Börsiteade

Pealkiri

Unaudited consolidated interim accounts for the fourth quarter and twelve months of 2023

Teade

Segments (EURm)              Q4/23 Q4/22  yoy   12m/23 12m/22   yoy
----------------------------------------------------------------------
 Supermarkets                 165.0 161.8  2.0%   620.2  594.9  4.3%

 Department stores             34.9  33.7  3.3%   110.5  105.2  5.0%

 Cars                          45.7  34.4 32.9%   194.4  146.8  32.4%

 Security segment               5.3   2.9 82.6%    15.7    9.8  59.5%

 Real Estate                    1.7   1.6  8.1%     6.6    6.2  6.9%
----------------------------------------------------------------------
 Total sales                  252.6 234.4  7.8%   947.3  862.8  9.8%
----------------------------------------------------------------------


 Supermarkets                   7.4   4.9 51.4%    20.0   12.9  55.1%

 Department stores              1.9   2.0 -4.1%     1.6    2.3 -28.6%

 Cars                           1.9   2.2 -12.5%   13.3   10.7  24.3%

 Security segment              -0.2   0.0   NA     -0.1    0.1 -173.2%

 Real Estate                    2.8   3.2 -12.2%   10.4   11.3  -7.8%

 IFRS 16                       -0.7  -0.6 13.1%    -2.2   -2.3  -3.0%
----------------------------------------------------------------------
 Total profit/loss before tax  13.1  11.6 12.8%    43.0   34.9  23.1%
----------------------------------------------------------------------


In  the fourth quarter of 2023, the  consolidated unaudited sales revenue of the
Group was 252.6 million euros, which was 7.8% more than the sales revenue of the
same  period of  last year.  The sales  revenue of 2023 was 947.3 million euros,
showing  a growth of 9.8% compared to the result of 2022, when the sales revenue
was  862.8 million euros. In  the fourth quarter  of 2023, the Group's unaudited
consolidated  net profit was 12.8 million euros, which was 20.6% higher than the
profit  of the  comparable period  in the  previous year.  The net profit of the
Group in 2023 was 37.4 million euros, growing by 26.9%. Pre-tax profit earned in
2023 was  43.0 million euros,  showing an  improvement of  23.1% compared to the
year before.

With a significant nearly 50 million euros increase in sales volume, the Group's
automotive segment contributed to the growth in revenue in the fourth quarter of
2023, supported  by  strong  results  from  all  companies  within  the  Group's
automotive  segment. The overall increase in sales revenue achieved by the Group
in  the fourth  quarter was  7.8%. The security  segment also contributed to the
high  growth rate of the sales volume, where the two security companies acquired
during  the  third  quarter  merged  with  Viking  Security,  adding synergy and
turnover growth. In the supermarket and department stores segments, sales growth
was  more modest due to changes in consumer behaviour. Growing uncertainty about
the  future  has  made  customers  more  cautious  and  careful  about spending.
Regardless  of the price hike slowing down,  the prices of goods remain high and
customers  are looking for  savings through discounted  prices and shopping cart
optimization. The latter affects the sales growth of the supermarket segment the
most.  Preference  of  discounted  prices  in  the  retail segment and the price
pressure  in the  car trade  segment have  had a  slight negative  impact on the
entire  gross margin of the Group. On the  other hand, the drop in energy prices
compared   to   2022 has   provided  the  Group  an  opportunity  to  bring  its
profitability  back  to  its  previous  level.  The  labour  costs  of the Group
increased  by 7.8% in the fourth quarter  of 2023, while the number of employees
decreased by 0.5%.

In November, TKM Kinnisvara AS and Enefit Volt partnered to build a total of 31
new  public electric  vehicle charging  stations to  the car  parks of 11 Selver
stores.  Approximately half  of the  charging stations  (15 pcs)  are super-fast
charging  stations where it is possible to charge the necessary amount of energy
for  driving 100 km in only a few  minutes. In the retail segment development of
the  functionalities for  Partner Card  loyalty programme continued. Convenience
functions  of the Partner  Card application were  improved and payment solutions
for postponing payments were developed further.

