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
7214
Attachments
Submission date and time
11.04.2019 16:30:00
Content of announcement in Estonian
Title
2019. aasta I kvartali auditeerimata majandustulemused
Message
Segmendid (EURm) Q1/19 Q1/18 yoy
--------------------------------------------------
Supermarketid 110,9 104,7 5,9%
Kaubamaja 23,1 22,8 1,4%
Autokaubandus 26,4 27,6 -4,5%
Jalatsikaubandus 1,9 2,2 -13,8%
Kinnisvara 1,4 1,3 7,3%
--------------------------------------------------
Müügitulud kokku 163,7 158,6 3,2%
--------------------------------------------------
Supermarketid 2,4 3,1 -24,6%
Kaubamaja -0,5 -0,4 2,7%
Autokaubandus 0,6 0,9 -34,7%
Jalatsikaubandus -0,5 -0,3 43,5%
Kinnisvara 2,6 2,9 -7,8%
IFRS 16 -0,4 0,0
--------------------------------------------------
Maksueelne kasum kokku 4,3 6,1 -29,9%
--------------------------------------------------
Tallinna Kaubamaja Grupi 2019. aasta I kvartali konsolideeritud auditeerimata
müügitulu oli 163,7 miljonit eurot. Võrreldes 2018. aasta I kvartaliga, mil
võrreldav müügitulu oli 158,6 miljonit eurot, oli kasv 3,2%. Aruandeperioodi
puhaskahjumiks kujunes 2,2 miljonit eurot seoses dividendidelt arvestatud
tulumaksuga (6,5 miljonit eurot). 2018. aasta esimese kvartali kahjum oli 0,2
miljonit eurot, sealhulgas tulumaks 6,2 miljonit eurot. Maksueelne kasum oli
4,3 miljonit eurot ja see jäi aasta varasemale tulemusele alla 1,8 miljoni
euroga, millest 0,4 miljonit eurot oli 01.01.2019 rakendunud uue
raamatupidamisstandardi IFRS 16 negatiivne mõju maksueelsele kasumile
arvestusliku intressi ja kulumi erinevuse näol.
2019. aasta algas Grupile jätkuvalt müügitulu kasvuga. Oma turusegmendist
kiirema müügitulu kasvu saavutas supermarketite segment. Samuti kasvatas
müügitulu kaubamajade segment. Autokaubanduse segmenti mõjutas turuolukord, kus
autoturu kasv esimeses kvartalis seiskus ning seejuures uute autode müük langes.
Autokaubanduse segmendis toimus tulude korrektsioon vastavalt turuolukorra
muutustele. Samuti mõjutas võrdlusandmeid baasaasta tugev tase - 2018. aastal
autosegmendi Läti autodiileri poolt võidetud riigihangetega saavutatud müügitulu
taset ei suudetud käesoleva aasta alguses korrata samas mahus. Kokkuvõttes jäi
autokaubanduse segmendi esimese kvartali müügitulu aasta varasemale 4,5% alla.
Ehkki esimeses kvartalis säilis Grupis hea brutomarginaali tase, jäi maksueelne
kasum ootuspäraselt alla aasta varasemale 2018. aasta lõpus avatud müügiüksuste
käivitusperioodi tõttu. Lisaks kergitas kasumi võrdlusbaasi 2018. aasta esimese
kvartali tulemuses sisaldunud erakorraline tulu 0,4 miljoni euro ulatuses Läti
kinnisvaraobjektide müügist. Tööjõukulud kasvasid esimeses kvartalis 9,2%. Kulu
kasvatasid lisandunud Selveri kauplused, samuti kasvas keskmine palk.
Alates 01.01.2019 rakendas Grupp rendikulude arvestuses uut kohustuslikku
raamatupidamisstandardit IFRS 16 ?Rendilepingud". Sellega seoses kajastatakse
renditavat vara ja rendikohustust bilansis rendimaksete nüüdisväärtuses ning
kulumit renditavatelt varadelt ja arvestuslikku intressikulu rendikohustustelt
kasumiaruandes. Seisuga 31.03.2019 oli IFRS 16 kohaselt renditavat vara Grupi
bilansis arvele võetud rendimaksete nüüdisväärtuses 105 177 tuhande euro
ulatuses. IFRS 16 mõju kasumiaruandele on alljärgnev:
-----------------------------------------------------------
Tuhandetes eurodes 3 kuud 2019
-----------------------------------------------------------
Mitmesuguste tegevuskulude vähenemine 4 235
Amortisatsioonikulu suurenemine -4 105
-----------------------------------------------------------
Ärikasumi suurenemine 130
-----------------------------------------------------------
Arvestuslik intressikulu rendikohustustelt -503
-----------------------------------------------------------
Puhaskasumi vähenemine kokku -373
-----------------------------------------------------------
2019. aasta I kvartalis olulisi müügipinna lisandumisi ei toimunud.
