Börsiteade

Pealkiri

Unaudited consolidated interim accounts for the third quarter and first nine months of 2023

Teade

Segments (EURm)           Q3/23   Q3/22    yoy     9m/23   9m/22     yoy
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  Supermarkets              153.5   149.8    2.4%    455.2   433.1    5.1%

  Department stores          23.9    22.9    4.1%     75.6    71.4    5.9%

  Cars                       51.1    39.8   28.4%    148.6   112.4    32.3%

  Security segment            4.0     2.4   68.0%     10.4     6.9    49.9%

  Real Estate                 1.7     1.6    7.8%      4.9     4.6    6.5%
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  Total sales               234.1   216.5    8.2%    694.7   628.4    10.5%
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  Supermarkets                6.2     2.6   141.1%    12.6     8.0    57.4%

  Department stores          -0.4    -0.2   157.6%    -0.2     0.3   -175.9%

  Cars                        3.6     3.2   12.3%     11.4     8.5    33.7%

  Security segment            0.0     0.1   -52.5%     0.1     0.1    47.9%

  Real Estate                 2.2     2.7   -19.7%     7.6     8.1    -6.0%

  IFRS 16                    -0.5    -0.7   -25.4%    -1.5    -1.7    -8.9%
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  Total profit before tax    11.2     7.8   43.6%     29.9    23.3    28.2%
-----------------------------------------------------------------------------

In  the third quarter  of 2023, the consolidated  unaudited sales revenue of the
Group was 234.1 million euros, which was 8.2% more than the sales revenue of the
same  period last year. The  sales revenue in the  nine months was 694.7 million
euros,  which was a  10.5% increase in comparison  with the result  of the first
nine  months  of  2022, when  the  sales  revenue  was  628.4 million euros. The
consolidated  unaudited net profit of the third quarter of 2023 was 11.2 million
euros,  thus coming close  to the result  of the same  period of 2021, which was
less  affected by the increase in energy  prices, but exceeded the profit of the
comparable  period of 2022 by 3.4 million euros. The net profit of the Group for
the  first nine  months of  2023 was 24.6 million  euros, which was 30.5% higher
than the result of the comparable period in the previous year. In the first nine
months,  the pre-tax profit was 29.9 million euros, increasing by 28.2% compared
to  the year before. Net profit was affected by the dividend payment, from which
5.3 million  euros  of  income  tax  was  calculated  in  the  first  quarter of
2023; 4.5 million euros of income tax was calculated a year before.

In the third quarter of 2023, the Group achieved a strong 8.2% increase in sales
revenue  thanks  to  the  continued  significant  sales  performance  of the car
segment,  which was supported by  higher-volume sales transactions. The security
segment  also contributed to the high growth rate of sales volume, where the two
prominent  security companies  acquired in  the third  quarter added synergy and
turnover  growth. In  the supermarket  and Kaubamaja  department store segments,
sales  growth  is  more  modest  due  to  changes in consumer behaviour. Growing
uncertainty  about  the  future  has  made  customers more cautious and thrifty.
Although  price growth has slowed down and wage growth is catching up with price
increases,  food prices have still  grown rapidly and exceed  the growth rate of
wages.  The latter affects the sales growth of the supermarket segment the most.
The  limited physical access to the Tallinn  building of Kaubamaja due to large-
scale  road construction  works in  the centre  of Tallinn  continued to have an
inhibiting effect on the result of the Kaubamaja department store segment in the
third  quarter. The  decrease in  energy prices  has provided  an opportunity to
restore the profitability of the Group to the level of 2021. The labour costs of
the  Group increased by 11.0% in the third  quarter of 2023, while the number of
employees decreased by 1.0%.