Earlier   in  the  reporting  year,  the  Group  contributed  to  the  following
developments.  During the  second half  of the  financial year,  the real estate
segment  launched the development of the logistics  centre in Maardu to meet the
needs  of the Group. The centre will have  a total area of 17,200 m2 and it will
cost  around 20 million euros to build. The construction of the logistics centre
is financed from the Group's own funds and a bank loan. The modern building with
A  energy class will be built in  accordance with the requirements of the BREEAM
certificate.  The logistics  centre will  primarily serve  the cargo  volumes of
Selver  and the completion of  the logistics centre is  scheduled for the autumn
2024. The   establishment   of  the  logistics  centre  will  add  new  business
opportunities for the companies of TKM Group and increase the efficiency of work
processes.  In the third quarter, the security segment of the Group improved its
market  position  and  future  prospects  by  acquiring two outstanding security
companies.  It purchased  companies called  Skarabeus Julgestusteenistus  OÜ and
Caesari  Turvateenistuse  AS,  which  were  merged  with  Viking  Security AS in
December  to  improve  efficiency.  This  investment  provides  positive synergy
through  the  combination  of  strong  industry  know-how, increased operational
capacity,  and cost  efficiency. In  the third  quarter, the supermarket segment
opened its 73rd store with a sales area of 3,700 m2 in Kurna Park. In September,
the supermarket segment opened a fully renovated Delice store with a new concept
at  Solaris Centre in  the heart of  Tallinn. In the  Kaubamaja department store
segment,  development  work  on  the  e-shop  plat-form continued. The renovated
I.L.U.  cosmetics  store  at  Kristiine  Centre,  which was transferred to a new
concept,  was opened in  the third quarter.  In the second  quarter, the largest
store  in the supermarket  segment in Järve,  Tallinn, was closed for renovation
works  for nearly two  months. Reopened at  the end of  May, the renovated Järve
Selver  has  been  well  received  by  customers.  In  the  first  quarter,  the
supermarket segment renovated Ringtee Selver in Tartu. In the first quarter, the
Ülemiste  I.L.U. cosmetics store was renovated:  the sales area was increased by
almost  half to 460 square metres. The  NYX make-up shop-in-shop with a separate
entrance  was opened in the Ülemiste I.L.U.  cosmetics store. In the real estate
segment,  the solar park built on the roof of Viimsi Centre was completed in the
second  quarter; in November, the solar  park of Põltsamaa Selver was completed.
In  January, the  Group closed  WOW Selver  in Saare  County, and in May, Punane
Selver  in Lasnamäe, Tallinn was also closed,  because these stores did not meet
expectations.

At  the end of the reporting period, the number of loyal customers was over 714
thousand,  which  is  1.3% more  than  the  year before. The proportion of loyal
customers  in the  sales revenue  of the  supermarkets and the department stores
segment  of the  Group was  85.2% (in 2022, 84.4%). In  the final quarter of the
year, the modern and convenient payment solutions for postponing payments of the
Partner Kuukaart payment card, offered as part of Partner Card loyalty programme
of the Group, received an up-date. The services 'Osamakse' (Partial Payment) and
'Järelmaks'  (Payment in  Instalments) were  added to  the payment  solutions in
addition  to Ostulimiit (Purchase Limit). Ostulimiit  has been on the market for
three  years, allowing customers to  pay for their purchases  of the whole month
with  a single  aggregate invoice  in the  following month. The Osamakse service
enables  to pay for purchases in 3 or 6 equal instalments without any additional
fees.  The Järelmaks service offers an instalment  plan for up to 36 months. The
new payment solutions were first launched in the Kaubamaja department stores. In
the  first half of 2024, the  new payment solutions will  also be adopted by the
online store of Kaubamaja, and in the future, by the e-Selver online store.

