Börsiteade
TKM Grupp AS
Kategooria
Poolaastaaruanne
Manused
Kuupäev
27.08.2009 16:30:00
Pealkiri
2009. AASTA I POOLAASTA AUDITEERIMATA MAJANDUSTULEMUSED
Teade
Tallinna Kaubamaja kontserni 2009. aasta esimese poolaasta konsolideeritud
auditeerimata müügitulu oli 3,2 miljardit krooni (203,6 miljonit eurot).
Kontserni 2008. aasta võrreldava perioodi müügitulu oli 3,0 miljardit krooni
(194,7 miljonit eurot), mis tegi esimese poolaasta kasvuks 5% võrreldes eelmise
aastaga. Teises kvartalis oli müügitulu 1,7 miljardit krooni (106,2 miljonit
eurot), mis oli samuti 5% kõrgem võrreldes möödunud aasta sama perioodiga. II
kvartalis saavutati kasumiks 13,9 miljonit krooni (0,9 miljonit eurot), kuue
kuuga jäi kontsern siiski 38,4 miljoni krooni (2,5 miljoni euro) suurusesse
kahjumisse. 2008. aasta võrreldavate perioodide kasumiga võrreldes jäi II
kvartalis kasum alla 55% ning poolaastas 139%, kus teeniti kasumit vastavalt
30,8 (2,0 miljonit eurot) ja 98,3 (6,3 miljonit eurot) miljonit krooni.
Tallinna Kaubamaja kontsernil, nagu kogu jaekaubandussektoril, on tulnud 2009.
aastal vastu võtta väljakutse käibemahtude olulise languse ning tohutu
hinnasurve näol. Samal ajal on opereeritavate pindade ning töötajate arvu
kasvuga kasvanud kontserni kulud. Eelmise aasta sama perioodiga võrreldes on
kasvanud 2008. aasta suurest investeeringute mahust põhjustatud põhivarade
amortisatsioon (lisandus 34,0 miljonit krooni, 2,2 miljonit eurot) ning
finantskulud (lisandus 14,4 miljonit krooni, 0,9 miljonit eurot).
Opereerimiskulude vähendamiseks on kontsern teinud kokkuleppeid partnerite ja
tarnijatega teenusehindade langetamise osas. Teise kvartali algusest saavutati
suuremates ärisegmentides kokkulepe kontoritöötajatega palga alandamiseks 10%
võrra. Müügimahtude vähenedes on loomuliku rotatsiooni ja osalise tööaja
kasutamisega reguleeritud müügipersonali arvu. Suletud on üks jalatsikauplus.
Kaubamajade ärisegmendi 2009. aasta esimese poolaasta müügitulu oli 586,2
miljonit krooni (37,5 miljonit eurot), vähenedes eelmise aasta sama perioodiga
võrreldes 20%. Kaubamajade kasum 2009. aasta esimesel poolaastal oli 0,3
miljonit krooni (0,02 miljonit eurot), jäädes aastatagusele tulemusele alla 62,4
miljonit krooni (4,0 miljonit eurot). Lisaks esimeses kvartalis toimunud
renoveerimistöödele ning jätkuvale majanduslangusele avaldasid kaubamajade
kasumile negatiivset mõju ka varasemad ning suuremad allahindlused võrreldes
möödunud aasta sama perioodiga. Alates teisest kvartalist on kasumit
positiivselt mõjutanud ettevõtte juhtkonna poolt esimeses kvartalis kulude
vähendamise osas kasutusele võetud meetmed. Esimesel poolaastal saavutati kõigi
personaliga seotud kulude 11%-line kokkuhoid võrreldes eelmisel aasta sama
perioodiga. Kokkulepped partneritega on võimaldanud haldus- ja logistikakulude
ning ka muude opereerimiskulude vähendamist.
Supermarketite ärisegmendi 2009. aasta esimese poolaasta konsolideeritud
müügitulu oli 2,35 miljardit krooni (149,9 miljonit eurot), mis on 21% enam kui
eelmise aasta samal perioodil. Selveri konsolideeritud müügitulu 2009. aasta
teises kvartalis oli 1,2 miljardit krooni (77,5 miljonit eurot), kasvades
võrrelduna eelmise aasta sama perioodiga 26%. Selveri Eesti-sisese netokäibe
osakaal toidukaupade spetsialiseerimata kaupluste jaemüügist oli 2009. aasta
esimesel poolaastal 17,3%, teises kvartalis oli vastav näitaja 17,1%. Eelmise
aasta võrreldavates perioodides oli Selveri osakaal antud sektoris vastavalt
14,1% ja 13,2%. Selveri konsolideeritud maksueelne puhaskahjum oli 2009. aasta
esimesel poolaastal 26,5 miljonit krooni (1,7 miljonit eurot), näidates 51,3
miljoni krooni (3,3 miljonit euro) suurust langust võrreldes 2008. aasta sama
perioodiga, kui maksueelseks puhaskasumiks oli 24,8 miljonit krooni (1,6
miljonit eurot). Selveri konsolideeritud maksueelne puhaskasum 2009. aasta
teises kvartalis oli 2,8 miljonit krooni (0,2 miljonit eurot). 2009. aasta
esimese poolaasta tulemusi mõjutasid peamiselt üleüldine majanduslangus, töötuse
kasv ja sissetulekute vähenemine ning sellega kaasnev tarbimise vähenemine.