Jalatsikaubanduse segmendis toimusid ärikatkestused renoveerimistööde tõttu nii
Rocca al Mare ABC Kinga kui ka SHU kauplustes. Ümberehitustöid tehti Ülemiste
Keskuse SHU kaupluses ja Kristiine Keskuses taasavati SHU kauplus. Jätkuvad
projekteerimistööd Kulinaaria keskusköögi tehase laienduseks ning Läti ja Leedu
uute autokeskuste arendustööd.
Selverid
Supermarketite ärisegmendi 2019. aasta I kvartali konsolideeritud müügitulu oli
110,9 miljonit eurot, kasvades aasta varasema perioodiga võrrelduna 5,9%.
Selveritest sooritati 2019. aasta I kvartalis 9,4 miljonit ostu, kasvades aasta
varasemast 4,1% võrra. Supermarketite segmendi konsolideeritud maksueelne kasum
oli 2019. aasta I kvartalis 2,4 miljonit eurot, olles uute 2018. aasta lõpus
avatud müügiüksuste käivitamismõjude tõttu eelmise aasta tulemist 0,8 miljonit
eurot väiksem. Supermarketite segmendi konsolideeritud puhaskahjum oli 1,6
miljonit eurot, olles eelmise aasta tulemist 0,7 miljoni euro võrra väiksem.
Puhaskasumi ja tulumaksueelse kasumi erinevus varasemast tuleneb osaliselt
dividendidelt makstud tulumaksult - 2019. aastal oli dividendide tulumaks 0,1
miljoni euro võrra väiksem aasta varasemast. Dividendide madalam maksukoormus
tuleneb muudatusest dividendide maksustamisel, mis lubab kolmandiku osas eelmise
aasta dividendidest rakendada madalamat maksumäära. Kogu 2019. aasta kasum
teeniti Eestis. 2018. aastal SIA Selver Latvia Lätis likvideeriti ja ettevõte
kustutati äriregistrist.
Selveri esimese kvartali müügitulu kasv jätkus uute kaupluste toel turusegmendi
keskmisest kiiremas tempos. Tihenenud konkurentsis on müügitulu kasvanud ka
võrreldavate kaupluste vaates. I kvartali võrdlusbaas on madalam kahe 2018.
aasta II pooles lisandunud kaupluse võrra ning kõrgem ühe, eelmise aasta
aprillis suletud kaupluse võrra. Baas on kõrgem ka Lihavõttepühade võrra, mis
eelmisel aastal jäid I kvartalisse. Edukad tulemused olid e-kaubanduse
valdkonnas, kus müügitulu kasvas 32%. Kasumi kujunemisele on mõju avaldanud
müügitulu kasv ning efektiivsem varude juhtimine. Jätkuvalt on positiivset mõju
avaldanud investeeringud, mis on võimaldanud kokku hoida halduskulusid ja
töötajate töötunde. Korrigeeritud on töötajate tasusid, mis on kaasa toonud
väikese efektiivsuse languse tööjõukuludes.
Selver plaanib käesoleval aastal renoveerida vähemalt 2 kauplust ja laiendada
SelveEkspressi teenust kõikidesse Selveri kauplustesse. 2019. aasta esimese
kvartali lõpuga on SelveEkspressi teenus saadaval 49 kaupluses ja seda on
kasutanud ca 300 tuhat püsiklienti. Jätkame e-kaubanduse arendamist suurendamaks
võimekust kiiresti kasvava klientide hulga teenindamiseks. Kavas on avada
esimene e-Selveri toidukapp, mis on alternatiivne võimalus e-Selveist tellitud
kaubad kliendini toimetada.
