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
6038
Attachments
Submission date and time
13.04.2017 16:30:00
Content of announcement in Estonian
Title
2017. aasta I kvartali auditeerimata majandustulemused
Message
Segmendid (EURm) Q1/17 Q1/16 yoy
---------------------------------------------
Supermarketid 99,6 92,8 7,3%
Kaubamaja 23,0 22,2 4,0%
Autokaubandus 24,2 18,2 32,9%
Jalatsikaubandus 2,6 2,4 7,9%
Kinnisvara 1,2 1,2 -0,4%
Müügitulud kokku 150,7 136,9 10,1%
---------------------------------------------
Supermarketid 2,8 2,5 12,3%
Kaubamaja 0,1 -0,2 -134,7%
Autokaubandus 1,2 0,5 172,8%
Jalatsikaubandus -0,8 -0,5 57,6%
Kinnisvara 2,9 2,8 4,4%
Maksueelne kasum kokku 6,1 5,0 22,1%
---------------------------------------------
Tallinna Kaubamaja Grupi 2017. aasta I kvartali konsolideeritud auditeerimata
müügitulu oli 150,7 miljonit eurot. Võrreldes 2016. aasta I kvartaliga, mil
müügitulu oli 136,9 miljonit eurot, oli kasv 10,1%. Müügitulu kasvas kõigis
Grupi jaesegmentides. Aruandeperioodi puhaskahjumiks kujunes 0,3 miljonit eurot
seoses dividendidelt arvestatud tulumaksuga 6,4 miljonit eurot. 2016. aasta
esimese kvartali kahjum oli 0,2 miljonit eurot, sealhulgas tulumaks 5,2
miljonit eurot. Maksueelseks kasumiks kujunes aasta varasemaga võrreldes ligi
viiendiku võrra suurem kasum summas 6,1 miljonit eurot.
Aasta algus näitas Grupi tulemuse paranemist nii müügitulu kui maksueelse
kasumi poolel. Müügitulu kasvas kõigis Grupi jaesegmentides vaatamata sellele,
et baasperiood ehk 2016. aasta I kvartal oli liigaasta tõttu ühe kauplemispäeva
võrra pikem. Kasum paranes Grupi olulisemates valdkondades. Jätkuvalt tõid edu
hoolikalt planeeritud turunduskampaaniad, läbimõeldud kaubavalik ja
kaubandusprotsesside täiendamine. Ootuspäraselt kasvasid Grupi suuremad e-poed.
I kvartali marginaal sai võrreldes aasta varasemaga pisut kannatada keskusköögi
toormehindade kasvu ning jalatsisegmendi hooajaliste allahindluste sügavuse
tõttu. Kulude poolelt suutis Grupp kontrolli all hoida mitmesuguseid
tegevuskulusid, kus rohkem panustati andmeside ja IT kuludesse, mis mängivad
ettevõtte arendustegevustes üha tähtsamat rolli. Tööjõukulud kasvasid 6,4%, mis
koos töötajate arvu kasvuga on hea tulemus ja annab tunnistust palgale lisaks
muudele väärtustele panustava tööjõupoliitika edukusest.
