Börsiteade
TKM Grupp AS
LEI kood
529900785KF1K0EEW940
Emitendi suuruskategooria
Suur kontsern
Majandustegevusalad
Finants- ja kindlustustegevus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Poolaastaaruanne
Teate ID
2842
Manused
Esitamise kuupäev ja aeg
26.08.2010 16:30:00
Teate sisu eesti keeles
Pealkiri
2010. AASTA II KVARTALI JA I POOLAASTA AUDITEERIMATA MAJANDUSTULEMUSED
Teade
Tallinna Kaubamaja kontserni 2010. aasta esimese poolaasta konsolideeritud
auditeerimata müügitulu oli 3,0 miljardit krooni (192,4 miljonit eurot).
Kontserni 2009. aasta võrreldava perioodi müügitulu oli 3,2 miljardit krooni
(203,6 miljonit eurot), mis tegi võrdluses eelmise aastaga languseks 6%. II
kvartali müügitul oli 1,6 miljardit krooni (100,8 miljonit eurot), olles seega
eelmise aasta võrreldava perioodi müügitulust 5% madalam. Esimese kuue kuuga
suutis kontsern saavutada 71,5 miljoni kroonini (4,6 miljoni euroni) suuruse
kasumi. Kasum teeniti põhiliselt II kvartalis, mil see ulatus 77,4 miljoni
kroonini (4,9 miljoni euroni). 2009. aasta esimese poolaasta kahjum oli 38,4
miljonit krooni (2,5 miljonit eurot), II kvartali kasum aasta tagasi oli 13,9
miljonit krooni (0,9 miljonit eurot).
Vaatamata jätkuvast käibe langusest tingitud survele suutis kontsern suurendada
kaupluste rentaablust. 2009. aastal tehtud valusad kärped on end õigustanud ning
loonud tänaseks ettevõttele kindla ja jätkusuutliku aluse. Esimesel poolaastal
suutis kontsern võrreldes eelmise aasta sama perioodiga kasumit parandada 109,9
miljoni krooni (7,0 miljonit eurot) võrra eelkõige palga- ja opereerimiskulude
kokkuhoiu arvelt. Tegevuskulude vähendamiseks on suletud ebarentaableid
kauplusi, mis teisalt on andnud mõningase panuse käibe langusesse. Paari viimase
aasta suure ülevaru probleem on lahendatud, varude tase kontsernis on optimaalne
vastates tänasele nõudlusele. Ehkki stardimarginaalid ei ole kasvanud, on
allahindlused olnud väiksemad ning võimaldanud kokkuvõttes müüa kaupa kõrgema
marginaaliga. Amortisatsioonikulud on langenud seoses 2009. aastal läbi viidud
põhivarade allahindlusega. Madalama EURIBORi taseme tõttu vähenes finantskulude
maht võrreldes eelmise aasta sama perioodiga.
Kaubamajade ärisegmendi 2010. aasta esimese poolaasta müügitulu oli 538,0
miljonit krooni (34,4 miljonit eurot), vähenedes eelmise aasta sama perioodiga
võrreldes 8%. Sellest teises kvartalis oli müügitulu 283,6 miljonit krooni (18,1
miljonit eurot), mis oli 2009. aasta II kvartali tuludest 8% madalam.
Kaubamajade kahjum 2010. aasta esimesel poolaastal oli 5,1 miljonit krooni (0,3
miljonit eurot), jäädes aastatagusele tulemusele alla 5,4 miljonit krooni (0,3
miljonit eurot).
Supermarketite ärisegmendi konsolideeritud müügitulu 2010.aasta esimesel
poolaastal oli 2,3 miljardit krooni (144,7 miljonit eurot), sellest II kvartali
müügitulu oli 1,2 miljardit krooni (75,4 miljonit eurot). Mõlema perioodi
müügitulu kahanes võrrelduna eelmise aasta võrreldavate perioodidega 3%.
Supermarketite segmendi konsolideeritud maksueelne kasum ning puhaskasum olid
2010. aasta I poolaastal 33,7 miljonit krooni (2,1 miljonit eurot), näidates
võrrelduna 2009.aasta sama perioodiga 60,2 miljoni krooni (3,8 miljoni euro)
suurust kasvu. II kvartali konsolideeritud maksueelne kasum ning puhaskasum oli
43,5 miljonit krooni (2,8 miljonit eurot), kasvades aasta varasema perioodiga
võrrelduna 40,7 miljoni krooni (2,6 miljoni euro) võrra.