Selver supermarkets

The  consolidated sales revenue of the  supermarket business segment in 2023 was
620.2 million  euros, increasing  by 4.3% year  on year.  The consolidated sales
revenue  was 165.0 million euros in the  fourth quarter, increasing by 2.0% year
on  year. The average  monthly sales revenue  per square metre  of sales area in
2023 was  0.43 thousand euros,  increasing by  3.7% year on  year. In the fourth
quarter,  the respective indicator  was 0.45 thousand euros,  which is 0.6% less
than  in the comparable period last year.  In 2023, the sales revenue from goods
per  square metre  of sales  area was  0.44 thousand euros  in reference stores,
which  was an increase of  4.8% year on year, whereas  in the fourth quarter, it
was  0.45 thousand  euros,  which  was  a  decrease  of  0.3% comparing with the
previous  year. In 2023, 44.2 million  purchases were made  at the stores, which
was 1.1% higher than in the reference year.

In  the fourth quarter of 2023, the pre-tax profit was 7.4 million euros and the
net  profit was 7.0 million  euros, which was  2.5 million euros and 1.0 million
euros more, respectively, than in the reference period. The consolidated pre-tax
profit  of the supermarket segment in 2023 was 20.0 million euros, increasing by
7.1 million  euros in comparison with  the previous year. The  net profit of the
year  was 18.4 million euros - an increase  of 6.6 million euros compared to the
previous  year. The difference between the  net profit and pre-tax profit arises
from the income tax paid from dividends.

The  financial outcome of  2023 was affected by  the increased turnover from the
opening  of the Priisle  and Tabasalu Selver  stores in Tallinn  in 2022 and the
Kurna  Selver in August 2023, and the lost  turnover from the closure of the WOW
Selver  in  Saaremaa  in  2022 and  Punane  Selver in Tallinn in 2023. The sales
turnover  was  mostly  affected  by  the  temporary closure of Ringtee Selver in
Tartu,  Delice  Solaris  in  Tallinn,  as  well  as Järve Selver in Tallinn, the
largest store in the chain, due to renovations which halted their sales. All the
projects  listed above  have also  involved one-time  costs and  investments. In
2023, the  results of the supermarket segment were impacted by the exceptionally
high  and broad level of inflation and  a decline in consumer confidence. During
2023, the  price hike slowed down, but the  price level of products and services
remained  high.  The  significant  increase  in  the prices of food products has
changed  the  purchase  habits  of  customers  and  increased  their interest in
discounted products, so the volume of product sales has been declining since the
spring  of  2022. The  sales  outcome  of  the  fourth  quarter was additionally
affected  by a lower  demand for non-essential  food and industrial products and
the  increasing  demand  for  discounted  products. The proportion of discounted
products  in the shopping cart reached a historic high - about 55%. The increase
of  sales revenue of online commerce slowed  down in the fourth quarter, but the
online  turnover grew at the  same pace as retail  turnover during the year. The
remarkable  improvement in the  profits has been  significantly supported by the
decreased  cost of energy. In  the second quarter of  the financial year, energy
costs  declined compared to the  previous year, and during  the year as a whole,
remained  a quarter below  the 2022 level. The  growth of labour  costs has been
faster  than the growth of sales revenue  in the supermarket segment. The faster
increase  in wage  costs is  due to  the general  pressure to increase wages and
partly  due to the temporary closure of  stores for renovation, where sales were
suspended.  At the same time,  the chain has reorganised  its work processes and
completed  successful changes in the  structure, which has led  to a decrease in
working hours and thereby to an increase in the wages of employees.

The  decline of  production volumes  of Kulinaaria  OÜ, part  of the supermarket
segment, which started in the second half of 2023, slowed down during the second
half  of the financial year. During the fourth quarter, after leaving a fast and
widespread  increase in raw  material prices behind,  the consumption of Selveri
Köök  products showed signs of stabilisation. The central kitchen continued with
daily  consistent product development  as the expectations  of customers for new
flavours   have   increased.  Sustainable  development  has  been  important  in
production,  packaging, the well-being  of staff, and  the delivery chain of the
central kitchen. Thanks to environmentally friendly solutions and more resource-
efficient   production,   the   footprint  of  Selveri  Köök  has  decreased  by
approximately  80% in the  last 6 years.  During the  financial year, the use of
plastic  was reduced considerably. Over 80% of  all boxes and containers used by
Kulinaaria  became recyclable. Due to top-of-the-line food production technology
and  the  technical  systems  of  the  production  building, well-planned to the
tiniest  detail,  the  products  have  a  longer  shelf  life  without using any
additives  in them.  The production  of Selveri  Köök complies  with the highest
requirements set to food industry.