Samuti uute kaupluste avamiseelsed kulutused ning Läti tütarettevõtte
käivitamisega seotud kulud. 2009. aasta esimesel poolaastal langes oluliselt
keskmine brutomarginaal eelmise aastaga võrreldes. Brutomarginaalile avaldasid
mõju tarbija ostukorvis kui ka Selveri turunduskampaaniates suurenenud
soodustoodete osakaal ning vähenenud nõudlus tööstuskaupade ja kõrgema
hinnaklassi toodete järele.
Kinnisvarade ärisegmendi 2009. aasta teise kvartali müügitulu oli 10,5 miljonit
krooni (0,7 miljonit eurot) ning võrreldes 2008. aasta teise kvartaliga suurenes
müügitulu 3%. Kogu esimese poolaasta müügitulu oli 21,8 miljonit krooni (1,4
miljonit eurot) kasvades 2008. aasta sama perioodiga võrreldes 7%, mil müügitulu
oli 20,5 miljonit krooni (1,3 miljonit eurot). Esimese poolaasta kasum ulatus
32,9 miljoni kroonini (2,1 miljoni euroni), sellest 16,9 miljonit krooni (1,1
miljonit eurot) teeniti teises kvartalis. Poolaasta kasum kasvas võrreldes
eelneva aasta sama perioodiga 2 korda, II kvartalis 64%. Kõik peamised
kululiigid kasvasid koos hallatava kinnisvaraportfelli suurenemisega, kuid
opereerimiskulude kasvu hoidmine tulude kasvust madalamal tõi kaasa puhaskasumi
suure kasvu.
Autokaubanduse ärisegmendi 2009. aasta 6 kuu müügitulu oli 147,6 miljonit krooni
(9,4 miljonit eurot). Kuue kuuga müüdi 671 uut sõidukit (sealhulgas teises
kvartalis 357 sõidukit), mis on 654 sõidukit vähem, kui aasta varem samal
perioodil. Autokaubanduse ärisegmendi esimese poolaasta kahjum oli 16,4 miljonit
krooni (1,0 miljonit eurot). Tulemi peamiseks põhjuseks on turul valitsev
olukord, mistõttu on ka automüügi marginaalid oluliselt vähenenud võrreldes
eelmise aastaga. KIA jätkas teises kvartalis agressiivset laovarude
realiseerimist, et viia autode laoseis vastavusse uue turuolukorraga. Aasta
algusest alates on autode laoseis vähenenud 85% ning poolaasta lõpuks oli laos 2
kuu müügivaru. Käesolevaks hetkeks on segmendi ettevõtetes viidud läbi
personalistruktuuri muudatused, mille tulemusena vastavad need hetke vajadustele
ja turu olukorrale, samuti on oluliselt vähendatud muid püsikulusid. Oluline
kokkuhoid tuleb ka laovarude hoiukuludest ja finantseerimisest.
Jalatsikaubanduse ärisegmendi konsolideeritud müügitulu 2009. aasta teises
kvartalis oli 45,1 miljonit krooni (2,9 miljonit eurot) ja esimesel poolaastal
kokku 85,4 miljonit krooni (5,5 miljonit eurot). Kahjum 2009. aasta teises
kvartalis oli 6,9 miljonit krooni (0,4 miljonit eurot). 2009. aasta esimese
poolaasta kahjum kokku oli 28,7 miljonit krooni (1,8 miljonit eurot).
Müügitulemusi jalatsikaubanduses mõjutas jaekaubanduse üldise madalseisu
jätkumine ja jätkuv majanduslik ebastabiilsus Baltimaades. Teise kvartali
müügitulemustele avaldas mõju ka oluliselt varasem allahindluste algus võrreldes
eelmiste aastatega.
