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
4546
Attachments
Submission date and time
16.07.2014 16:30:00
Content of announcement in Estonian
Title
2014. aasta II kvartali ja 6 kuu auditeerimata majandustulemused
Message
Segmendid (EURm) Q2/14 Q2/13 yoy 6m/14 6m/13 yoy
--------------------------------------------------------------
Supermarketid 93,7 84,5 10,9% 176,1 164,0 7,3%
Kaubamaja 22,6 21,4 5,9% 43,2 41,4 4,6%
Autokaubandus 16,1 13,0 23,9% 28,6 22,1 29,5%
Jalatsikaubandus 3,4 4,1 -16,1% 6,8 6,8 0,6%
Kinnisvara 0,8 0,8 2,4% 1,6 1,5 6,1%
Müügitulud kokku 136,7 123,8 10,5% 256,4 235,8 8,7%
--------------------------------------------------------------
Supermarketid 1,3 0,4 244,2% 0,3 -1,3 -119,7%
Kaubamaja 1,2 1,0 29,4% 0,8 -0,5 -259,4%
Autokaubandus 0,7 0,8 -10,4% 0,2 1,0 -79,5%
Jalatsikaubandus -0,1 0,3 -133,0% -0,9 -0,3 238,6%
Kinnisvara 2,3 2,2 3,4% 4,4 3,4 28,4%
Puhaskasum kokku 5,4 4,6 16,0% 4,8 2,4 102,5%
--------------------------------------------------------------
Tallinna Kaubamaja kontserni 2014. aasta teise kvartali konsolideeritud
auditeerimata müügitulu oli 136,7 miljonit eurot, ületades sellega aasta
varasemat müügitulu 10,5%. I poolaasta müügitulu oli 256,4 miljonit eurot,
kasvades võrreldes 2013. aasta I poolaasta tulemusega, mil müügitulu oli 235,8
miljonit eurot, 8,7%. Kontserni 2014. aasta teise kvartali konsolideeritud
auditeerimata puhaskasum oli 5,4 miljonit eurot, mis on 16,0% enam, kui eelmise
aasta võrreldava perioodi kasum. Kontserni 2014. aasta 6 kuu puhaskasum oli 4,8
miljonit eurot, mis on kaks korda eelmise aasta sama perioodi kasumist suurem,
siis oli kasum 2,4 miljonit eurot. Maksueelne kasum oli I poolaastal 6,1
miljonit eurot, jäädes aasta varasemaga samale tasemele. Puhaskasumit aitas
parandada maksuefektiivsem dividendimakse, millelt 2014. aasta I kvartalis
maksti tulumaksu 1,3 miljonit eurot, aasta varem maksti tulumaksu summas 3,8
miljonit eurot.
Teise kvartali tugeva müügitulu kasvu taga on 2013. aastal lisandud uued
Selveri kauplused ja aasta varasemaga võrreldes II kvartalisse nihkunud
turunduskampaania ning riigipühade mõju, samuti täienenud sortiment ning
tulemuslikud turunduskampaaniad. Esimese poolaasta kokkuvõttes näitasid
müügikasvu kõik kontserni segmendid. Tagasilöögi sai teises kvartalis
kingasegmendi käive . Viru Keskuses paiknenud SHU kauplus suleti rendilepingu
lõppemisel tõttu ning ABC Kinga kaupluse ümberpaigutamine uude, senisest
väiksema käidavusega asukohta, viis jalatsisegmendi esinduskaupluse tagasi
käivitusfaasi. Nii teises kvartalis kui esimesel poolaastal on ärikasumile
suurimat survet avaldanud ligi 15%-line tööjõukulude kasv, mis on tingitud nii
kaupluste arvu suurenemisega seotud töötajate arvu kasvust (9%) kui ka töötaja
kohase keskmise tööjõukulu kasvust (5,8%). Kontserni brutomarginaali teatava
languse on põhjustanud jalatsisegmendi sortimendi korrigeerimine ebasobivate
varude kiirema lõpetamise näol. Suurema fleet müügi osakaalu tõttu on esimesel
poolaastal olnud pisut nõrgem ka autokaubandussegmendi brutomarginaal. Samas on
aasta alguses Selverites kasutusele võetud uus kaubandustarkvara käivitunud
ootuspäraselt, lisaks on kaubamajade sobiva hinnakujundusega kaubavalik ja
õnnestunud turundus taganud supermarketite ja kaubamajade segmendi marginaali
mõningase paranemise.