Kaubamajad
Kaubamajade ärisegmendi 2019. aasta esimese 3 kuu müügitulu oli 23,1 miljonit
eurot, ületades eelmise aasta sama perioodi 1,4% võrra. Kaubamajade 2019. aasta
esimese kvartali maksueelne kahjum oli 0,5 miljonit eurot, mis oli aastatagusest
tulemusest madalam 2,7%. Kaubamajade müügitulemust esimeses kvartalis mõjutasid
hästi õnnestunud imagokampaaniad veebruaris ning edukalt alanud kevadhooaeg
moemaailmades. I.L.U. kosmeetikakauplusi opereeriva OÜ TKM Beauty Eesti 2019.
aasta esimese kvartali müügitulu oli 1,1 miljonit eurot, suurenedes 2018. aasta
sama perioodiga võrreldes 3,2%. Esimeses kvartalis oli kahjum 0,1 miljonit
eurot, mis oli 2018. aasta võrreldava perioodi kahjumist väiksem 16,6%. Esimeses
kvartalis keskenduti e-poe www.ilu.ee täiustamisele ja kliendikogemuse
parendamisele ning sortimendi muudatustele. Müügitulu kasvu taga on lisaks
õnnestunud turunduskampaaniatele ka e-poe jätkuvalt tugev tulemus.
Autokaubandus
Autokaubandussegmendi 2019. aasta esimese kvartali müügitulu oli 26,4 miljonit
eurot. Müügitulu langes võrreldes eelmise aastaga 4,5%, sealjuures KIAde
müügitulu vähenes 11,6%. Aasta esimesel kolmel kuul müüdi kokku 1 143 uut
sõidukit. Autokaubandussegmendi 2018. aasta esimeses kvartalis saavutatud
müügitulu sisaldas Läti ettevõtte poolt võidetud riigihangete tulu, mis päris
samale tasemele aruandeperioodil ei küündinud. 2019. aasta esimeses kvartalis
leidis aset autoturu langus kõikides Balti riikides, sh registreeriti Eestis
Statistikaameti andmetel 2019. aasta kahe esimese kuu jooksul 7,2% vähem uusi
sõiduautosid. Segmendi 2019. aasta esimese kvartali maksueelne kasum oli 0,6
miljonit eurot, jäädes eelmise aasta võrreldava perioodi kasumile alla 0,3
miljoni euro võrra. 2019. aasta esimese kvartali tulemuste nõrgenemise põhjuseks
võib lisaks müügitulu vähenemisele pidada Grupi autokaubandussegmendi Eesti
jaemüügiüksuse Peugeot äri aeglasemat käivitumist kasumlikkuse saavutamisel.
Samuti mõjutas autoäri tulemusi tootjatehaste probleemid teatud mudelite
tootmisega ning seetõttu viibis nende kättesaadavus ja klientidele loovutamine.
Jalatsikaubandus
Jalatsikaubanduse segmendi 2019. aasta I kvartali müügitulu oli 1,9 miljonit
eurot, jäädes eelnenud aasta sama perioodi müügitulule alla 13,8%. I kvartali
kahjum suurenes võrreldes aasta varasemaga 0,2 miljoni võrra jäädes 0,5 miljoni
euro tasemele. 2019. aasta I kvartalis toimusid ärikatkestused renoveerimistööde
tõttu nii Rocca al Mare ABC Kinga kui ka SHU kauplustes, taasavati Kristiine
Keskuse SHU pood ja toimusid ümberehitustööd Ülemiste Keskuse SHU poes. Samuti
toimusid I kvartalis kesklao ja kontori kolimised kulude vähendamise eesmärgil.
Alates 2019. aasta aprillist on Grupi strateegilise otsustena ühendatud iluvald-
konna ja jalatsikaubanduse segmendi juhtimine suurendamaks sünergiat
tugiprotsessides. Ettevõtete juhatuse liikmena jätkab senine TKM Beauty OÜ juht
Anne-Liis Ostov.
Kinnisvarad
Kinnisvarade segmendi 2019. aasta I kvartali grupiväline müügitulu oli 1,4
miljonit eurot. Müügitulu kasvas möödunud aastaga võrreldes 7,3%. Kinnisvarade
segmendi 2019. aasta I kvartali maksueelseks kasumiks kujunes 2,6 miljonit
eurot, jäädes eelmise aasta sama perioodi tulemusele alla 7,8%. Müügitulu kasvas
aruandekvartalis kõikides kinnisvarade segmendi ettevõtetes. Müügitulu kasvu
vedas Läti kinnisvaraettevõte, kus grupivälisele osapoolele anti üürile äripind
Ogre hoones. Häid tulemusi näitas ning ettevõtte müügi-kasvule andis jätkuvalt
märkimisväärset lisa Tartu Kaubamaja Keskus. Segmendi kasumi vähenemise
põhjustas eelmise aasta I kvartalis Lätis müüdud põhivara ühekordne müügikasum.