Supermarketite segmendi müügitulu Eestis oli I poolaastal 2,3 miljardit krooni
(144,7 miljonit eurot), saavutades 2009.aasta võrreldava perioodi taseme. II
kvartali müügitulu oli 1,2 miljardit krooni (75,4 miljonit eurot), ületades
eelmise aasta võrreldava perioodi müügitulu 2% võrra. Selveri osakaal vabariigi
spetsialiseerimata kaupluste jaemüügist, kus on ülekaalus toidukaubad, joogid ja
tubakatooted, oli 2010. aasta I poolaastal 18,5%. Eestis teenitud maksueelne
kasum ja puhaskasum olid 2010. aasta I poolaastal 54,5 miljonit krooni (3,5
miljonit eurot), millest 44,6 miljonit krooni (2,8 miljonit eurot) teeniti II
kvartalis. Kasumite kasvud olid aasta varasemate perioodidega võrreldes
vastavalt 34,3 miljonit krooni(2,2 miljonit eurot) ja 16,0 miljonit krooni (1,0
miljonit eurot). I poolaasta majandustulemustele avaldasid positiivset mõju
turundustegevused ja müügikampaaniad, millede tulemusena on, vaatamata mõnedes
regioonides toimunud konkurentsi tihenemisele, suurenenud klientide hulk. Samal
ajal on jätkatud tööd kuluefektiivsusega. Sõlmitud on täiendavaid kokkuleppeid
püsikulude alandamiseks ning üle vaadatud kokkuhoiuvõimalused muutuvkuludes.
Suurim kokkuhoid on saavutatud tööjõuefektiivsuse osas. Tööjõukulud 2010. aasta
I poolaastal olid 11% väiksemad võrrelduna aasta varasema perioodiga. Kasumi
kujunemisele avaldasid ka mõju uue kaupluse - Rannarootsi Selveri - avamiskulud
ning Tallinnas alates käesoleva aasta juunist kehtima hakanud müügimaks.
Selveri müügitulu Lätis 2010. aasta I poolaastal oli 0,2 miljonit krooni (10
tuhat eurot) võrrelduna 77,9 miljoni krooniga (5,0 miljoni euroga) eelmise aasta
samal perioodil. II kvartalis Lätis müügitulu ei olnud. SIA Selver Latvia 2010.
aasta I poolaasta maksueelne ja puhaskahjum oli 24,8 miljonit krooni (1,6
miljonit eurot), vähenedes aasta varasema perioodiga võrrelduna 21,7 miljoni
krooni (1,4 miljoni euro) võrra. Poolaasta kahjumist enamus moodustub
kontsernisisestest kaupluste haldamisega seotud kulutustest. Kuine
konserveerimiskulu oli esimese poolaasta lõpuks viidud tasemeni 3,7 miljonit
krooni (0,2 miljonit eurot), millest kontsernisisesed kulud moodustasid 97%.
Kinnisvarade ärisegmendi 2010. aasta esimese poolaasta kontserniväline müügitulu
oli 19,8 miljonit krooni (1,3 miljonit eurot), kahanedes eelmise aasta sama
perioodiga 9% tingituna üüritegevuse vähenemisest Lätis. Segmendi esimese kuue
kuu kasumiks kujunes 51,0 miljonit krooni (3,3 miljonit eurot). See oli eelmise
aasta esimese poolaasta kasumist 18,1 miljoni krooni (1,2 miljoni euro) võrra
parem tulemus ja oli peamiselt tingitud Läti tegevuskulude vähenemisest,
soodsate intressimäärade tõttu vähenenud finantskuludest ning
amortisatsioonikulude vähenemisest.
Autosegmendi 2010. aasta esimese poolaasta müügitulu ilma segmentide vaheliste
tehinguteta oli 96,8 miljonit krooni (6,2 miljonit eurot), jäädes 34% alla
eelmise aasta sama perioodi tuludele. Teise kvartali müügitulu oli 51,1 miljonit
krooni (3,3 miljonit eurot), mis on 40% väiksem aasta tagusest perioodist.
Tänaseks saavutatud minimaalne kulubaas madalate finantseerimis- ja laokuludega
koos parema marginaaliga müügiga aitasid viia segmendi esimesel poolaastal 0,6
miljonit krooniga (0,04 miljonit euroga) kasumisse, aasta tagasi oli segment
poolaastaga kahjumis 16,4 miljoni krooniga (1,0 miljoni euroga). Teises
kvartalis teeniti 1,0 miljonit krooni (0,1 miljonit eurot) kasumit, eelmise
aasta samal perioodil oli kahjum 10,5 miljonit krooni (0,7 miljonit eurot). KIA
sõidukite turuosa Baltikumis oli 6 kuu seisuga 2,75% (aasta tagasi 2,17%), mis
annab kasvuks rohkem kui 25%.
