Börsiteade
TKM Grupp AS
Kategooria
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Manused
Kuupäev
26.11.2009 16:30:00
Pealkiri
2009. AASTA 9 KUU AUDITEERIMATA MAJANDUSTULEMUSED
Teade
Tallinna Kaubamaja kontserni 2009. aasta üheksa kuu konsolideeritud
auditeerimata müügitulu oli 4,8 miljardit krooni (304,0 miljonit eurot).
Kontserni 2008. aasta võrreldava perioodi müügitulu oli 4,7 miljardit krooni
(301,4 miljonit eurot), mis tegi võrdluses eelmise aastaga üheksa kuu kasvuks
1%. Kolmanda kvartali müügitulu oli 1,6 miljardit krooni (100,4 miljonit eurot),
mis oli 7% madalam 2008. aasta sama perioodi müügitulust. III kvartalis
saavutati kasumiks 15,4 miljonit krooni (1,0 miljonit eurot), üheksa kuuga jäi
kontsern siiski 23,0 miljoni krooni (1,5 miljoni euro) suurusesse kahjumisse.
2008. aasta samade perioodide kasumiga võrreldes jäi III kvartalis kasum alla
70% ning üheksa kuuga 115%.
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 üheksa kuuga võrreldes on
kasvanud 2008. aasta suurest investeeringute mahust põhjustatud põhivarade
amortisatsioon (lisandus 43,6 miljonit krooni, 2,8 miljonit eurot) ning
finantskulud (lisandus 8,1 miljonit krooni, 0,5 miljonit eurot). III kvartalis
vähenes finantskulude maht võrreldes eelmise aasta sama perioodiga 38% EURIBORi
languse tõttu. 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
ebarentaableid või perspektiivitutes asukohtades asuvaid jalatsikauplusi.
Oktoobris otsustas Tallinna Kaubamaja kehva majandusolukorra tõttu Lätis peatada
Läti Selverite tegevuse. Tallinna Kaubamaja teiste ärisegmentide tegevused Lätis
on väiksemahulised ning pikema tegevusaja jooksul suutnud saavutada stabiilsuse.
Kontserni 2009. aasta põhiülesandeks on olemasolevate ärisegmentide
efektiivsemaks muutmine.
Kaubamajade ärisegmendi 2009. aasta 9 kuu müügitulu oli 852,8 miljonit krooni
(54,5 miljonit eurot), vähenedes eelmise aasta sama perioodiga võrreldes 22%.
Sellest kolmandas kvartalis oli müügitulu 266,6 miljonit krooni (17,0 miljonit
eurot), mis oli eelmise aasta sama perioodiga võrreldes väiksem 27%.
Statistikaameti andmetel langes kaubamajadega võrreldavate
jaekaubandusettevõtete käive kolmandas kvartalis 33% ja kokku 9 kuuga 27%.
Kaubamajade 2009. aasta 9 kuu tegevuse tulemuseks kujunes 6,1 miljoni kroonine
kahjum (0,4 miljonit eurot), jäädes aastatagusele tulemusele alla 92,0 miljonit
krooni (5,9 miljonit eurot). Lisaks esimeses kvartalis toimunud
renoveerimistöödele ning eelmise aastaga võrreldes suurematele allahindlustele
teises kvartalis avaldasid kaubamajade kasumile kolmandas kvartalis negatiivset
mõju osalised renoveerimistööd Tallinna Naistemaailmas. Alates teisest
kvartalist on kasumit positiivselt mõjutanud ettevõtte juhtkonna poolt esimeses
kvartalis kulude vähendamise osas kasutusele võetud meetmed. 2009. aasta 9 kuuga
on saavutatud kõigi personaliga seotud kulude osas 14,5%-line kokkuhoid
võrreldes eelmisel aasta sama perioodiga. Kokkulepped partneritega on
võimaldanud haldus- ja logistikakulude ning ka muude opereerimiskulude
vähendamist.
Supermarketite ärisegmendi 2009. aasta esimese üheksa kuu konsolideeritud
netokäive oli 3,6 miljardit krooni (227,2 miljonit eurot), mis on 17% enam kui
eelmise aasta samal perioodil. Selveri konsolideeritud netokäive 2009. aasta
kolmandas kvartalis oli 1,2 miljardit krooni (77,3 miljonit eurot), kasvades
võrrelduna eelmise aasta sama perioodiga 9%. Selveri Eesti-sisese netokäibe
osakaal toidukaupade spetsialiseerimata kaupluste jaemüügist oli 2009. aasta
esimesel üheksal kuul 17,5%, kolmandas kvartalis oli vastav näitaja 17,9%.
