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TKM: UNAUDITED CONSOLIDATED INTERIM ACCOUNTS OF FIRST QUARTER OF 2009

Spekuliantai.lt | 2009-05-28 | NASDAQ OMX biržų naujienos | perskaitė: 1371
Raktiniai žodžiai: Tallinna Kaubamaja, TKM
TKM: UNAUDITED CONSOLIDATED INTERIM ACCOUNTS OF FIRST QUARTER OF 2009

Tallinna Kaubamaja Quarterly report 28.05.2009

UNAUDITED CONSOLIDATED INTERIM ACCOUNTS OF FIRST QUARTER OF 2009

Tallinna Kaubamaja Group's consolidated non-audited sales income of the first
three months of 2009 was 1.52 billion kroons (97.4 million euros). The sales
income of the Group for the comparable period of 2008 amounted to 1.47 billion
kroons (94.0 million euros). The turnover increased by 4%. In the 1st quarter,
the Group suffered a loss amounting to 52.3 million kroons (-3.3 million
euros), earning 120.0 million kroons (-7.7 million euros) less income than in
the same period of the previous year. In the first quarter of 2008, the Group
earned a profit of 67.5 million kroons (4.3 million euros). As of 31 March
2009, the balance sheet total of the Tallinna Kaubamaja Group was 4.3 billion
kroons (276.8 million euros), which means a decrease by 4 million kroons (0,3
million euros) compared to the end of 2008. Assets decreased by 0.09%.
During the first quarter of 2009, the Group focussed mainly on adjusting the
companies to the abrupt change in the economic environment that began in the
fourth quarter of 2008. Compared to the same period of the previous year, the
depreciation of fixed assets has increased significantly due to the large
volume of investments in 2008 (increase by 17.5 million kroons) and financial
costs (increase by 4.6 million kroons). In order to reduce the operating costs,
the Group has held negotiations with partners and suppliers about lowering the
prices of services. In the larger business segments, an agreement has been
reached with the office staff to reduce the salary by 10% starting from the
second quarter. As the sales volumes decrease, the number of sales employees
has been regulated by way of natural rotation and applying part-time work.
Closing of some footwear stores has been discussed.
In the department stores segment, the sales income amounted to 277.1 million
kroons (17.7 million euros) in the 1st quarter of 2009, decreasing by 21%
compared to the previous year. The loss of department stores in the first
quarter of 2009 amounted to 11.4 million kroons (0.7 million euros), falling
below the indicator of the previous year by 35.4 million kroons (2.3 million
euros). Kaubamaja's profit in the first quarter was greatly influenced by, on
the one hand, renovations in several departments and, on the other hand, the
decrease of the sales income in comparison with the same period of the previous
year (-21%). The measures taken by the company's management in order to reduce
labour costs did not influence the results of the first quarter as yet; these
will exert a positive influence on the profit during the following quarters.
The consolidated sales income of the segment of supermarkets amounted to 1.1
billion kroons (72.4 million euros) in the first quarter of 2009, which is 16%
more than in the same period of the previous year. The sales income of the
business segment of supermarkets in the comparable period of the previous year
was 973 million kroons (62.2 million euros). The share of Selver's domestic net
turnover (in Estonia) in the retail sales of the country's non-specialised food
stores was 17.6% in the first quarter of 2009. In the comparable period of the
previous year, Selver's share in this sector was 15.2%. Selver's consolidated
pre-tax net loss amounted to 29.2 million kroons (1.9 million euros) in the
first quarter of 2009, showing a decrease of 67.8 million kroons (4.3 million
euros) compared to the same period of 2008, when the pre-tax net profit
amounted to 38.6 million kroons (2.5 million euros). The results of the first
quarter of 2009 were mainly influenced by the overall economic recession,
decrease of consumption, pre-opening costs of new stores and costs related to
initiating the operation of the Latvian subsidiary. In the first quarter, the
average gross margin decreased significantly compared to the previous year. In
the first quarter of this year, Selver opened 2 new stores in Estonia (in Narva
and in Kakumäe, Tallinn), and 1 new store in Latvia, in the town of Kuldiga. In
total, the sales space of the supermarkets segment increased by 4,217 square
meters in the first quarter of 2009.
The sales revenue of Q1 2009 of the segment of real property was 39.2 million
kroons (2.5 million euros), and in comparison with Q1 2008, the sales revenue
increased by 45 %. The sales revenue of Q1 2009 of the segment of real property
without inter-segmental sales was 11.3 million kroons (0.7 million euros),
increasing by 10% in comparison with last year. The net profit of the first
quarter amounted to 16.0 million kroons (1.0 million euros), increasing by 9.9
million kroons or 262% compared to the previous year when the profit amounted
to 6.1 million kroons (0.4 million euros). Costs within all main categories
increased due to the increase in real estate to be managed, but the large
increase in net profit was achieved by keeping the increase of operating costs
lower than the increase of income.
The sales revenue of the car trade segment of 3 months 2009 was 62.8 million
kroons (4.0 million euros). During 3 months of 2009 314 new vehicles were sold,
which is 203 vehicles less than a same period year ago. The loss of the car
trade segment was 5.9 million kroons (0.4 million euros) in the first quarter.
The main cause of this outcome is the current market situation where the price
is the only sales argument; consequently, the sales coverage of car sales has
also significantly diminished in comparison with the previous year. Better
results can be expected during the following months because as of now, changes
have been made in the personnel structure of the companies of the segment,
leading to a better adjustment to the current needs and market situation. Other
standing costs have also been considerably reduced. A significant saving is
also achieved from storage costs and financing of the stock of goods, as the
stock value has been reduced by 28% compared to the end of 2008. Further
reduction of the stock of goods is planned for the future.
The consolidated sales income of the footwear trade segment amounted to 40.2
million kroons (2.6 million euros) in the first quarter of 2009. The net loss
was 21.8 million kroons (1.4 million euros) in the first three months of 2009.
The sales results of footwear trade can be considered modest, the reason being
the overall decrease of retail sales volumes. Its influence is particularly
palpable in Estonia (excluding Tallinn) and Latvia. The loss of the first
quarter is related to the significant decrease of sales results in this
segment, as well as the seasonal nature of the company's activities, i.e. the
discounts of the winter season influencing the footwear trade during the first
two months of the year.