Jalatsikaubanduse ärisegmendi konsolideeritud müügitulu 2010. aasta teises
kvartalis oli 53,0 miljonit krooni (3,4 miljonit eurot) ja esimesel poolaastal
kokku 91,9 miljonit krooni (5,9 miljonit eurot). Müügitulu kasvas võrreldes
2009. aasta II kvartaliga 17% ja võrreldes 2009. aasta I poolaastaga 8%. Olulist
rolli käibe kasvus on etendanud SHU jalatsiketi hoogne laienemine, samuti ka
edukad turundus- ja müügikampaaniad. Esimesel poolaastal avati seniste Suurtüki
kaupluste asemel uued SHU kingakauplused Tallinnas, Tartus, Rakveres,
Kuressaares ja Kärdlas. Hästi on tarbijate poolt vastu võetud ka ABC Kinga uued
jalatsimärgid ja kaupluste uuenenud kontseptsioon. Suurt tähelepanu on pööratud
klienditeeninduse parandamisele. Puhaskasum oli 2010. aasta teises kvartalis 1,0
miljon krooni (0,1 miljonit eurot). 2010. aasta esimese poolaasta puhaskahjum
kokku oli 8,6 miljonit krooni (0,5 miljonit eurot), vähenedes võrreldes 2009.
aastaga 20,1 miljoni krooni (1,3 miljoni euro) võrra. Kahjumi oluline vähenemine
saavutati peamiselt ebaefektiivsete kaupluste sulgemise, kaubavaliku
parandamise, ettevõtete siseste ümberkorralduste ja töö efektiivsuse tõstmisega.
Edukalt on tööle rakendunud ühine logistikakeskus.
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
tuhandetes
--------------------------------------------------------------------------------
| | EEK | EUR |
--------------------------------------------------------------------------------
| | 30.06.20 | 31.12.200 | 30.06.201 | 31.12.200 |
| | 10 | 9 | 0 | 9 |
--------------------------------------------------------------------------------
| VARAD | | | | |
--------------------------------------------------------------------------------
| Käibevara | | | | |
--------------------------------------------------------------------------------
| Raha ja pangakontod | 175 866 | 223 691 | 11 239 | 14 296 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | 65 225 | 75 655 | 4 169 | 4 835 |
--------------------------------------------------------------------------------
| Muud lühiajalised nõuded | 57 717 | 82 032 | 3 689 | 5 242 |
--------------------------------------------------------------------------------
| Maksude ettemaksed ja | 8 162 | 8 820 | 522 | 564 |
| tagasinõuded | | | | |
--------------------------------------------------------------------------------
| Muud ettemaksed | 11 736 | 12 404 | 750 | 793 |
--------------------------------------------------------------------------------
| Varud | 613 351 | 616 554 | 39 200 | 39 405 |
--------------------------------------------------------------------------------
| Käibevara kokku | 932 057 | 1 019 156 | 59 569 | 65 135 |
--------------------------------------------------------------------------------
| Põhivara | | | | |
--------------------------------------------------------------------------------
| Ettemaksed | 25 479 | 25 499 | 1 628 | 1 630 |
--------------------------------------------------------------------------------
| Investeeringud | 21 845 | 20 323 | 1 396 | 1 299 |
| sidusettevõtetesse | | | | |
--------------------------------------------------------------------------------
| Muud pikaajalised nõuded | 3 715 | 3 613 | 238 | 231 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | 55 800 | 55 800 | 3 566 | 3 566 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 2 630 | 2 689 639 | 168 090 | 171 900 |
| | 031 | | | |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 58 656 | 62 018 | 3 749 | 3 964 |
--------------------------------------------------------------------------------
| Firmaväärtus | 104 993 | 104 993 | 6 710 | 6 710 |
--------------------------------------------------------------------------------
| Põhivara kokku | 2 900 | 2 961 885 | 185 377 | 189 300 |
| | 519 | | | |
--------------------------------------------------------------------------------
| VARAD KOKKU | 3 832 | 3 981 041 | 244 946 | 254 435 |
| | 576 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Võlakohustused | 128 898 | 254 524 | 8 238 | 16 267 |
--------------------------------------------------------------------------------
| Saadud ettemaksed | 5 566 | 2 983 | 356 | 190 |
--------------------------------------------------------------------------------
| Võlad tarnijatele | 661 672 | 713 855 | 42 289 | 45 623 |
--------------------------------------------------------------------------------
| Maksukohustused | 52 608 | 63 490 | 3 362 | 4 058 |
--------------------------------------------------------------------------------
| Muud lühiajalised kohustused | 56 584 | 62 720 | 3 616 | 4 009 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | 603 | 445 | 39 | 28 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | 905 931 | 1 098 017 | 57 900 | 70 175 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Võlakohustused | 1 266 | 1 267 096 | 80 936 | 80 982 |
| | 375 | | | |
--------------------------------------------------------------------------------
| Pikaajalised eraldised | 1 607 | 1 736 | 102 | 111 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | 1 267 | 1 268 832 | 81 038 | 81 093 |
