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