Eelmise aasta võrreldavates perioodides oli Selveri osakaal antud sektoris
vastavalt 15,2% ja 15,4%. Supermarketite segmendi konsolideeritud maksueelne
kahjum oli 2009. aasta esimese üheksa kuuga 8,6 miljonit krooni (0,6 miljonit
eurot), näidates 82,4 miljoni krooni (5,3 miljonit euro) suurust langust
võrreldes 2008. aasta sama perioodiga, kui maksueelseks kasumiks oli 73,7
miljonit krooni (4,7 miljonit eurot). Konsolideeritud maksueelne kasum 2009.
aasta kolmandas kvartalis oli 17,8 miljonit krooni (1,1 miljonit eurot),
kahanedes võrrelduna eelmise aasta sama perioodiga 9,4 miljonit krooni (0,6
miljonit eurot). 2009. aasta esimese üheksa kuu tulemusi mõjutasid üleüldine
majanduslangus nii Eestis kui Lätis, töötuse kasv ning sissetulekute
vähenemisest tingitud tarbimise vähenemine. Lisaks keskmise ostukorvi langus nii
hinna languse kui odavamate asendustoodete arvelt. Samuti avaldasid mõju uute
kaupluste avamiseelsed kulutused ning Läti tütarettevõtte käivitamisega seotud
kulud. Kõik Läti tütarettevõtte kauplused on kavas sulgeda ning Läti
tütarettevõtte tegevus külmutada. Kasumile on positiivselt mõjunud tegevuskulude
vähendamine. Sõlmitud on uued kokkulepped mitmete püsikulude vähendamiseks,
alandatud on töötajate põhipalkasid, koosseisud on optimeeritud lähtuvalt
majandusolukorrast.
Kinnisvarade ärisegmendi 2009. aasta üheksa kuu müügitulu oli 32,3 miljonit
krooni (2,1 miljonit eurot) ning võrreldes 2008. aasta üheksa kuuga kasvas
müügitulu 7%. Kolmandas kvartalis oli müügituli 10,5 miljonit krooni (0,7
miljonit eurot) kasvades 2008. aasta sama perioodiga võrreldes 7%, mil müügitulu
oli 10,0 miljonit krooni (0,6 miljonit eurot). Esimese üheksa kuu kasum ulatus
54,1 miljoni kroonini (3,5 miljoni euroni), sellest 21,2 miljonit krooni (1,4
miljonit eurot) teeniti kolmandas kvartalis. Üheksa kuu kasum kasvas võrreldes
eelneva aasta sama perioodiga üle 2 korra, III kvartalis aga lausa üle 3 korra.
Kõik peamised kululiigid kasvasid koos hallatava kinnisvaraportfelli
suurenemisega, kuid opereerimiskulude kasvu hoidmine tulude kasvust madalamal
tõi kaasa puhaskasumi suure kasvu.
Autokaubanduse ärisegmendi 2009. aasta esimese üheksa kuu müügitulu ilma
segmentide vaheliste tehinguteta oli 178,8 miljonit krooni (11,4 miljonit
eurot), olles 59% väiksem eelmise aasta sama perioodi tuludest. Esimesel 9 kuul
müüdi kokku 776 autot. 2008. aasta sama perioodi müügitulu 1 719 auto müügist
oli 437,0 miljonit krooni (27,9 miljonit eurot). 2009. aasta III kvartali
müügitulu oli 31,2 miljonit krooni (2,0 miljonit eurot) ning kokku müüdi 105 uut
sõidukit. 2008. aasta sama perioodi müügitulu oli 121,6 miljonit krooni (7,8
miljonit eurot). III kvartalis toimus sarnaselt eelnevate kvartalitega suur
autoturu langus. Autokaubanduse peamiseks märksõnaks siseturul oli laovarude
realiseerimine ebanormaalselt suurte allahindlustega. Autokaubanduse ärisegmendi
esimese üheksa kuu kahjum oli 18,3 miljonit krooni (1,2 miljonit eurot), millest
1,9 miljonit (0,1 miljonit eurot) kahjumit teeniti kolmandas kvartalis. III
kvartalis kahjum vähenes võrreldes II kvartaliga 82% (kahjum II kvartalis oli
10,3 miljonit krooni, 0,7 miljonit eurot). Parem tulemus on tingitud eelkõige
agressiivsetest kulude kärbetest ja laovarude normaliseerumisest. Samuti on
paranenud autolao ajaline seis, mis on andnud võimaluse müüa kaupa oluliselt
väiksemate allhindlustega kui eelneval perioodil.