| | 982 | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU | 2 173 | 2 366 849 | 138 938 | 151 268 |
| | 913 | | | |
--------------------------------------------------------------------------------
| Omakapital | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 407 292 | 407 292 | 26 031 | 26 031 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | 40 729 | 40 729 | 2 603 | 2 603 |
--------------------------------------------------------------------------------
| Ümberhindluse reserv | 667 228 | 673 976 | 42 644 | 43 075 |
--------------------------------------------------------------------------------
| Jaotamata kasum | 552 508 | 500 730 | 35 312 | 32 004 |
--------------------------------------------------------------------------------
| Konverteerimiserinevused | -9 094 | -8 535 | -582 | -546 |
--------------------------------------------------------------------------------
| OMAKAPITAL KOKKU | 1 658 | 1 614 192 | 106 008 | 103 167 |
| | 663 | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | 3 832 | 3 981 041 | 244 946 | 254 435 |
| KOKKU | 576 | | | |
--------------------------------------------------------------------------------
KONSOLIDEERITUD KOONDKASUMIARUANNE
tuhandetes
--------------------------------------------------------------------------------
| | | EEK | EUR |
--------------------------------------------------------------------------------
| | 6 kuud | 6 kuud | 6 kuud | 6 kuud |
| | 2010 | 2009 | 2010 | 2009 |
--------------------------------------------------------------------------------
| Müügitulu | 3 009 | 3 185 | 192 360 | 203 622 |
| | 777 | 997 | | |
--------------------------------------------------------------------------------
| Muud äritulud | 94 963 | 89 255 | 6 069 | 5 704 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasutatud materjal ja tarvikud | -2 314 | -2 500 | -147 922 | -159 825 |
| | 482 | 712 | | |
--------------------------------------------------------------------------------
| Mitmesugused tegevuskulud | -343 | -371 201 | -21 946 | -23 724 |
| | 384 | | | |
--------------------------------------------------------------------------------
| Tööjõukulud | -273 | -323 547 | -17 490 | -20 678 |
| | 661 | | | |
--------------------------------------------------------------------------------
| Põhivara kulum | -84 397 | -94 956 | -5 394 | -6 069 |
--------------------------------------------------------------------------------
| Muud ärikulud | -5 676 | -4 822 | -363 | -308 |
--------------------------------------------------------------------------------
| Ärikasum | 83 140 | -19 986 | 5 314 | -1 278 |
--------------------------------------------------------------------------------
| Finantstulud | 2 341 | 3 054 | 150 | 195 |
--------------------------------------------------------------------------------
| Finantskulud | -15 499 | -22 987 | -991 | -1 469 |
--------------------------------------------------------------------------------
| Finantstulud sidusettevõtja | 1 522 | 1 517 | 97 | 97 |
| aktsiatelt | | | | |
--------------------------------------------------------------------------------
| Kasum/kahjum enne | 71 504 | -38 402 | 4 570 | -2 455 |
| tulumaksustamist | | | | |
--------------------------------------------------------------------------------
| Aruandeperioodi puhaskasum | 71 504 | -38 402 | 4 570 | -2 455 |
| (kahjum) | | | | |
--------------------------------------------------------------------------------
| Muu koondkasum/kahjum | | | | |
--------------------------------------------------------------------------------
| Realiseerimata kursivahed | -559 | 320 | -36 | 20 |
--------------------------------------------------------------------------------
| Aruandeperioodi muu | -559 | 320 | -36 | 20 |
| koondkasum/kahjum | | | | |
--------------------------------------------------------------------------------
| ARUANDEPERIOODI KOONDKASUM/KAHJUM | 70 945 | -38 082 | 4 534 | -2 435 |
--------------------------------------------------------------------------------
tuhandetes
--------------------------------------------------------------------------------
| | | EEK | EUR |
--------------------------------------------------------------------------------
| | II | II | II | II |
| | kvartal | kvartal | kvartal | kvartal |
| | 2010 | 2009 | 2010 | 2009 |
--------------------------------------------------------------------------------
| Müügitulu | 1 577 | 1 661 | 100 844 | 106 182 |
| | 864 | 394 | | |
--------------------------------------------------------------------------------
| Muud äritulud | 53 079 | 51 301 | 3 392 | 3 279 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasutatud materjal ja tarvikud | -1 198 | -1 293 | -76 617 | -82 683 |
| | 793 | 709 | | |
--------------------------------------------------------------------------------
| Mitmesugused tegevuskulud | -165 | -184 517 | -10 582 | -11 793 |
| | 569 | | | |
--------------------------------------------------------------------------------
| Tööjõukulud | -138 | -159 355 | -8 869 | -10 185 |
| | 772 | | | |
--------------------------------------------------------------------------------
| Põhivara kulum | -42 071 | -48 554 | -2 689 | -3 103 |