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
tuhandetes kroonides/eurodes
--------------------------------------------------------------------------------
| | | 30.06.2009 | 31.12.2008 |
--------------------------------------------------------------------------------
| | Lis | EEK | EUR | EEK | EUR |
| | a | | | | |
--------------------------------------------------------------------------------
| VARAD | | | | | |
--------------------------------------------------------------------------------
| Käibevara | | | | | |
--------------------------------------------------------------------------------
| Raha ja pangakontod | 2 | 45 323 | 2 897 | 101 353 | 6 478 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | 3 | 64 343 | 4 112 | 96 538 | 6 170 |
--------------------------------------------------------------------------------
| Muud lühiajalised nõuded | 4 | 33 373 | 2 133 | 73 019 | 4 668 |
--------------------------------------------------------------------------------
| Maksude ettemaksed ja | 5 | 53 817 | 3 440 | 41 475 | 2 651 |
| tagasinõuded | | | | | |
--------------------------------------------------------------------------------
| Muud ettemaksed | 5 | 13 314 | 851 | 12 161 | 777 |
--------------------------------------------------------------------------------
| Varud | 6 | 714 264 | 45 649 | 781 304 | 49 933 |
--------------------------------------------------------------------------------
| Käibevara kokku | | 924 434 | 59 082 | 1 105 | 70 677 |
| | | | | 850 | |
--------------------------------------------------------------------------------
| Põhivara | | | | | |
--------------------------------------------------------------------------------
| Ettemaksed | 5 | 31 074 | 1 985 | 31 074 | 1 985 |
--------------------------------------------------------------------------------
| Investeeringud | 8 | 19 022 | 1 216 | 17 505 | 1 119 |
| sidusettevõtetesse | | | | | |
--------------------------------------------------------------------------------
| Muud pikaajalised nõuded | 9 | 3 801 | 243 | 3 801 | 243 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 10 | 3 051 | 195 028 | 2 998 | 191 612 |
| | | 532 | | 073 | |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 11 | 65 319 | 4 175 | 68 431 | 4 374 |
--------------------------------------------------------------------------------
| Firmaväärtus (goodwill) | 11 | 109 499 | 6 998 | 109 499 | 6 998 |
--------------------------------------------------------------------------------
| Põhivara kokku | | 3 280 | 209 645 | 3 228 | 206 331 |
| | | 247 | | 383 | |
--------------------------------------------------------------------------------
| VARAD KOKKU | | 4 204 | 268 727 | 4 334 | 277 008 |
| | | 681 | | 233 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | | | |
--------------------------------------------------------------------------------
| Intressi kandvad | 12 | 122 168 | 7 808 | 318 098 | 20 330 |
| võlakohustused | | | | | |
--------------------------------------------------------------------------------
| Saadud ettemaksed kaupade ja | 3 540 | 226 | 5 237 | 333 |
| teenuste eest | | | | |
--------------------------------------------------------------------------------
| Võlad tarnijatele | | 674 055 | 43 079 | 800 467 | 51 161 |
--------------------------------------------------------------------------------
| Maksukohustused | 14 | 51 163 | 3 270 | 76 460 | 4 887 |
--------------------------------------------------------------------------------
| Muud lühiajalised | 14 | 66 918 | 4 277 | 78 213 | 4 997 |
| kohustused | | | | | |
--------------------------------------------------------------------------------
| Eraldised | 14 | 1 715 | 110 | 3 534 | 226 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | 919 559 | 58 770 | 1 282 | 81 934 |
| kokku | | | | 009 | |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | | | |
--------------------------------------------------------------------------------
| Intressi kandvad | 12 | 1 502 | 96 055 | 1 215 | 77 679 |
| võlakohustused | | 933 | | 409 | |
--------------------------------------------------------------------------------
| Eraldised | 14 | 1 210 | 77 | 1 462 | 93 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | 1 504 | 96 132 | 1 216 | 77 772 |
| kokku | | 143 | | 871 | |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU | | 2 423 | 154 902 | 2 498 | 159 706 |
| | | 702 | | 880 | |
--------------------------------------------------------------------------------
| Omakapital | | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 15 | 407 292 | 26 031 | 407 292 | 26 031 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | 15 | 40 729 | 2 603 | 40 729 | 2 603 |
--------------------------------------------------------------------------------
| Põhivara ümberhindluse | | 673 004 | 43 012 | 682 028 | 43 590 |
| reserv | | | | | |
--------------------------------------------------------------------------------
| Jaotamata kasum | | 660 049 | 42 186 | 705 719 | 45 105 |