Selverid
Supermarketite ärisegmendi 2017. aasta I kvartali konsolideeritud müügitulu ja
müügitulu Eestis oli 99,6 miljonit eurot, kasvades aasta varasema perioodiga
võrrelduna 7,3%. Selveritest sooritati 2017 aasta I kvartalis 8,8 miljonit
ostu, kasvades aasta varasemast 4,4% võrra. Supermarketite segmendi
konsolideeritud maksueelne kasum oli 2017. aasta I kvartalis 2,8 miljonit
eurot, millest Eestis teenitud kasum moodustas 3,3 miljonit eurot, kasvades
võrrelduna aasta varasema tulemusega 0,3 miljonit eurot. Supermarketite
segmendi konsolideeritud puhaskahjum oli 0,8 miljonit eurot, olles eelmise
aasta tulemist 0,7 miljoni euro võrra suurem. Eestis teenitud puhaskahjum oli
2017. aasta I kvartalis 0,3 miljonit eurot. Puhaskasumi ja tulumaksueelse
kasumi erinevus tuleneb dividendidelt makstud tulumaksult - 2017. aastal oli
dividendide tulumaks 1,0 miljoni euro võrra suurem aasta varasemast. Lätis
teenitud maksueelne kahjum ja puhaskahjum olid 2017. aasta l kvartalis 0,5
miljonit eurot. Kahjum püsis eelmise aasta tasemel. Äritegevus Lätis on
külmutatud. Müügitulu kasvu mõjutas positiivselt jätkuvalt tugev tarbijate
kindlustunne ja reaalsissetulekute kasv. Selveri kaupluste käive oli esimeses
kvartalis turusegmendi keskmist käibe kasvust kiirem. Uute avatud kaupluste,
sortimendiga järjepideva töö ning edukate kampaaniate toel kasvas esimeses
kvartalis nii ostude arv kui keskmine ostukorv, seda ka võrreldavate kaupluste
vaates. Väga edukad tulemused olid e-Selveril, kus läbimüük I kvartalis
suurenes enam kui 1,6 korda. Eestis teenitud kasumi kujunemisele on esmajoones
mõju avaldanud kaupade müügist teenitud brutokasumi suurenemine, mis on
saavutatud eelkõige läbi edukate müükide ning kaubandusprotsesside
optimeerimise. Tegevuskulude osas on suudetud parandada eelmise aasta
kuluefektiivset taset. Oodatult on positiivset mõju avaldanud investeeringud,
mis on võimaldanud kokku hoida halduskulusid ning tugevas palgasurves säilitada
tööjõuefektiivsuse taset eelmise aasta tasemel.
Kaubamajad
Kaubamajade ärisegmendi 2017. aasta esimese 3 kuu müügitulu oli 23,0 miljonit
eurot, kasvades eelmise aasta sama perioodiga võrreldes 4,0%. Kaubamajade 2017.
aasta esimese kvartali maksueelne kasum oli 0,1 miljonit eurot, mis oli
aastatagusest tulemusest parem 0,2 miljoni euro võrra. Kaubamajade müügitulu
esimeses kvartalis mõjutasid edukad müügikampaaniad. Jaanuaris läks edukalt
hooaja allahindluskampaania ning Toidu- ja Kodumaailmas oli edukas esmakordselt
mai asemel veebruaris toimunud „Ilusat isu“ kampaania. Kliendid on väga soojalt
vastu võtnud ainult kaubamajades müüdavad uued eksklusiivkosmeetika brändid
ning see mõjutas positiivselt ilukampaania müüke märtsis. Hästi käivitunud
e-poe müügid on eelmise aasta baasis alates märtsikuust, mis samuti mõjutab
esimese kvartali tulemust positiivselt. I.L.U. kosmeetikakauplusi opereeriva OÜ
TKM Beauty Eesti 2017. aasta esimese kvartali müügitulu oli 1,0 miljonit eurot,
vähenedes 2016. aasta sama perioodiga võrreldes 10,3%. Esimeses kvartalis oli
kahjum 0,1 miljonit eurot, mis oli 2016. aasta võrreldava perioodi kahjumist
suurem 6,5%. Esimese kvartali tulemust mõjutasid oluliselt Tartu kaupluste
nõrgad tulemused, mille põhjuseks on Lõunakeskuse ümberehituse tööd ja
Kvartalis asuva kaupluse aeglane käivitumine.
Autokaubandus
Autokaubandussegmendi 2017. aasta esimese kvartali müügitulu oli 24,2 miljonit
eurot. Müügitulu kasvas võrreldes eelmise aastaga 32,9%, sealhulgas kasvas
KIAde müügitulu 56,7%. Aasta esimesel kolmel kuul müüdi kokku 1116 uut
sõidukit. Segmendi 2017. aasta esimese kvartali maksueelne kasum oli 1,2
miljonit eurot, ületades eelmise aasta võrreldava perioodi kasumit 0,8 miljoni
euro võrra. Uute autode müügikasvu taga on mõnede suuremate hangete võitmised
ja nende autode loovutused Lätis ja Leedus. Leedus on uute Kiade müüki
kasvatanud ka Leedu autoostjate mentaliteedi muutus teha ostuotsus rohkem uute
autode kasuks. Leedu on tuntud kui Baltikumi suurim kasutatud autode turg.
