Börsiteade
ABC Grupp
Kategooria
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Kuupäev
03.03.2009 12:52:28
Pealkiri
Interim report 12 months 2008
Teade
COMMENTS TO FINANCIAL RESULTS: This comment has been prepared on the basis of consolidated figures The primary fields of activity of the companies in the ABC Group are retail and wholesale trading. The financial results for 2008 have been influenced by one-off development costs related to the construction of the Viimsi shopping centre, growth in the price of capital, redundancy costs of employees of the car trade segment and costs of launching new business units. Significant events of the ABC Grupi AS group in 2008 until the date of publication of the report were: opening of the 8 300 square metre warehouse of Agora Logistika, start of sale of Nestle confectionery products in Estonia by Abestock, opening of the first Comarket store with more than 1 000 square metres of sales area, opening of phase one of the Viimsi shopping centre and opening of the Comarket store at Liivalaia 7 in Tallinn. The Estonian economy is cooling down faster than what was forecast by the Bank of Estonian last autumn. Domestic consumption that supported the economic growth in earlier years contracted in the second quarter of 2008. Both private and corporate borrowing is declining. However, in the last 12 years the Estonian economy has been growing at the fastest pace in Europe and the price growth reflects that we are catching up with developed countries. The biggest problem is the gap between productivity and wage growth that remains significant in spite of continuing to fall. Real wages are now growing less than 10 percent and labour productivity less than 4 percent a year. Inflation has started to slow down, but has not yet stable. Amplified by the global financial and economic crisis, the Estonian economy continued to cool down in the second half of 2008. Sales revenue of Comarket stores increased 18 percent to 563 million kroons by the end of 2008 year on year. Sales area increased 6 percent and the return on sales area was 17 percent higher. The profit for the year was 0.26 million kroons that is 4.8 million kroons less than in 2007. The market share in the market of food and primary consumer goods, i.e. retail sales of unspecialized stores (dominated by food) was 2.2 percent. In the final quarter sales growth fell to 15.8 percent year on year. Sales revenue of Abestock AS increased 17 percent in 2008 year on year to 612 million kroons. Agora Logistika AS, a logistics company that supports sales of Abestock AS, moved into its new warehouse with 8 300 square metres of floor space and increased sales revenues 64 percent to 46.2 million kroons year on year. Annual sales revenue of ABC Motors AS fell 30 percent to 229.6 million kroons from the level of 2007. The reason for the fall was the decline in the number of cars sold because of the overall economic slowdown. By now Renault has changed its pricing policy that enables to notably better compete in the “price war”. At the same time the volumes of car service business has been growing at a stable pace. In the final quarter car sales fell 40 percent, while the volume of car service business increased 10 percent. The business segment of real estate earned a profit of 8.9 million kroons in 2008, falling by 72 percent year on year. The only significant development was the construction and commissioning in August of phase one of the Viimsi shopping centre. All development work has been suspended and the bonds of Oma Varahalduse AS in the amount of 59.6 million kroons were redeemed by due date Sales revenue of the ABC Grupi increased 22.4 percent in a year, but the return on equity fell to 5 percent. The fall in ROE was expected and caused in particular by one-off development costs and growth in the cost of financial resources. Average number of people employed by the group was 554 in 2008, an increase of 4 percent year on year. Total staff costs (wage costs and social security costs) amounted to 132.8 million kroons, and increased 25 percent from a year ago. The operating profit amounted to 58.8 million kroons and was 34.7 percent less than in 2007. The operating profit fell mainly because of the development costs of the Viimsi shopping centre, impairment of real estate investments and falling margins. -------------------------------------------------------------------------------- | Balance sheet | | | | | -------------------------------------------------------------------------------- | (thousands) | EEK | EEK | EUR | EUR | -------------------------------------------------------------------------------- | | 31.12.200 | 31.12.2007 | 31.12.2008 | 31.12.2007 | | | 8 | | | | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Cash | 17 544 | 6 886 | 1 121 | 440 | -------------------------------------------------------------------------------- | Short-term financial | 3 751 | 155 | 240 | 10 | | investments | | | | | -------------------------------------------------------------------------------- | Receivables and | 112 511 | 113 554 | 7 191 | 7 257 | | prepayments | | | | | -------------------------------------------------------------------------------- | Inventories | 194 016 | 188 918 | 12 400 | 12 074 | -------------------------------------------------------------------------------- | Fixed assets for sale | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Total current assets | 327 822 | 309 513 | 20 952 | 19 781 | -------------------------------------------------------------------------------- | Fixed assets | | | | | -------------------------------------------------------------------------------- | Long-term financial | 6 004 | 3 815 | 384 | 244 | | investments | | | | | -------------------------------------------------------------------------------- | Real estate investments | 462 336 | 375 236 | 29 549 | 23 982 | -------------------------------------------------------------------------------- | Tangible fixed assets | 146 002 | 159 050 | 9 331 | 10 165 | -------------------------------------------------------------------------------- | Intangible fixed