Käesoleval aastal jätkatakse Läti ja Leedu autokeskuste arendustöödega.
LÜHENDATUD KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes
-------------------------------------------------------------------------------
31.03.2019 31.12.2018
-------------------------------------------------------------------------------
VARAD
Käibevara
Raha ja pangakontod 41 831 37 235
Nõuded ja ettemaksed 13 732 16 093
Varud 73 696 78 212
-------------------------------------------------------------------------------
Käibevara kokku 129 259 131 540
-------------------------------------------------------------------------------
Põhivara
Pikaajalised nõuded ja ettemaksed 113 113
Sidusettevõtjad 1 794 1 738
Kinnisvarainvesteeringud 59 873 59 866
Materiaalne põhivara 317 821 212 687
Immateriaalne põhivara 4 957 5 133
-------------------------------------------------------------------------------
Põhivara kokku 384 558 279 537
-------------------------------------------------------------------------------
VARAD KOKKU 513 817 411 077
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
-------------------------------------------------------------------------------
Lühiajalised kohustused
Võlakohustused 38 374 26 002
Võlad ja ettemaksed 117 242 90 775
-------------------------------------------------------------------------------
Lühiajalised kohustused kokku 155 616 116 777
-------------------------------------------------------------------------------
Pikaajalised kohustused
Võlakohustused 163 320 68 313
Pikaajalised eraldised ja ettemakstud tulevaste
perioodide tulud 370 370
-------------------------------------------------------------------------------
Pikaajalised kohustused kokku 163 690 68 683
-------------------------------------------------------------------------------
KOHUSTUSED KOKKU 319 306 185 460
-------------------------------------------------------------------------------
Omakapital
Aktsiakapital 16 292 16 292
Kohustuslik reservkapital 2 603 2 603
Ümberhindluse reserv 95 064 95 587
Konverteerimiserinevused -149 -149
Jaotamata kasum 80 701 111 284
-------------------------------------------------------------------------------
OMAKAPITAL KOKKU 194 511 225 617
-------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 513 817 411 077
-------------------------------------------------------------------------------
LÜHENDATUD KONSOLIDEERITUD KASUMI JA MUU KOONDKASUMIARUANNE
Tuhandetes eurodes
-------------------------------------------------------------------------------
3 kuud 2019 3 kuud 2018
-------------------------------------------------------------------------------
Müügitulu 163 695 158 633
Muud äritulud 240 713
Müüdud kaubad, kasutatud materjalid ja teenused -123 326 -119 773
Mitmesugused tegevuskulud -10 552 -13 837
Tööjõukulud -17 246 -15 788
Põhivara kulum ja väärtuse langus -7 637 -3 437
Muud ärikulud -251 -308
-------------------------------------------------------------------------------
Ärikasum 4 923 6 203
-------------------------------------------------------------------------------
Finantstulud 0 0
Finantskulud -714 -170
Kasum sidusettevõtja aktsiatelt 56 52
-------------------------------------------------------------------------------
Kasum enne tulumaksustamist 4 265 6 085
-------------------------------------------------------------------------------
Tulumaks -6 453 -6 249
-------------------------------------------------------------------------------
Aruandeperioodi puhaskahjum -2 188 -164
-------------------------------------------------------------------------------
Muu koondkasum
-------------------------------------------------------------------------------
Kirjed, mida ei klassifitseerita edaspidi ümber
kasumiaruandesse
-------------------------------------------------------------------------------
Aruandeperioodi muu koondkasum kokku 0 0
-------------------------------------------------------------------------------
ARUANDEPERIOODI KOONDKAHJUM -2 188 -164
-------------------------------------------------------------------------------
Raul Puusepp
Juhatuse esimees
Tel 731 5000
Manus
* Börs_Kaubamaja_1Q2019_est (https://ml-
eu.globenewswire.com/Resource/Download/90dcd629-5fae-471b-82af-b22b668afdbe)
Content of announcement in English
Title
Unaudited consolidated interim accounts for the first quarter of 2019
Message
Segments (EURm) Q1/19 Q1/18 yoy
---------------------------------------------------
Supermarkets 110.9 104.7 5.9%
Department stores 23.1 22.8 1.4%
Cars 26.4 27.6 -4.5%