Jalatsikaubanduse 2009. aasta 9 kuu müügitulu kokku oli 136,1 miljonit krooni
(8,7 miljonit eurot), III kvartalis oli käive 50,8 miljonit krooni (3,2 miljonit
eurot), vähenedes võrreldes 2008. aasta sama perioodiga 35%. III kvartali
kahjumiks kujunes 11,0 miljonit krooni (0,7 miljonit eurot), millest Läti
ettevõtete kahjum moodustab 2,7 miljonit krooni (0,2 miljonit eurot). 2008.
aasta III kvartalis oli jalatsikaubanduse kahjum kokku 5,3 miljonit krooni (0,3
miljonit eurot). 2009. aasta kolme esimese kvartali kahjum kokku oli 39,8
miljonit krooni (2,5 miljonit eurot), s.h. Läti ettevõtete kahjum 9,3 miljonit
krooni (0,6 miljonit eurot). Kahjumi peamisteks põhjusteks on vähenenud
müügitulu, ebarentaablite kaupluste sulgemisega seotud kulud ja suvised jõulised
allahindlused vanade varude realiseerimiseks.
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
tuhandetes kroonides/eurodes
--------------------------------------------------------------------------------
| | 30.09.2009 | 31.12.2008 |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR |
--------------------------------------------------------------------------------
| VARAD | | | | |
--------------------------------------------------------------------------------
| Käibevara | | | | |
--------------------------------------------------------------------------------
| Raha ja pangakontod | 56 355 | 3 602 | 101 353 | 6 478 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | 70 787 | 4 524 | 96 538 | 6 170 |
--------------------------------------------------------------------------------
| Muud lühiajalised nõuded | 41 764 | 2 669 | 73 019 | 4 668 |
--------------------------------------------------------------------------------
| Maksude ettemaksed ja | 20 669 | 1 321 | 41 475 | 2 651 |
| tagasinõuded | | | | |
--------------------------------------------------------------------------------
| Muud ettemaksed | 6 409 | 410 | 12 161 | 777 |
--------------------------------------------------------------------------------
| Varud | 726 458 | 46 429 | 781 304 | 49 933 |
--------------------------------------------------------------------------------
| Käibevara kokku | 922 442 | 58 955 | 1 105 850 | 70 677 |
--------------------------------------------------------------------------------
| Põhivara | | | | |
--------------------------------------------------------------------------------
| Ettemaksed | 31 074 | 1 985 | 31 074 | 1 985 |
--------------------------------------------------------------------------------
| Investeeringud | 19 577 | 1 251 | 17 505 | 1 119 |
| sidusettevõtetesse | | | | |
--------------------------------------------------------------------------------
| Muud pikaajalised nõuded | 3 801 | 243 | 3 801 | 243 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 3 014 | 192 681 | 2 998 073 | 191 612 |
| | 792 | | | |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 63 697 | 4 071 | 68 431 | 4 374 |
--------------------------------------------------------------------------------
| Firmaväärtus (goodwill) | 109 499 | 6 998 | 109 499 | 6 998 |
--------------------------------------------------------------------------------
| Põhivara kokku | 3 242 | 207 229 | 3 228 383 | 206 331 |
| | 440 | | | |
--------------------------------------------------------------------------------
| VARAD KOKKU | 4 164 | 266 184 | 4 334 233 | 277 008 |
| | 882 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Intressi kandvad | 55 298 | 3 534 | 318 098 | 20 330 |
| võlakohustused | | | | |
--------------------------------------------------------------------------------
| Saadud ettemaksed kaupade ja | 4 407 | 282 | 5 237 | 333 |
| teenuste eest | | | | |
--------------------------------------------------------------------------------
| Võlad tarnijatele | 692 240 | 44 240 | 800 467 | 51 161 |
--------------------------------------------------------------------------------
| Maksukohustused | 41 784 | 2 670 | 76 460 | 4 887 |
--------------------------------------------------------------------------------
| Muud lühiajalised kohustused | 67 991 | 4 345 | 78 213 | 4 997 |
--------------------------------------------------------------------------------
| Eraldised | 2 148 | 137 | 3 534 | 226 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | 863 868 | 55 208 | 1 282 009 | 81 934 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Intressi kandvad | 1 503 | 96 092 | 1 215 409 | 77 679 |
| võlakohustused | 510 | | | |
--------------------------------------------------------------------------------
| Eraldised | 1 153 | 74 | 1 462 | 93 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | 1 504 | 96 166 | 1 216 871 | 77 772 |
| | 663 | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU | 2 368 | 151 374 | 2 498 880 | 159 706 |
| | 531 | | | |
--------------------------------------------------------------------------------
| Omakapital | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 407 292 | 26 031 | 407 292 | 26 031 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | 40 729 | 2 603 | 40 729 | 2 603 |
