Komentarai Siųsti draugui Spausdinti Vertinimas Neįvertintas

TKM: UNAUDITED CONSOLIDATED INTERIM ACCOUNTS FOR 2009

Spekuliantai.lt | 2010-02-26 | NASDAQ OMX biržų naujienos | perskaitė: 1416
Raktiniai žodžiai: Tallinna Kaubamaja, TKM
TKM: UNAUDITED CONSOLIDATED INTERIM ACCOUNTS FOR 2009

Tallinna Kaubamaja Quarterly report 26.02.2010

UNAUDITED CONSOLIDATED INTERIM ACCOUNTS FOR 2009

In 2009, the consolidated non-audited sales revenue of Tallinna Kaubamaja Group
amounted to 6.4 billion kroons (408.3 million euros). The sales revenue of the
group in the same period of 2008 was 6.5 billion kroons (417.4 million euros),
which amounts to decrease of 2% compared to the previous year. The sales revenue
of the fourth quarter was 1.6 billion kroons (104.4 million euros), which is 10%
lower than the sales revenue of the same quarter in 2008. The year ended with a
loss of 196.7 million kroons (12.6 million euros) due to the discounts of the
fixed assets realised at the end of the year. The loss in the fourth quarter was
173.7 million kroons (11.1 million euros) and it includes the revaluation of the
land and buildings in Latvia in the amount of 175.0 million kroons (11.2 million
euros) and the discount of construction in work in Estonia in the amount of 36.0
million kroons (2.3 million euros). The net profit of 2008 was 83.1 million
kroons (5.3 million euros), year ago in the fourth quarter the loss was 68.6
million kroons (4.4 million euros), which included a discount of fixed assets of
86.8 million kroons (5.5 million euros).
In 2009, Tallinna Kaubamaja Group, like the whole retail sector, has faced the
challenge of operating with a substantially reduced turnover and under an
enormous price pressure. At the same time, the expenditure of the Group has
increased due to the expansion of the operable premises and growth in the number
of employees. Compared to the same period of the previous year, the depreciation
of the fixed assets, caused by the large investments of 2008 (52.6 million
kroons, 3.4 million euros added), and the financial expenses (7.6 million
kroons, 0.5 million euros added) have grown. In comparison with the last year's
third and fourth quarter, the financial expenses have decreased due to the
decline of EURIBOR. The Group has negotiated with partners and suppliers for
more favourable service prices in order to reduce operating expenses. In larger
business segments, the Group managed to agree upon a wage reduction of 10% for
the office employees since the beginning of the second quarter. As a result of
the dropped sales volumes, the size of the sales personnel has been regulated by
way of natural rotation and part-time work. Footwear stores have been closed in
unprofitable and unpromising locations. Tallinna Kaubamaja decided in October to
halt the operation of Selvers in Latvia due to the exceedingly poor economic
situation in Latvia. Other business segments of Tallinna Kaubamaja in Latvia are
smaller in extent and have accomplished stability during their longer
activities.
In 2009, the sales revenue of the business segment of department stores was
1,196.5 million kroons (76.5 million euros), i.e. 22% less than in the same
period of the previous year. The sales revenue of the fourth quarter was 347.7.0
million kroons (22.0 million euros), which is 21% less than in the same period
of the previous year. According to the data of the Estonian Statistical Office,
the turnover of the retail companies comparable with Kaubamaja department stores
fell by 30.6% in the fourth quarter and by a total of 28.3% in the twelve
months. For department stores, the twelve months of 2009 finally yielded a
profit of 28.0 million kroons (1.8 million euros), falling short of the result
of the previous year by 95.9 million kroons (6.1 million euros). In addition to
the continuing economic recess, the profit of 2009 was adversely affected also
by the substantial renovations performed in the first and third quarter in
beauty, footwear, children's and women's department. In the second quarter, the
negative effect stemmed from the discounts that were more vigorous and extensive
in 2009 than in the same period of the previous year. At the same time, the
purchase rally and Christmas campaigns in the fourth quarter were successful and
had a positive effect on the profit. From the second quarter on, the cost saving
measures, adopted by the management of the company in the first quarter, have
contributed to the profit. In the twelve months of 2009, the department stores
managed to attain a saving of 16.5% on all personnel related expenses relative
to the same period of the previous year. Agreements with partners have enabled
to reduce the administrative and logistics expenses as well as other operating
expenses.
The first store of the I.L.U. beauty stores chain was opened in the new Pärnu
Centre in the second half of March. In 2009, the sales revenue of OÜ TKM Beauty
Eesti that operates the I.L.U. stores totalled to 12.2 million kroons (0.8
million euros). The sales revenue of the fourth quarter was 7.6 million kroons
(0.5 euros). In the light of the overall decline of 16.0% in the retail trade in
the 2009, the sector of beauty products, toiletries and pharmaceutical products
experienced a smaller drop in the sales, decreasing by 4.0%. Due to the
launching activities of the chain with a novel concept, the company incurred a
loss of 6.6 million kroons (0.4 million euros) in 2009.
