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
4315
Attachments
Submission date and time
12.02.2014 16:30:00
Content of announcement in Estonian
Title
2013. aasta IV kvartali ja 12 kuu auditeerimata majandustulemused
Message
Segmendid (EURm) Q4/13 Q4/12 yoy 12m/13 12m/12 yoy
--------------------------------------------------------------
Supermarketid 92,1 86,9 6,1% 343,1 330,0 4,0%
Kaubamaja 27,0 26,0 3,9% 89,6 86,3 3,9%
Autokaubandus 14,1 9,8 44,3% 48,0 34,2 40,3%
Jalatsikaubandus 4,1 4,1 -0,8% 14,7 14,4 1,7%
Kinnisvara 0,9 0,7 28,3% 3,3 2,9 14,0%
Müügitulud kokku 138,2 127,4 8,5% 498,7 467,8 6,6%
--------------------------------------------------------------
Supermarketid 3,5 3,5 2,4% 4,7 9,0 -48,5%
Kaubamaja 2,7 2,4 13,8% 3,2 3,4 -7,2%
Autokaubandus 0,4 0,3 45,5% 1,9 1,8 7,7%
Jalatsikaubandus 0,1 0,2 -19,7% -0,1 -0,1 -11,1%
Kinnisvara 2,1 1,9 12,3% 7,8 6,7 16,1%
Puhaskasum kokku 8,9 8,2 8,9% 17,5 20,9 -16,3%
--------------------------------------------------------------
Tallinna Kaubamaja kontserni 2013. aasta konsolideeritud auditeerimata
müügitulu oli 498,7 miljonit eurot, kasvades võrreldes 2012. aasta tulemusega,
mil müügitulu oli 467,8 miljonit eurot, 6,6%. Neljandas kvartalis oli kontserni
müügitulu 138,2 miljonit eurot, ületades sellega aasta varasemat müügitulu
8,5%. Kontserni 2013. aasta konsolideeritud auditeerimata puhaskasum oli 17,5
miljonit eurot, mis on 16,3% eelmise aasta kasumist madalam, siis oli kasum
20,9 miljonit eurot. Kontserni neljanda kvartali puhaskasum oli 8,9 miljonit
eurot, mis ületas eelneva aasta sama perioodi kasumit 8,9%. Maksueelne kasum
oli 2013. aastal 21,2 miljonit eurot, kahanedes aastaga 13,8%.
Aasta teisel poolel hoogustunud käibe kasv andis põhjust rahuloluks tugevate
müügitulu kasvunumbritega ka kogu aasta kokkuvõttes. Käibe kasvu toetas tugev
toidukaupade ja sõidukite müük kontsernis. Jalatsi- ja riidekaupade müüki
mõjutas pikk soe sügis, mis kestis aasta lõpuni ja pärssis tugevalt
talvekaupade müüki. Kontserni sihikindel tegevus brutomarginaali parandamisel,
eriti supermarketite segmendis, kasvatas IV kvartali kasumi ligi 9% kõrgemaks
aasta varasemast, ehkki tööjõukulud ja muud tegevuskulud, eriti soojus- ja
elektrikulud, kasvasid veel endiselt käibe kasvust kiiremini. Eesti
jaekaubandusturu konkurentsi jätkuv tihenemine kaubanduspindade lisandumise
tagajärjel lahjendab üldiselt turuosaliste tulemust ja lisab pinget
hinnakonkurentsi. Kontsern on selle probleemiga viimastel aastatel tõsiselt
tegelenud. Oleme pannud rõhku kaupade otsehangete ja omatoodangu osakaalu
suurendamisele, mis annab meile võimaluse klientidele paremat hinda pakkudes
oma marginaalis mitte kaotada. Omatoodangu osas saab tuua näiteks kontserni
poolt toodetud Selveri Köögi kaubamärgi valmistoitude 2013. aasta müügitulude
kasvu 11,0%. Tööjõupuudus ja seetõttu ka tööjõukulude kiire kasv on olnud 2013.
aastal teiseks suureks väljakutseks. Palgakulude kasvu positiivseks küljeks
loeme voolavuse langust ja palgamäärade kasvu sidumist efektiivsuse kasvuga.