--------------------------------------------------------------------------------
| Põhivara ümberhindluse reserv | 673 004 | 43 013 | 682 028 | 43 590 |
--------------------------------------------------------------------------------
| Jaotamata kasum | 675 414 | 43 169 | 705 719 | 45 105 |
--------------------------------------------------------------------------------
| Konverteerimiserinevused | -88 | -6 | -415 | -27 |
--------------------------------------------------------------------------------
| OMAKAPITAL KOKKU | 1 796 | 114 810 | 1 835 353 | 117 302 |
| | 351 | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | 4 164 | 266 184 | 4 334 233 | 277 008 |
| KOKKU | 882 | | | |
--------------------------------------------------------------------------------
KONSOLIDEERITUD KOONDKASUMIARUANNE
tuhandestes kroonides/eurodes, 9 kuu kohta
--------------------------------------------------------------------------------
| | 9 kuud 2009 | 9 kuud 2008 |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müügitulu | 4 754 | 303 899 | 4 716 246 | 301 423 |
| | 992 | | | |
--------------------------------------------------------------------------------
| Muud tulud | 139 955 | 8 945 | 117 503 | 7 509 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müüdud kaupade kulu | -3 719 | -237 746 | -3 559 099 | -227 468 |
| | 930 | | | |
--------------------------------------------------------------------------------
| Muud tegevuskulud | -540 | -34 544 | -501 878 | -32 076 |
| | 481 | | | |
--------------------------------------------------------------------------------
| Tööjõukulud | -475 | -30 364 | -474 232 | -30 309 |
| | 087 | | | |
--------------------------------------------------------------------------------
| Põhivara kulum ja väärtuse | -143 | -9 152 | -99 635 | -6 368 |
| langus | 204 | | | |
--------------------------------------------------------------------------------
| Muud kulud | -9 737 | -622 | -8 558 | -546 |
--------------------------------------------------------------------------------
| Ärikasum | 6 508 | 416 | 190 347 | 12 165 |
--------------------------------------------------------------------------------
| Finantstulud, neto | 4 138 | 264 | 4 056 | 259 |
--------------------------------------------------------------------------------
| Finantskulud, neto | -31 424 | -2 008 | -23 312 | -1 490 |
--------------------------------------------------------------------------------
| Finantstulud | 2 072 | 132 | 2 268 | 145 |
| sidusettevõtjate | | | | |
| aktsiatelt, neto | | | | |
--------------------------------------------------------------------------------
| Finantskirjed kokku | -25 214 | -1 612 | -16 988 | -1 086 |
--------------------------------------------------------------------------------
| Kasum/kahjum enne | -18 706 | -1 196 | 173 359 | 11 079 |
| tulumaksustamist | | | | |
--------------------------------------------------------------------------------
| Tulumaks | -4 331 | -277 | -21 653 | -1 384 |
--------------------------------------------------------------------------------
| Aruandeperioodi muu | -23 037 | -1 473 | 151 706 | 9 695 |
| koondkasum/kahjum | | | | |
--------------------------------------------------------------------------------
| Valuutakursi vahed | 327 | 21 | -257 | -16 |
| välisettevõtete | | | | |
| ümberarvestusel | | | | |
--------------------------------------------------------------------------------
| ARUANDEPERIOODI | -22 710 | -1 452 | 151 449 | 9 679 |
| KOONDKASUM/KAHJUM | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Põhi- ja lahjendatud | | | | |
| puhaskasum/kahjum aktsia | | | | |
| kohta | | | | |
| (EEK/EUR) | -0,57 | -0,04 | 3,72 | 0,24 |
--------------------------------------------------------------------------------
KONSOLIDEERITUD KOONDKASUMIARUANNE
tuhandestes kroonides/eurodes, III kvartali kohta
--------------------------------------------------------------------------------
| | III kvartal 2009 | III kvartal 2008 |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müügitulu | 1 568 | 100 277 | 1 689 427 | 107 974 |
| | 994 | | | |
--------------------------------------------------------------------------------
| Muud tulud | 50 702 | 3 240 | 45 524 | 2 909 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müüdud kaupade kulu | -1 219 | -77 923 | -1 271 057 | -81 235 |
| | 218 | | | |
--------------------------------------------------------------------------------
| Muud tegevuskulud | -169 | -10 818 | -180 898 | -11 561 |
| | 281 | | | |
--------------------------------------------------------------------------------
| Tööjõukulud | -151 | -9 685 | -178 133 | -11 385 |
| | 541 | | | |
--------------------------------------------------------------------------------
| Põhivara kulum ja väärtuse | -48 250 | -3 084 | -39 050 | -2 496 |
| langus | | | | |
--------------------------------------------------------------------------------
| Muud kulud | -4 915 | -314 | -1 746 | -112 |
