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27.11.2009 13:05:42
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CORRECTION: UNAUDITED CONSOLIDATED INTERIM ACCOUNTS FOR NINE MONTHS OF 2009
Teade
CORRECTION: supermarkets segment comment revised.
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 profit amounted to 73.7 million
kroons (4.7 million euros). The consolidated pre-tax profit 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