Selverid
Supermaketite ärisegmendi 2013. aasta konsolideeritud müügitulu oli 343,1
miljonit eurot, kasvades aasta varasema perioodiga 4,0%. IV kvartali
konsolideeritud müügitulu oli 92,1 miljonit eurot, kasvades aasta varasema
perioodiga võrrelduna 6,1%. Selveritest tehti 2013. aastal 33,8 miljonit ostu,
mis ületas aasta varasemal perioodil tehtud ostude arvu 3,7% võrra.
2013. aasta supermarketite segmendi konsolideeritud maksueelne kasum oli 6,4
miljonit eurot. Maksujärgselt lõpetati aasta 4,7 miljoni suuruse kasumiga.
Konsolideeritud IV kvartali maksueelne kasum ning puhaskasum oli 3,5 miljonit
eurot. IV kvartali puhaskasum ületas 2,4% võrra aasta varasemalt teenitud
puhaskasumit; 2013 aasta puhaskasum jäi aasta varasemast 4,4 miljonit eurot
madalamaks. Eestis teenitud maksueelne kasum ja puhaskasum olid IV kvartalis
4,1 miljonit eurot. Aasta tulumaksueelne kasum oli 8,8 miljonit eurot,
puhaskasum 7,0 miljonit eurot. Puhaskasumi ja tulumaksueelse kasumi erinevus
tuleneb dividendidelt makstud tulumaksult. Lätis teenitud maksueelne kahjum ja
puhaskahjum olid 2013 aastal 2,4 miljonit eurot, millest IV kvartali osa oli
0,6 miljonit eurot. Kahjum püsis aasta varasemal tasemel. Äritegevus Lätis on
külmutatud.
2013. aasta, aga eelkõige IV kvartali käibe kasvu on toetanud uute kaupluste
avamine. Positiivsemaid müügitulemusi on näidanud IV kvartali ja aasta vaates
toidukaubad, millede osakaal kogukäibes ning kogumarginaali kujunemises on
jätkuvalt suurenenud. Selveri käibele ja majandustulemustele on oluliselt
survet avaldanud konkurentsisituatsioon. Kasumile on negatiivset mõju
avaldavad jätkuv tööjõupuudus ning raksus vajaliku oskuste tasemega töötajate
leidmisel. Samuti avaldavad kasumi 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. IV kvartalis avati 3 uut kauplust –
Tallinnas Balti jaamas, Peetri alevikus ja Viljandi kesklinnas. Positiivse
tulemusena kasvas 2012. aasta oktoobrist iseseisva tütarettevõttena Selveri
Kööki opereeriva Kulinaaria OÜ müügitulu 2013. aastal 11,0% võrreldes aasta
varasema.
Kaubamajad
Kaubamajade ärisegmendi 2013. aasta müügitulu oli 89,6 miljonit eurot, kasvades
eelmise aastaga võrreldes 3,9%. Sellest neljandas kvartalis oli müügitulu 27,0
miljonit eurot, mis oli 2012. aasta IV kvartali tuludest kõrgem 3,9%. 2013.
aasta kokkuvõttes mõjutasid Kaubamaja tulemust negatiivselt juulis ja augustis
toimunud renoveerimistööd Tartu Kodu- ja Lastemaailmas, kus augustis avati
Lõuna-Eesti suurim uuenenud Lastemaailm. Sellega sai ring peale müügimaailmade
põhjalikule renoveerimisele, mis on kestnud viimased kaks aastat. Müügitulule
mõjusid negatiivselt ka tavapärasest soojemad sügis- ja talvekuud, mis
võimaldasid klientidele lükata garderoobikaupade ja jalatsite ostuotsust edasi.
Kaubamajade 2013. aasta maksueelne kasum oli 4,4 miljonit eurot, olles aasta
tagusest tulemusest parem 27,7%. Neljandas kvartalis oli maksueelne kasum 2,7
miljonit eurot, mis oli 2012. aasta kasumist kõrgem 13,8%. Müügipindade
ümberkorraldamine ja renoveerimised ning läbi aegade kõrgeimad
teeninduskvaliteedi näitajad on tõstnud aasta keskmist ostusummat 7%.