assets | 75 673 | 76 279 | 4 836 | 4 875 | -------------------------------------------------------------------------------- | Total fixed assets | 690 015 | 614 380 | 44 100 | 39 266 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 1 017 837 | 923 893 | 65 052 | 59 048 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES AND OWNERS' | | | | | | EQUITY | | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Loans payable | 243 620 | 115 872 | 15 570 | 7 406 | -------------------------------------------------------------------------------- | Payables and prepayments | 153 061 | 191 682 | 9 782 | 12 251 | -------------------------------------------------------------------------------- | Short-term provisions | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Total current liabilities | 396 681 | 307 554 | 25 353 | 19 656 | -------------------------------------------------------------------------------- | Long-term liabilities | | | 0 | 0 | -------------------------------------------------------------------------------- | Long-term liabilities | 282 313 | 294 159 | 18 043 | 18 800 | -------------------------------------------------------------------------------- | Other long-term | 11 150 | 8 760 | 713 | 560 | | liabilities | | | | | -------------------------------------------------------------------------------- | Long-term provisions | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Total long-term | 293 463 | 302 919 | 18 756 | 19 360 | | liabilities | | | | | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 690 144 | 610 473 | 44 108 | 39 016 | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | | | | | -------------------------------------------------------------------------------- | Share capital | 100 280 | 21 800 | 6 409 | 1 393 | -------------------------------------------------------------------------------- | Share premium | 18 575 | 18 575 | 1 187 | 1 187 | -------------------------------------------------------------------------------- | Own shares and stock | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Legal reserve | 2 180 | 2 180 | 139 | 139 | -------------------------------------------------------------------------------- | Other reserves | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Retained profit (loss) | 191 950 | 206 997 | 12 268 | 13 230 | -------------------------------------------------------------------------------- | Net profit (loss) for | 14 708 | 63 868 | 940 | 4 082 | | financial year | | | | | -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' | 327 693 | 313 420 | 20 943 | 20 031 | | EQUITY | | | | | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND | 1 017 837 | 923 893 | 65 052 | 59 048 | | OWNERS' EQUITY | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income statement | | | | | -------------------------------------------------------------------------------- | (thousands) | | | | | -------------------------------------------------------------------------------- | | | EEK | EEK | EUR | EUR | -------------------------------------------------------------------------------- | | | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sales revenue | 1 403 935 | 1 146 077 | 89 728 | 73 248 | -------------------------------------------------------------------------------- | Other operating | 62 579 | 89 396 | 4 000 | 5 713 | | revenue | | | | | -------------------------------------------------------------------------------- | Goods, raw materials | -1 181 557 | -957 516 | -75 515 | -61 196 | | and services | | | | | -------------------------------------------------------------------------------- | Other operating | -74 994 | -69 864 | -4 793 | -4 465 | | expenses | | | | | -------------------------------------------------------------------------------- | Staff costs | | | | | -------------------------------------------------------------------------------- | | Wages and | -99 646 | -79 492 | -6 369 | -5 080 | | | salaries | | | | | -------------------------------------------------------------------------------- | | Social security | -33 160 | -26 472 | -2 119 | -1 692 | | | costs | | | | | -------------------------------------------------------------------------------- | Total staff costs | -132 806 | -105 964 | -8 488 | -6 772 | -------------------------------------------------------------------------------- | Depreciation and | -14 252 | -10 243 | -911 | -655 | | impairment of fixed | | | | | | assets | | | | | -------------------------------------------------------------------------------- | Other operating charge | -4 151 | -1 598 | -265 | -102 | -------------------------------------------------------------------------------- | Operating profit | 58 754 | 90 288 | 3 755 | 5 770 | | (-loss) | | | | | -------------------------------------------------------------------------------- | Financial income and | | | | | | expenses | | | | | -------------------------------------------------------------------------------- | Interest expenses | -40 803 | -24 949 | -2 608 | -1 595 | -------------------------------------------------------------------------------- | Profit (loss) on | -597 | -176 | -38 | -11 | | conversion of foreign | | | | | | currencies | | | | | -------------------------------------------------------------------------------- | Other financial income | -2 704 | -1 455 | -173 | -93 | | and costs | | | | | -------------------------------------------------------------------------------- | Total financial income | -43 931 | -26 420 | -2 808 | -1 689 | | and expenses | | | | | -------------------------------------------------------------------------------- | Profit (loss) before | 14 823 | 63 868 | 947 | 4 082 | | income tax | | | | | -------------------------------------------------------------------------------- | | Income tax | 115 | | 7 | 0 | -------------------------------------------------------------------------------- | Net profit (loss) for | 14 708 | 63 868 | 940 | 4 082 | | financial year | | | | | -------------------------------------------------------------------------------- Jüri Vips Member of the Management Board Phone: 6 505 505 e-mail: j.vips@abc.ee