Footwear 1.9 2.2 -13.8%
Real Estate 1.4 1.3 7.3%
---------------------------------------------------
Total sales 163.7 158.6 3.2%
---------------------------------------------------
Supermarkets 2.4 3.1 -24.6%
Department stores -0.5 -0.4 2.7%
Cars 0.6 0.9 -34.7%
Footwear -0.5 -0.3 43.5%
Real Estate 2.6 2.9 -7.8%
IFRS 16 -0.4 0.0
---------------------------------------------------
Total profit before tax 4.3 6.1 -29.9%
---------------------------------------------------
In the first quarter of 2019, the unaudited consolidated sales revenue of the
Tallinna Kaubamaja Group was 163.7 million euros. The growth was 3.2% compared
to the first quarter of 2018, when the comparable sales revenue was 158.6
million euros. The net loss of the reporting period was 2.2 million euros,
influenced by the income tax calculated on dividends (6.5 million euros). The
loss in the first quarter of 2018 was 0.2 million euros, including 6.2 million
euros of income tax. The pre-tax profit was 4.3 million euros - 1.8 million
euros lower than the result of the previous year, of which 0.4 million euros was
due to the negative impact on the pre-tax profit caused by the difference of
estimated interest and depreciation calculated in accordance with the new
financial reporting standard IFRS 16, which entered into force on 1 January
2019.
The year 2019 began with the continued growth of sales revenue for the Group.
The supermarkets segment achieved an accelerated sales revenue growth compared
to their market segment. The sales revenue generated by the department stores
segment also increased. The car trade segment was influenced by the market
situation, leading to a halt in the growth of the car market in the first
quarter, and a drop in the sales of new cars. In the car trade segment,
correction of revenue occurred due to a change on the market, but also the
strong base year, i.e. the level of revenue generated by public procurement won
by the Latvian automobile dealer in 2018 could not be repeated in the same
volume at the beginning of this year. Overall, the sales revenue of the car
trade segment in the first quarter was 4.5% lower than the previous year.
Although the gross margin was maintained at good level in the first quarter, the
pre-tax profit was expected to remain below the year before due to the launch
period of the sales units opened at the end of 2018. In addition, the comparison
basis of the profit was increased by the extraordinary income of 0.4 million
euros from the sale of Latvian real estate, included in the result of the first
quarter of 2018. Labour costs grew by 9.2% in the first quarter. The costs
increased because of the additional Selver store along with the growth of
average wage.
From 1 January 2019, the Group applies the new mandatory financial reporting
standard IFRS 16 (Leases) in lease cost accounting. Pursuant to the standard,
leased assets and liabilities are recognised in the balance sheet at the present
value of lease payments and the depreciation on the leased assets and estimated
interest costs on lease liabilities in the income statement. As of 31.03.2019,
the assets leased in accordance with IFRS 16 were recognised in the balance
sheet of the Group in the net present value of lease payments of 105,177
thousand euros. The impact of IFRS 16 on the income statement is as follows:
-------------------------------------------------------------------
in thousands of euros 3 months 2019
-------------------------------------------------------------------
Decrease in other operating expenses 4,235
Increase in depreciation -4,105
-------------------------------------------------------------------
Increase in operating profit 130
-------------------------------------------------------------------
Calculated interest expense on lease liabilities -503
-------------------------------------------------------------------
Decrease in the net profit -373
-------------------------------------------------------------------
There were no significant sales area additions in the first quarter of 2019. In
the footwear segment, business interruptions occurred due to renovation works at
ABC King and SHU stores of the Rocca al Mare Centre. Renovation works were
carried out in the SHU store at Ülemiste Centre and the SHU store in Kristiine
Centre was reopened. Designing of the extension of the Kulinaaria central
kitchen plant and the development works of the new car showrooms in Latvia and
Lithuania are ongoing.