--------------------------------------------------------------------------------
| Ärikasum | 26 491 | 1 693 | 64 067 | 4 095 |
--------------------------------------------------------------------------------
| Finantstulud, neto | 1 084 | 69 | 0 | 0 |
--------------------------------------------------------------------------------
| Finantskulud, neto | -8 437 | -539 | -13 467 | -861 |
--------------------------------------------------------------------------------
| Finantstulud | 555 | 35 | 715 | 46 |
| sidusettevõtjate | | | | |
| aktsiatelt, neto | | | | |
--------------------------------------------------------------------------------
| Finantskirjed kokku | -6 798 | -435 | -12 752 | -815 |
--------------------------------------------------------------------------------
| Kasum enne tulumaksustamist | 19 693 | 1 258 | 51 315 | 3 280 |
--------------------------------------------------------------------------------
| Tulumaks | -4 331 | -277 | 0 | 0 |
--------------------------------------------------------------------------------
| Aruandeperioodi muu | 15 362 | 981 | 51 315 | 3 280 |
| koondkasum | | | | |
--------------------------------------------------------------------------------
| Valuutakursi vahed | 7 | 1 | -425 | -28 |
| välisettevõtete | | | | |
| ümberarvestusel | | | | |
--------------------------------------------------------------------------------
| ARUANDEPERIOODI KOONDKASUM | 15 369 | 982 | 50 890 | 3 252 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Põhi-ja lahjendatud | | | | |
| puhaskasum/kahjum aktsia | | | | |
| kohta | | | | |
| (EEK/EUR) | 0,38 | 0,02 | 1,26 | 0,08 |
--------------------------------------------------------------------------------
Raul Puusepp
Juhatuse esimees
Tel 731 5000
Pealkiri
UNAUDITED CONSOLIDATED INTERIM ACCOUNTS FOR NINE MONTHS OF 2009
Teade
In the first nine months of 2009, the consolidated non-audited sales revenue of
Tallinna Kaubamaja Group amounted to 4.8 billion kroons (304.0 million euros).
The sales revenue of the group in the same period of 2008 was 4.7 billion kroons
(301.4 million euros), which amounts to the nine month growth of 1%. The sales
revenue of the third quarter was 1.6 billion kroons (100.4 million euros), which
is 7% lower than the sales revenue of the third quarter in 2008. In the third
quarter, the Group earned a profit of 15.4 million kroons (1.0 million euros),
whereas in the nine months' perspective it incurred a loss of 23.0 million
kroons (1.5 million euros). Compared to the profit of the respective periods of
2008, the profit was 70% lower in the third quarter and 115% lower during the
nine months.
In 2009, Tallinna Kaubamaja Group, like the whole retail sector, has faced the
challenge of operating with a substantially reduced turnover and under an
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. Compared to the same period of the previous year, the depreciation
of the fixed assets, caused by the large investments of 2008 (43.6 million
kroons, 2.8 million euros added), and the financial expenses (8.1 million
kroons, 0.5 million euros added) have grown. In comparison with the last year's
third quarter, the financial expenses have declined by 38% due to the decline of
EURIBOR. The Group has negotiated 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. Footwear stores have been closed in
unprofitable and unpromising locations. Tallinna Kaubamaja decided in October to
halt the operation of Selvers in Latvia due to the exceedingly poor economic
situation in Latvia. Other business segments of Tallinna Kaubamaja in Latvia are
smaller in extent and have accomplished stability during their longer
activities. The main task of the Group in 2009 has been the enhancement of
efficiency in the existing business segments.
In the first nine months of 2009, the sales revenue of the business segment of
department stores was 852.8 million kroons (54.5 million euros), i.e. 22% less
than in the same period of the previous year. The sales revenue of the third
quarter was 266.6 million kroons (17.0 million euros), which is 27% less than
the same period of the previous year. According to the data of the Estonian
Statistical Office, the turnover of the retail companies comparable with
Kaubamaja department stores fell by 33% in the third quarter and by a total of
27% in the first nine months. The loss of department stores in the first
nine-months of 2009 totalled to 6.1 million kroons (0.4 million euros), falling
short of the respective figure of the previous year by 92.0 million kroons (5.9
million euros). Aside from the renovations performed in the first quarter and
discounts that were more substantial than in the previous year, the profit of
department stores was adversely affected also by partial renovations in
Tallinn's Naistemaailm (Women's Fashion). 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 nine months of 2009, the department
stores managed to attain a saving of 14.5% 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.
