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
4405
Attachments
Submission date and time
16.04.2014 16:30:00
Content of announcement in Estonian
Title
2014. aasta I kvartali auditeerimata majandustulemused
Message
Segmendid (EURm) Q1/14 Q1/13 yoy
---------------------------------------
Supermarketid 82,4 79,6 3,6%
Kaubamaja 20,6 20,0 3,2%
Autokaubandus 12,4 9,0 37,6%
Jalatsikaubandus 3,4 2,7 25,9%
Kinnisvara 0,8 0,8 10,2%
Müügitulud kokku 119,7 112,0 6,8%
---------------------------------------
Supermarketid -1,0 -1,7 -39,0%
Kaubamaja -0,4 -1,5 -69,8%
Autokaubandus -0,5 0,3 -277,7%
Jalatsikaubandus -0,8 -0,6 29,1%
Kinnisvara 2,1 1,2 73,5%
Puhaskasum kokku -0,6 -2,3 -73,0%
---------------------------------------
Tallinna Kaubamaja kontserni 2014. aasta I kvartali konsolideeritud
auditeerimata müügitulu oli 119,7 miljonit eurot. Võrreldes 2013. aasta I
kvartaliga, mil müügitulu oli 112,0 miljonit eurot, oli kasv 6,8%. Müügitulu
kasvas kõikides kontserni segmentides, seejuures suurimat kasvu näitasid
autokaubandus ja jalatsisegment. Aruandeperioodi puhaskahjumiks kujunes 0,6
miljonit eurot seoses dividendidelt arvestatud tulumaksuga summas 1,3 miljonit
eurot. 2013. aasta esimese kvartali kahjum oli 2,3 miljonit eurot, sealhulgas
tulumaks 3,8 miljonit eurot. Maksueelseks kasumiks kujunes 0,7 miljonit eurot,
moodustades sellega poole aasta varasemast sama perioodi kasumist.
Kontserni 2014. aasta esimest kvartali müügitulemusega võime rahule jääda,
ehkki võrreldes aasta varasemaga oli mitmeid müükidele ebasoodsalt mõjunud
tegureid. Erakordselt soe talv võimaldas klientidel säästa küttekuludelt ja
soodustas jaekäivet, kuid mitte talveriiete ja –jalatsite müüki, mis kontserni
I kvartali müügituludes tavaliselt olulise osa moodustavad. Supermarketite
segmendis tõi kvartalite vahelise käibenihke lihavõttepühade liikumine aprilli
(2013. aastal oli märtsis) ning laadapäevade müügikampaania nihkumine II
kvartalisse (2013. aastal I kvartalis). Mõningase marginaalikärpe võrreldes
aasta varasemaga andsid talvekaupade sügavamad allahindlused ning kahe
jalatsikaupluse lõpumüügid. Olulist mõju kasumile omas tööjõukulude kasv
(15,9%). Koos müügipindade lisandumisega 2013. aasta lõpus kasvas töötajate arv
(9,6%), samal ajal tõusis keskmine tööjõukulu inimese kohta (5,7%). Aasta
alguses võeti Selverites kasutusele uus kaubandustarkvara, mis pärast
käivitusperioodi lõppemist lihtsustab kaupade käitlusprotsesse ning tõstab
tööjõu efektiivsust.
Selverid
Supermarketite ärisegmendi 2014. aasta I kvartali konsolideeritud müügitulu oli
82,4 miljonit eurot, kasvades aasta varasema perioodiga võrrelduna 3,6%.
Selveri tütarettevõtte Kulinaaria OÜ müügitulu kasvas 2014. aasta I kvartalis,
võrrelduna aasta varasemaga 19,1%. Selveritest sooritati 2014. aasta I
kvartalis 8,2 miljonit ostu, ületades aasta varasema perioodi ostude arvu 4,3%
võrra. Supermarketite segmendi konsolideeritud maksueelne kahjum oli 2014.
aasta I kvartalis 0,7 miljonit eurot, millest Eestis teenitud kahjum moodustas
0,1 miljonit eurot, kasvades 0,7 miljonit eurot. Supermarketite segmendi
konsolideeritud puhaskahjum oli 1,0 miljonit eurot, olles eelmise aasta
tulemist, kui kahjum oli 1,7 miljonit eurot, 0,7 miljoni euro võrra parem.