Selverid
Supermarketite ärisegmendi 2014. aasta I poolaasta konsolideeritud müügitulu
oli 176,1 miljonit eurot, kasvades aasta varasema perioodiga 7,3%. II kvartali
konsolideeritud müügitulu oli 93,7 miljonit eurot, kasvades aasta varasema
perioodiga võrrelduna 10,9%. Võrreldavate kaupluste kaupade müügitulu
müügipinna ruutmeetri kohta oli 2014. aasta I poolaastal keskmiselt 0,35 tuhat
eurot ja II kvartalis 0,37 tuhat eurot, näidates vastavalt 1,8%-list kahanemist
ja 2,1%-list tõusu. Selveritest tehti 2014. aasta I poolaastal 17,3 miljonit
ostu, mis ületas aasta varasemal perioodil tehtud ostude arvu 5,4% võrra.
2014. aasta I poolaasta supermarketite segmendi konsolideeritud maksueelne
kasum oli 0,6 miljonit eurot, puhaskasum 0,3 miljonit eurot. Konsolideeritud II
kvartali maksueelne kasum ning puhaskasum oli 1,3 miljonit eurot. II kvartali
puhaskasum ületas 0,9 miljoni euro võrra aasta varasemalt teenitud
puhaskasumit; I poolaasta puhaskasum ületas aasta varasemat puhaskasumit 1,6
miljonit euro võrra. Eestis teenitud maksueelne kasum ja puhaskasum olid II
kvartalis 1,9 miljonit eurot. I poolaastal oli tulumaksueelne kasum 1,8
miljonit eurot, puhaskasum 1,5 miljonit eurot. Puhaskasumi ja tulumaksueelse
kasumi erinevus tuleneb dividendidelt makstud tulumaksust. 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.
2014. aasta I poolaasta käibe kasvu on toetanud 2012. ja 2013. aasta vältel
toimunud uute kaupluste avamine, kuivõrd esimestel kauplustel on käivitusfaas
lõppemas ja 2013. aastal avatud kauplused annavad baasiga võrreldes lisamahu.
Võrreldavate kaupluste tulemustele on vähendavat mõju avaldanud pidevalt muutuv
konkurentsisituatsioon, sealhulgas ka uued avatud Selveri kauplused, mille
tulemusel toimub pidev klientide ümberjaotumine kaupluste seal hulgas ka
Selverite vahel. I kvartali käibe kasvu mõjutanud turunduskampaania nihkumine
aasta varasemaga võrreldes märtsist aprilli sel aastal tõi ootuspärase
käibekasvu II kvartalisse. Eestis teenitud kasumile on positiivset mõju
avaldanud jätkuv kuluefektiivne tegutsemine. Teisalt on mõju avaldanud
muudatused tööjõuturul, mille tulemusena on tõusnud keskmine töötasu. I
poolaasta tulemused sisaldavad ka ühekordsete projektidega seotud
mittekapitaliseeritavaid kulutusi. Suuremad ühekordsed projektid käesoleval
aastal on olnud: 1. jaanuaril võeti Selveris kasutusele uus kaubandustarkvara,
I kvartalis suleti eraldiseisev Gurmeekauplus Solarise keskuses ning avati
Pirita Selveris gurmeekaupade osakond, juunikuus avati uus Selver Narvas, Astri
keskuses.
Kaubamajad
Kaubamajade ärisegmendi 2014. aasta 6 kuu müügitulu oli 43,2 miljonit eurot,
kasvades eelmise aasta sama perioodiga võrreldes 4,6%. Sellest teises kvartalis
oli müügitulu 22,6 miljonit eurot, mis oli 2013. aasta II kvartali tuludest
kõrgem 5,9%. Kaubamajade maksueelne kasum 2014. aasta esimesel poolaastal oli
1,2 miljonit eurot, olles aasta tagusest tulemusest parem 75,7%. Teises
kvartalis oli maksueelne kasum 1,2 miljonit eurot, mis oli 2013. aasta kasumist
kõrgem 29,4% ehk 0,3 miljonit eurot. Kaubamaja müügitulemust mõjutasid teises
kvartalis vaatamata jahedale juunikuule edukad turunduskampaaniad. Vaatamata
keskmisest soojemale talvele ning jahedamale suve algusele, mis ei julgustanud
tarbijat hooajakaupu ostma, mõjutasid Kaubamaja tulemust positiivselt
efektiivselt juhitud hinnakujundus ning õigeaegsed kampaaniapakkumised. I.L.U.