--------------------------------------------------------------------------------
| Konverteerimiserinevused | | -95 | -7 | -415 | -27 |
--------------------------------------------------------------------------------
| OMAKAPITAL KOKKU | | 1 780 | 113 825 | 1 835 | 117 302 |
| | | 979 | | 353 | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | 4 204 | 268 727 | 4 334 | 277 008 |
| KOKKU | | 681 | | 233 | |
--------------------------------------------------------------------------------
KONSOLIDEERITUD KOONDKASUMIARUANNE
tuhandestes kroonides/eurodes, 6 kuu kohta
--------------------------------------------------------------------------------
| | | 6 kuud 2009 | 6 kuud 2008 |
--------------------------------------------------------------------------------
| | Lis | EEK | EUR | EEK | EUR |
| | a | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müügitulu | 16, | 3 185 | 203 622 | 3 046 163 | 194 685 |
| | 22 | 997 | | | |
--------------------------------------------------------------------------------
| Muud tulud | 17 | 89 255 | 5 704 | 75 937 | 4 853 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müüdud kaupade kulu | 6 | -2 500 | -159 825 | -2 302 141 | -147 |
| | | 712 | | | 134 |
--------------------------------------------------------------------------------
| Muud tegevuskulud | 18 | -371 | -23 724 | -327 903 | -20 957 |
| | | 201 | | | |
--------------------------------------------------------------------------------
| Tööjõukulud | 19 | -323 | -20 678 | -300 240 | -19 189 |
| | | 547 | | | |
--------------------------------------------------------------------------------
| Põhivara kulum ja | | -94 | -6 069 | -61 001 | -3 899 |
| väärtuse langus | | 956 | | | |
--------------------------------------------------------------------------------
| Muud kulud | | -4 822 | -308 | -6 847 | -438 |
--------------------------------------------------------------------------------
| Ärikasum | | -19 | -1 278 | 123 968 | 7 921 |
| | | 986 | | | |
--------------------------------------------------------------------------------
| Finantskulud | 20 | -22 | -1 469 | -10 221 | -653 |
| | | 987 | | | |
--------------------------------------------------------------------------------
| Finantstulud | 20 | 3 054 | 195 | 4 608 | 295 |
--------------------------------------------------------------------------------
| Finantstulud | | 1 517 | 97 | 1 553 | 99 |
| sidusettevõtjate | | | | | |
| aktsiatelt | | | | | |
--------------------------------------------------------------------------------
| Finantskirjed kokku | | -18 | -1 177 | -4 060 | -259 |
| | | 416 | | | |
--------------------------------------------------------------------------------
| Kasum/kahjum enne | | -38 | -2 455 | 119 908 | 7 662 |
| tulumaksustamist | | 402 | | | |
--------------------------------------------------------------------------------
| Tulumaks | | 0 | 0 | -21 653 | -1 383 |
--------------------------------------------------------------------------------
| Aruandeperioodi muu | | -38 | -2 455 | 98 255 | 6 279 |
| koondkasum/kahjum | | 402 | | | |
--------------------------------------------------------------------------------
| Valuutakursi vahed | | 320 | 20 | 168 | 11 |
| välisettevõtete | | | | | |
| ümberarvestusel | | | | | |
--------------------------------------------------------------------------------
| ARUANDEPERIOODI | | -38 | -2 435 | 98 423 | 6 290 |
| KOONDKASUM/KAHJUM | | 082 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Põhi- ja lahjendatud | | | | | |
| puhaskasum aktsia kohta | | | | | |
--------------------------------------------------------------------------------
| (EEK/EUR) | 21 | -0,94 | -0,06 | 2,41 | 0,15 |
--------------------------------------------------------------------------------
KONSOLIDEERITUD KOONDKASUMIARUANNE
tuhandestes kroonides/eurodes, II kvartali kohta
--------------------------------------------------------------------------------
| | | II kvartal 2009 | II kvartal 2008 |
--------------------------------------------------------------------------------
| | Lis | EEK | EUR | EEK | EUR |
| | a | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müügitulu | 16, | 1 661 | 106 182 | 1 575 887 | 100 718 |
| | 22 | 394 | | | |
--------------------------------------------------------------------------------
| Muud tulud | 17 | 51 301 | 3 279 | 42 629 | 2 724 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müüdud kaupade kulu | 6 | -1 293 | -82 683 | -1 187 770 | -75 912 |
| | | 709 | | | |
--------------------------------------------------------------------------------
| Muud tegevuskulud | 18 | -184 | -11 793 | -176 928 | -11 308 |
| | | 517 | | | |
--------------------------------------------------------------------------------
| Tööjõukulud | 19 | -159 | -10 185 | -164 384 | -10 506 |
| | | 355 | | | |
--------------------------------------------------------------------------------
| Põhivara kulum ja | | -48 | -3 103 | -32 088 | -2 051 |
| väärtuse langus | | 554 | | | |
--------------------------------------------------------------------------------