Selver supermarkets
The consolidated sales revenue of the supermarkets business segment was 110.9
million euros in the first quarter of 2019, increasing by 5.9% in comparison
with the same period last year. 9.4 million purchases were made at Selver
supermarkets in the first quarter of 2019, showing a growth of 4.1% year-on-
year. In the first quarter of 2019, the consolidated pre-tax profit of the
supermarkets segment was 2.4 million euros, being 0.8 million euros lower
compared to the result of the previous year, influenced by the launch of new
sales units opened at the end of 2018. The consolidated net loss of the
supermarkets segment was 1.6 million euros, being 0.7 million euros lower
compared to the same period in the previous year. The difference between the net
profit and profit before income tax compared to year earlier results is partly
due to income tax paid on dividends - income tax paid on dividends was 0.1
million euros lower in 2019 compared to the year earlier. The lower tax load due
to dividends is caused by the changes in the taxation principles of dividends
that allows applying a lower tax rate on one third of the previous year's
dividends. The entire profit of 2019 was earned in Estonia. In 2018, SIA Selver
Latvia was liquidated and the company was deleted from the commercial register.
The growth of sales revenue in Selver continued in the first quarter at a higher
pace than the average of the market segment on account of new stores. Although
competition is tight, sales revenue has also grown in the comparable stores. The
comparison basis of the first quarter is lower by two stores that were added in
the second half of 2018 and higher by one store that was closed in April last
year. The basis is higher also because of Easter, which was in the first quarter
last year. E-commerce produced good results with the growth of sales revenue by
32%. The profit earned is influenced by the growth of sales revenue and the more
efficient inventory management. Investments have had a positive impact, allowing
cutting management costs and employee working hours. The employees' wages were
adjusted, which resulted in a slight decrease in labour cost efficiency.
This year, Selver plans to renovate at least two stores and introduce the
SelveEkspress service to all Selver stores. As at the end of the first quarter
of 2019, the SelveEkspress service is available at 49 stores and approximately
300,000 loyal customers have used the service. We continue the development of e-
commerce to improve our ability to service the growing numbers of customers.
There is a plan to open the first e-Selver food locker, which is an alternative
delivery method of goods that customers have ordered through e-Selver.
Department stores
In the first three months of 2019, the department stores business segment earned
a sales revenue of 23.1 million euros, which is 1.4% more than last year in the
same period. The pre-tax loss of department stores in the first quarter of 2019
was 0.5 million euros, which was lower by 2.7% in the year-on-year comparison.
The sales results of department stores were influenced by the well-managed image
campaigns in February and successful launch of the spring season in fashion
departments. In the first quarter of 2019, the sales revenue of OÜ TKM Beauty
Eesti, which operates I.L.U. cosmetics stores, was 1.1 million euros, showing a
growth of 3.2% compared to the same period in 2018. The loss in the first
quarter was 0.1 million euros, which was 16.6% lower than the loss in the
comparable period in 2018. In the first quarter, the focus was on improving the
e-store at www.ilu.ee and enhancing customer experience and changing the
assortment. The growth of sales revenue has been achieved thanks to successful
marketing campaigns and continued strong results produced by the e-store.
Car trade
The sales revenue of the car trade segment was 26.4 million euros in the first
quarter of 2019. The sales revenue decreased by 4.5% year-on-year, wherein the
sales revenue generated by the sales of KIAs dropped by 11.6%. In the first
three months of the year, 1,143 new vehicles were sold altogether. The sales
revenue generated by the car trade segment in the first quarter of 2018 included
revenue from public procurements that the Latvian company had won, which was not
achieved in the reporting period. In the first quarter of 2019, the car market
decreased in all Baltic States; according to the data of Statistics Estonia,
7.2% fewer new passenger cars were registered in Estonia in the first two months
of 2019. The pre-tax profit of the segment was 0.6 million euros in the first
quarter of 2019, which is 0.3 million euros lower than in the same period last
year. In addition to the decreased sales revenue, one of the reasons behind the
weaker profitability results in the first quarter of 2019 could be the slower
launch of the Peugeot business of the Estonian retail unit of the Group's car
trade segment. The result of the car trade was also influenced by the
manufacturers' problems with the production of certain models, which caused
delays in the availability of cars and their delivery to customers.
Footwear trade
The sales revenue of the footwear trade segment was 1.9 million euros in the
first quarter of 2019, decreasing by 13.8% on the year-on-year basis. The loss
of the first quarter increased by 0.2 million euros compared to the previous
year, remaining at 0.5 million euros. In the first quarter of 2019, there were
business interruptions due to renovation works at Rocca al Mare ABC King and SHU
stores, the SHU store at Kristiine Centre was reopened, and renovation works
were carried out at the SHU store in Ülemiste Centre. In order to reduce costs,
the central warehouse and office were moved in the first quarter. In accordance
with the strategic decision of the Group, the managements of the beauty and
footwear trade segments were merged to achieve synergy between support
functions. Anne-Liis Ostov, the manager of TKM Beauty OÜ, continues also as
member of the management board of the companies.