In  the third quarter, the Group adopted an important strategic decision for the
development  of the logistics centre. TKM  Kinnisvara AS is building a logistics
centre  with a  total area  of 17,200 m2  on its  property located at 1 Paemurru
Street,  city of Maardu. In August, TKM  Kinnisvara AS and AS Merko Ehitus Eesti
signed a construction contract for the construction of the logistics centre with
a  cost  of  approximately  20 million  euros.  The  cost of the construction is
financed from own funds and a bank loan. The modern energy class A building will
be  built in  accordance with  the requirements  of the  BREEAM certificate. The
logistics  centre  will  primarily  serve  the  cargo  volumes  of  Selver,  its
completion  is scheduled for the autumn 2024. The establishment of the logistics
centre  will add new business  opportunities for the companies  of TKM Group and
increase  the efficiency of work processes. Logistics cooperation between Selver
and AS Balbiino, which is a company of the NG Investeeringud OÜ Group, which has
a  significant holding in the Group, will  continue in the new logistics centre.
NG  Logistics OÜ, a subsidiary of AS  Balbiino, will be responsible for the day-
to-day  operation of the logistics centre. The operation of the logistics centre
by  NG Logistics OÜ is not a significant  or unusual transaction in the sense of
the  regulations  of  the  Nasdaq  Tallinn  Stock  Exchange. The exact terms and
conditions  of the transactions concerning the operation of the logistics centre
will  be  agreed  upon  in  2024 in  accordance  with  market conditions and the
transfer pricing regulation.

In  the third quarter, the Group's security segment enhanced its market position
and  future prospects with the acquisition  of two prominent security companies.
The first, Skarabeus Julgestusteenustus OÜ, is a pan-Estonian firm with branches
in  Tallinn,  Tartu,  Pärnu,  and  Central  Estonia.  It offers manned security,
patrol,  and technical security services. In  2022, the company had a revenue of
3.1 million  euros and employed 168 people.  The second, Caesari Turvateenistuse
AS,  is among Estonia's oldest security  companies, having operated since 1994.
Serving  primarily  Harju  County,  it  provides  manned  security,  patrol, and
technical  security services  and oversees  the construction  and maintenance of
security  systems.  Its  2022 revenue  stood  at  727 thousand  euros  with  31
employees.

In  August, the supermarket segment opened its 73(rd) store with a sales area of
3,700 m(2)  in Kurna Park.  In the construction  of Kurna Selver, materials that
turned  out to be unnecessary in other stores were used as much as possible. LED
technology  was introduced throughout the store, and the selection of technology
was  based on environmentally friendly  solutions. In September, the supermarket
segment  opened a  fully renovated  Delice store  with a  completely new premium
brand  and concept at Solaris  Centre in the heart  of Tallinn. In the Kaubamaja
department store segment, development work on the e-shop platform continued. The
renovated I.L.U. cosmetics store of Kristiine Centre, which was transferred to a
new   concept,  was  opened  in  the  third  quarter.  The  development  of  the
functionalities  of the Partner  Card loyalty programme  for the retail segments
has  continued. In  the third  quarter, the  convenience functionalities  of the
Partner  application were  improved and  the 'pay  later' payment solutions were
further  developed, which are planned  to be made available  to customers in the
last quarter of the year.

Earlier  in the  reporting year,  development work  took place, during which the
largest  store  in  the  supermarket  segment  in Järve, Tallinn, was closed for
renovation  works for nearly two  months in the second  quarter. Reopened at the
end  of May, the renovated Järve Selver  has been well received by customers. In
the first quarter, the supermarket segment renovated the Ringtee Selver in Tartu
and the Ülemiste I.L.U. store was renovated under a new concept, while the sales
area was increased by almost half to 460 square metres. The NYX make-up shop-in-
shop with a separate entrance was opened in the Ülemiste I.L.U. cosmetics store.
In  the real estate segment,  the solar park built  on the roof of Viimsi Centre
was  completed in the  second quarter. In  January, WOW Selver  in Saare County,
which  did not meet  expectations, and Punane  Selver in Lasnamäe, Tallinn, were
closed in May.

At  the end of the reporting period, the number of loyal customers was more than
717 thousand,  which is 1.9% more than the  year before. The proportion of loyal
customers  in the turnover of the group  was 84.8% (during the first nine months
of  2022, it was  83.9%). The Partner  Card application  launched a year ago had
been  used by more than 176 thousand customers  by the end of the quarter, which
is  about 24% of all customers  who have a Partner  Card. The application allows
customers to conveniently use their personal phone as a scanner and as a payment
solution.  More than 12 thousand new loyal customers have registered their first
Partner Card directly from the application. About 13% of the users of all Selver
self-service  cash registers  use a  phone instead  of a  scanner, and  the most
active users of the application are those aged up to 24. At the end of the third
quarter,  we added the  possibility of creating  and sharing shopping lists, and
customers  can now see their personal  Selver special offers directly from their
phone.