kosmeetikakauplusi opereeriva OÜ TKM Beauty Eesti 2014. aasta teise kvartali
müügitulu oli 1,0 miljonit eurot, kasvades 2013. aasta sama perioodiga
võrreldes 2,8%. Teises kvartalis oli kahjum 0,1 miljonit eurot, mis oli 2013.
aasta võrreldava perioodi kahjumist väiksem 0,04 miljoni euro võrra. 2014.
aasta I poolaasta müügitulu oli 2,1 miljonit eurot, kasvades 2013. aasta sama
perioodiga võrreldes 1,7%. 2014.aasta I poolaasta kahjum oli 0,2 miljonit
eurot, mis oli 2013. aasta võrreldava perioodi kahjumist väiksem 0,1 miljoni
euro võrra.
Autokaubandus
Autokaubandussegmendi 2014. aasta I poolaasta müügitulu oli 28,6 miljonit
eurot. Müügitulu ületas 29,5% eelmise aasta sama perioodi tulusid, sealhulgas
kasvas KIAde müügitulu 10,1%. Teise kvartali 16,1 miljoni euro suurune
müügitulu ületas aasta varasema müügitulu 23,9%, sealhulgas kasvas KIAde
müügitulu 9,1%. Segmendi 2014. I poolaasta puhaskasum oli 0,2 miljonit eurot ja
II kvartali puhaskasum oli 0,7 miljonit eurot. Segmendi 2014. esimese poolaasta
maksueelne kasum ulatus 0,7 miljoni euroni, jäädes 2013. aasta esimese
poolaasta kasumile alla 27,1%. 2014. aasta II kvartali puhaskasum oli 0,7
miljonit eurot, mis on aasta varasema sama perioodi kasumist väiksem 10,4%.
Kasumile on lisaks I poolaasta müügistruktuuri eripärast tulenevale mõningale
marginaali langusele kahandavalt mõjunud 2013. aasta lõpus Lätis avatud uue
autosalongi käivituskulud.
Jalatsikaubandus
Jalatsikaubanduse segmendi 2014. aasta I poolaasta müügitulu oli 6,8 miljonit
eurot, kasvades aastaga 0,6%. II kvartalis oli müügitulu 3,4 miljonit eurot,
kahanedes võrreldes 2013. aasta sama perioodiga 16,1%. Esimese poolaasta
kahjumiks kujunes 0,9 miljonit eurot, mis võrreldes eelmise aruandeaasta sama
perioodiga kolmekordistus. II kvartali kahjumiks kujunes 0,1 miljonit eurot ja
see jäi 2013. aasta II kvartali tulemusele alla 0,4 miljoni euroga. Müügitulu
vähenemine on seotud ümberkorraldustega Viru Keskuse kauplustes. Seoses
rendilepingu lõppemisega sulges uksed Viru Keskuse SHU kauplus. ABC Kinga
kauplus tegi läbi põhjaliku uuenduse, kuid ümberkorralduste tõttu keskuses
kolis kauplus uude asukohta. See tõi jalatsikaubandussegmendi esinduskauplusele
kaasa uue käivitusperioodi koos sellega seotud ühekordsete kuludega.
Jalatsisegment on uuendamas sortimendiportfelli ning seetõttu viidi läbi
eelmiste hooaegade laovarude suurmüügid Tallinnas Saku Suurhallis ja Tartu
Lõunakeskuses, mis andis tunda brutomarginaali vähenemises.