The consolidated sales revenue of the business segment of supermarkets amounted
to 4.8 billion kroons (304.0 million euros) in 2009, which is 11% more than in
the same period of the previous year. In 2009, the consolidated pre-tax loss of
Selver was 30.6 million kroons (2.0 million euros). The consolidated net loss in
2009 was 34.9 million kroons (2.2 million euros), showing a decrease of 98.7
million kroons (6.3 million euros) compared to the same period of 2008, when the
consolidated net profit was 63.7 million kroons (4.1 million euros). In 2009,
the sales revenue in Estonia was 4.6 billion kroons (294.7 million euros),
increasing by 8% compared to 2008. In comparable stores, the turnover per square
metre of the sales area was 6.2 thousand kroons a month, showing a decrease of
10%. The pre-tax profit earned in Estonia in 2009 was 115.7 million kroons (7.4
million euros) and the net profit 111.3 million kroons (7.1 million euros),
growing by 12% and 36%, respectively, compared to the same period of the
previous year. The economic results of 2009 in Estonia were influenced by the
overall economic recession, changes of competition situation in the retail
market, overall decrease of sales prices and changes in the structure of the
shopping basket of customers. The costs related to the launch of new stores and
lower sales efficiency in the launching period also had their effect. The
reduction of operating expenses had a positive effect on profit. New contracts
have been concluded to reduce fixed costs, the basic salaries of employees have
been cut and the staff has been optimised according to the economic situation.
The sales revenue in Latvia in 2009 was 0.2 billion kroons (9.6 million euros).
Pre-tax and net loss amounted to 146.3 million kroons (9.3 million euros). Due
to the drastic deterioration of the economic environment in Latvia, in autumn
the decision was made to freeze the business activities of the subsidiary SIA
Selver Latvia and make the employees redundant. As of the end of 2009, 5 out of
6 Selver stores in Latvia were closed. In relation to the freeze of the business
activities in Latvia, extraordinary expenditures were made in the amount of 51.7
million kroons (3.3 million euros). Single extraordinary expenses were related
mainly to premature termination of contracts, provision of redundancy payments
of employees and the sale of the assets of the stores.
In 2009, the sales revenue of the business segment of real estate was 42.6
million kroons (2.7 million euros) and the sales revenue increased by 4%
compared to 2008. In the fourth quarter, the sales revenue was 10.3 million
kroons (0.7 million euros), decreasing by 4% compared to the same period in 2008
when the sales revenue amounted to 10.8 million kroons (0.7 million euros). The
annual loss amounted to 115.6 million kroons (7.4 million euros), of which a
loss of 169.7 million kroons (10.8 million euros) realised in the fourth
quarter. The loss was incurred from the revaluation of the land and buildings in
Latvia in the amount of 175.0 million kroons (11.2 million euros) and 36.0
million kroons (2.3 million euros) in Estonia from construction in work.
The sales revenue of the car trade segment for the 2009 was 207.9 million kroons
(13.3 million euros), which is 57% less than in the previous year. 853 new
vehicles were sold in 2009. At the same time in 2008, the sales revenue from the
sales of 2,056 cars was 494.9 million kroons (31.6 million euros). The sales
revenue for the fourth quarter of 2009 was 29.1 million kroons (1.9 million
euros) and altogether 79 new cars were sold. The sales revenue for the same
period in 2008 was 57.8 million kroons (3.7 million euros). A continuing steep
fall in the car trading market was seen in the fourth quarter. Due to the
overall economic recession and a drastic decrease in consumption (especially in
the car trade), the loss of the 12 month in the car trade amounted to 23.0
million kroons (1.5 million euros). The keywords of 2009 were aggressive
reductions of inventories and cut of expenses. The inventories decreased by 85%
during the year. Bringing the inventory into accordance with the market
situation had also a negative effect on the care sales margins. In 2010, the
goal is to earn a profit in the care trade. This belief is based on cut
expenses, optimal inventories and the launch of various strategic new models in
2009.
In 2009, the sales revenue of the footwear trade was 179.9 million kroons (11.5
million euros), the fourth quarter amounted to a turnover of 43.7 million kroons
(2.8 million euros), decreasing by 29.5% in comparison with the respective
period of 2008. The loss in the fourth quarter amounted to 11.5 million kroons
(0.7 million euros), of which the loss of Latvian businesses amounts to 1.7
million kroons (0.1 million euros) and the discount of the claims of SIA
Suurtüki 5.1 million kroons (0.3 million euros). The total loss of the footwear
trade of the fourth quarter of 2008 was 16.6 million kroons (1.1 million euros).
The loss of 2009 was a total of 51.2 million kroons (3.3 million euros),
including the 11.5 million kroons (0.7 million euro) loss of Latvian businesses.
The main reasons for the loss are the decreased revenues from sale, the costs
relating to the closing of unprofitable stores, and vigorous discounts to sell
old inventories, also the discounts of claims of the Latvian businesses.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