Real estate
The sales revenue earned in the real estate segment outside the Group was 1.4
million euros in the first quarter of 2019. The sales revenue grew by 7.3%
compared to last year. The pre-tax profit of the real estate segment in the
first quarter of 2019 was 2.6 million euros, which is 7.8% lower than the result
earned in the same period last year. The sales revenue grew in all real estate
segment companies in the reporting quarter. The driver of the sales revenue
growth was the Latvian real estate company, where the commercial space at the
Ogre building was leased to a party outside of the Group. Tartu Kaubamaja Centre
showed good results and contributed remarkably to the company's sales growth.
The decrease of the profit of the segment was caused by the sales profit earned
from the sales of real estate sold in Latvia in the first quarter of last year.
This year, the development of the Latvian and Lithuanian car centres will
continue.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
In thousands of euros
-------------------------------------------------------------------------
31.03.2019 31.12.2018
-------------------------------------------------------------------------
ASSETS
-------------------------------------------------------------------------
Current assets
Cash and cash equivalents 41,831 37,235
Trade and other receivables 13,732 16,093
Inventories 73,696 78,212
-------------------------------------------------------------------------
Total current assets 129,259 131,54
-------------------------------------------------------------------------
Non-current assets
Long-term receivables and prepayments 113 113
Investments in associates 1,794 1,738
Investment property 59,873 59,866
Property, plant and equipment 317,821 212,687
Intangible assets 4,957 5,133
-------------------------------------------------------------------------
Total non-current assets 384,558 279,537
-------------------------------------------------------------------------
TOTAL ASSETS 513,817 411,077
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LIABILITIES AND EQUITY
-------------------------------------------------------------------------
Current liabilities
Borrowings 38,374 26,002
Trade and other payables 117,242 90,775
-------------------------------------------------------------------------
Total current liabilities 155,616 116,777
-------------------------------------------------------------------------
Non-current liabilities
Borrowings 163,32 68,313
Provisions for other liabilities and charges 370 370
-------------------------------------------------------------------------
Total non-current liabilities 163,69 68,683
-------------------------------------------------------------------------
TOTAL LIABILITIES 319,306 185,46
-------------------------------------------------------------------------
Equity
Share capital 16,292 16,292
Statutory reserve capital 2,603 2,603
Revaluation reserve 95,064 95,587
Currency translation differences -149 -149
Retained earnings 80,701 111,284
-------------------------------------------------------------------------
TOTAL EQUITY 194,511 225,617
-------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 513,817 411,077
-------------------------------------------------------------------------
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
In thousands of euros
-------------------------------------------------------------------------------
3 months 2019 3 months 2018
-------------------------------------------------------------------------------
Revenue 163,695 158,633
Other operating income 240 713
Cost of sales -123,326 -119,773
Other operating expenses -10,552 -13,837
Staff costs -17,246 -15,788
Depreciation, amortisation and impairment losses -7,637 -3,437
Other expenses -251 -308
-------------------------------------------------------------------------------
Operating profit 4,923 6,203
-------------------------------------------------------------------------------
Finance income 0 0
Finance costs -714 -170
Finance income on shares of associates 56 52
-------------------------------------------------------------------------------
Profit before tax 4,265 6,085
-------------------------------------------------------------------------------
Income tax expense -6,453 -6,249
-------------------------------------------------------------------------------
NET LOSS FOR THE FINANCIAL YEAR -2,188 -164
-------------------------------------------------------------------------------
Other comprehensive income:
Items that will not be subsequently reclassified
to profit or loss
-------------------------------------------------------------------------------
Other comprehensive income for the financial year 0 0
-------------------------------------------------------------------------------
TOTAL COMPREHENSIVE LOSS FOR THE FINANCIAL YEAR -2,188 -164
-------------------------------------------------------------------------------
Raul Puusepp
Chairman of the Board
Phone +372 731 5000
Attachment
* Börs_Kaubamaja_1Q2019_eng (https://ml-
eu.globenewswire.com/Resource/Download/95cce47b-1b48-4598-b504-a84c418bd69f)