| Muud kulud | | -2 526 | -161 | -3 822 | -244 |
--------------------------------------------------------------------------------
| Ärikasum | | 24 034 | 1 536 | 53 524 | 3 421 |
--------------------------------------------------------------------------------
| Finantskulud | 20 | -12 | -820 | -4 611 | -295 |
| | | 827 | | | |
--------------------------------------------------------------------------------
| Finantstulud | 20 | 1 974 | 126 | 2 757 | 176 |
--------------------------------------------------------------------------------
| Finantstulud | | 692 | 44 | 735 | 47 |
| sidusettevõtjate | | | | | |
| aktsiatelt | | | | | |
--------------------------------------------------------------------------------
| Finantskirjed kokku | | -10 | -650 | -1 119 | -72 |
| | | 161 | | | |
--------------------------------------------------------------------------------
| Kasum enne | | 13 873 | 886 | 52 405 | 3 349 |
| tulumaksustamist | | | | | |
--------------------------------------------------------------------------------
| Tulumaks | | 0 | 0 | -21 653 | -1 384 |
--------------------------------------------------------------------------------
| Aruandeperioodi muu | | 13 873 | 886 | 30 752 | 1 965 |
| koondkasum | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi vahed | | -3 | 0 | 23 | 1 |
| välisettevõtete | | | | | |
| ümberarvestusel | | | | | |
--------------------------------------------------------------------------------
| ARUANDEPERIOODI | | 13 870 | 886 | 30 775 | 1 966 |
| KOONDKASUM | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Põhi-ja lahjendatud | | | | | |
| puhaskasum aktsia kohta | | | | | |
--------------------------------------------------------------------------------
| (EEK/EUR) | 21 | 0,34 | 0,02 | 0,76 | 0,05 |
--------------------------------------------------------------------------------
Raul Puusepp
Juhatuse esimees
Tel 731 5000
Pealkiri
UNAUDITED CONSOLIDATED INTERIM ACCOUNTS FOR SIX MONTHS OF 2009
Teade
In the first half-year of 2009, the consolidated non-audited sales revenue of
Tallinna Kaubamaja Group amounted to 3.2 billion kroons (203.6 million euros).
The sales revenue of the group in the same period of 2008 was 3.0 billion kroons
(194.7 million euros), that made the semi-annual growth in the turnover by 5%.
In the second quarter the sales revenue amounted to 1.7 billion kroons (106.2
million euros), that was also 5% higher compared with the same period of the
previous year. In the second quarter, the Group earned a profit of 13.9 million
kroons (0.9 million euros), whereas in the six months' perspective it incurred a
loss of 38.4 million kroons (2.5 million euros). Compared to the profit of the
respective periods of 2008, the profit was below 55% in the second quarter and
139% in the half-year that yielded a profit of 30.8 (2.0 million euros) and 98.3
(6.3 million euros) million kroons respectively.
In 2009, Tallinna Kaubamaja Group, like the whole retail sector, has faced the
challenge of operating with a substantially reduced turnover and under enormous
price pressure. At the same time, the expenditure of the Group has increased due
to the expansion of the operable premises and growth in the number of employees.
Large investments in 2008 caused the increase of the depreciation of the fixed
assets (34. million kroons, 2.2 million euros added) and financial expenses
(14.4 million kroons, 0.9 million euros) compared to the same period of the
previous year. The Group has agreed with partners and suppliers for more
favourable service prices in order to reduce operating expenses. In larger
business segments, the Group managed to agree upon a wage reduction of 10% for
the office employees since the beginning of the second quarter. As a result of
the dropped sales volumes, the size of the sales personnel has been regulated by
way of natural rotation and part-time work. One footwear store has been closed.
In the first half-year of 2009, the sales revenue of the business segment of
department stores was 586.2 million kroons (37.5 million euros), i.e. 20% less
than in the same period of the previous year. The profit of department stores in
the first half-year of 2009 totalled to 0.3 million kroons (0.02 million euros),
falling short of the respective figure of the previous year by 62.4 million
kroons (4.0 million euros). Aside from the renovations performed in the first
quarter and the ongoing economic crisis, the profit of department stores was
adversely affected also by discounts that were more substantial and offered
earlier in the season compared to the same period of the past year. Since the
second quarter, the cost saving measures adopted by the management of the
company in the first quarter have contributed to the profit. In the first
half-year, the department stores managed to attain a saving of 11% on all
personnel related expenses relative to the same period of the previous year.
Agreements with partners have enabled to reduce the administrative and logistics
expenses as well as other operating expenses.