thousand kroons/euros
--------------------------------------------------------------------------------
|   | 31 December 2009 | 31 December 2008 |
--------------------------------------------------------------------------------
|   | EEK | EUR* | EEK | EUR* |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Cash at bank and in hand | 158,702 | 10,143 | 101,353 | 6,478 |
--------------------------------------------------------------------------------
| Trade receivables | 75,655 | 4,835 | 96,538 | 6,170 |
--------------------------------------------------------------------------------
| Other receivables | 147,021 | 9,396 | 73,019 | 4,668 |
--------------------------------------------------------------------------------
| Prepaid and refundable | 8,820 | 564 | 41,475 | 2,651 |
| taxes | | | | |
--------------------------------------------------------------------------------
| Prepaid expenses | 12,404 | 793 | 12,161 | 777 |
--------------------------------------------------------------------------------
| Inventories | 616,554 | 39,405 | 781,304 | 49,933 |
--------------------------------------------------------------------------------
| Total current assets | 1,019,15 | 65,136 | 1,105,850 | 70,677 |
| | 6 | | | |
--------------------------------------------------------------------------------
| Fixed assets | | | | |
--------------------------------------------------------------------------------
| Prepaid expenses | 25,499 | 1,630 | 31,074 | 1,985 |
--------------------------------------------------------------------------------
| Shares in affiliated | 20,323 | 1,299 | 17,505 | 1,119 |
| companies | | | | |
--------------------------------------------------------------------------------
| Other long-term | 3,613 | 231 | 3,801 | 243 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Investment property | 55,800 | 3,566 | 0 | 0 |
--------------------------------------------------------------------------------
| Tangible fixed assets | 2,689,63 | 171,899 | 2,998,073 | 191,612 |
| | 9 | | | |
--------------------------------------------------------------------------------
| Intangible fixed assets | 62,018 | 3,964 | 68,431 | 4,374 |
--------------------------------------------------------------------------------
| Goodwill | 104,993 | 6,710 | 109,499 | 6,998 |
--------------------------------------------------------------------------------
| Total fixed assets | 2,961,88 | 189,299 | 3,228,383 | 206,331 |
| | 5 | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 3,981,04 | 254,435 | 4,334,233 | 277,008 |
| | 1 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND OWNERS' | , | , | , | , |
| EQUITY | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Interest bearing loans | 249,969 | 15,976 | 318,098 | 20,330 |
| and borrowings | | | | |
--------------------------------------------------------------------------------
| Prepayments received for | 4,407 | 2,983 | 190 | 5,237 | |
| goods and services | | | | | |
--------------------------------------------------------------------------------
| Accounts payable | 713,855 | 45,623 | 800,467 | 51,161 |
--------------------------------------------------------------------------------
| Taxes payable | 63,490 | 4,058 | 76,460 | 4,887 |
--------------------------------------------------------------------------------
| Other short-term | 62,720 | 4,009 | 78,213 | 4,997 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Provisions | 445 | 28 | 3,534 | 226 |
--------------------------------------------------------------------------------
| Total current liabilities | 1,093,46 | 69,884 | 1,282,009 | 81,934 |
| | 2 | | | |
--------------------------------------------------------------------------------
| Long-term liabilities | | | | |
--------------------------------------------------------------------------------
| Interest bearing loans | 1,271,65 | 81,273 | 1,215,409 | 77,679 |
| and borrowings | 1 | | | |
--------------------------------------------------------------------------------
| Provisions | 1,736 | 111 | 1,462 | 93 |
--------------------------------------------------------------------------------
| Total long-term | 1,273,38 | 81,384 | 1,216,871 | 77,772 |
| liabilities | 7 | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 2,366,84 | 151,269 | 2,498,880 | 159,706 |
| | 9 | | | |
--------------------------------------------------------------------------------
| Owners' equity | | | | |
--------------------------------------------------------------------------------
| Share capital | 407,292 | 26,031 | 407,292 | 26,031 |
--------------------------------------------------------------------------------
| Mandatory reserve | 40,729 | 2,603 | 40,729 | 2,603 |
--------------------------------------------------------------------------------
| Revaluation reserve | 664,332 | 42,459 | 682,028 | 43,590 |
--------------------------------------------------------------------------------
| Retained earnings | 510,374 | 32,619 | 705,719 | 45,105 |
--------------------------------------------------------------------------------
| Foreign currency | -8,535 | -545 | -415 | -27 |
| translation | | | | |
--------------------------------------------------------------------------------
| TOTAL OWNER`S EQUITY | 1,614,19 | 103,167 | 1,835,353 | 117,302 |
| | 2 | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | 3,981,04 | 254,435 | 4,334,233 | 277,008 |
| OWNER`S EQUITY | 1 | | | |
--------------------------------------------------------------------------------