The consolidated sales income of the segment of supermarkets amounted to 3.6
billion kroons (227.2 million euros) in the first nine months of 2009, which is
17% more than in the same period of the previous year. The consolidated sales
income of Selver in the third quarter of 2009 was 1.2 billion kroons (77.3
million euros), which is 9% more than in the same period of previous year. The
share of Selver's domestic net turnover (in Estonia) in the retail sales of the
country's non-specialised food stores was 17.5% in the first nine months of
2009, the respective indicator was 17.9% in the third quarter. In the comparable
periods of the previous year, Selver's share in this sector was 15.2% and 15.4%,
respectively. The consolidated pre-tax net loss of the segment of supermarkets
amounted to 8.6 million kroons (0.6 million euros) in the first three quarters
of 2009, showing a decrease of 82.4 million kroons (5.3 million euros) compared
to the same period of 2008, when the pre-tax net loss amounted to 73.7 million
kroons (4.7 million euros). The consolidated pre-tax net loss in the third
quarter of 2009 was 17.8 million kroons (1.1 million euros), showing a decrease
of 9.4 million kroons (0.6 million euros) compared to the same period of
previous year. The results of the first nine months of 2009 were mainly
influenced by the overall economic recession in Estonia and Latvia, increase of
unemployment and the decrease of consumption caused by decreasing income. An
additional factor is the decline in the price of average shopping basket and
cheaper substitute products. 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. All Latvian stores will be closed and the activities of
the Latvian subsidiary will be frozen. The reduction of operating expenses has
had a positive effect on profit. New contracts have been made to reduce fixed
costs, the basic salaries of employees have been cut and staff has been
optimised according to the market situation.
In the first nine months of 2009, the sales revenue of the real estate segment
was 32.3 million kroons (2.1 million euros) that was 7% larger than the sales
revenue in the first nine months of 2008. The sales revenue of the third quarter
totalled to 10.5 million kroons (0.7 million euros), growing by 7% compared to
the same period of the previous year when the sales revenue was 10.0 million
kroons (0.6 million euros). The profit of the first nine-months of 2009 amounted
to 54.1 million kroons (3.5 million euros) of which 21.2 million kroons (1.4
million euros) was earned in the third quarter. The profit of first nine months
grew twice compared to the same period of the previous year, increasing triple
in the third 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 with the exclusion of intersegment
transactions for the 9 months of 2009 was 178.8 million kroons (11.4 million
euros), which is 59% less than in the respective period of the previous year.
Over the nine months, 776 new vehicles were sold. At the same time in 2008, the
sales revenue from the sales of 1,719 cars was 437.0 million kroons (27.9
million euros). The sales revenue for the third quarter of 2009 was 31.2 million
kroons (2.0 million euros) and altogether 105 new cars were sold. The sales
revenue for the same period in 2008 was 121.6 million kroons (7.8 million
euros). A continuing steep fall in the car trading market was seen in the third
quarter. The main keyword of the car trade in the domestic market was
realisation of the inventory at abnormally big discounts. In the first 9 months,
the loss of the car trade segment amounted to 18.3 million kroons (1.2 million
euros), 1.9 million kroons (0.1 million euros) of it were yielded in the third
quarter. The loss of the third quarter decreased by 82% in comparison with the
loss of the second quarter (loss in the second quarter was 10.3 million kroons,
0.7 million euros). This is mostly the result of aggressive reductions of
expenses and normalizing inventories. The inventory of cars has improved in the
temporal aspect, which allows selling goods at considerably lower discounts than
in the previous period.