Kinnisvarad
Kinnisvarade ärisegmendi 2014. aasta I poolaasta kontserniväline müügitulu oli
1,6 miljonit eurot, mis on 0,1 miljonit eurot ehk 6,1% enam, kui eelmise aasta
samal perioodil. II kvartali kontserniväline müügitulu oli 0,8 miljonit eurot,
mis on 0,02 miljonit eurot ehk 2,4% enam, kui eelmise aasta samal perioodil. II
kvartali müügitulu tõus on seotud 2013. aastal toimunud üüripindade
ümberkorraldustest, kui varem kontserni omatarbeks kasutusele olnud pinnad
üüriti kontsernist välja. Kinnisvara segmendi 2014. aasta I poolaasta
maksueelseks kasumiks kujunes 4,4 miljonit eurot, mis on 0,14 miljonit eurot
ehk 3,3% enam, kui eelmise majandusaasta samal perioodil, kui maksueelne kasum
oli 4,3 miljonit eurot. II kvartali maksueelseks kasumiks kujunes 2,3 miljonit
eurot (2013. aasta II kvartalis oli maksueelne kasum 2,2 miljonit eurot), mis
on 0,08 miljonit eurot ehk 3,4% enam, kui eelmise majandusaasta samal
perioodil. Kasumi kasv on tingitud kontserni teistele segmentidele välja
üüritavate pindade lisandumisest 2013. aastal.
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes
30.06.2014 31.12.2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
VARAD
Käibevara
Raha ja pangakontod 14 814 14 766
Nõuded ja ettemaksed 15 024 15 991
Varud 53 871 51 937
--------------------------------------------------------------------------------
Käibevara kokku 83 709 82 694
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Põhivara
Pikaajalised nõuded ja ettemaksed 314 313
Sidusettevõtjad 1 808 1 711
Kinnisvarainvesteeringud 3 035 3 035
Materiaalne põhivara 228 494 229 406
Immateriaalne põhivara 10 406 10 636
Põhivara kokku 244 057 245 101
--------------------------------------------------------------------------------
VARAD KOKKU 327 766 327 795
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Lühiajalised kohustused
Võlakohustused 11 464 14 300
Võlad ja ettemaksed 66 979 67 725
Lühiajalised kohustused kokku 78 443 82 025
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Pikaajalised kohustused
Võlakohustused 81 975 77 104
Pikaajalised eraldised ja ettemakstud tulevaste 889 878
perioodide tulud
--------------------------------------------------------------------------------
Pikaajalised kohustused kokku 82 864 77 982
--------------------------------------------------------------------------------
KOHUSTUSED KOKKU 161 307 160 007
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Omakapital
Aktsiakapital 24 438 24 438
Kohustuslik reservkapital 2 603 2 603
Ümberhindluse reserv 67 888 68 617
Konverteerimiserinevused -255 -257
Jaotamata kasum 71 785 72 387
OMAKAPITAL KOKKU 166 459 167 788
--------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 327 766 327 795
--------------------------------------------------------------------------------
KONSOLIDEERITUD KOONDKASUMIARUANNE
Tuhandetes eurodes
II kvartal II kvartal 6 kuud 6 kuud
2014 2013 2014 2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müügitulu 136 709 123 771 256 360 235 781
Muud äritulud 216 201 364 415
Müüdud kaubad, kasutatud materjalid -103 742 -93 041 -195 267 -178 609
ja teenused
Mitmesugused tegevuskulud -12 758 -12 839 -25 818 -25 249
Tööjõukulud -11 830 -10 298 -23 081 -20 008
Põhivara kulum ja väärtuse langus -2 682 -2 744 -5 392 -5 495
Muud ärikulud -173 -123 -437 -214
--------------------------------------------------------------------------------
Ärikasum 5 740 4 927 6 729 6 621
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud 6 9 11 17
Finantskulud -402 -335 -735 -594
Kasum sidusettevõtja aktsiatelt 51 46 97 86
--------------------------------------------------------------------------------
Kasum enne tulumaksustamist 5 395 4 647 6 102 6 130
--------------------------------------------------------------------------------
Tulumaks 0 2 -1 324 -3 770
--------------------------------------------------------------------------------
Aruandeperioodi puhaskasum 5 395 4 649 4 778 2 360
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum
Kirjed, mida hiljem
klassifitseeritakse ümber
kasumiaruandesse
--------------------------------------------------------------------------------
Konverteerimiserinevused 0 -33 2 -228
--------------------------------------------------------------------------------
Aruandeperioodi muu 0 -33 2 -228
koondkasum/(-kahjum) kokku
--------------------------------------------------------------------------------
ARUANDEPERIOODI KOONDKASUM 5 395 4 616 4 780 2 132
--------------------------------------------------------------------------------