Kasvanud on uute Kiade müük eraisikutele, seda eelkõige Lätis. Endiselt on
Kiadest müüduim mudel linnamaastur Sportage, mille populaarsus järjest kasvab.
Kia müügikasvu on toetanud Kia maaletooja poolt tehtud aktiivne turundus ja
efektiivselt suunatud meediakampaaniad. Lisaks on hästi alanud selle aasta
esimeses kvartalis uute Opeli sõidukite müük, samuti on paranenud Cadillac
sõiduautode müük.
Jalatsikaubandus
Jalatsikaubanduse segmendi 2017. aasta I kvartali müügitulu oli 2,6 miljonit
eurot, suurenedes eelmise aasta sama perioodiga võrreldes 7,9%. I kvartali
kahjumiks kujunes 0,8 miljonit eurot, mis oli 0,3 miljonit aasta varasemast
tulemusest nõrgem. Eelneval sügisel korraks talve lubanud ilm jäi siiski
pehmeks ning talv tulemata. Selle võrra sügavamad olid käesoleva aasta
esimestel kuudel tehtud allahindlused talvekaubale, mis paisutasid müüke, kuid
vähendasid marginaali. Samuti kahandas kasumit kahe kingakaupluse sulgemise
tühjendusmüük. Märtsis suleti ABC Kinga kauplused Pärnu Kaubamajaka keskuses
ning Kuressaares Auriga keskuses. Kuressaare Auriga keskuses on ABC Kinga
kauplus suletud ajutiselt Auriga Keskuse renoveerimisperioodiks.
Kinnisvarad
Kinnisvarade segmendi 2017. aasta I kvartali grupiväline müügitulu oli 1,2
miljonit eurot jäädes möödunud aastaga võrreldes samale tasemel. Segmendi
aruendeperioodi üüritulu kasvas, kuid üürnikelt saadud muud tulud olid
võrdlusperioodil väiksemad seoses 2016. aasta I kvartali ühekordsete
turundustuludega. Segmendi I kvartali maksueelseks kasumiks kujunes 2,9
miljonit eurot, mis on 4,4% ehk 0,1 miljonit eurot enam, kui eelmise aasta
samal perioodil. Kasumi kasvule aitas kaasa edukas äripindade üürimine ja
tegevuskulude optimeerimine. Tartu Kaubamaja keskuse renoveerimise käigus
kaasajastati valgusjuhtimise programmi, mindi üle LED tehnoloogiale ning
täiustati küttesüsteemide automaatikat. Lisaks vähendas halduskulusid
tavapärasest soojem talv.
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes
31.03.2017 31.12.2016
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
VARAD
Käibevara
Raha ja pangakontod 27 810 32 375
Nõuded ja ettemaksed 13 637 15 396
Varud 70 201 70 186
--------------------------------------------------------------------------------
Käibevara kokku 111 648 117 957
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Põhivara
Pikaajalised nõuded ja ettemaksed 264 264
Sidusettevõtjad 1 813 1 762
Kinnisvarainvesteeringud 48 726 48 684
Materiaalne põhivara 210 781 211 511
Immateriaalne põhivara 8 340 8 505
Põhivara kokku 269 924 270 726
--------------------------------------------------------------------------------
VARAD KOKKU 381 572 388 683
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Lühiajalised kohustused
Võlakohustused 24 309 26 852
Võlad ja ettemaksed 105 170 83 812
Lühiajalised kohustused kokku 129 479 110 664
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Pikaajalised kohustused
Võlakohustused 73 763 73 772
Pikaajalised eraldised ja ettemakstud tulevaste 403 403
perioodide tulud
--------------------------------------------------------------------------------
Pikaajalised kohustused kokku 74 166 74 175
--------------------------------------------------------------------------------
KOHUSTUSED KOKKU 203 645 184 839
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Omakapital
Aktsiakapital 16 292 16 292
Kohustuslik reservkapital 2 603 2 603
Ümberhindluse reserv 83 480 83 932
Konverteerimiserinevused -255 -255
Jaotamata kasum 75 807 101 272
OMAKAPITAL KOKKU 177 927 203 844
--------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 381 572 388 683
--------------------------------------------------------------------------------
KONSOLIDEERITUD KOONDKASUMIARUANNE
Tuhandetes eurodes
3 kuud 3 kuud
2017 2016
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müügitulu 150 688 136 850