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

thousand kroons/euros
--------------------------------------------------------------------------------
|   | 2009 | 2008 |
--------------------------------------------------------------------------------
|   | EEK | EUR* | EEK | EUR* |
--------------------------------------------------------------------------------
| Revenue | 6,388,12 | 408,276 | 6,531,42 | 417,434 |
| | 7 | | 0 | |
--------------------------------------------------------------------------------
| Other income | 217,898 | 13,926 | 166,164 | 10,619 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and consumables used | -4,966,4 | -317,412 | -4,937,9 | -315,592 |
| | 17 | | 23 | |
--------------------------------------------------------------------------------
| Other operating expenses | -727,064 | -46,468 | -706,908 | -45,180 |
--------------------------------------------------------------------------------
| Personnel expenses | -614,084 | -39,247 | -669,319 | -42,777 |
--------------------------------------------------------------------------------
| Depreciation and amortisation | -193,835 | -12,388 | -141,278 | -9,028 |
--------------------------------------------------------------------------------
| Impairment loss of fixed assets | -224,681 | -14,360 | -91,488 | -5,848 |
--------------------------------------------------------------------------------
| Other expenses | -34,339 | -2,195 | -15,429 | -983 |
--------------------------------------------------------------------------------
| Operating profit | -154,395 | -9,868 | 135,239 | 8,645 |
--------------------------------------------------------------------------------
| Financial expenses | 5,565 | 356 | 8,825 | 564 |
--------------------------------------------------------------------------------
| Financial income | -46,406 | -2,966 | -42,586 | -2,722 |
--------------------------------------------------------------------------------
| Financial income from shares of | 2,818 | 180 | 3,304 | 211 |
| associated companies | | | | |
--------------------------------------------------------------------------------
| Total net financial items | -38,023 | -2,430 | -30,457 | -1,947 |
--------------------------------------------------------------------------------
| Profit before income tax | -192,418 | -12,298 | 104,782 | 6,698 |
--------------------------------------------------------------------------------
| Income tax | -4,331 | -277 | -21,653 | -1,385 |
--------------------------------------------------------------------------------
| Net profit/loss for the period | -196,749 | -12,575 | 83,129 | 5,313 |
--------------------------------------------------------------------------------
| Other comprehensive income | | | | |
--------------------------------------------------------------------------------
| Revaluation of land and | 0 | 0 | -59,800 | -3,822 |
| buildings (note 10) | | | | |
--------------------------------------------------------------------------------
| Exchange differences on | -8,120 | -519 | -425 | -27 |
| translating foreign operations | | | | |
--------------------------------------------------------------------------------
| Other comprehensive income for | -8,120 | -519 | -60,225 | -3,849 |
| the reporting period | | | | |
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME | -204,869 | -13,094 | 22,904 | 1,464 |
--------------------------------------------------------------------------------