In the first half-year of 2009, the consolidated sales revenue of the business
segments of supermarkets amounted to 2.35 billion kroons (149.9 million euros)
that exceeded the indicator of the previous year by 21%. Selver's consolidated
sales revenue in the second quarter of 2009 was 1.2 billion kroons (77.5 million
euros), exhibiting a growth of 26% compared to the same period of the previous
year. The proportion of Selver's Estonian-based net turnover in the retail sales
of non-specialised food stores was 17.3% in the first half-year of 2009 and
17.1% in the second quarter. In the same periods of the previous year, Selver's
proportion in the aforementioned sector constituted 14.1% and 13.2%
respectively. In the first half-year of 2009, Selver's pre-tax net loss amounted
to 26.5 million kroons (1.7 million euros), indicating a loss of 51.3 million
kroons (3.3 million euros) compared to the same period of 2008 when the pre-tax
net profit was 24.8 million kroons (1.6 million euros). Selver's consolidated
pre-tax net profit in the second quarter of 2009 was 2.8 million kroons (0.2
million euros). The results of the first half-year of 2009 were impacted
primarily by the overall economic recession, increase of unemployment rates and
decrease of incomes, leading to a decline in consumption. The pre-opening costs
of new stores and the costs related to the launch of the subsidiary in Latvia
also had their effect on the aforementioned results. In the first half-year of
2009, the average gross margin dropped substantially compared to the previous
year. The gross margin was influenced by the increased proportion of marked-down
products in the consumer basket as well as Selver's marketing campaigns, and a
lower demand for industrial products and high-priced products.
In the second quarter of 2009, the sales revenue of the real estate segment was
10.5 million kroons (0.7 million euros) that was 3% larger than the sales
revenue in the second quarter of 2008. The sales revenue of the first half-year
totalled to 21.8 million kroons (1.4 million euros), growing by 7% compared to
the same period of the previous year when the sales revenue was 20.5 million
kroons (1.3 million euros). The profit of the first half-year of 2009 amounted
to 32.9 million kroons (2.1 million euros) of which 16.9 million kroons (1.1
million euros) was earned in the second quarter. The semi-annual profit grew
twice compared to the same period of the previous year, reaching 64% in the
second quarter. All main cost categories grew in line with the increase of the
administered real estate portfolio, yet the retention of the operating costs
below the growth of revenue led to a substantial growth of the net profit.
The sales revenue of the car trade segment for the 6 months of 2009 was 147.6
million kroons (9.4 million euros). Over the six months, 671 new vehicles were
sold (including 357 vehicles in the second quarter), that is 654 vehicles less
than in the same period of the previous year. In the first half-year of 2009,
the loss of the car trade segment amounted to 16.4 million kroons (1.0 million
euros). The main reason of the low performance was the market situation that has
also led to a considerable decrease of the car sales margins compared to the
previous year. In the second quarter KIA continued the aggressive realisation
process of the inventories to bring the inventory of cars into conformity with
the new market situation. From the beginning of the year, the inventory of cars
has diminished by 85% and at the end of the half-year the inventory consisted of
a two month sales reserve. By now, the companies of the segment have overhauled
the personnel structure to match it to the current requirements and market
situation, and substantially cut down on other fixed costs. A major saving is
attained by reducing inventory storage costs and financing.
The consolidated sales revenue of the footwear trade segment was 45.1 million
kroons (2.9 million euros) in the second quarter of 2009 and totalled to 85.4
million kroons (5.5 million euros) in the first half-year. The loss for the
second quarter of 2009 amounted to 6.9 million kroons (0.4 million euros). The
loss for the first half-year of 2009 was a total of 28.7 million kroons (1.8
million euros). The sales results of the footwear trade were affected by the
overall recession of retail trade and the continuing financial instability in
the Baltic States. The sales results of the second quarter were influenced also
by the discounts that started considerably earlier in the season compared to the
previous years.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
thousand kroons/euros
--------------------------------------------------------------------------------
| | | 30 June 2009 | 31 December 2008 |
--------------------------------------------------------------------------------
| | Note | EEK | EUR | EEK | EUR |
--------------------------------------------------------------------------------
| ASSETS | | | | | |
--------------------------------------------------------------------------------
| Current assets | | | | | |
--------------------------------------------------------------------------------
| Cash at bank and in hand | 2 | 45,323 | 2,897 | 101,353 | 6,478 |
--------------------------------------------------------------------------------
| Trade receivables | 3 | 64,343 | 4,112 | 96,538 | 6,170 |
--------------------------------------------------------------------------------
| Other receivables | 4 | 33,373 | 2,133 | 73,019 | 4,668 |
--------------------------------------------------------------------------------