Selver supermarkets

The  consolidated sales revenue of the  supermarket business segment in the nine
months  of  2023 was  455.2 million  euros,  increasing  by 5.1% compared to the
previous  year. The  consolidated sales  revenue was  153.5 million euros in the
third  quarter, increasing  by 2.4% in  comparison with  the same period of last
year. In the first nine months and during the third quarter of 2023, the average
sales  revenue per  square metre  of selling  space was  0.43 thousand euros per
month, which is 5.3% and 1.7% higher, respectively, than during the same periods
last  year. From the  point of view  of comparable stores,  the revenue from the
sale  of goods per square metre of  selling space was 0.44 thousand euros in the
first  nine months of the year and  in the third quarter, increasing by 6.7% and
3.1%, respectively,  compared to the reference period.  In the first nine months
of  2023, 33.1 million purchases were made from  the stores, which was 1.8% more
than in the reference year.

In  the third  quarter of  2023, both pre-tax  profit and  net profit  were 6.2
million  euros, which was  3.7 million euros more  than in the reference period.
The  consolidated pre-tax  profit of  the supermarket  segment in the first nine
months  of  2023 was  12.6 million  euros,  increasing  by  4.6 million euros in
comparison  with the previous year. The net  profit in the first nine months was
11.4 million  euros - an increase of  5.6 million euros compared to the previous
year.  The difference between net profit and  profit before income tax is due to
the income tax paid on dividends - this year, the income tax on dividends was 1
million euros less than the year before.

The  financial results  of the  first nine  months of  2023 were affected by the
increased  turnover  from  the  opening  of  the Priisle and Tabasalu Selvers in
Tallinn  in 2022 and the Kurna Selver in August 2023, and the lost turnover from
the  closure of  the WOW  Selver in  Saare County  and Punane Selver in Tallinn.
Sales  revenue has been  affected by the  suspension of sales  due to renovation
works  at Ringtee Selver in Tartu and  Järve Selver (the largest Selver store in
Tallinn)  and Delice Solaris in Tallinn. All the projects listed above have also
involved  one-time costs and investments. The results of the supermarket segment
continue  to be  affected by  accelerated inflation  and a  decrease in consumer
confidence. During 2023, the price increase has slowed down, but the price level
of products and services is still high. The significant increase in the price of
food  products has forced  customers to change  their shopping habits, increased
interest  in campaign products, and reduced the  volume sales of goods below the
level  of last  year. The  warm weather  had a  positive effect  on the  sale of
seasonal  goods in June and  August, while the demand  for industrial goods that
are  not essential  on a  daily basis  is more  modest. The growth of e-commerce
sales  slowed somewhat in the third quarter, but remained faster than the growth
of  retail sales.  Electricity expenses  have decreased  compared to  last year,
which  has made it possible to improve the profit position. The growth of labour
costs  in the first nine months has been faster than the growth of sales revenue
in the supermarket segment (9%). The faster increase in wage costs is due to the
general  pressure to increase wages  and partly due to  the temporary closure of
stores  for  renovation,  where  sales  were  suspended. Possibilities have been
sought  to increase the  efficiency of work  processes by reducing working hours
and thereby increasing employee wages.

The  rapid decline in the  production volume of Kulinaaria  OÜ, which belongs to
the  supermarket segment, which started in the  second half of last year, slowed
down  in the second quarter, but returned to  a slow decline again at the end of
the  third quarter. The  ready-made party dishes  category is the most affected.
The  central kitchen continues with daily  consistent product development as the
expectations of customers for new products have increased. In the third quarter,
we launched new products in every category. The products were very well received
by  the  customers.  Sustainability  is  important  in  the  central  kitchen  -
sustainable  development goals are taken  into account in production, packaging,
employee  well-being, and the  supply chain. Thanks  to environmentally friendly
solutions  and more resource-efficient production, the footprint of Selveri Köök
has  decreased  by  approximately  80% in  6 years.  In  2022, the footprint was
significantly reduced thanks to the adoption of green electricity. When it comes
to packaging, Kulinaaria OÜ has completely switched to salad boxes made of 100%
recycled  material, which  ensure food  safety and  hygiene. In  addition, their
production requires less plastic.