In the first nine months of 2009, the sales revenue of the footwear trade was
136.1 million kroons (8.7 million euros), the third quarter amounted to a
turnover of 50.8 million kroons (3.2 million euros), which shows a decrease of
35% in comparison to the respective period of 2008. The loss in the third
quarter amounted to 11.0 million kroons (0.7 million euros), the loss of Latvian
businesses amounts 2.7 million kroons (0.2 million euros) of it. The net loss of
the third quarter of 2008 is 5.3 million kroons (0.3 million euros). The loss
for the first three quarters of 2009 was a total of 39.8 million kroons (2.5
million euros), including the 9.3 million kroon (0.6 million euro) loss of
Latvian businesses. The main reasons for the loss are the decreased revenues
from sale, the costs relating to the closing of unprofitable stores and vigorous
discounts in the summer to sell old inventories.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
thousand kroons/euros
--------------------------------------------------------------------------------
| | 30 September 2009 | 31 December 2008 |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Cash at bank and in hand | 56,355 | 3,602 | 101,353 | 6,478 |
--------------------------------------------------------------------------------
| Trade receivables | 70,787 | 4,524 | 96,538 | 6,170 |
--------------------------------------------------------------------------------
| Other receivables | 41,764 | 2,669 | 73,019 | 4,668 |
--------------------------------------------------------------------------------
| Prepaid and refundable taxes | 20,669 | 1,321 | 41,475 | 2,651 |
--------------------------------------------------------------------------------
| Prepaid expenses | 6,409 | 410 | 12,161 | 777 |
--------------------------------------------------------------------------------
| Inventories | 726,458 | 46,429 | 781,304 | 49,933 |
--------------------------------------------------------------------------------
| Total current assets | 922,442 | 58,955 | 1,105,850 | 70,677 |
--------------------------------------------------------------------------------
| Fixed assets | | | | |
--------------------------------------------------------------------------------
| Prepaid expenses | 31,074 | 1,985 | 31,074 | 1,985 |
--------------------------------------------------------------------------------
| Shares in affiliated | 19,577 | 1,251 | 17,505 | 1,119 |
| companies | | | | |
--------------------------------------------------------------------------------
| Other long-term receivables | 3,801 | 243 | 3,801 | 243 |
--------------------------------------------------------------------------------
| Tangible fixed assets | 3,014,792 | 192,681 | 2,998,073 | 191,612 |
--------------------------------------------------------------------------------
| Intangible fixed assets | 63,697 | 4,071 | 68,431 | 4,374 |
--------------------------------------------------------------------------------
| Goodwill | 109,499 | 6,998 | 109,499 | 6,998 |
--------------------------------------------------------------------------------
| Total fixed assets | 3,242,440 | 207,229 | 3,228,383 | 206,331 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 4,164,882 | 266,184 | 4,334,233 | 277,008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND OWNERS' | | | | |
| EQUITY | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Interest bearing loans and | 55,298 | 3,534 | 318,098 | 20,330 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Prepayments received for | 4,407 | 282 | 5,237 | 333 |
| goods and services | | | | |
--------------------------------------------------------------------------------
| Accounts payable | 692,240 | 44,240 | 800,467 | 51,161 |
--------------------------------------------------------------------------------
| Taxes payable | 41,784 | 2,670 | 76,460 | 4,887 |
--------------------------------------------------------------------------------
| Other short-term liabilities | 67,991 | 4,345 | 78,213 | 4,997 |
--------------------------------------------------------------------------------
| Provisions | 2,148 | 137 | 3,534 | 226 |
--------------------------------------------------------------------------------
| Total current liabilities | 863,868 | 55,208 | 1,282,009 | 81,934 |
--------------------------------------------------------------------------------
| Long-term liabilities | | | | |
--------------------------------------------------------------------------------
| Interest bearing loans and | 1,503,510 | 96,092 | 1,215,409 | 77,679 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Provisions | 1,153 | 74 | 1,462 | 93 |
--------------------------------------------------------------------------------
| Total long-term liabilities | 1,504,663 | 96,166 | 1,216,871 | 77,772 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 2,368,531 | 151,374 | 2,498,880 | 159,706 |
--------------------------------------------------------------------------------
| Owners' equity | | | | |
--------------------------------------------------------------------------------
| Share capital | 407,292 | 26,031 | 407,292 | 26,031 |
--------------------------------------------------------------------------------
| Mandatory reserve | 40,729 | 2,603 | 40,729 | 2,603 |
--------------------------------------------------------------------------------
| Revaluation reserve | 673,004 | 43,013 | 682,028 | 43,590 |
--------------------------------------------------------------------------------
| Retained earnings | 675,414 | 43,169 | 705,719 | 45,105 |
--------------------------------------------------------------------------------
| Foreign currency translation | -88 | -6 | -415 | -27 |
--------------------------------------------------------------------------------