I.L.U. kosmeetikakauplusi opereeriva OÜ TKM Beauty Eesti 2013. aasta müügitulu
oli 4,6 miljonit eurot, kasvades 2012. aastaga võrreldes 11,5 %. Sellest IV
kvartalis oli müügitulu 1,5 miljonit eurot, mis oli 2012. aasta vastavast
perioodist kõrgem 5,1%. I.L.U. keti 2013. aasta puhaskahjum oli 0,4 miljonit
eurot, mis on aastatagusest tulemusest parem 13,2%. Neljandas kvartalis oli
I.L.U. ketti kasum sarnaselt 2012. aasta IV kvartaliga null. I.L.U. ketil on
alates 2012. aasta augustist avatud kuues kauplus Tartus Tasku Keskuses.
Võrreldes 2012. aastaga pärssis aruandeperioodi müüke internetikaubanduse kiire
kasv ja agressiivsed müügikampaaniad, seda eriti 2. poolaastal.
Autokaubandus
Autokaubandussegmendi 2013. aasta müügitulu ilma segmentide vaheliste
tehinguteta oli 48,0 miljonit eurot. Müügitulu ületas 40,3% eelmise aasta sama
perioodi tulusid, sealhulgas kasvas KIAde müügitulu 14,7%. Neljanda kvartali
14,1 miljoni euro suurune müügitulu ületas aasta varasema müügitulu 44,3%,
sealhulgas kasvas KIAde müügitulu 5,8%. Segmendi 2013. aasta puhaskasum ulatus
1,9 miljoni euroni ja IV kvartali puhaskasum oli 0,4 miljonit eurot. Eelmise
aasta kasumit ületas see 7,7% ning IV kvartali kasum ületati 45,6% võrra.
Müügitulu kasvule ning IV kvartali olulisele kasumi paranemisele aitas kaasa
2012. aasta keskel soetatud Viking Motors ASi ja Ülemiste Autokeskus OÜ
müügitegevuse liitmine ja selle tulemusena tekkinud sünergia, mis andis
märkimisväärse kasvu- ja investeerimisvõime. Samuti on mõjunud
autokaubandussegmendi kasvule positiivselt, et Läti tütarettevõte Forum Auto
SIA alustas III kvartalist alates Peugeot sõidu- ja tarbeautode müügiga. Lisaks
on tänu uuenenud meeskonnale ja ümberorienteeritud tegevsukavale kasvanud Forum
Auto SIA KIA sõiduautode müük.
Jalatsikaubandus
Jalatsikaubanduse segmendi 2013. aasta käive oli 14,7 miljonit eurot, kasvades
aastaga 1,7%. IV kvartalis oli käive 4,1 miljonit eurot, olles võrreldes 2012.
aasta sama perioodiga võrdsel tasemel. 2013. aasta kahjumiks kujunes 0,1
miljonit eurot, mis on võrdne 2012. aastaga. IV kvartalis teenis jalatsisegment
0,1 miljonit eurot kasumit ning võrreldes 2012. aasta neljanda kvartaliga 0,04
miljonit vähem. 2013. aasta müügikäive ja kasum olid plaanitust väiksemad.
Peamisteks põhjusteks olid siin kaupade hilinemine ja tavapärasest hilisem
talve saabumine, mis hoidis olulisel määral tagasi talvejalatsite müüki.
Kinnisvarad
Kinnisvarade ärisegmendi 2013. aasta kontserniväline müügitulu oli 3,3 miljonit
eurot, 2012. aastal 2,9 miljonit eurot. Müügitulu suurenes eelmise aastaga
võrreldes 14,0%. IV kvartali kontserniväline müügitulu oli 0,9 miljonit eurot
(2012 0,7 miljonit eurot), suurenedes eelmise aastaga võrreldes 28,3%.
Kinnisvara segmendi 2013. aasta maksueelseks kasumiks kujunes 8,6 miljonit
eurot, mis on 0,96 miljonit eurot enam, kui eelmise majandusaasta samal
perioodil (2012 7,7 miljonit eurot), suurenedes eelmise aasta sama perioodiga
võrreldes 12,5%. Segmendi 2013. aasta puhaskasum oli 7,8 miljonit eurot, mis
oli 1,1 miljoni euro võrra parem tulemus aasta varasemast (2012 6,7 miljonit
eurot), suurenedes eelmise aasta sama perioodiga 16,1%. Kinnisvara segmendi
2013. aasta IV kvartali maksueelseks kasumiks kujunes 2,1 miljonit eurot, mis
on 0,2 miljonit eurot enam, kui eelmise majandusaasta samal perioodil (2012 1,9
miljonit eurot), suurenedes eelmise aasta sama perioodiga 12,3%. Kasumi kasv on
tingitud ettevõttele kuuluva üüritava pinna suurenemisest 2013. aastal. 2013.