Muud äritulud 482 267
Müüdud kaubad, kasutatud materjalid ja teenused -113 666 -102 848
Mitmesugused tegevuskulud -13 494 -12 759
Tööjõukulud -14 155 -13 298
Põhivara kulum ja väärtuse langus -3 281 -2 806
Muud ärikulud -329 -241
--------------------------------------------------------------------------------
Ärikasum 6 245 5 165
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud 0 2
Finantskulud -183 -208
Kasum sidusettevõtja aktsiatelt 51 46
--------------------------------------------------------------------------------
Kasum enne tulumaksustamist 6 113 5 005
--------------------------------------------------------------------------------
Tulumaks -6 371 -5 219
--------------------------------------------------------------------------------
Aruandeperioodi puhaskahjum -258 -214
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum
Kirjed, mida võidakse edaspidi ümberklassifitseerida
kasumiaruandesse
--------------------------------------------------------------------------------
Konverteerimiserinevused 0 0
--------------------------------------------------------------------------------
Aruandeperioodi muu koondkasum kokku 0 0
--------------------------------------------------------------------------------
ARUANDEPERIOODI KOONDKAHJUM -258 -214
--------------------------------------------------------------------------------
Raul Puusepp
Juhatuse esimees
Tel 731 5000
Content of announcement in English
Title
Unaudited consolidated interim accounts for the first quarter of 2017
Message
Segments (EURm) Q1/17 Q1/16 yoy
----------------------------------------------
Supermarkets 99.6 92.8 7.3%
Department stores 23.0 22.2 4.0%
Cars 24.2 18.2 32.9%
Footwear 2.6 2.4 7.9%
Real Estate 1.2 1.2 -0.4%
Total sales 150.7 136.9 10.1%
----------------------------------------------
Supermarkets 2.8 2.5 12.3%
Department stores 0.1 -0.2 -134.7%
Cars 1.2 0.5 172.8%
Footwear -0.8 -0.5 57.6%
Real Estate 2.9 2.8 4.4%
Total profit before tax 6.1 5.0 22.1%
----------------------------------------------
The total consolidated unaudited sales revenue of Tallinna Kaubamaja Group of
the 1st quarter of 2017 was 150.7 million euros. Compared to the 1st quarter of
2016, when the sales revenue amounted to 136.9 million euros, the growth was
10.1%. Sales revenue increased in all retail segments of the Group. Net loss
for the reporting period was 0.3 million euros due to income tax of 6.4 million
euros, calculated on dividends. Loss for the 1st quarter of 2016 was 0.2
million euros, including income tax of 5.2 million. Pre-tax profit was almost
one-fifth higher (6.1 million euros) in a year-on-year comparison.
The beginning of the year showed an improvement in the Group results both in
terms of sales revenue, as well as pre-tax profit. Sales revenue increased in
all retail segments of the Group despite the fact that the reference period,
i.e. the 1st quarter of 2016, was longer by one trading day due to the leap
year. Profit improved in the more important areas of the Group. Carefully
planned marketing campaigns, sophisticated assortment of goods and
supplementation of trade processes continued to lead to success. The growth of
the Group’s major e-stores met the expectations. Margin of the 1st quarter
suffered slightly compared to the year prior due to the rise in raw material
prices of the central kitchen and extensive seasonal discounts in the footwear
segment. In terms of costs, the Group managed to keep control over
miscellaneous operating costs, contributing more to data communication and IT
expenses, which play an increasingly important role in the company’s
development activities. Labour costs increased by 6.4%, which together with the
growing number of employees is a good result and shows the success of the HR
policy, contributing also to other values besides salary.