Selver  opened one new store this year - Kurna Selver in Harju County in August.
Three  stores  have  been  renovated:  Ringtee  Selver  in Tartu was reopened in
February;  in May, the  largest store of  the Selver chain  - Järve Selver - was
reopened  in Tallinn; and in September, the Delice Solaris store was opened with
a  renewed  concept.  In  the  first  quarter,  14 Selver stores started issuing
identity  documents issued by the  Police and Border Guard  Board. By the end of
the third quarter, this number had reached 41. It is planned to further increase
the  number of stores issuing identity documents this year. Issuing ID cards and
passports  earned us the title of the best cooperation project of the 2023 Trade
Act of the Year.

As  at the end of  March, the supermarket segment  includes 71 Selver stores, 2
Delice  stores, and the mobile store and café, with a total sales area of 120.3
thousand m(2), as well as e-Selver, which is the e-shop with the largest service
area in Estonia, and the central kitchen Kulinaaria OÜ.

Department stores

The  sales revenue of the business segment  of the Kaubamaja department store in
the first nine months of 2023 was 75.6 million euros, exceeding the sales of the
same  period last year by 5.9%. The sales revenue of the third quarter was 23.9
million  euros, which was 4.1% better than last  year. The pre-tax profit of the
Kaubamaja  department stores segment  in the first  nine months of 2023 was 0.2
million  euros. The  pre-tax loss  of the  third quarter  was 0.4 million euros,
which increased by 0.3 million compared to the same period last year.

The  average sales  revenue of  Kaubamaja department  stores per square metre of
selling  space was 0.3 thousand euros  per month in the  first nine months - 8%
higher  than in the  same period last  year. Last year,  the full-scale war that
started  in Ukraine negatively  affected sales in  the second half  of the first
quarter.  This spring,  however, customer  interest was  high and  the number of
visits  to stores was much higher than  last year. The discount of winter season
goods  was affected by a  warmer-than-average winter in the  first six months of
the  year, which is why the discount  percentages were higher this year, but the
increased  sales volumes  compensated for  the lower  margin and  had a positive
effect  on  the  result.  The  results  of  the  second  and  third quarter were
negatively  affected by the construction works of the Old City Harbour tram line
in  the centre of Tallinn, which started at  the beginning of April, as a result
of  which most of  the intersections surrounding  the Kaubamaja department store
were  closed by the beginning of July. Pedestrian traffic was also affected. The
sales of fashion goods at the beginning of the autumn season were affected by an
warmer-than-average  September, but  the Ilu  Aeg campaign  at the  beginning of
September had the best sales figures in years.

In  the third quarter of  2023, the sales revenue of  OÜ TKM Beauty Eesti, which
operates the I.L.U. cosmetics stores, was 2.0 million euros, which is 34.0% more
than  in the second quarter  of 2022. In the third  quarter, the profit was 0.1
million  euros, which was equivalent to the comparable period in 2022. The sales
revenue  in the first nine months of 2023 was 5.6 million euros, which is 28.0%
more  than in  the same  period of  2022. In the  first nine months of 2023, the
profit  was 0.2 million euros, which was  0.1 million euros more than during the
comparable period in 2022. The most important event of the third quarter was the
renovation of the I.L.U. cosmetics store in Kristiine Centre under a new concept
and  its opening in early  August. Due to the  renovation, there was a one-month
business  interruption in the store. All stores  showed an increase in sales and
the number of visitors, but the growth was stronger in renovated stores.

Car trade

The  sales revenue of the car trade segment was 148.6 million euros in the first
nine  months of 2023. The sales revenue increased by 32.3% compared to the sales
revenue of the same period last year. The 51.1-million-euro sales revenue of the
third  quarter was 28.4% higher than  the sales revenue in  the third quarter of
2022. In  the first  nine months,  a total  of 4,842 new  vehicles were sold, of
which  1,673 were sold in the  third quarter. The net  revenue of the segment in
the  first nine months of 2023 was  10.2 million euros, exceeding the profit for
the  same period of the year before  by 2.1 million euros. The pre-tax profit of
the  segment for the first nine months of 2023 was 11.4 million euros, exceeding
the  profit for the same period in 2022 by 2.9 million euros. The pre-tax profit
of  the third quarter of 2023 was  3.6 million euros, which is 12.3% higher than
the profit of the same period of the year before.

The continued stable and timely vehicle deliveries of the car brands represented
by  the Group are behind the outstanding  results of the third quarter of 2023.
The normalised supply situation has made it possible to ensure good sales, while
in the situation of intense competition it has become common to offer discounted
prices.  Some major sales to fleet customers and car rental companies took place
in  the  third  quarter.  The  Group  also  achieved  success  in several public
procurements.  The fleet sold by  the Group has reached  a volume that keeps the
after-sales services and body repair departments working at full capacity.