Eestis teenitud puhaskahjum oli 2014. aasta I kvartalis 0,4 miljonit eurot,
olles aasta varasemast 0,7 miljonit eurot parem. Puhaskasumi ja tulumaksueelse
kasumi erinevus tuleneb dividendidelt arvestatud tulumaksult - 2013. aastal oli
dividendide tulumaks summas 1,7 miljonit eurot; 2014. aastal 0,4 miljonit
eurot. Lätis teenitud kahjum oli 0,6 miljonit eurot püsides seega aasta
varasemal tasemel. Äritegevus Lätis on külmutatud.
2014. aasta I kvartali müügitulu kasvu on toetanud 2013. aasta vältel toimunud
uute kaupluste avamine. Võrreldavate kaupluste tulemustele on vähendavat mõju
avaldanud uued avatud Selveri kauplused, mille tulemusel on toimunud klientide
ümberjaotumine. Eestis teenitud kasumile on mõju avaldanud jätkuv
kuluefektiivne tegutsemine, aga samuti ka muudatused tööjõuturul, mille
tulemusena on tõusnud keskmine töötasu. 1. jaanuaril võeti Selveris kasutusele
uus kaubandustarkvara, mille käivitamisega on kaasnenud ühekordseid
mittekapitaliseeritavaid kulutusi.
Kaubamajad
Kaubamajade ärisegmendi 2014. aasta esimese 3 kuu müügitulu oli 20,6 miljonit
eurot, kasvades eelmise aasta sama perioodiga võrreldes 3,2%. Müügitulu
mõjutasid negatiivselt selle aasta üle keskmise soojemad talvekuud, mis
pärssisid ülerõivaste müüke. Kaubamajad jäid 2014. aasta esimeses kvartalis oma
maksueelse kasumiga nulli ja see oli 0,3 miljonit eurot parem aasta varasemast
tulemist. Kaubamaja tulemust mõjutasid positiivselt pehme talvega seoses
madalamad kommunaalkulud ja efektiivselt juhitud allahindluskampaaniad. I.L.U.
kosmeetikakauplusi opereeriva OÜ TKM Beauty Eesti 2014. aasta I kvartali
müügitulu oli 1,0 miljonit eurot, kasvades 2013. aasta sama perioodiga
võrreldes 0,6%. Esimeses kvartalis oli kahjum 0,1 miljonit eurot, mis oli 2013.
aasta võrreldava perioodi kahjumist väiksem 0,01 miljoni euro võrra. Oluliseks
konkurendiks I.L.U. kauplustele on kerkinud interneti kosmeetikakauplused, kus
kaubad on küll soodsamad, kuid puudub garantii kauba kvaliteedile.
Autokaubandus
Autokaubandussegmendi 2014. aasta esimese kvartali müügitulu oli 12,4 miljonit
eurot. Müügitulu ületas 37,6% eelmise aasta sama perioodi tulusid. Segmendi
2014. aasta esimese kvartali maksueelne kasum oli 0,1 miljonit eurot. 2014.
aasta I kvartali kasum jäi aasta varasemale 76,5% alla. Marginaale mõjutas
2014. aasta I kvartalis võrreldes aasta varasemaga oluliselt suurem KIAde
fleet-müügi osakaal. Uue KIA Sportage mudeli tarneprobleemide tõttu I kvartalis
kannatas ka Sportage jaemüük. 2013. aasta lõpul Lätis avatud uues autode
esindussalongis hakati lisaks KIAdele müüma ka Peugeot’id ning Cadillace.
Teisalt tõi uue salongi kasutuselevõtt kaasa üüri- ja kommunaalkulude
suurenemise, samuti suurenesid aasta varasemaga turunduskulud uute markide
toetuseks.
Jalatsikaubandus
Jalatsikaubanduse müügitulu 2014. aasta I kvartalis oli 3,4 miljonit eurot,
kasvades võrreldes 2013. aasta sama perioodiga 25,9%. Samas oli 2014. aasta I
kvartali kahjum 0,8 miljonit eurot ehk 0,2 miljonit eurot suurem, kui 2013.
aasta I kvartali kahjum. Eelmisest aastast oluliselt suurem müügitulu, aga
suurem kahjum oli seotud eelkõige kahe suurima, Tallinnas Viru keskuses
paiknevate ABC Kinga ja Shu kaupluste lõpumüükidega. Lõpumüügi käigus vähenesid
ka eelmiste hooaegade kaubavarud.