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

thousand kroons/euros
--------------------------------------------------------------------------------
|   | 4th quarter 2009 | 4th quarter 2008 |
--------------------------------------------------------------------------------
|   | EEK | EUR* | EEK | EUR* |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 1,633,13 | 104,376 | 1,815,17 | 116,011 |
| | 5 | | 4 | |
--------------------------------------------------------------------------------
| Other income | 77,943 | 4,981 | 48,661 | 3,110 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and consumables used | -1,246,4 | -79,665 | -1,378,8 | -88,123 |
| | 87 | | 24 | |
--------------------------------------------------------------------------------
| Other operating expenses | -186,583 | -11,925 | -205,030 | -13,104 |
--------------------------------------------------------------------------------
| Personnel expenses | -138,997 | -8,884 | -195,087 | -12,468 |
--------------------------------------------------------------------------------
| Depreciation and amortisation | -50,631 | -3,236 | -41,643 | -2,661 |
--------------------------------------------------------------------------------
| Impairment loss of fixed assets | -224,681 | -14,360 | -91,488 | -5,848 |
--------------------------------------------------------------------------------
| Other expenses | -24,602 | -1,572 | -6,871 | -439 |
--------------------------------------------------------------------------------
| Operating profit | -160,903 | -10,285 | -55,108 | -3,522 |
--------------------------------------------------------------------------------
| Financial expenses | 1,427 | 91 | 4,769 | 305 |
--------------------------------------------------------------------------------
| Financial income | -14,982 | -958 | -19,274 | -1,232 |
--------------------------------------------------------------------------------
| Financial income from shares of | 746 | 48 | 1,036 | 66 |
| associated companies | | | | |
--------------------------------------------------------------------------------
| Total net financial items | -12,809 | -819 | -13,469 | -861 |
--------------------------------------------------------------------------------
| Profit before income tax | -173,712 | -11,104 | -68,577 | -4,383 |
--------------------------------------------------------------------------------
| Income tax | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Net profit/loss for the period | -173,712 | -11,104 | -68,577 | -4,383 |
--------------------------------------------------------------------------------
| Other comprehensive income | | | | |
--------------------------------------------------------------------------------
| Revaluation of land and | 0 | 0 | -59,800 | -3,822 |
| buildings (note 10) | | | | |
--------------------------------------------------------------------------------
| Exchange differences on | -8,208 | -525 | -168 | -11 |
| translating foreign operations | | | | |
--------------------------------------------------------------------------------
| Other comprehensive income for | -8,208 | -525 | -59,968 | -3,833 |
| the reporting period | | | | |
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME | -181,920 | -11,629 | -128,545 | -8,216 |
--------------------------------------------------------------------------------


Raul Puusepp
Chairman of the Board
Phone +372 731 5000



1. börs_kaubamaja_12_kuud2009_eng_final.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=294195)

Taip pat skaitykite

DPK: Decisions of the regular meeting of shareholders dated 27.05.2013

VLN: NEW MUTUAL FUND TO THE BALTIC FUND CENTER

VLN: The results of the primary placement auction of Lithuanian Government securities

VLN: VVP pirminio platinimo aukciono rezultatai

2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos

Komentarai



Ekonominis kalendorius

Prekybos statistika realiu laiku

Techninės analizės įrankis

Privatumo politika Reklama Kontaktai Paskolos RSS RSS
© 2006-2024 UAB All Media Digital