The  increase in the  price of new  cars and increased  loan interest rates have
made  private customers especially cautious  when making purchase decisions, and
they  tend to postpone them. On the other hand, the price increase has increased
interest  in  used  cars.  Interest  in  electric  cars  and plug-in hybrids has
stabilised.

At  the end of 2023, sales of new Shkoda  vehicles will begin in Vilnius. The new
Shkoda  Superb mid-class sedan and  the KIA EV9 electric  SUV are expected to hit
the market in the near future.

Security segment

The  sales revenue of the  security segment outside the  Group in the first nine
months  of 2023 was 10.4 million  euros, increasing by  49.9% in comparison with
the  same period of  last year. The  pre-tax profit of  the segment in the first
nine  months of the year was 0.1 million euros, increasing by 0.05 million euros
compared  to the same period last year. The sales revenue of the segment outside
the  Group in  the third  quarter of  2023 was 4.0 million  euros, increasing by
68.0% compared  to the same  period last year.  The pre-tax profit  of the third
quarter  of 2023 was 0.03 million  euros, which is  0.03 million euros less than
the profit of the same period of the year before.

The  third-quarter results  of the  segment were  as expected. Several important
contracts  were concluded, for example with the Art Museum of Estonia, where the
security  segment  company  Viking  Security  AS  will  start providing security
services  from March next year. The biggest negative impact is still the risk of
payment difficulties for customers and partners.

In  the third quarter, two strong Estonian  security companies were added to the
security  segment  through  acquisition:  Skarabeus Julgestusteenistus OÜ, whose
2022 revenue  was 3.1 million euros, and Caesari Turvateenistuse AS, whose 2022
revenue  was 0.7 million euros. The acquired  companies are planned to be merged
with Viking Security AS by the end of 2023. The acquisition of the two companies
will  strengthen the business activities of all areas through the combination of
strong industry know-how, increased operational capacity, and cost efficiency.

Real estate

The  sales revenue earned in the real  estate segment outside the Group was 4.9
million euros in the first nine months of 2023. Sales revenue increased by 6.5%
compared  to the same period last year. The sales revenue of the segment outside
the Group in the third quarter was 1.7 million euros. Sales revenue increased by
7.8% compared  to  the  previous  year.  The  pre-tax  profit of the real estate
segment  in the first nine months of 2023 was 7.6 million euros, with the profit
decreasing  by 6.0%. The pre-tax profit of the  segment in the third quarter was
2.2 million euros. Pre-tax profit decreased by 19.7% in the reference period.

Despite  the deepening uncertainty in the economy, the number of visitors to the
shopping  centres belonging to the segment showed growth. The number of visitors
to   shopping   areas   in  the  centre  of  Tallinn  decreased  due  to  street
reconstruction and road closures taking place in the surrounding area. The sales
revenue  growth of the segment was positively  impacted by the high occupancy of
retail  spaces in both Estonia and Latvia. In  May, the car wash completed as an
extension  of the  gas station  in Peetri  at 1 Raudkivi  Road leased to a party
outside  the Group started operations. In June, the Viimsi Centre solar park was
completed,  which covers part of the energy  needs of the rental premises of the
centre  and contributed  to the  increase in  sales revenue  of the  real estate
segment.

The  decline in the profit of the segment is attributable to the increase in the
cost  of loan  money due  to the  increase in  interest rates  in the  euro area
intended  by  the  European  Central  Bank  to  tighten  monetary policy, as the
majority  of the loan portfolio of the  Group is concentrated in the real estate
segment. The interest expense has multiplied compared to the reference base of a
year ago.

In companies in the real estate segment, sustainability plays an important role:
attention is constantly paid to improving the energy efficiency of buildings and
developing  more resource-efficient and  environmentally friendly solutions. The
extension  of  the  Saku  Selver  parking  lot was completed in September, which
increases the convenience of customers visiting the store.