Kinnisvarad
Kinnisvarade ärisegmendi 2014. aasta I kvartali kontserniväline müügitulu oli
0,8 miljonit eurot, mis on 0,1 miljonit eurot ehk 10,2% enam, kui eelmise aasta
samal perioodil. Kinnisvarasegmendi 2014. aasta I kvartali maksueelseks
kasumiks kujunes 2,1 miljonit eurot, mis on 0,1 miljonit eurot ehk 3,2% enam,
kui eelmise majandusaasta samal perioodil. Kasumi kasv on tingitud kontserni
teistele segmentidele välja üüritavate pindade lisandumisest 2013. aastal.
2013. aasta lõpus valmis Peetri Selver Rae vallas ja autosalong Riias Ulmana
tänaval.
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes
31.03.2014 31.12.2013
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VARAD
Käibevara
Raha ja pangakontod 6 901 14 766
Nõuded ja ettemaksed 20 754 15 991
Varud 54 837 51 937
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Käibevara kokku 82 492 82 694
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Põhivara
Pikaajalised nõuded ja ettemaksed 313 313
Sidusettevõtjad 1 757 1 711
Kinnisvarainvesteeringud 3 035 3 035
Materiaalne põhivara 228 842 229 406
Immateriaalne põhivara 10 515 10 636
Põhivara kokku 244 462 245 101
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VARAD KOKKU 326 954 327 795
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KOHUSTUSED JA OMAKAPITAL
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Lühiajalised kohustused
Võlakohustused 13 742 14 300
Võlad ja ettemaksed 69 318 67 725
Lühiajalised kohustused kokku 83 060 82 025
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Pikaajalised kohustused
Võlakohustused 81 941 77 104
Pikaajalised eraldised ja ettemakstud tulevaste 889 878
perioodide tulud
--------------------------------------------------------------------------------
Pikaajalised kohustused kokku 82 830 77 982
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KOHUSTUSED KOKKU 165 890 160 007
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Omakapital
Aktsiakapital 24 438 24 438
Kohustuslik reservkapital 2 603 2 603
Ümberhindluse reserv 68 253 68 617
Konverteerimiserinevused -255 -257
Jaotamata kasum 66 025 72 387
OMAKAPITAL KOKKU 161 064 167 788
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KOHUSTUSED JA OMAKAPITAL KOKKU 326 954 327 795
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KONSOLIDEERITUD KOONDKASUMIARUANNE
Tuhandetes eurodes
3 kuud 3 kuud
2014 2013
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--------------------------------------------------------------------------------
Müügitulu 119 651 112 010
Muud äritulud 148 214
Müüdud kaubad, kasutatud materjalid ja teenused -91 525 -85 568
Mitmesugused tegevuskulud -13 060 -12 410
Tööjõukulud -11 251 -9 710
Põhivara kulum ja väärtuse langus -2 710 -2 751
Muud ärikulud -264 -91
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Ärikasum 989 1 694
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Finantstulud 5 8
Finantskulud -333 -259
Kasum sidusettevõtja aktsiatelt 46 40
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Kasum enne tulumaksustamist 707 1 483
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Tulumaks -1 324 -3 772
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Aruandeperioodi puhaskahjum -617 -2 289
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Muu koondkasum
Kirjed, mida võib edaspidi ümberklassifitseerida
kasumiaruandesse
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Konverteerimiserinevused 2 -195
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Aruandeperioodi muu koondkasum/(-kahjum) kokku 2 -195
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ARUANDEPERIOODI KOONDKAHJUM -615 -2 484
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Raul Puusepp
Juhatuse esimees
Tel 731 5000
Content of announcement in English
Title
Unaudited consolidated interim accounts for the first quarter of 2014
Message
Segments (EURm) Q1/14 Q1/13 yoy
----------------------------------------
Supermarkets 82.4 79.6 3.6%
Department stores 20.6 20.0 3.2%
Cars 12.4 9.0 37.6%
Footwear 3.4 2.7 25.9%
Real Estate 0.8 0.8 10.2%
Total sales 119.7 112.0 6.8%
----------------------------------------
Supermarkets -1.0 -1.7 -39.0%
Department stores -0.4 -1.5 -69.8%
Cars -0.5 0.3 -277.7%
Footwear -0.8 -0.6 29.1%
Real Estate 2.1 1.2 73.5%
Total net profit -0.6 -2.3 -73.0%
----------------------------------------
In the first quarter of 2014, the consolidated unaudited sales revenue of
Tallinna Kaubamaja Group was 119.7 million euros. The growth was 6.8%, compared
to the sales revenue of 112.0 million euros earned in the first quarter of
2013. The sales revenue increased in all business segments of the Group, with
the highest growth in the car trade and footwear segments. The amount of income
tax calculated on dividends was 1.3 million euros, resulting in a net loss of
0.6 million euros in the reporting period. Loss earned in the first quarter of
2013 was 2.3 million euros, including income tax in the amount of 3.8 million
euros. Profit before taxes was 0.7 million euros, which is half of the profit
earned in the same period year earlier.