Selver supermarkets
The consolidated sales revenue of the 1st quarter of 2017 in the business
segment of supermarkets and the sales revenue in Estonia was 99.6 million
euros, indicating a 7.3% growth in a year-on-year comparison. 8.8 million
purchases were made in Selvers in the 1st quarter of 2017, surpassing the
figure of the previous year by 4.4%. The consolidated pre-tax profit of the
business segment of supermarkets made 2.8 million euros in the 1st quarter of
2017, from which 3.3 million was the profit earned in Estonia, having grown by
0.3 million euros compared to the year prior. The consolidated net loss of the
supermarket segment was 0.8 million euros, exceeding the last year’s result by
0.7 million euros. The net loss earned in Estonia was 0.3 million euros in the
1st quarter of 2017. The difference between net profit and profit before income
tax arises from the income tax paid on dividends – in 2017, the income tax on
dividends surpassed the figure of the previous year by 1.0 million euros.
Pre-tax loss and net loss earned in Latvia amounted to 0.5 million euros in the
1st quarter of 2017. Loss remained on the same level with the previous year.
The business operations in Latvia have been frozen. Growth in the sales revenue
continued to be positively influenced by consumer confidence and increasing
real income. In the 1st quarter, the turnover of Selver stores outpaced the
average growth of the turnover of the market segment. Increase in the number of
purchases and the average shopping basket (also by comparable stores) in the
1st quarter were supported by the newly opened stores, ongoing work with the
assortment and successful campaigns. The results of e-Selver were really
successful, with sales of the 1st quarter increasing by more than 1.6 times.
The formation of the profit earned in Estonia has been particularly affected by
an increase in the gross profit earned from the sale of goods, which has been
accomplished primarily with successful sales and optimising the trade
processes. With regard to operating expenses, the Group has managed to improve
the level of cost efficiency of the previous year. As expected, a positive
effect has come from investments, enabling to save on administrative costs and
under the strong salary pressure, maintain the labour efficiency on the level
of the previous year. The 2017 reference base does not include the three new
supermarkets opened in Tallinn and Maardu in the previous year. The reference
base is higher by the additional day due to the leap year, Easter moving into
April and one closed store in Narva.
Department stores
The sales revenue of the first three months of 2017 in the business segment of
department stores was 23.0 million euros, having increased by 4.0% in a
year-over-year comparison. The pre-tax profit of the department stores was 0.1
million euros in the 1st quarter of 2017, which is 0.2 million euros better
than the result of the year prior. The sales revenue of the department stores
in the 1st quarter was influenced by successful sales campaigns. The seasonal
discount campaign in January and the campaign “Ilusat isu” (“Beautiful
Appetite”) in the gourmet and home department held for the first time in
February instead of May were successful. The customers have warmly welcomed the
exclusive cosmetics brands sold only in department stores and this had a
positive impact on the beauty campaign sales in March. The sales via the
successfully launched e-store are included in the reference base starting from
last March, which also has a positive impact on the result of the 1st quarter.
The sales revenue in the 1st quarter of 2017 of OÜ TKM Beauty Eesti, which
operates the I.L.U. cosmetics stores, was 1.0 million euros, having decreased
by 10.3% compared to the same period in 2016. The loss of the 1st quarter was
0.1 million euros, exceeding the loss of the comparable period of 2016 by 6.5%.
The result of the 1st quarter was notably influenced by the weak performance of
Tartu stores, caused by reconstruction works at Lõunakeskus and the slow
start-up of the store in the Kvartal centre.
Car Trade
The sales revenue of the 1st quarter of 2017 of the car trade segment was 24.2
million euros. The sales revenue increased by 32.9% in a year-on-year
comparison, whereas the sales revenue of KIAs grew by 56.7%. In the first three
months of the year, a total of 1,116 new vehicles were sold. The pre-tax profit
of the segment in the 1st quarter of 2017 was 1.2 million euros, surpassing the
profit of the same period in 2016 by 0.8 million euros. The sales growth of new
cars was driven by winning a couple of bigger procurements and delivering the
cars in Latvia and Lithuania. In Lithuania, the sale of new KIAs increased also
due to a change in the mindset of Lithuanian car buyers towards buying a larger
number of new cars. Lithuania is known as the largest market in the Baltic
region for second-hand vehicles. The sale of KIAs to private persons has
increased, this above all in Latvia. The SUV Sportage is still the biggest hit
model of KIA, with growing popularity. The sales growth of KIA has been boosted
by active marketing and effectively targeted media campaigns organised by the
importer of KIA. In addition, the sale of new Opels has started well in the 1st
quarter of this year and the sale of Cadillac passenger cars has improved.