Selver  opened one new store  in 2023 - Kurna Selver  in Harju County in August.
Three stores have been renovated: Ringtee Selver in Tartu, which was reopened in
February;  in May, the  largest store of  the Selver chain  - Järve Selver - was
reopened  in Tallinn; and in September, the Delice Solaris store was opened with
a  renewed concept.  The issuance  of identity  documents issued by the Estonian
Police  and  Border  Guard  Board  that  was  launched  in the first quarter was
expanded  to 41 stores across Estonia  by the end of  the year. Issuing ID-cards
and passports earned the title of the best cooperation project of the 2023 Trade
Act of the Year.

As at the end of December, the supermarket segment includes 71 Selver stores, 2
Delice stores, and a mobile grocery store and a café, with a total sales area of
120.4 thousand  m2. In addition, it includes  e-Selver, which is the e-shop with
the largest service area in Estonia, and the central kitchen Kulinaaria OÜ.

Department stores

The  sales revenue of the business segment  of the department stores in 2023 was
110.5 million  euros, exceeding the sales of the same period last year by 5.0%.
The  sales revenue of the fourth quarter was 34.9 million euros, which was 3.3%
better  than last year. The pre-tax profit of the Kaubamaja department stores in
2023 was  1.6 million euros, showing a decrease of 0.7 million euros compared to
the  results from last year. In the  fourth quarter, the pre-tax profit was 1.9
million euros, which was 4.1% lower than in the comparable period last year.

The  12-month average  sales revenue  of Kaubamaja  department store  per square
metre of sales area was 0.3 thousand euros per month, which is 6% higher than in
the same period last year. The first half of the financial year is characterised
by  a strong growth  in sales, because  the full-scale war  that Russia launched
against Ukraine in 2022 had a negative impact on the sales of the second half of
the first quarter of the reference year. Interest among customers was intense in
the  beginning of the spring sales in 2023, and the number of customers visiting
our  shops was significantly higher compared  to the previous year. The discount
of  winter season goods  was affected by  a warmer-than-average winter, which is
why  the  discount  percentages  were  higher  in  2023, but the increased sales
volumes  compensated  for  the  lower  margin  and  had a positive effect on the
result.  Construction works of the  Old City Harbour tram  line in the centre of
Tallinn   started  in  the  second  quarter,  and  as  a  result,  most  of  the
intersections  surrounding  the  Kaubamaja  department  store were closed by the
beginning  of July  in 2023. Pedestrian  traffic was  also affected.  This had a
considerable  impact  on  the  sales  of  the  second  half  of the year, and in
addition,  a warmer-than-average  September affected  the sales  of autumn goods
negatively. Towards the end of the fourth quarter, the number of visitors to the
department stores indicated a slight decline in the economic situation; however,
the  largest  promotional  campaign  of  Kaubamaja, Osturalli, achieved the best
result  of all time. During the Christmas season, the Kaubamaja department store
sold  a record number of hand-made chocolate  truffles for a charity project and
the proceeds from the sales were donated to the charity fund Minu Unistuste Päev
that helps children with serious illnesses to cope emotionally.