aasta I kvartalis soetati Valgas Valga Selveri ja Tartus Sõbra Selveri
kinnistud. 2013. aasta IV kvartalis valmis Peetri Selver Rae vallas ja
autosalong Riias Ulmana tänaval.
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes
31.12.2013 31.12.2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
VARAD
Käibevara
Raha ja pangakontod 14 766 13 494
Nõuded ja ettemaksed 15 991 18 497
Varud 51 937 48 264
--------------------------------------------------------------------------------
Käibevara kokku 82 694 80 255
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Põhivara
Pikaajalised nõuded ja ettemaksed 313 667
Sidusettevõtjad 1 711 1 628
Kinnisvarainvesteeringud 3 035 3 756
Materiaalne põhivara 229 406 190 298
Immateriaalne põhivara 10 636 11 236
Põhivara kokku 245 101 207 585
--------------------------------------------------------------------------------
VARAD KOKKU 327 795 287 840
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Lühiajalised kohustused
Võlakohustused 14 300 17 210
Võlad ja ettemaksed 67 725 64 151
Lühiajalised kohustused kokku 82 025 81 361
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Pikaajalised kohustused
Võlakohustused 77 104 59 781
Pikaajalised eraldised ja ettemakstud tulevaste 878 519
perioodide tulud
--------------------------------------------------------------------------------
Pikaajalised kohustused kokku 77 982 60 300
--------------------------------------------------------------------------------
KOHUSTUSED KOKKU 160 007 141 661
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Omakapital
Aktsiakapital 24 438 24 438
Kohustuslik reservkapital 2 603 2 603
Ümberhindluse reserv 68 617 51 079
Konverteerimiserinevused -257 -7
Jaotamata kasum 72 387 68 066
OMAKAPITAL KOKKU 167 788 146 179
--------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 327 795 287 840
--------------------------------------------------------------------------------
KONSOLIDEERITUD KOONDKASUMIARUANNE
Tuhandetes eurodes
IV kvartal IV kvartal 12 kuud 12 kuud
2013 2012 2013 2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müügitulu 138 205 127 436 498 721 467 800
Muud äritulud 399 187 966 820
Müüdud kaubad, kasutatud materjalid -100 722 -93 061 -372 930 -347 119
ja teenused
Mitmesugused tegevuskulud -13 885 -12 983 -51 365 -47 242
Tööjõukulud -11 843 -10 241 -41 571 -36 376
Põhivara kulum ja väärtuse langus -2 509 -2 687 -10 730 -11 481
Muud ärikulud -364 -113 -726 -383
--------------------------------------------------------------------------------
Ärikasum 9 281 8 538 22 365 26 019
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud 7 24 31 133
Finantskulud -378 -384 -1 322 -1 647
Kasum sidusettevõtja aktsiatelt 29 26 163 126
--------------------------------------------------------------------------------
Kasum enne tulumaksustamist 8 939 8 204 21 237 24 631
--------------------------------------------------------------------------------
Tulumaks -3 2 -3 773 -3 761
--------------------------------------------------------------------------------
Aruandeperioodi puhaskasum 8 936 8 206 17 464 20 870
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum
Kirjed, mida hiljem
klassifitseeritakse ümber
kasumiaruandesse
--------------------------------------------------------------------------------
Konverteerimiserinevused 18 650 0 18 650 0
--------------------------------------------------------------------------------
Aruandeperioodi muu koondkasum -7 -57 -250 104
/(-kahjum) kokku
--------------------------------------------------------------------------------
ARUANDEPERIOODI KOONDKASUM 18 643 -57 18 400 104
--------------------------------------------------------------------------------
Raul Puusepp
Juhatuse esimees
Tel 731 5000
Content of announcement in English
Title
Unaudited consolidated interim accounts for the fourth quarter and twelve months of 2013
Message
Segments (EURm) Q4/13 Q4/12 yoy 12m/13 12m/12 yoy
---------------------------------------------------------------
Supermarkets 92.1 86.9 6.1% 343.1 330.0 4.0%
Department stores 27.0 26.0 3.9% 89.6 86.3 3.9%
Cars 14.1 9.8 44.3% 48.0 34.2 40.3%