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 2014
Message
Segments (EURm) Q2/14 Q2/13 yoy 6m/14 6m/13 yoy
---------------------------------------------------------------
Supermarkets 93.7 84.5 10.9% 176.1 164.0 7.3%
Department stores 22.6 21.4 5.9% 43.2 41.4 4.6%
Cars 16.1 13.0 23.9% 28.6 22.1 29.5%
Footwear 3.4 4.1 -16.1% 6.8 6.8 0.6%
Real Estate 0.8 0.8 2.4% 1.6 1.5 6.1%
Total sales 136.7 123.8 10.5% 256.4 235.8 8.7%
---------------------------------------------------------------
Supermarkets 1.3 0.4 244.2% 0.3 -1.3 -119.7%
Department stores 1.2 1.0 29.4% 0.8 -0.5 -259.4%
Cars 0.7 0.8 -10.4% 0.2 1.0 -79.5%
Footwear -0.1 0.3 -133.0% -0.9 -0.3 238.6%
Real Estate 2.3 2.2 3.4% 4.4 3.4 28.4%
Total net profit 5.4 4.6 16.0% 4.8 2.4 102.5%
---------------------------------------------------------------
The consolidated unaudited sales revenue of Tallinna Kaubamaja Group was 136.7
million euros in the second quarter of 2014, exceeding the previous year’s
sales revenue by 10.5%. The sales revenue was 256.4 million euros in the first
half-year, showing a growth of 8.7% compared to the first half-year of 2013
when the sales revenue was 235.8 million euros. The Group`s consolidated
unaudited net profit was 5.4 million euros in the second quarter of 2014, which
is 16.0% higher on the year-on-year basis. The Group`s net profit for the first
six months of 2014 was 4.8 million euros, which is twice as large as the profit
of the same period in the previous year, when the profit was 2.4 million euros.
The profit before taxes was 6.1 million euros in the first six months,
remaining at the same level as the year before. The net profit improved due to
a tax efficient dividend payment, on which an income tax in the amount of 1.3
million euros was paid in the first quarter of 2014, whereas a sum of 3.8
million euros was paid as income tax in the previous year.
The reasons behind the strong growth in the sales revenue are new Selver stores
opened in 2013, a marketing campaign postponed to the second quarter, and
national holidays, as well as improved assortment and successful marketing
campaigns. All Group`s segments showed a growth in the sales revenue in the
first half-year. In the second quarter, the footwear segment experienced a
steep decrease. The SHU store in Viru Keskus was closed, because of expiration
of lease contract and the ABC King store was relocated to a new site with less
traffic, a move that returned the flagship store of the footwear segment to a
start-up phase. The growth of labour costs of almost 15% caused by the
increased number of employees (9%), because of a larger number of stores, as
well as the growth in the average labour costs per an employee (5.8%), have had
the strongest impact on the gross profit in the second quarter and in the first
half-year. The Group`s gross margin decreased slightly due to an adjustment of
the footwear segment assortment, caused by the termination of unsuitable
inventory. Due to a larger share of fleet sales, the gross margin in the car
trade segment has been slightly weaker in the first half-year. At the same
time, introduction of the new commercial software introduced at the Selver
stores in the beginning of the year has undergone as expected, and the margin
has slightly improved in the supermarket and department store segments due to
the assortment of products supported by appropriate pricing and successful
marketing.
Selver supermarkets
The consolidated sales revenue of the supermarket business segment in the first
half-year of 2014 was 176.1 million euros, a year-on-year growth of 7.3%. The
consolidated sales revenue in the second quarter was 93.7 million euros, a
year-on-year growth of 10.9%. The average monthly sales revenue per square
metre of sales space of comparable stores was 0.35 thousand euros in the first
half-year of 2014 and 0.37 thousand euros in the second quarter, showing a
decrease of 1.8% and an increase of 2.1%, respectively. In the first half-year
of 2014, 17.3 million purchases were made at the Selver stores, exceeding the
number of purchases made in the previous period by 5.4%.
The consolidated profit before taxes of the supermarket segment in the first
half-year of 2014 was 0.6 million euros, the net profit was 0.3 million euros.
The consolidated profit before taxes in the second quarter and the net profit
were 1.3 million euros. The net profit of the second quarter exceeded the net
profit earned a year before by 0.9 million euros; the net profit of the first
half-year exceeded the net profit of the previous year by 1.6 million euros.