In  the third quarter, TKM Kinnisavara  AS started developing a logistics centre
in  Maardu for the needs of the Group. The total area of the centre is 17,200 m2
and  the construction will cost approximately 20 million euros. The construction
of  the logistics centre is financed from the Group's own funds and a bank loan.
A  solar energy  park will  be built  on the  roof of  the logistics centre, the
energy  production  of  which  will  cover  a significant part of the building's
electricity  consumption. Completion of  logistics centre is  planned for autumn
2024.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

In thousands of euros

-------------------------------------------------------------------------
                                                 30.09.2023   31.12.2022
-------------------------------------------------------------------------
  ASSETS
-------------------------------------------------------------------------
  Current assets

  Cash and cash equivalents                           8,744       22,436

  Trade and other receivables                        22,818       27,200

  Inventories                                        96,726       89,194
-------------------------------------------------------------------------
  Total current assets                              128,288      138,830
-------------------------------------------------------------------------
  Non-current assets

  Long-term receivables and prepayments                 308          299

  Investments in associates                           1,758        1,722

  Investment property                                64,270       63,623

  Property, plant and equipment                     417,381      420,600

  Intangible assets                                  24,802       21,723
-------------------------------------------------------------------------
  Total non-current assets                          508,519      507,967
-------------------------------------------------------------------------
  TOTAL ASSETS                                      636,807      646,797
-------------------------------------------------------------------------

-------------------------------------------------------------------------
  LIABILITIES AND EQUITY
-------------------------------------------------------------------------
  Current liabilities

  Borrowings                                         31,427       97,107

  Trade and other payables                           98,614      111,449
-------------------------------------------------------------------------
  Total current liabilities                         130,041      208,556
-------------------------------------------------------------------------
  Non-current liabilities

  Borrowings                                        262,305      190,825

  Deferred tax liabilities                            5,299        5,299

  Provisions for other liabilities and charges          590          458
-------------------------------------------------------------------------
  Total non-current liabilities                     268,194      196,582
-------------------------------------------------------------------------
  TOTAL LIABILITIES                                 398,235      405,138
-------------------------------------------------------------------------
  Equity

  Share capital                                      16,292       16,292

  Statutory reserve capital                           2,603        2,603

  Revaluation reserve                               105,141      106,981

  Retained earnings                                 114,536      115,783
-------------------------------------------------------------------------
  TOTAL EQUITY                                      238,572      241,659
-------------------------------------------------------------------------
  TOTAL LIABILITIES AND EQUITY                      636,807      646,797
-------------------------------------------------------------------------


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

In thousands of euros

  -----------------------------------------------------------------------------
                           III quarter    III quarter    9 months    9 months
                              2023            2022         2023        2022
  -----------------------------------------------------------------------------


   Revenue                       234,113        216,457     694,661     628,376

   Other       operating
   income                            326            344       1,186       1,206



   Cost of merchandise          -170,489       -157,845    -505,471    -457,629

   Service expenses              -14,195        -17,019     -44,320     -46,033

   Staff costs                   -25,577        -23,046     -78,298     -69,274

   Depreciation,
   amortisation      and
   impairment losses             -10,379         -9,778     -30,657     -29,199

   Other expenses                   -222           -142        -805        -629
  -----------------------------------------------------------------------------
   Operating profit               13,577          8,971      36,296      26,818
  -----------------------------------------------------------------------------
   Finance income                     24              1          40           3

   Finance costs                  -2,495         -1,255      -6,592      -3,646

   Finance   income   on
   shares  of associates
   accounted  for  using
   the equity method                  56             58         166         160
  -----------------------------------------------------------------------------
   Profit before tax              11,162          7,775      29,910      23,335
  -----------------------------------------------------------------------------
   Income tax expense                  0              0      -5,301      -4,480
  -----------------------------------------------------------------------------
   NET PROFIT FOR THE
   FINANCIAL YEAR                 11,162          7,775      24,609      18,855
  -----------------------------------------------------------------------------
   Other   comprehensive
   income:

   Items  that  will not
   be       subsequently
   reclassified       to
   profit or loss
  -----------------------------------------------------------------------------
   Other comprehensive
   income for the
   financial year                      0              0           0           0
  -----------------------------------------------------------------------------
   TOTAL COMPREHENSIVE
   INCOME FOR THE
   FINANCIAL YEAR                 11,162          7,775      24,609      18,855
  -----------------------------------------------------------------------------
 Basic    and    diluted
 earnings    per   share
 (euros)                            0.27           0.19        0.60 0.46



Raul Puusepp

Chairman of the Board

Phone +372 731 5000