIA and the Lithuanian subsidiary UAB KIA
Auto were consolidated directly under TKM Auto OÜ. In addition, as a result of
that change, the Group’s sales activities in vehicle trade in Estonia have been
consolidated under AS Viking Motors.
Footwear trade
The turnover of the footwear segment in the first nine months of 2013 was 10.6
million euros, having grown by 2.6% in a year. In the 3rd quarter, the turnover
was 3.8 million euros, also showing an increase of 0.9% compared to the same
period of 2012. The loss of the first nine months was 0.2 million euros, which
was 16.6% better compared to the same period of the last year. In the 3rd
quarter, the footwear segment broke even – similarly to the 3rd quarter 2012.
There are plans to open a Shu store in Kohtla-Järve in December 2013. At the
end of the 3rd quarter 2013, the footwear chain of the Group included 28 stores
with a total area of 8.8 thousand square metres.
Real Estate
The sales revenue of the business segment of real estate outside the Group
totalled to 2.3 million euros in the first nine months of 2013 (2.1 million
euros in the first nine months of 2012), having increased 9.2% compared to the
same period of the previous year. The extra-Group sales revenue of the 3rd
quarter was 0.8 million euros (0.7 million euros in 2012), having increased by
12.1% compared to the same period of the previous year. The increase in sales
revenue mostly arose from the rental spaces added in 2012 and 2013.
The pre-tax profit of the real estate segment in the 3rd quarter 2013 was 2.2
million euros (2.2 million euros in 2012), an increase of 1.5% compared to the
same period of the last year. The pre-tax profit of the first nine months of
2013 generated in the real estate segment was 6.5 million euros, 0.7 million
euros or 12.6% more than in the same period of the previous financial year (5.8
million euros in 2012). The net profit of the segment earned in the first nine
months was 5.7 million euros, 0.8 million euros or 17.7% more than the sum
earned in the same period of the previous year.
The Peetri Selver building in Rae Parish and the reconstructed car showroom on
Ulmana Street, Riga will be completed in 2013.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
In thousands of euros
30.09.2013 31.12.2012
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ASSETS
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Current assets
Cash and bank 5,531 13,494
Trade receivables and prepayments 11,333 18,497
Inventories 52,747 48,264
Total current assets 69,611 80,255
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Non-current assets
Receivables and prepayments 674 667
Investments in associates 1,762 1,628
Investment property 3,756 3,756
Property, plant and equipment 205,145 190,298
Intangible assets 10,725 11,236
Total non-current assets 222,062 207,585
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TOTAL ASSETS 291,673 287,840
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LIABILITIES AND EQUITY
------------------------------------------------------------
Current liabilities
Borrowings 14,430 17,210
Trade payables and other liabilities 58,553 64,151
Total current liabilities 72,983 81,361
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Non-current liabilities
Borrowings 77,409 59,781
Provisions and prepayments 1,072 519
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Total non-current liabilities 78,481 60,300
TOTAL LIABILITIES 151,464 141,661
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Equity
Share capital 24,438 24,438
Statutory reserve capital 2,603 2,603
Revaluation reserve 50,244 51,079
Currency translation differences -250 -7
Retained earnings 63,174 68,066
TOTAL EQUITY 140,209 146,179
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TOTAL LIABILITIES AND EQUITY 291,673 287,840
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
In thousands of euros
III III 9 months 9 months
quarter quarter 2013 2012
2013 2012
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Revenue 124,735 115,497 360,516 340,364
Other operating income 152 383 567 633
Materials, consumables used and -93,599 -86,179 -272,208 -254,058
services
Other operating expenses -12,231 -11,126 -37,480 -34,259
Staff costs -9,720 -8,472 -29,728 -26,135
Depreciation, amortisation and -2,726 -2,685 -8,221 -8,794
impairment losses
Other expenses -148 -65 -362 -270
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Operating profit 6,463 7,353 13,084 17,481
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Finance income 7 21 24 109
Finance costs -350 -275 -944 -1,263
Finance income on shares of associates 48 21 134 100
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Profit before tax 6,168 7,120 12,298 16,427
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Income tax 0 3 -3,770 -3,763
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NET PROFIT FOR THE FINANCIAL YEAR 6,168 7,123 8,528 12,664
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Other comprehensive income:
Items that will be reclassified
subsequently to profit or loss
Currency translation differences -15 23 -243 161
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Other comprehensive income/loss for -15 23 -243 161
the financial year
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TOTAL COMPREHENSIVE INCOME FOR THE 6,153 7,146 8,285 12,825
FINANCIAL YEAR
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Raul Puusepp
Chairman of the Board
Phone +372 731 5000