The profit before taxes and the net profit earned in Estonia were 1.9 million
euros in the second quarter. The profit before taxes was 1.8 million euros in
first half-year, the net profit was 1.5 million euros. The difference between
the net profit and the profit before income tax is due to the income tax paid
on dividends. The loss before taxes and the net loss earned in Latvia were 1.2
million euros in the first half-year, of which 0.6 million euros were earned in
the second quarter. The amount of loss remained at the same level as in the
year before.
The growth of turnover in the first half-year of 2014 was supported by the
opening of new stores in 2012 and 2013, because the start-up phase of the first
stores is almost over and the stores opened in 2013 give an additional volume
compared to the basis. The constantly changing competition situation, including
recently opened Selver stores that have caused a constant redistribution of
clients between stores, as well as Selver stores, has had a negative effect on
the results of comparable stores. The marketing campaign affecting the growth
of turnover in the first quarter that was year earlier carried out in March was
postponed to April this year, causing an expected growth of turnover in the
second quarter. On the one hand, the continued cost-efficient operations have
positively affected the amount of the profit earned in Estonia; on the other
hand, the changes in the labour market have had their impact, causing a growth
in the average salary. The data of the first half-year also include
non-capitalised costs associated with one-time projects. The largest one-time
projects in the current year have been following: new commercial software
introduced in Selver on 1 January, a separate gourmet store was closed in the
Solaris Centre in the first quarter and a gourmet store department was opened
at the Pirita Selver, a new Selver at the Astri centre in Narva was opened in
June.
Department stores
The sales revenue of the department store business segment was 43.2 million
euros in the first 6 months of 2014, a year-on-year growth of 4.6%. 22.6
million euros of the sales revenue was earned in the second quarter, which
exceeded the revenue in the second quarter of 2013 by 5.9%. The profit before
taxes of department stores in the first half-year of 2014 was 1.2 million
euros, a result that exceeds the result of the previous year by 75.7%. The
profit before taxes was 1.2 million euros in the second quarter, which exceeded
the profit earned in 2013 by 29.4% or 0.3 million euros. Successful marketing
campaigns affected the sales results earned by the department stores in the
second quarter in spite of cool weather in June. In spite of a
warmer-than-average winter and cooler weather in early summer that discouraged
consumers to buy seasonal goods, efficiently managed pricing and timely
campaign offers had a positive impact on the result of the department stores.
The sales revenue in the second quarter of 2014, earned by OÜ TKM Beauty Eesti
that operates I.L.U. cosmetics stores, was 1.0 million euros, showing a
year-on-year growth of 2.8%. In the second quarter, the loss was 0.1 million
euros, which was 0.04 million euros lower than the loss in 2013. The sales
revenue in the first half-year of 2014 was 2.1 million euros, which had
increased by 1.7% compared to the same period in 2013. The loss in the first
half-year of 2014 was 0.2 million euros, which was 0.1 million euros lower than
the loss earned in the same period in 2013.
Car Trade
The sales revenue of the car trade segment was 28.6 million euros in first
half-year of 2014. The sales revenue exceeded the revenue earned in the same
period in the previous year by 29.5%, whereas the sales revenue from the sales
of KIAs increased by 10.1%. The sales revenue of 16.1 million euros earned in
the second quarter, exceeded the year-on-year sales revenue by 23.9%, including
the sales revenue of KIAs by 9.1%. The net profit of the segment in the first
half-year of 2014 was 0.2 million euros and the net profit for the second
quarter was 0.7 million euros. In the first half-year of 2014, the profit
before taxes of the segment was 0.7 million euros, being lower of the profit
earned in the first half-year of 2013 by 27.1%. The net profit for the second
quarter of 2014 was 0.7 million euros, which was by 10.4% lower of the profit
earned in the same period in the previous year. In addition to the specific
structure of sales of the first half-year causing the slight margin decline,
the profit has been negatively affected by the start-up costs of a new car show
room in Latvia opened at the end of 2013.