Footwear 4.1 4.1 -0.8% 14.7 14.4 1.7%
Real Estate 0.9 0.7 28.3% 3.3 2.9 14.0%
Total sales 138.2 127.4 8.5% 498.7 467.8 6.6%
---------------------------------------------------------------
Supermarkets 3.5 3.5 2.4% 4.7 9.0 -48.5%
Department stores 2.7 2.4 13.8% 3.2 3.4 -7.2%
Cars 0.4 0.3 45.5% 1.9 1.8 7.7%
Footwear 0.1 0.2 -19.7% -0.1 -0.1 -11.1%
Real Estate 2.1 1.9 12.3% 7.8 6.7 16.1%
Total net profit 8.9 8.2 8.9% 17.5 20.9 -16.3%
---------------------------------------------------------------
The consolidated unaudited sales revenue of the Tallinna Kaubamaja Group in
2013 was 498.7 million euros, having grown by 6.6% compared to the result of
2012, when the sales revenue was 467.8 million euros. In the 4th quarter, the
group’s sales revenue was 138.2 million euros, which is 8.5% more than the
sales revenue earned the year before. The Group’s consolidated unaudited net
profit of 2013 was 17.5 million euros, which is 16.3% less than the net profit
of the previous year, when the net profit was 20.9 million euros. The Group's
net profit earned in the 4th quarter was 8.9 million euros, having increased by
8.9% compared to the result of 2012. The pre-tax profit of 2013 was 21.2
million euros, having dropped by 13.8% in a year.
The accelerated growth in turnover in the second half of the year was
satisfying and resulted in strong sales revenue numbers for the entire year.
The growth of turnover was driven by the strong sales of food products and
vehicles in the group. The sales of footwear and clothes were affected by the
long warm autumn that lasted until the end of the year and strongly inhibited
the sale of winter goods. The targeted actions of the group to improve the
gross margin, especially in the supermarkets segment, increased profits by
almost 9% year-on-year in 4th quarter, although labour costs and other
operating costs, especially heating and electricity costs, continued to
increase faster than turnover. The continued increase in competition in the
Estonian retail market due to the addition of retail spaces generally dilutes
the results of market participants and adds tension to price competition. The
group has been actively dealing with this problem in the recent years. We have
focused on increasing the ratio of direct delivery of goods and own production
that gives us an opportunity to offer better prices to customers without losing
our margins. For example, the sales revenue of the ready-to-eat foods produced
by the group under the Selveri Köök trademark has increased by 11.0% in 2013.
Another major challenge in 2013 has been the scarcity of labour leading to the
rapid growth of labour costs. The positive sides of the growth of labour costs
include a decrease in employee turnover and tying the growth in pay rates to
growth in efficiency.
Selver supermarkets
In 2013, the consolidated sales revenue of the supermarkets business segment
was 343.1 million euros, an increase of 4.0% year-on-year. The consolidated
sales revenue earned in the 4th quarter was 92.1 million euros, a 6.1% increase
year-on-year. In 2013, 33.8 million purchases were made in Selver stores, a
result that exceeded the year-on-year number of purchases by 3.7%.
In 2013, the consolidated pre-tax profit of the supermarket segment was 6.4
million euros. Profit after taxes earned for 2013 was 4.7 million euros.
Consolidated profit before taxes in the 4th quarter and net profit was 3.5
million euros. Net profit earned in the 4th quarter is up by 2.4% year-on-year;
net profit earned in 2013 was down by 4.4 million euros compared to the
previous period. Profit before taxes and net profit earned in Estonia in the
4th quarter was 4.1 million euros. Profit before taxes for 2013 was 8.8 million
euros, with a net profit of 7.0 million euros. The difference between net
profit and profit before income tax is due to the income tax paid on dividends.
Pre-tax loss and net loss sustained in Latvia was 2.4 million euros in 2013,
with a 0.6 million euro loss in 4th quarter. Net loss remained equal to last
year’s. Business activity in Latvia has been frozen.