In  the fourth quarter of 2023, the sales  revenue of OÜ TKM Beauty Eesti, which
operates  I.L.U. cosmetics  stores, was  2.9 million euros,  which is 23.4% more
than  in the same period of 2022. In  the fourth quarter of 2023, the profit was
0.2 million euros, which is 0.1 million euros more than in the fourth quarter of
2022. The  increase in the sales of the  fourth quarter was driven by successful
marketing campaigns for Black Friday and the Christmas season. The sales revenue
of  2023 was 8.4 million euros, which is  26.4% more than in 2022. The profit in
2023 was  0.4 million euros, which was 0.2 million euros more than the result of
2022. The most important event of the year was the implementation of the updated
concept  and selection of goods  at I.L.U. stores at  the Ülemiste and Kristiine
shopping  centres. The overhauled stores led to  a 25% increase in the number of
regular  customers of I.L.U.  stores compared to  the previous year, whereas the
number of young customers under 25 showed a particularly strong growth.

Car trade

The  sales revenue  of the  car trade  segment in  2023 was 194.4 million euros,
which  was 32.4% higher than the result of  the previous year. The sales revenue
of  45.7 million euros in the  fourth quarter exceeded the  sales revenue of the
same  period in  the previous  year by  32.9%. Throughout the  year, a  total of
6,264 new  vehicles  were  sold,  1,422 of  them  in the fourth quarter. The net
profit  of the segment  in 2023 was 11.2 million  euros, exceeding the profit of
the year before by 1.8 million euros. The pre-tax profit of the segment in 2023
was  13.3 million euros, which is 2.6 million euros more than the pre-tax profit
in 2022. The pre-tax profit of the fourth quarter of 2023 was 1.9 million euros,
which  was 0.3 million euros less than the profit of the same period of the year
before.

Overall,  2023 was a successful year for the car trade segment of the Group. The
sales  results of all companies in the car trade segment exceeded the results of
2022, and  in total, the year ended with a  new profit record. A car part crisis
that  impacted the supply at the beginning  of the year, eased during the second
half  of the year. The  normalised supply situation and  the skilful planning of
inventory  allowed  to  increase  sales;  on  the  other  hand, more promotional
campaigns  were organised due to fierce competition, affecting the sales margin.
Price  increases of new  vehicles and the  growing interest rates  of loans made
private  customers careful when making purchase decisions, but it also increased
interest  in used vehicles among customers.  There was some increase in interest
in  hybrid and electric  vehicles, but the  sales of electric  cars did not show
marked  improvement.  The  volume  of  cars  sold  by the Group ensures that the
follow-up service and body repair departments work at full capacity.

Thanks  to KIA vehicles, the segment has  secured a position among the four best
companies  on the  Baltic car  market. Similarly  to the  previous year, the Kia
Sportage  urban SUV and the  KIA Ceed remained popular.  At the end of 2023, the
new  models that were launched on the  market included the KIA EV9 electric SUV,
which  is currently the only vehicle of its kind on the market. In addition, the
middle  class sedan Shkoda Superb  and the Shkoda Kodiaq  are going to be added to
the selection.

The  most important event of  2023 is, without a doubt,  being granted the sales
rights  for Shkoda in Lithuania,  and finding the suitable  rental premises for a
start-up  showroom in Vilnius  by the end  of the year.  This allows us to start
selling new Shkoda vehicles in Vilnius soon.

Security segment

The  external sales  revenue of  the security  segment in  2023 was 15.7 million
euros,  increasing by  59.5% compared to  the year  before. The  pre-tax loss in
2023 was  0.1 million  euros.  The  pre-tax  loss increased by 0.2 million euros
compared  to last year. The external sales  revenue was 5.3 million euros in the
fourth  quarter, increasing by  82.6% in comparison with  the same period of the
previous  year. The  pre-tax loss  of the  fourth quarter was 0.2 million euros,
which is 0.2 million euros lower than in the same period of the year before.

The  results of the fourth quarter were  impacted by the activities and expenses
related  to the companies acquired during the summer. The provisioning of claims
due  to a bankruptcy  of a cooperation  partner had a  significant impact on the
profit. In December, SKARABEUS Julgestusteenistus OÜ and Caesari Turvateenistuse
AS  were merged  with Viking  Security AS,  establishing a strong foundation for
future growth. All business segments grew and demand for services remains high.