--------------------------------------------------------------------------------
| Muud ärikulud | -2 206 | -2 526 | -140 | -161 |
--------------------------------------------------------------------------------
| Ärikasum | 83 532 | 24 034 | 5 339 | 1 536 |
--------------------------------------------------------------------------------
| Finantstulud | 1 049 | 1 974 | 67 | 126 |
--------------------------------------------------------------------------------
| Finantskulud | -8 055 | -12 827 | -515 | -820 |
--------------------------------------------------------------------------------
| Finantstulud sidusettevõtja | 856 | 692 | 55 | 44 |
| aktsiatelt | | | | |
--------------------------------------------------------------------------------
| Kasum/kahjum enne | 77 382 | 13 873 | 4 946 | 886 |
| tulumaksustamist | | | | |
--------------------------------------------------------------------------------
| Aruandeperioodi puhaskasum | 77 382 | 13 873 | 4 946 | 886 |
| (kahjum) | | | | |
--------------------------------------------------------------------------------
| Muu koondkasum/kahjum | | | | |
--------------------------------------------------------------------------------
| Realiseerimata kursivahed | -306 | -3 | -20 | 0 |
--------------------------------------------------------------------------------
| Aruandeperioodi muu | -306 | -3 | -20 | 0 |
| koondkasum/kahjum | | | | |
--------------------------------------------------------------------------------
| ARUANDEPERIOODI KOONDKASUM/KAHJUM | 77 076 | 13 870 | 4 926 | 886 |
--------------------------------------------------------------------------------
Raul Puusepp
Juhatuse esimees
Tel 731 5000
Teate sisu inglise keeles
Pealkiri
UNAUDITED CONSOLIDATED INTERIM ACCOUNTS FOR THE SECOND QUARTER AND THE FIRST SIX MONTHS OF 2010
Teade
In the first half year of 2010, the consolidated unaudited sales revenue of
Tallinna Kaubamaja Group amounted to 3.0 billion kroons (192.4 million euros).
The sales revenue of the group in the same period of 2009 was 3.2 billion kroons
(203.6 million euros), which amounts to a decrease of 6% compared to the
previous year. The sales revenue of the second quarter was 1.6 million kroons
(100.8 million euros), which amounts to a decrease of 5% compared to the
previous year. The group managed to achieve a profit of 71.5 million kroons (4.6
million euros) in the first six months. The profit was earned mostly in the
second quarter when it amounted to 77.4 million kroons (4.9 million euros). The
loss of the first half year of 2009 was 38.4 million kroons (2.5 million euros),
the profit of the second quarter a year ago was 13.9 million kroons (0.9 million
euros).
Despite the pressure caused by the continuous decrease in turnover, the group
was able to raise the cost-effectiveness of stores. The drastic cut-backs of
2009 have justified themselves and today have created a confident and
sustainable base for the company. In the first half-year, the group was able to
improve profit by 109.9 million kroons (7.0 million euros) primarily by cutbacks
in wages and operational costs. Unprofitable stores have been closed to reduce
operational costs; this has, however, contributed to the decrease of turnover.
The problem of excess inventory during the previous years has been solved; the
level of inventory in the group is optimal and meets today's demand. Although
the start margins have not grown, discounts have been smaller and have enabled
to sell the goods with a higher margin. The depreciable costs have decreased due
to the deduction of capital stock performed in 2009. Due to the lower level of
EURIBOR, the volume of financial costs has decreased in comparison with the same
period of the previous year.
In the first half year of 2010, the sales revenue of the business segment of
department stores was 538.0 million kroons (34.4 million euros), decreasing 8%
compared to the same period of the previous year. The sales revenue of the
second quarter amounted to 283.6 million kroons (18.1 million euros), which is
8% less in comparison with the second quarter of 2009. In the first half year of
2010, the loss of the department stores was 5.1 million kroons (0.3 million
euros), a result that is 5.4 million kroons (0.3 million euros) less than the
result of previous year.
In the first half year of 2010, the consolidated sales revenue of the business
segment of supermarkets amounted to 2.3 billion kroons (144.7 million euros),
the sales revenue of the second quarter amounted to 1.2 billion kroons (75.4
million euros). The sales revenue of both periods decreased by 3% in comparison
with the respective periods of the previous year. The pre-tax profit and net
profit of the segment of supermarkets in the first half year of 2010 was 33.7
million kroons (2.1 million euros), growing by 60.2 million kroons (3.8 million
euros) compared to the same period of the year 2009. The consolidated pre-tax
profit and net profit of the second quarter was 43.5 million kroons (2.8 million
euros), growing by 40.7 million kroons (2.6 million euros) compared to same
period of the year 2009.