| TOTAL OWNER`S EQUITY | 1,796,351 | 114,810 | 1,835,353 | 117,302 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | 4,164,882 | 266,184 | 4,334,233 | 277,008 |
| OWNER`S EQUITY | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
thousand kroons/euros
--------------------------------------------------------------------------------
| | 9 months 2009 | 9 months 2008 |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 4,754,9 | 303,899 | 4,716,24 | 301,423 |
| | 92 | | 6 | |
--------------------------------------------------------------------------------
| Other income | 139,955 | 8,945 | 117,503 | 7,509 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and consumables | -3,719, | -237,746 | -3,559,0 | -227,468 |
| used | 930 | | 99 | |
--------------------------------------------------------------------------------
| Other operating expenses | -540,48 | -34,544 | -501,878 | -32,076 |
| | 1 | | | |
--------------------------------------------------------------------------------
| Personnel expenses | -475,08 | -30,364 | -474,232 | -30,309 |
| | 7 | | | |
--------------------------------------------------------------------------------
| Depreciation, amortisation | -143,20 | -9,152 | -99,635 | -6,368 |
| and impairments | 4 | | | |
--------------------------------------------------------------------------------
| Other expenses | -9,737 | -622 | -8,558 | -546 |
--------------------------------------------------------------------------------
| Operating profit | 6,508 | 416 | 190,347 | 12,165 |
--------------------------------------------------------------------------------
| Financial expenses | 4,138 | 264 | 4,056 | 259 |
--------------------------------------------------------------------------------
| Financial income | -31,424 | -2,008 | -23,312 | -1,490 |
--------------------------------------------------------------------------------
| Financial income from shares | 2,072 | 132 | 2,268 | 145 |
| of associated companies | | | | |
--------------------------------------------------------------------------------
| Total net financial items | -25,214 | -1,612 | -16,988 | -1,086 |
--------------------------------------------------------------------------------
| Profit before income tax | -18,706 | -1,196 | 173,359 | 11,079 |
--------------------------------------------------------------------------------
| Income tax | -4,331 | -277 | -21,653 | -1,384 |
--------------------------------------------------------------------------------
| Other comprehensive income | -23,037 | -1,473 | 151,706 | 9,695 |
--------------------------------------------------------------------------------
| Exchange differences on | 327 | 21 | -257 | -16 |
| translating foreign | | | | |
| operations | | | | |
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME | -22,710 | -1,452 | 151,449 | 9,679 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic and diluted earnings | | | | |
| per share | | | | |
| (EEK/EUR) | -0.57 | -0.04 | 3.72 | 0.24 |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
thousand kroons/euros
--------------------------------------------------------------------------------
| | 3rd quarter 2009 | 3rd quarter 2008 |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 1,568,9 | 100,277 | 1,689,42 | 107,974 |
| | 94 | | 7 | |
--------------------------------------------------------------------------------
| Other income | 50,702 | 3,240 | 45,524 | 2,909 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and consumables | -1 219 | -77 923 | -1,271,0 | -81,235 |
| used | 218 | | 57 | |
--------------------------------------------------------------------------------
| Other operating expenses | -169,28 | -10,818 | -180,898 | -11,561 |
| | 1 | | | |
--------------------------------------------------------------------------------
| Personnel expenses | -151,54 | -9,685 | -178,133 | -11,385 |
| | 1 | | | |
--------------------------------------------------------------------------------
| Depreciation, amortisation | -48,250 | -3,084 | -39,050 | -2,496 |
| and impairments | | | | |
--------------------------------------------------------------------------------
| Other expenses | -4,915 | -314 | -1,746 | -112 |
--------------------------------------------------------------------------------
| Operating profit | 26,491 | 1,693 | 64,067 | 4,095 |
--------------------------------------------------------------------------------
| Financial expenses | 1,084 | 69 | 0 | 0 |
--------------------------------------------------------------------------------
| Financial income | -8,437 | -539 | -13,467 | -861 |
--------------------------------------------------------------------------------
| Financial income from shares | 555 | 35 | 715 | 46 |
| of associated companies | | | | |
--------------------------------------------------------------------------------
| Total net financial items | -6,798 | -435 | -12,752 | -815 |
--------------------------------------------------------------------------------
| Profit before income tax | 19,693 | 1,258 | 51,315 | 3,280 |
--------------------------------------------------------------------------------
| Income tax | -4,331 | -277 | 0 | 0 |
--------------------------------------------------------------------------------
| Other comprehensive income | 15,362 | 981 | 51,315 | 3,280 |
--------------------------------------------------------------------------------
| Exchange differences on | 7 | 1 | -425 | -28 |
| translating foreign | | | | |
| operations | | | | |
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME | 15,369 | 982 | 50,890 | 3,252 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic and diluted earnings | | | | |
| per share | | | | |
| (EEK/EUR) | 0.38 | 0.02 | 1.26 | 0.08 |
--------------------------------------------------------------------------------
Raul Puusepp
Chairman of the Board
Phone +372 731 5000