Real estate

The  sales revenue earned in the real  estate segment outside the Group was 6.6
million  euros in 2023. Sales revenue increased by 6.9% compared to the previous
year.  The sales revenue earned in the segment outside the Group was 1.7 million
euros  in the  fourth quarter.  Sales revenue  increased by 8.1% compared to the
previous  year. The pre-tax profit of the  real estate segment in 2023 was 10.4
million  euros, with  the profit  decreasing by  7.8%. The pre-tax profit of the
fourth quarter of the segment was 2.8 million euros. Pre-tax profit decreased by
12.2% in the reference period.

Throughout  the year, the increase  in the sales profit  of the segment has been
supported by the successful operation of the department stores and the permanent
occupation  of retail premises.  Although the economic  environment is generally
uncertain,  the department stores of the  segment have managed to increase their
visitor  numbers throughout the year, including in the final quarter of the year
where the economic outlook deteriorated. The volatile economic conditions of the
last  few years have  put the catering  sector in a  very complicated situation.
During  the year 2023, the number of visitors of the retail premises in the city
centre of Tallinn was significantly impacted by the road reconstruction works in
the  area. Traffic restrictions due to partially closed streets continue to have
a  big impact  on the  activity of  the tenants.  Carefully positioned marketing
campaigns  have supported the success of shopping centres. In the second half of
2023, the Tartu Kaubamaja department store launched a new updated image campaign
that  focuses on excessive  consumption and carries  the message 'Choose rarely,
but  choose well'. The  following Christmas campaign  continued and endorsed the
same message.

The  sales revenue of the segment was further increased by a car wash, opened in
May,  which was completed as an extension of the gas station at Raudkivi tee 1,
located in the immediate vicinity of Peetri Selver, and is leased to an external
party.  In June, the solar park of  the Viimsi Shopping Centre, and in November,
the  solar park of Põltsamaa  Selver were ready to  be taken into use. The power
produced  by all solar parks of the company is primarily used to cover the local
power  consumption needs  of the  buildings. In  2023, the segment invested 0.5
million  euros in  increasing energy  efficiency as  part of  its sustainability
strategy. The drop in the profits of the segment is largely due to the increased
interest  rates in the euro area, leading  to the skyrocketing of loan interest.
Most  of the  loan portfolio  of the  Group is  concentrated in  the real estate
segment,  where the interest expense has multiplied during the reference period.
The annual fair value assessment of real estate investments affected the fourth-
quarter  profit of the segment.  The increase in the  value of the assets of the
previous  year exceeded the growth  of the reporting year,  as a result of which
the  profit of the  final quarter was  0.4 million euros smaller.  The profit of
2023 also  reflects  a  financial  compensation  (0.5  million)  paid  due  to a
premature termination of a lease agreement.

Real estate companies focus on the implementation of the sustainability strategy
and pay constant close attention to improving the energy efficiency of buildings
and  developing environmentally friendly  solutions. For the  purposes of energy
efficiency,  they  continue  to  improve  the  automated heating and ventilation
systems  of  buildings  and  the  instalment  of remote meters. In November, TKM
Kinnisvara  AS  and  Enefit  Volt  partnered  to  build a total of 31 new public
electric  vehicle  charging  stations  to  the  car  parks  of 11 Selver stores.
Approximately  half of stations (15 pcs)  are super-fast charging stations where
it  is possible to charge  the necessary amount of  energy for driving 100 km in
only  a  few  minutes.  During  the  second  half of the year, TKM Kinnisvara AS
started  the development of the logistics centre in Maardu to cover the needs of
the  Group. The  centre will  have a  total area  of 17,200 m2  and it will cost
around  20 million euros to  build. The construction  of the logistics centre is
financed  from the Group's own funds and a bank loan. A solar park will be built
on  the  roof  of  the  centre,  which  will  cover  a  significant  part of the
electricity  consumption of the building. The completion of the logistics centre
is scheduled for autumn 2024.