Although there were several adverse factors that influenced the sales compared
to the situation a year earlier, we are satisfied with the Group`s sales
revenue earned in the first quarter of 2014. While an exceptionally warm winter
enabled clients to save on heating costs and contribute to retail sales, they
did not spend their extra money on winter clothes and footwear, the sales of
which usually account for a large portion of the sales revenue earned by the
Group in the first quarter of a year. The results of the supermarket segment by
quarters deviated from the norm because the Easter holidays are in April (in
March in 2013) and the Laadapäevad sales campaign was moved to the second
quarter (in the first quarter in 2013). The margin was slightly lower due to
larger discounts on winter goods and clearance sales of two footwear stores
compared to the previous year. The growth of labour costs (15.9%) had a strong
impact on the profit numbers. The number of employees increased (9.6%) due to
additional selling space and the average labour cost per employee increased as
well (5.7%). New commercial software was introduced in Selver stores in the
beginning of the year, which will make handling of goods easier and increase
the efficiency of labour force after its launch period.
Selver supermarkets
The consolidated sales revenue of the supermarket business segment was 82.4
million euros in the first quarter of 2014, a growth of 3.6% compared to the
same period of the previous year. The sales revenue of the Selver subsidiary
Kulinaaria OÜ increased in the first quarter of 2014, demonstrating a growth of
19.1% year-over-year. In the first quarter of 2014, 8.2 million purchases were
made in Selver stores, exceeding the year-over-year number of purchases by
4.3%. The consolidated pre-tax loss of the supermarket segment was 0.7 million
euros in the first quarter of 2014, of which the loss earned in Estonia was 0.1
million euros – an increase of 0.7 million euros year-over-year. The
consolidated net loss of the supermarket segment was 1.0 million euros, an
improvement of 0.7 million euros compared to last year’s loss of 1.7 million
euros. The net loss earned in the first quarter of 2014 in Estonia was 0.4
million euros, an improvement of 0.7 million euros year-over-year. The reason
for the difference between the amount of net profit and pre-tax profit is the
income tax paid on dividends: income tax of 1.7 million euros was calculated on
dividends in 2013 and 0.4 million euros in 2014. The loss earned in Latvia was
0.6 million euros, remaining at the same level as in the previous year.
Business activities have been frozen in Latvia.
New stores opened in 2013 supported the growth of sales revenue in the first
quarter of 2014. New Selver stores have had a negative impact on the results of
comparable stores, causing a constant re-allocation of clients between stores.
Profit earned in Estonia has been affected by the continuing cost-efficiency of
operations, as well as changes in the labour market that have resulted in an
increase in average wages. On 1 January, new commercial software was introduced
in Selver, which has caused one-time uncapitalised costs.
Department stores
The sales revenue of the department store segment in the first three months of
2014 was 20.6 million euros, a year-over-year growth of 3.2%. The warmer than
usual winter months had a negative impact on the sales revenue, reducing the
sales of outerwear. Although the department stores earned zero pre-tax profit
in the first quarter of 2014, the result was still a 0.3 million euro increase
year-over-year. The reduced utility charges resulting from the softer winter
and efficiently managed discount campaigns had a positive impact on the result
of Kaubamaja. The sales revenue of OÜ TKM Beauty Eesti, the company operating
I.L.U. cosmetics stores, was 1.0 million euros in the first quarter of 2014,
showing a year-over-year growth of 0.6%. Loss earned in the first quarter was
0.1 million euros, a decrease of 0.01 million euros compared to the same period
in 2013. Internet stores that sell cosmetics at more favourable prices have
become a major competition to I.L.U stores, although they do not provide any
guarantees to the quality of goods.