| Prepaid and refundable | 5 | 53,817 | 3,440 | 41,475 | 2,651 |
| taxes | | | | | |
--------------------------------------------------------------------------------
| Prepaid expenses | 5 | 13,314 | 851 | 12,161 | 777 |
--------------------------------------------------------------------------------
| Inventories | 6 | 714,264 | 45,649 | 781,304 | 49,933 |
--------------------------------------------------------------------------------
| Total current assets | | 924,434 | 59,082 | 1,105,85 | 70,677 |
| | | | | 0 | |
--------------------------------------------------------------------------------
| Fixed assets | | | | | |
--------------------------------------------------------------------------------
| Prepaid expenses | 5 | 31,074 | 1,985 | 31,074 | 1,985 |
--------------------------------------------------------------------------------
| Shares in affiliated | 8 | 19,022 | 1,216 | 17,505 | 1,119 |
| companies | | | | | |
--------------------------------------------------------------------------------
| Other long-term | 9 | 3,801 | 243 | 3,801 | 243 |
| receivables | | | | | |
--------------------------------------------------------------------------------
| Tangible fixed assets | 10 | 3,051,53 | 195,028 | 2,998,07 | 191,612 |
| | | 2 | | 3 | |
--------------------------------------------------------------------------------
| Intangible fixed assets | 11 | 65,319 | 4,175 | 68,431 | 4,374 |
--------------------------------------------------------------------------------
| Goodwill | 11 | 109,499 | 6,998 | 109,499 | 6,998 |
--------------------------------------------------------------------------------
| Total fixed assets | | 3,280,24 | 209,645 | 3,228,38 | 206,331 |
| | | 7 | | 3 | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 4,204,68 | 268,727 | 4,334,23 | 277,008 |
| | | 1 | | 3 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND OWNERS' | | | | | |
| EQUITY | | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | | |
--------------------------------------------------------------------------------
| Interest bearing loans | 12 | 122,168 | 7,808 | 318,098 | 20,330 |
| and borrowings | | | | | |
--------------------------------------------------------------------------------
| Prepayments received for goods | 3,540 | 226 | 5,237 | 333 |
| and services | | | | |
--------------------------------------------------------------------------------
| Accounts payable | | 674,055 | 43,079 | 800,467 | 51,161 |
--------------------------------------------------------------------------------
| Taxes payable | 14 | 51,163 | 3,270 | 76,460 | 4,887 |
--------------------------------------------------------------------------------
| Other short-term | 14 | 66,918 | 4,277 | 78,213 | 4,997 |
| liabilities | | | | | |
--------------------------------------------------------------------------------
| Provisions | 14 | 1,715 | 110 | 3,534 | 226 |
--------------------------------------------------------------------------------
| Total current | | 919,559 | 58,770 | 1,282,00 | 81,934 |
| liabilities | | | | 9 | |
--------------------------------------------------------------------------------
| Long-term liabilities | | | | | |
--------------------------------------------------------------------------------
| Interest bearing loans | 12 | 1,502,93 | 96,055 | 1,215,40 | 77,679 |
| and borrowings | | 3 | | 9 | |
--------------------------------------------------------------------------------
| Provisions | 14 | 1,210 | 77 | 1,462 | 93 |
--------------------------------------------------------------------------------
| Total long-term | | 1,504,14 | 96,132 | 1,216,87 | 77,772 |
| liabilities | | 3 | | 1 | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | | 2,423,70 | 154,902 | 2,498,88 | 159,706 |
| | | 2 | | 0 | |
--------------------------------------------------------------------------------
| Owners' equity | | | | | |
--------------------------------------------------------------------------------
| Share capital | 15 | 407,292 | 26,031 | 407,292 | 26,031 |
--------------------------------------------------------------------------------
| Mandatory reserve | 15 | 40,729 | 2,603 | 40,729 | 2,603 |
--------------------------------------------------------------------------------
| Revaluation reserve | | 673,004 | 43,012 | 682,028 | 43,590 |
--------------------------------------------------------------------------------
| Retained earnings | | 660,049 | 42,186 | 705,719 | 45,105 |
--------------------------------------------------------------------------------
| Foreign currency | | -95 | -7 | -415 | -27 |
| translation | | | | | |
--------------------------------------------------------------------------------
| TOTAL OWNER`S EQUITY | | 1,780,97 | 113,825 | 1,835,35 | 117,302 |
| | | 9 | | 3 | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | | 4,204,68 | 268,727 | 4,334,23 | 277,008 |
| OWNER`S EQUITY | | 1 | | 3 | |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
thousand kroons/euros
--------------------------------------------------------------------------------
| | | 6 months 2009 | 6 months 2008 |
--------------------------------------------------------------------------------
| | Not | EEK | EUR | EEK | EUR |
| | e | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 16, | 3,185,9 | 203,622 | 3,046,1 | 194,685 |
| | 22 | 97 | | 63 | |
--------------------------------------------------------------------------------
| Other income | 17 | 89,255 | 5,704 | 75,937 | 4,853 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and consumables | 6 | -2,500, | -159,825 | -2,302, | -147,13 |