CONSOLIDATED STATEMENT OF FINANCIAL POSITION

In thousands of euros

-------------------------------------------------------------------------
                                                 31.12.2023   31.12.2022
-------------------------------------------------------------------------
  ASSETS
-------------------------------------------------------------------------
  Current assets

  Cash and cash equivalents                          42,064       22,436

  Trade and other receivables                        25,568       27,200

  Inventories                                        98,254       89,194
-------------------------------------------------------------------------
  Total current assets                              165,886      138,830
-------------------------------------------------------------------------
  Non-current assets

  Long-term receivables and prepayments                 243          299

  Investments in associates                           1,732        1,722

  Investment property                                64,971       63,623

  Property, plant and equipment                     433,306      420,600

  Intangible assets                                  25,370       21,723
-------------------------------------------------------------------------
  Total non-current assets                          525,622      507,967
-------------------------------------------------------------------------
  TOTAL ASSETS                                      691,508      646,797
-------------------------------------------------------------------------

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

  Borrowings                                         48,820       97,107

  Trade and other payables                          114,573      111,449
-------------------------------------------------------------------------
  Total current liabilities                         163,393      208,556
-------------------------------------------------------------------------
  Non-current liabilities

  Borrowings                                        258,857      190,825

  Deferred tax liabilities                            5,356        5,299

  Provisions for other liabilities and charges          526          458
-------------------------------------------------------------------------
  Total non-current liabilities                     264,739      196,582
-------------------------------------------------------------------------
  TOTAL LIABILITIES                                 428,132      405,138
-------------------------------------------------------------------------
  Equity

  Share capital                                      16,292       16,292

  Statutory reserve capital                           2,603        2,603

  Revaluation reserve                               116,521      106,981

  Retained earnings                                 127,960      115,783
-------------------------------------------------------------------------
  TOTAL EQUITY                                      263,376      241,659
-------------------------------------------------------------------------
  TOTAL LIABILITIES AND EQUITY                      691,508      646,797
-------------------------------------------------------------------------


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

In thousands of euros

  ----------------------------------------------------------------------------
                                          IV quarter  12 months   12 months
                          IV quarter 2023    2022        2023        2022
  ----------------------------------------------------------------------------


   Revenue                        252,596     234,387    947,257      862,763

   Other operating income             830         993      2,016        2,199



   Cost of merchandise           -180,529    -166,806   -686,000     -624,435

   Service expenses               -16,365     -17,235    -60,685      -63,268

   Staff costs                    -30,370     -28,184   -108,668      -97,458

   Depreciation,
   amortisation and
   impairment losses              -10,113      -9,873    -40,770      -39,072

   Other expenses                     -89        -157       -894         -786
  ----------------------------------------------------------------------------
   Operating profit                15,960      13,125     52,256       39,943
  ----------------------------------------------------------------------------
   Finance income                      46           1         86            4

   Finance costs                   -2,984      -1,551     -9,576       -5,197

   Finance income on
   shares of associates
   accounted for using
   the equity method                   74          37        240          197
  ----------------------------------------------------------------------------
   Profit before tax               13,096      11,612     43,006       34,947
  ----------------------------------------------------------------------------
   Income tax expense                -281        -982     -5,582       -5,462
  ----------------------------------------------------------------------------
   NET PROFIT FOR THE
   FINANCIAL YEAR                  12,815      10,630     37,424       29,485
  ----------------------------------------------------------------------------
   Other comprehensive
   income:

   Items that will not be
   subsequently
   reclassified to profit
   or loss

   Revaluation of land
   and buildings                   11,989           0     11,989            0
  ----------------------------------------------------------------------------
   Other comprehensive
   income for the
   financial year                  11,989           0     11,989            0
  ----------------------------------------------------------------------------
   TOTAL COMPREHENSIVE
   INCOME FOR THE
   FINANCIAL YEAR                  24,804      10,630     49,413       29,485
  ----------------------------------------------------------------------------
 Basic and diluted
 earnings per share
 (euros)                               0.31        0.26       0.92         0.72




Raul Puusepp
Chairman of the Board
Phone +372 731 5000