Footwear trade
The sales revenue of the footwear segment was 6.8 million euros in the first
half-year of 2014, showing an annual growth of 0.6%. In the second quarter, the
sales revenue was 3.4 million euros, a decrease of 16.1% compared to the same
period in 2013. The loss of the first half-year was 0.9 million euros, which
tripled, compared to the same period in the previous reporting year. The loss
earned in the second quarter was 0.1 million euros and it was 0.4 million euros
worse compared to the result of the second quarter in 2013. The decrease in the
sales revenue is related to the reorganisation undertaken in the stores at the
Viru Keskus. The SHU store at the Viru Keskus closed its doors due to expiry of
the lease contract. The ABC King store was completely renovated, but due to the
reorganisation at the centre, it was moved to a new location. This brought
about a new start-up period to our flagship store of the footwear segment
together with associated one-time expenses. The footwear segment is renewing
its assortment portfolio, and this is why large sales of inventory goods from
previous seasons were organised at the Tallinn Saku Suurhall (arena) and Tartu
Lõunakeskus (shopping centre) that translated into a decrease in the gross
margin.
Real Estate
In the first half-year of 2014, the sales revenue of the real estate business
segment outside the Group was 1.6 million euros, which is 0.1 million euros or
6,1% more than in the same period last year. The sales revenue outside the
Group in the second quarter was 0.8 million euros, which is higher by 0.02
million euros or 2.4% compared to the same period last year. The growth in the
sales revenue in the second quarter is related to the reorganisation of leased
spaces in 2013, when the spaces formerly used by the group itself were leased
to persons outside the Group. The profit before taxes of the real estate
segment in the first half-year of 2014 was 4.4 million euros, which is higher
by 0.14 million euro or 3,3% compared to the same period in the previous
economic year, when the profit before taxes was 4.3 million euros. The profit
before taxes for the second quarter was 2.3 million euros (the profit before
taxes was 2.2 million euros in the second quarter of 2013), which has increased
by 0.08 million euros or 3.4% compared to the same period of the previous
economic year. The growth in the profit is caused by added space leased to
other segments of the group in 2013.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
In thousands of euros
30.06.2014 31.12.2013
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ASSETS
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Current assets
Cash and bank 14,814 14,766
Trade receivables and prepayments 15,024 15,991
Inventories 53,871 51,937
Total current assets 83,709 82,694
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Non-current assets
Receivables and prepayments 314 313
Investments in associates 1,808 1,711
Investment property 3,035 3,035
Property, plant and equipment 228,494 229,406
Intangible assets 10,406 10,636
Total non-current assets 244,057 245,101
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TOTAL ASSETS 327,766 327,795
------------------------------------------------------------
LIABILITIES AND EQUITY
------------------------------------------------------------
Current liabilities
Borrowings 11,464 14,300
Trade payables and other liabilities 66,979 67,725
Total current liabilities 78,443 82,025
------------------------------------------------------------
Non-current liabilities
Borrowings 81,975 77,104
Provisions and prepayments 889 878
------------------------------------------------------------
Total non-current liabilities 82,864 77,982
TOTAL LIABILITIES 161,307 160,007
------------------------------------------------------------
Equity
Share capital 24,438 24,438
Statutory reserve capital 2,603 2,603
Revaluation reserve 67,888 68,617
Currency translation differences -255 -257
Retained earnings 71,785 72,387
TOTAL EQUITY 166,459 167,788
------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 327,766 327,795
------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
In thousands of euros
II quarter II 6 months 6 months
2014 quarter 2014 2013
2013
--------------------------------------------------------------------------------
Revenue 136,709 123,771 256,360 235,781
Other operating income 216 201 364 415
Materials, consumables used and -103,742 -93,041 -195,267 -178,609
services
Other operating expenses -12,758 -12,839 -25,818 -25,249
Staff costs -11,830 -10,298 -23,081 -20,008
Depreciation, amortisation and -2,682 -2,744 -5 392 -5,495
impairment losses
Other expenses -173 -123 -437 -214
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Operating profit 5,740 4,927 6,729 6,621
--------------------------------------------------------------------------------
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Finance income 6 9 11 17
Finance costs -402 -335 -735 -594
Finance income on shares of associates 51 46 97 86
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Profit before tax 5,395 4,647 6,102 6,130
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Income tax 0 2 -1,324 -3,770
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NET PROFIT FOR THE FINANCIAL YEAR 5,395 4,649 4,778 2,360
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Other comprehensive income:
Items that will be reclassified
subsequently to profit or loss
Currency translation differences 0 -33 2 -228
--------------------------------------------------------------------------------
Other comprehensive income/loss for 0 -33 2 -228
the financial year
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME FOR THE 5,395 4,616 4,780 2,132
FINANCIAL YEAR
--------------------------------------------------------------------------------
Raul Puusepp
Chairman of the Board
Phone +372 731 5000