The growth of turnover in 2013, especially in the 4th quarter, has been driven
by the opening of new stores. In the 4th quarter, as well as throughout the
year, positive results have been observed in the sales of food products, the
share of which in total turnover and total margin has continued to increase.
The competitive situation has had a significant effect on Selver`s turnover and
economic results. The continued scarcity of labour and difficulties in finding
employees with the requisite skills has had a negative effect on profits.
Profits are also influenced by the costs incurred in connection with the
opening and launching of new stores and renovating the existing stores. In
2013, the Läänemere Selver in Tallinn and the Aardla Selver in Tartu were
opened and the Saare Selver in Saaremaa expanded. In the 4th quarter, three new
stores were opened: in the Baltic Railway Station in Tallinn, in Peetri small
town, and in the centre of Viljandi. A positive result was the growth in sales
revenue of Kulinaaria OÜ, an independent subsidiary operating Selveri Köök from
October 2012, by 11.0% in 2013 compared to the previous year.
Department stores
The sales revenue of the department stores business segment was 89.6 million
euros in 2013, growing 3.9% year-on-year. Sales revenue earned in the 4th
quarter was 27.0 million euros, 3.9% higher than the revenue earned in the 4th
quarter 2012. Renovation works undertaken in July and August in the Home
department and Kidswear and Toys department in Tartu to open the largest
Kidswear and Toys department in Southern Estonia in August had a negative
effect on Department stores overall results in 2013. This completed the cycle
of extensive renovation of all departments over the last two years. Sales
revenue was also negatively affected by the unusually warm autumn and winter
months that allowed the customers to postpone purchasing clothing and footwear.
The profit before taxes of the department stores was 4.4 million euros in 2013,
a 27.7% year-on-year increase. Profit before taxes in the 4th quarter was 2.7
million euros, a 13.8% increase over 2012. The reorganisation and renovation of
retail spaces and the best ever service quality indicators have increased the
average sum of purchase by 7%.
The sales revenue of OÜ TKM Beauty Eesti that operates the I.L.U. cosmetics
stores was 4.6 million euros in 2013, an 11.5% increase over 2012. The 4th
quarter sales revenue was 1.5 million euros, up by 5.1% year-on-year. The net
loss of the I.L.U. chain in 2013 was 0.4 million euros, or 13.2% better result
than last year. The profit of the I.L.U. chain earned in the 4th quarter,
similarly to the fourth quarter of 2012, was nil. In August 2012, the I.L.U.
chain opened its sixth store in the Tasku Centre in Tartu. Overall, sales were
depressed in the accounting period compared to 2012 due to the aggressive sales
campaigns and fast growth in sales by web stores, especially in the second half
of the year.
Car Trade
The sales revenue of the car trade segment, excluding intra-segment
transactions, was 48.0 million euros in 2013. Sales revenue exceeded
year-on-year revenue by 40.3%, whereas the sales revenue of KIAs increased by
14.7%. The sales revenue of 14.1 million euros earned in the 4th quarter marked
a 44.3% increase year-on-year, including a 5.8% growth in the sales revenue
from selling KIAs. The net profit of the segment reached 1.9 million euros in
2013, with a 0.4 million euro net profit in the 4th quarter. This result
exceeded the profit earned in the previous year by 7.7% and the profit earned
in the 4th quarter 2012 by 45.6%.
The reason behind the growth of sales revenue and the significant improvement
in profits earned in the 4th quarter was that the sales operations of Viking
Motors AS, obtained in the middle of 2012, and Ülemiste Autokeskus OÜ were
merged in Estonia in 2013 and the synergy from this reorganisation has resulted
in a significant improvement in growth and investment capacity. The car trade
segment was also positively influenced by the Latvian subsidiary Forum Auto SIA
beginning to sell Peugeot passenger and commercial vehicles in the 3rd quarter.
In addition, due to the renewed team and reorganised operational plan, the sale
of KIA passenger cars in Forum Auto SIA has also increased.