Footwear trade
The sales revenue of the 1st quarter of 2017 in the segment of footwear trade
was 2.6 million euros, having increased by 7.9% year-on-year. Loss was 0.8
million euros in the 1st quarter, indicating a 0.3 million euros weaker
performance than in the year prior. The weather that briefly promised winter
last autumn remained mild and there was no real winter. This increased the
discounts made on winter goods in the first months of this year, boosting the
sales, but decreasing the margins. Profit was diminished also by the
pre-closing clearance sale of two shoe stores. In March, the ABC King stores in
the centre Kaubamajakas in Pärnu and in the Kuressaare Auriga Centre were
closed. The ABC King store in the Kuressaare Auriga Centre was closed
temporarily for the renovation of the Auriga Centre.
Real Estate
The external sales revenue of the real estate segment was 1.2 million euros in
the 1st quarter of 2017, remaining on the same level as the year prior. The
segment’s rental income of the reporting period increased, but other income
received from tenants in the reference period was smaller due to one-off
marketing revenue in the 1st quarter of 2016. Pre-tax profit of the 1st quarter
in the segment was 2.9 million euros, which is 4.4%, or 0.1 million euros more
in a year-on-year comparison. Profit growth was supported by the successful
leasing of commercial premises and optimising operating expenses. In the course
of renovating the Tartu Kaubamaja Centre, the lighting management programme was
modernised, LED technology implemented and automation of heating systems
improved. Heating costs decreased also due to a warmer than usual winter.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
In thousands of euros
31.03.2017 31.12.2016
--------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------
Current assets
Cash and cash equivalents 27,810 32,375
Trade and other receivables 13,637 15,396
Inventories 70,201 70,186
Total current assets 111,648 117,957
--------------------------------------------------------------------
Non-current assets
Long-term trade and other receivables 264 264
Investments in associates 1,813 1,762
Investment property 48,726 48,684
Property, plant and equipment 210,781 211,511
Intangible assets 8,340 8,505
Total non-current assets 269,924 270,726
--------------------------------------------------------------------
TOTAL ASSETS 381,572 388,683
--------------------------------------------------------------------
LIABILITIES AND EQUITY
--------------------------------------------------------------------
Current liabilities
Borrowings 24,309 26,852
Trade and other payables 105,170 83,812
Total current liabilities 129,479 110,664
--------------------------------------------------------------------
Non-current liabilities
Borrowings 73,763 73,772
Provisions for other liabilities and charges 403 403
--------------------------------------------------------------------
Total non-current liabilities 74,166 74,175
TOTAL LIABILITIES 203,645 184,839
--------------------------------------------------------------------
Equity
Share capital 16,292 16,292
Statutory reserve capital 2,603 2,603
Revaluation reserve 83,480 83,932
Currency translation differences -255 -255
Retained earnings 75,807 101,272
TOTAL EQUITY 177,927 203,844
--------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 381,572 388,683
--------------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
In thousands of euros
3 months 3 months
2017 2016
--------------------------------------------------------------------------------
Revenue 150,688 136,850
Other operating income 482 267
Cost of sales -113,666 -102,848
Other operating expenses -13,494 -12,759
Staff costs -14,155 -13,298
Depreciation, amortisation and impairment losses -3,281 -2,806
Other expenses -329 -241
--------------------------------------------------------------------------------
Operating profit 6,245 5,165
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finance income 0 2
Finance costs -183 -208
Finance income on shares of associates 51 46
--------------------------------------------------------------------------------
Profit before tax 6,113 5,005
--------------------------------------------------------------------------------
Income tax expense -6,371 -5,219
--------------------------------------------------------------------------------
NET LOSS FOR THE FINANCIAL YEAR -258 -214
--------------------------------------------------------------------------------
Other comprehensive income:
Items that may be subsequently reclassified to profit
or loss
Currency translation differences 0 0
--------------------------------------------------------------------------------
Other comprehensive income for the financial year 0 0
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE LOSS FOR THE FINANCIAL YEAR -258 -214
--------------------------------------------------------------------------------
Raul Puusepp
Chairman of the Board
Phone +372 731 5000