In the first half year, the sales revenue of segment of supermarkets in Estonia
was 2.3 billion kroons (144.7 million euros) reaching the level of the
respective period of 2009. The sales revenue of the second quarter was 1.2
billion kroons (75.4 million euros), surpassing the sales revenue of the
respective period of the previous year by 2%. Selver's share in state's
non-specialised stores selling predominantly food products, beverages and
tobacco products was 18.5% in the first half year of 2010. The pre-tax profit
and net profit earned in Estonia was 54.5 million kroons (3.5 million euros) in
first half year of 2010, 44.6 million kroons (2.8 million euros) of it were
earned in the second quarter. The increases of profits were 34.3 million kroons
(2.2 million euros) and 16 million kroons (1.0 million euros), respectively, in
comparison with the previous periods of the year. The economic results of the
first half year were positively affected by marketing activities and sales
campaigns which have increased the number of clients despite the increasing
competition in some regions. At the same time, the cost-effectiveness is being
improved. Additional agreements have been concluded to reduce fixed costs and
possibilities of economising have been reviewed in factor costs. The largest
saving has been achieved in labour efficiency. In the first half year of 2010,
the labour expenses were 11% lower than in the previous period of the year. The
profit was affected by the opening costs of a new store - Rannarootsi Selver -
and the sales tax in Tallinn which came into force in this year's June.
The sales revenue of Selver in Latvia in the first half year of 2010 was 0.2
million kroons (10 thousand euros), contrasted with 77.9 million euros (5.0
million euros) of the respective period in the previous year. There was no sales
revenue in the second quarter in Latvia. The pre-tax and net loss of SIA Selver
Latvia in the fist halth year of 2010 was 24.8 million kroons (1.6 million
euros), decreasing by 21.7 million kroons (1.4 million euros) in comparison with
the respective period of the previous year. The majority of half year's loss
constitutes of store's administration costs within the group. The monthly
conservation cost was reduced to 3.7 million kroons (0.2 million euros) to the
end of the half year, consisted 97% of the costs within the group.
In the first half year of 2010, the sales revenue of the business segment of
real estate outside the group was 19.8 million kroons (1.3 million euros),
decreasing by 9% compared to the same period of the previous year due to the
decrease of rental activities in Latvia. The segment's profit of the first six
months amounted to 51.0 million kroons (3.3 million euros). This result is 18.1
million kroons (1.2 million euros) better than the profit of the first half year
of the previous year and it is caused by the reduction of operating expenses in
Latvia, reduced financial expenses caused by favourable interest rates and
decrease of depreciable costs.
In the first half year of 2010, the car segment's sales revenue, with the
exclusion of inter-segmental transactions, was 96.8 million kroons (6.2 million
euros), a result 34% lower than in the same period of the previous year. The
sales revenue of the second quarter was 51.1 million kroons (3.3 million euros),
which is 40% lower than in the period a year ago. The minimal cost base and low
financing and warehouse costs with a better margin achieved by today helped the
segment to earn a profit of 0.6 million kroons (0.04 million euros), a year ago
the loss of the segment was 16.4 million kroons (1.0 million euros). A profit
of1.0 million kroons (0.1 million euros) was earned in the second quarter, the
loss of the same period in the previous year was 10.5 million kroons (0.7
million euros). The market share of KIA vehicles was 2.75% as of the six months
(2.17% a year ago), which shows an increase of 25%.