Footwear trade
The turnover of the footwear trade segment was 14.7 million euros in 2013, a
1.7% increase over last year. The 4th quarter turnover was 4.1 million euros
and remained on par with the same period in 2012. The footwear segment made a
0.1 million euro loss in 2013, which is similar to 2012 results. The footwear
segment earned a profit of 0.1 million euros in the 4th quarter, 0.04 million
euros less than in the 4th quarter 2012. The turnover and profit earned in 2013
were lower than planned. The main reasons were delays in delivery of goods and
the unusually late arrival of winter, which significantly slowed down the sale
of winter shoes.
Real Estate
The sales revenue of the business segment of real estate outside the Group
totalled to 3.3 million euros in 2013 (2.9 million euros in 2012), having grown
14.0% compared to the same period of the previous year. The extra-Group sales
revenue of the the 4th quarter was 0.9 million euros (0.7 million euros in the
the 4th quarter of 2012), showing an increase of 28.3% from the same period of
the previous year. The profit before taxes of the real estate segment in 2013
was 8.6 million euros, 0.96 million euros more than in the previous financial
year (7.7 million euros in 2012), a year-on-year increase of 12.5%. The net
profit of the segment was 7.8 million euros in 2013, up 1.1 million euros
compared to the result of the year before (6.7 million euros in 2012), a
year-on-year increase of 16.1%. The profit before taxes of the real estate
segment in the 4th quarter was 2.1 million euros – 0.2 million euros more than
in the same period of the previous financial year (1.9 million euros in 2012),
a year-on-year increase of 12.3%. The growth of profit results from the
increase in the leased space belonging to the company in 2013. In the first
quarter of 2013, the premises of Valga Selver in Valga and Sõbra Selver in
Tartu were acquired. In the 4th quarter of 2013, the Peetri Selver was
completed in Rae rural municipality and a building in Riga in Ulmana Street was
reconstructed into a modern car dealership.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
In thousands of euros
31.12.2013 31.12.2012
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ASSETS
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Current assets
Cash and bank 14,766 13,494
Trade receivables and prepayments 15,991 18,497
Inventories 51,937 48,264
Total current assets 82,694 80,255
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Non-current assets
Receivables and prepayments 313 667
Investments in associates 1,711 1,628
Investment property 3,035 3,756
Property, plant and equipment 229,406 190,298
Intangible assets 10,636 11,236
Total non-current assets 245,101 207,585
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TOTAL ASSETS 327,795 287,840
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LIABILITIES AND EQUITY ,
------------------------------------------------------------
Current liabilities
Borrowings 14,300 17,210
Trade payables and other liabilities 67,725 64,151
Total current liabilities 82,025 81,361
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Non-current liabilities
Borrowings 77,104 59,781
Provisions and prepayments 878 519
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Total non-current liabilities 77,982 60,300
TOTAL LIABILITIES 160,007 141,661
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Equity
Share capital 24,438 24,438
Statutory reserve capital 2,603 2,603
Revaluation reserve 68,617 51,079
Currency translation differences -257 -7
Retained earnings 72,387 68,066
TOTAL EQUITY 167,788 146,179
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TOTAL LIABILITIES AND EQUITY 327,795 287,840
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
In thousands of euros
IV IV 12 12
quarter quarter months months
2013 2012 2013 2012
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Revenue 138,205 127,436 498,721 467,800
Other operating income 399 187 966 820
Materials, consumables used and services -100,722 -93,061 -372,930 -347,119
Other operating expenses -13,885 -12,983 -51,365 -47,242
Staff costs -11,843 -10,241 -41,571 -36,376
Depreciation, amortisation and impairment -2,509 -2,687 -10,730 -11,481
losses
Other expenses -364 -113 -726 -383
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Operating profit 9,281 8,538 22,365 26,019
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Finance income 7 24 31 133
Finance costs -378 -384 -1,322 -1,647
Finance income on shares of associates 29 26 163 126
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Profit before tax 8,939 8,204 21,237 24,631
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Income tax -3 2 -3,773 -3,761
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NET PROFIT FOR THE FINANCIAL YEAR 8,936 8,206 17,464 20,870
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Other comprehensive income:
Items that will be reclassified
subsequently to profit or loss
Currency translation differences 18 650 0 18 650 0
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Other comprehensive income/loss for the -7 -57 -250 104
financial year
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TOTAL COMPREHENSIVE INCOME FOR THE 18,643 -57 18,400 104
FINANCIAL YEAR
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Raul Puusepp
Chairman of the Board
Phone +372 731 5000