| used | | 712 | | 141 | 4 |
--------------------------------------------------------------------------------
| Other operating expenses | 18 | -371,20 | -23,724 | -327,90 | -20,957 |
| | | 1 | | 3 | |
--------------------------------------------------------------------------------
| Personnel expenses | 19 | -323,54 | -20,678 | -300,24 | -19,189 |
| | | 7 | | 0 | |
--------------------------------------------------------------------------------
| Depreciation, amortisation | | -94,956 | -6,069 | -61,001 | -3,899 |
| and impairments | | | | | |
--------------------------------------------------------------------------------
| Other expenses | | -4,822 | -308 | -6,847 | -438 |
--------------------------------------------------------------------------------
| Operating profit | | -19,986 | -1,278 | 123,968 | 7,921 |
--------------------------------------------------------------------------------
| Financial expenses | 20 | -22,987 | -1,469 | -10,221 | -653 |
--------------------------------------------------------------------------------
| Financial income | 20 | 3,054 | 195 | 4,608 | 295 |
--------------------------------------------------------------------------------
| Financial income from | | 1,517 | 97 | 1,553 | 99 |
| shares of associated | | | | | |
| companies | | | | | |
--------------------------------------------------------------------------------
| Total net financial items | | -18,416 | -1,177 | -4,060 | -259 |
--------------------------------------------------------------------------------
| Profit before income tax | | -38,402 | -2,455 | 119,908 | 7,662 |
--------------------------------------------------------------------------------
| Income tax | | 0 | 0 | -21,653 | -1,383 |
--------------------------------------------------------------------------------
| Other comprehensive income | | -38,402 | -2,455 | 98,255 | 6,279 |
--------------------------------------------------------------------------------
| Exchange differences on | | 320 | 20 | 168 | 11 |
| translating foreign | | | | | |
| operations | | | | | |
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME | | -38,082 | -2,435 | 98,423 | 6,290 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic and diluted earnings | | | | | |
| per share | | | | | |
--------------------------------------------------------------------------------
| (EEK/EUR) | 21 | -0.94 | -0.06 | 2.41 | 0.15 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
thousand kroons/euros
--------------------------------------------------------------------------------
| | | 2nd quarter 2009 | 2nd quarter 2008 |
--------------------------------------------------------------------------------
| | Not | EEK | EUR | EEK | EUR |
| | e | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 16, | 1,661,3 | 106,182 | 1,575,8 | 100,718 |
| | 22 | 94 | | 87 | |
--------------------------------------------------------------------------------
| Other income | 17 | 51,301 | 3,279 | 42,629 | 2,724 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and consumables | 6 | -1,293, | -82,683 | -1,187, | -75,912 |
| used | | 709 | | 770 | |
--------------------------------------------------------------------------------
| Other operating expenses | 18 | -184,51 | -11,793 | -176,92 | -11,308 |
| | | 7 | | 8 | |
--------------------------------------------------------------------------------
| Personnel expenses | 19 | -159,35 | -10,185 | -164,38 | -10,506 |
| | | 5 | | 4 | |
--------------------------------------------------------------------------------
| Depreciation, amortisation | | -48,554 | -3,103 | -32,088 | -2,051 |
| and impairments | | | | | |
--------------------------------------------------------------------------------
| Other expenses | | -2,526 | -161 | -3,822 | -244 |
--------------------------------------------------------------------------------
| Operating profit | | 24,034 | 1,536 | 53,524 | 3,421 |
--------------------------------------------------------------------------------
| Financial expenses | 20 | -12,827 | -820 | -4,611 | -295 |
--------------------------------------------------------------------------------
| Financial income | 20 | 1,974 | 126 | 2,757 | 176 |
--------------------------------------------------------------------------------
| Financial income from | | 692 | 44 | 735 | 47 |
| shares of associated | | | | | |
| companies | | | | | |
--------------------------------------------------------------------------------
| Total net financial items | | -10,161 | -650 | -1,119 | -72 |
--------------------------------------------------------------------------------
| Profit before income tax | | 13,873 | 886 | 52,405 | 3,349 |
--------------------------------------------------------------------------------
| Income tax | | 0 | 0 | -21,653 | -1,384 |
--------------------------------------------------------------------------------
| Other comprehensive income | | 13,873 | 886 | 30,752 | 1,965 |
--------------------------------------------------------------------------------
| Exchange differences on | | -3 | 0 | 23 | 1 |
| translating foreign | | | | | |
| operations | | | | | |
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME | | 13,870 | 886 | 30,775 | 1,966 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic and diluted earnings | | | | | |
| per share | | | | | |
--------------------------------------------------------------------------------
| (EEK/EUR) | 21 | 0.34 | 0.02 | 0.76 | 0.05 |
--------------------------------------------------------------------------------
Raul Puusepp
Chairman of the Board
Phone +372 731 5000