The consolidated sales revenue of the footwear trade segment in the second
quarter of 2010 was 53.0 million kroons (3.4 million euros) and 91.9 million
kroons (5.9 million euros) in the first half year. The sales grew 17% in
comparison with the second quarter of 2009 and 8% in comparison with the first
half year. The rapid expansion of the footwear store chain SHU has played an
important role in the increase of the turnover along with successful marketing
and sales campaigns. New SHU footwear stores were opened instead of previous
stores Suurtüki in Tallinn, Tartu, Rakvere, Kuressaare and Kärdla in the first
half year. The new brands of ABC King and the new concept of the stores have
also been accepted well by the consumers. A lot of attention has been paid to
the improvement of customer service. The net profit in the second quarter of
2010 was 1.0 million kroons (0.1 million euros). The net loss of the first half
year of 2010 was 8.6 million kroons (0.5 million euros), decreasing by 20.1
million kroons (1.3 million euros) in comparison with the same period of the
previous year. A substantial decrease of loss was achieved by closing
non-profitable stores, improving the selection of goods, rearrangements within
the company and the raising of efficiency. A common logistics centre has been
implemented successfully.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
In thousands of
--------------------------------------------------------------------------------
| | EEK | EUR |
--------------------------------------------------------------------------------
| | 30.06.201 | 31.12.200 | 30.06.201 | 31.12.200 |
| | 0 | 9 | 0 | 9 |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Cash and bank | 175,866 | 223,691 | 11,239 | 14,296 |
--------------------------------------------------------------------------------
| Trade receivables | 65,225 | 75,655 | 4,169 | 4,835 |
--------------------------------------------------------------------------------
| Other short-term receivables | 57,717 | 82,032 | 3,689 | 5,242 |
--------------------------------------------------------------------------------
| Prepaid and refundable taxes | 8,162 | 8,820 | 522 | 564 |
--------------------------------------------------------------------------------
| Other prepayments | 11,736 | 12,404 | 750 | 793 |
--------------------------------------------------------------------------------
| Inventories | 613,351 | 616,554 | 39,200 | 39,405 |
--------------------------------------------------------------------------------
| Total current assets | 932,057 | 1,019,156 | 59,569 | 65,135 |
--------------------------------------------------------------------------------
| Fixed assets | | | | |
--------------------------------------------------------------------------------
| Prepaid expenses | 25,479 | 25,499 | 1,628 | 1,630 |
--------------------------------------------------------------------------------
| Shares in affiliated | 21,845 | 20,323 | 1,396 | 1,299 |
| companies | | | | |
--------------------------------------------------------------------------------
| Other long-term receivables | 3,715 | 3,613 | 238 | 231 |
--------------------------------------------------------------------------------
| Investment property | 55,800 | 55,800 | 3,566 | 3,566 |
--------------------------------------------------------------------------------
| Tangible fixed assets | 2,630,031 | 2,689,639 | 168,090 | 171,900 |
--------------------------------------------------------------------------------
| Intangible fixed assets | 58,656 | 62,018 | 3,749 | 3,964 |
--------------------------------------------------------------------------------
| Goodwill | 104,993 | 104,993 | 6,710 | 6,710 |
--------------------------------------------------------------------------------
| Total fixed assets | 2,900,519 | 2,961,885 | 185,377 | 189,300 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 3,832,576 | 3,981,041 | 244,946 | 254,435 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | , | , | , | , |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Borrowings | 128,898 | 254,524 | 8,238 | 16,267 |
--------------------------------------------------------------------------------
| Prepayments received | 5,566 | 2,983 | 356 | 190 |
--------------------------------------------------------------------------------
| Trade payables | 661,672 | 713,855 | 42,289 | 45,623 |
--------------------------------------------------------------------------------
| Tax liabilities | 52,608 | 63,490 | 3,362 | 4,058 |
--------------------------------------------------------------------------------
| Other current liabilities | 56,584 | 62,720 | 3,616 | 4,009 |
--------------------------------------------------------------------------------
| Provisions | 603 | 445 | 39 | 28 |
--------------------------------------------------------------------------------
| Total current liabilities | 905,931 | 1,098,017 | 57,900 | 70,175 |
--------------------------------------------------------------------------------
| Long-term liabilities | | | | |
--------------------------------------------------------------------------------
| Borrowings | 1,266,375 | 1,267,096 | 80,936 | 80,982 |
--------------------------------------------------------------------------------
| Provisions | 1,607 | 1,736 | 102 | 111 |
--------------------------------------------------------------------------------
| Total long-term liabilities | 1,267,982 | 1,268,832 | 81,038 | 81,093 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 2,173,913 | 2,366,849 | 138,938 | 151,268 |
--------------------------------------------------------------------------------
| Equity | | | | |
--------------------------------------------------------------------------------
| Share capital | 407,292 | 407,292 | 26,031 | 26,031 |
--------------------------------------------------------------------------------
| Statutory reserve capital | 40,729 | 40,729 | 2,603 | 2,603 |
--------------------------------------------------------------------------------
| Revaluation reserve | 667,228 | 673,976 | 42,644 | 43,075 |
--------------------------------------------------------------------------------
| Retained earnings | 552,508 | 500,730 | 35,312 | 32,004 |