Car Trade
The sales revenue of the car trade segment was 12.4 million euros in the first
quarter of 2014. The sales revenue exceeded the year-over-year results by
37.6%. The pre-tax profit earned in this segment in the first quarter of 2014
was 0.1 million euros. Profit earned in the first quarter of 2014 was 76.7%
lower than the same period last year. The significantly higher share of
fleet-sales influenced the margins in the first quarter of 2014. Due to supply
problems of the new KIA Sportage model, the retail sales of Sportages suffered
in the first quarter of 2014. The new car dealership opened in Latvia at the
end of 2013 started to sell Peugeot and Cadillac cars in addition to KIAs; on
the other hand, the new dealership increased rent and utility costs and also
marketing costs to promote the new models compared to last year.
Footwear trade
The sales revenue of footwear was 3.4 million euros in the first quarter of
2014, a growth of 25.9% compared to the same period of 2013. The loss in the
first quarter of 2014 was 0.8 million euros, an increase of 0.2 million euros
compared to the loss in the first quarter of 2013. The significantly higher
sales revenue compared to the previous year as well as the increased loss were
primarily related to the clearance sales of ABC King and Shu stores in Viru
Keskus in Tallinn. The stock of previous seasons was also reduced during the
clearance sales.
Real Estate
The sales revenue of the real estate business segment earned outside of the
Group was 0.8 million euros in the first quarter of 2014, an increase of 0.1
million euros or 10.2% year-over-year. The pre-tax profit of the real estate
segment was 2.1 million euros in the first quarter of 2014, an increase of 0.1
million or 3.2% compared to the same period in the previous financial year.
Spaces added in 2013 that are rented to other segments of the Group account for
the growth of profit. By the end of 2013, Peetri Selver in Rae rural
municipality and a car dealership in Ulmana Street in Riga were completed.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
In thousands of euros
31.03.2014 31.12.2013
------------------------------------------------------------
ASSETS
------------------------------------------------------------
Current assets
Cash and bank 6,901 14,766
Trade receivables and prepayments 20,754 15,991
Inventories 54,837 51,937
Total current assets 82,492 82,694
------------------------------------------------------------
Non-current assets
Receivables and prepayments 313 313
Investments in associates 1,757 1,711
Investment property 3,035 3,035
Property, plant and equipment 228,842 229,406
Intangible assets 10,515 10,636
Total non-current assets 244,462 245,101
------------------------------------------------------------
TOTAL ASSETS 326,954 327,795
------------------------------------------------------------
LIABILITIES AND EQUITY
------------------------------------------------------------
Current liabilities
Borrowings 13,742 14,300
Trade payables and other liabilities 69,318 67,725
Total current liabilities 83,060 82,025
------------------------------------------------------------
Non-current liabilities
Borrowings 81,941 77,104
Provisions and prepayments 889 878
------------------------------------------------------------
Total non-current liabilities 82,830 77,982
TOTAL LIABILITIES 165,890 160,007
------------------------------------------------------------
Equity
Share capital 24,438 24,438
Statutory reserve capital 2,603 2,603
Revaluation reserve 68,253 68,617
Currency translation differences -255 -257
Retained earnings 66,025 72,387
TOTAL EQUITY 161,064 167,788
------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 326,954 327,795
------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
In thousands of euros
3 months 3 months
2014 2013
--------------------------------------------------------------------------------
Revenue 119,651 112,010
Other operating income 148 214
Materials, consumables used and services -91,525 -85,568
Other operating expenses -13,060 -12,410
Staff costs -11,251 -9,710
Depreciation, amortisation and impairment losses -2,710 -2,751
Other expenses -264 -91
--------------------------------------------------------------------------------
Operating profit 989 1,694
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Finance income 5 8
Finance costs -333 -259
Finance income on shares of associates 46 40
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Profit before tax 707 1,483
--------------------------------------------------------------------------------
Corporate income tax -1,324 -3,772
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NET LOSS FOR THE FINANCIAL YEAR -617 -2,289
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Other comprehensive income:
Items that subsequently might be reclassified to
profit or loss
--------------------------------------------------------------------------------
Currency translation differences 2 -195
--------------------------------------------------------------------------------
Other comprehensive income/loss for the financial year 2 -195
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE LOSS FOR THE FINANCIAL YEAR -615 -2,484
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Raul Puusepp
Chairman of the Board
Phone +372 731 5000