--------------------------------------------------------------------------------
| Currency translation | -9,094 | -8,535 | -582 | -546 |
| differences | | | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 1,658,663 | 1,614,192 | 106,008 | 103,167 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 3,832,576 | 3,981,041 | 244,946 | 254,435 |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
In thousands of
--------------------------------------------------------------------------------
| | EEK | EUR |
--------------------------------------------------------------------------------
| | 6 months | 6 months | 6 months | 6 months |
| | 2010 | 2009 | 2010 | 2009 |
--------------------------------------------------------------------------------
| Revenue | 3,009,77 | 3,185,99 | 192,360 | 203,622 |
| | 7 | 7 | | |
--------------------------------------------------------------------------------
| Other operating income | 94,963 | 89,255 | 6,069 | 5,704 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and consumables used | -2,314,4 | -2,500,7 | -147,922 | -159,825 |
| | 82 | 12 | | |
--------------------------------------------------------------------------------
| Other operating expenses | -343,384 | -371,201 | -21,946 | -23,724 |
--------------------------------------------------------------------------------
| Staff costs | -273,661 | -323,547 | -17,490 | -20,678 |
--------------------------------------------------------------------------------
| Depreciation and amortisation | -84,397 | -94,956 | -5,394 | -6,069 |
--------------------------------------------------------------------------------
| Other expenses | -5,676 | -4,822 | -363 | -308 |
--------------------------------------------------------------------------------
| Operating profit (loss) | 83,140 | -19,986 | 5,314 | -1,278 |
--------------------------------------------------------------------------------
| Financial income | 2,341 | 3,054 | 150 | 195 |
--------------------------------------------------------------------------------
| Financial costs | -15,499 | -22,987 | -991 | -1,469 |
--------------------------------------------------------------------------------
| Financial income on shares of | 1,522 | 1,517 | 97 | 97 |
| associates | | | | |
--------------------------------------------------------------------------------
| Profit/Loss before income tax | 71,504 | -38,402 | 4,570 | -2,455 |
--------------------------------------------------------------------------------
| Net profit (loss) for the | 71,504 | -38,402 | 4,570 | -2,455 |
| reporting period | | | | |
--------------------------------------------------------------------------------
| Other comprehensive income/loss | | | | |
--------------------------------------------------------------------------------
| Exchange differences on | -559 | 320 | -36 | 20 |
| translating foreign operations | | | | |
--------------------------------------------------------------------------------
| Other comprehensive income for | -559 | 320 | -36 | 20 |
| the reporting period | | | | |
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME/LOSS | 70,945 | -38,082 | 4,534 | -2,435 |
| FOR THE REPORTING PERIOD | | | | |
--------------------------------------------------------------------------------
In thousands of
--------------------------------------------------------------------------------
| | EEK | EUR |
--------------------------------------------------------------------------------
| | 2nd | 2nd | 2nd | 2nd |
| | quarter | quarter | quarter | quarter |
| | 2010 | 2009 | 2010 | 2009 |
--------------------------------------------------------------------------------
| Revenue | 1,577,86 | 1,661,39 | 100,844 | 106,182 |
| | 4 | 4 | | |
--------------------------------------------------------------------------------
| Other operating income | 53,079 | 51,301 | 3,392 | 3,279 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and consumables used | -1,198,7 | -1,293,7 | -76,617 | -82,683 |
| | 93 | 09 | | |
--------------------------------------------------------------------------------
| Other operating expenses | -165,569 | -184,517 | -10,582 | -11,793 |
--------------------------------------------------------------------------------
| Staff costs | -138,772 | -159,355 | -8,869 | -10,185 |
--------------------------------------------------------------------------------
| Depreciation and amortisation | -42,071 | -48,554 | -2,689 | -3,103 |
--------------------------------------------------------------------------------
| Other expenses | -2,206 | -2,526 | -140 | -161 |
--------------------------------------------------------------------------------
| Operating profit (loss) | 83,532 | 24,034 | 5,339 | 1,536 |
--------------------------------------------------------------------------------
| Financial income | 1,049 | 1,974 | 67 | 126 |
--------------------------------------------------------------------------------
| Financial costs | -8,055 | -12,827 | -515 | -820 |
--------------------------------------------------------------------------------
| Financial income on shares of | 856 | 692 | 55 | 44 |
| associates | | | | |
--------------------------------------------------------------------------------
| Profit/Loss before income tax | 77,382 | 13,873 | 4,946 | 886 |
--------------------------------------------------------------------------------
| Net profit (loss) for the | 77,382 | 13,873 | 4,946 | 886 |
| reporting period | | | | |
--------------------------------------------------------------------------------
| Other comprehensive income/loss | | | | |
--------------------------------------------------------------------------------
| Exchange differences on | -306 | -3 | -20 | 0 |
| translating foreign operations | | | | |
--------------------------------------------------------------------------------
| Other comprehensive income for | -306 | -3 | -20 | 0 |
| the reporting period | | | | |
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME/LOSS | 77,076 | 13,870 | 4,926 | 886 |
| FOR THE REPORTING PERIOD | | | | |
--------------------------------------------------------------------------------
Raul Puusepp
Chairman of the Board
Phone +372 731 5000