CONSOLIDATED BALANCE SHEET

thousand kroons/euros

--------------------------------------------------------------------------------
| | 31 March 2009 | 31 December 2008 |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Cash at bank and | 69,834 | 4,463 | 101,353 | 6,478 |
| in hand | | | | |
--------------------------------------------------------------------------------
| Trade receivables | 63,076 | 4,031 | 96,538 | 6,170 |
--------------------------------------------------------------------------------
| Other receivables | 29,740 | 1,901 | 73,019 | 4,668 |
--------------------------------------------------------------------------------
| Prepaid and | 47,892 | 3,061 | 41,475 | 2,651 |
| refundable taxes | | | | |
--------------------------------------------------------------------------------
| Prepaid expenses | 17,007 | 1,087 | 12,161 | 777 |
--------------------------------------------------------------------------------
| Inventories | 824,132 | 52,669 | 781,304 | 49,931 |
--------------------------------------------------------------------------------
| Total current | 1,051,681 | 67,212 | 1,105,850 | 70,675 |
| assets | | | | |
--------------------------------------------------------------------------------
| Fixed assets | | | | |
--------------------------------------------------------------------------------
| Prepaid expenses | 31,074 | 1,986 | 31,074 | 1,985 |
--------------------------------------------------------------------------------
| Shares in | 18,330 | 1,172 | 17,505 | 1,119 |
| affiliated | | | | |
| companies | | | | |
--------------------------------------------------------------------------------
| Other long-term | 3,801 | 243 | 3,801 | 243 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Tangible fixed | 3,049,095 | 194,873 | 2,998,073 | 191,612 |
| assets | | | | |
--------------------------------------------------------------------------------
| Intangible fixed | 66,806 | 4,270 | 68,431 | 4374 |
| assets | | | | |
--------------------------------------------------------------------------------
| Goodwill | 109,499 | 6,998 | 109,499 | 6,998 |
--------------------------------------------------------------------------------
| Total fixed assets | 3,278,605 | 209,542 | 3,228,383 | 206,331 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 4,330,286 | 276,754 | 4,334,233 | 277,006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND | , | , | , | , |
| OWNERS' EQUITY | | | | |
--------------------------------------------------------------------------------
| Current | | | | |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Interest bearing | 175,206 | 11,198 | 318,098 | 20,330 |
| loans and | | | | |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Prepayments | 7 032 | 449 | 5,237 | 333 |
| received for goods | | | | |
| and services | | | | |
--------------------------------------------------------------------------------
| Accounts payable | 775,334 | 49,553 | 800,467 | 51,161 |
--------------------------------------------------------------------------------
| Taxes payable | 51,623 | 3,299 | 76,460 | 4,887 |
--------------------------------------------------------------------------------
| Other short-term | 70,538 | 4,508 | 78,213 | 4,997 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Provisions | 1,622 | 104 | 3,534 | 226 |
--------------------------------------------------------------------------------
| Total current | 1,081,355 | 69,111 | 1,282,009 | 81,934 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Long-term | | | | |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Interest bearing | 1,464,247 | 93,582 | 1,215,409 | 77,679 |
| loans and | | | | |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Provisions | 1,284 | 82 | 1,462 | 93 |
--------------------------------------------------------------------------------
| Total long-term | 1,465,531 | 93,664 | 1,216,871 | 77,772 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 2,546,886 | 162,775 | 2,498,880 | 159,706 |
--------------------------------------------------------------------------------
| Owners' equity | | | | |
--------------------------------------------------------------------------------
| Share capital | 407,292 | 26,031 | 407,292 | 26,031 |
--------------------------------------------------------------------------------
| Mandatory reserve | 40,729 | 2,603 | 40,729 | 2,603 |
--------------------------------------------------------------------------------
| Revaluation | 677,516 | 43,302 | 682,028 | 43,590 |
| reserve | | | | |
--------------------------------------------------------------------------------
| Retained earnings | 657,955 | 42,049 | 705,719 | 45,103 |
--------------------------------------------------------------------------------
| Foreign currency | -92 | -6, | -415, | -27, |
| translation | | | | |
--------------------------------------------------------------------------------
| TOTAL OWNER`S | 1,783,400 | 113,979 | 1,835,353 | 117,300 |
| EQUITY | | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 4,330,286 | 276,754 | 4,334,234 | 277,006 |
| AND OWNER`S EQUITY | | | | |
--------------------------------------------------------------------------------


CONSOLIDATED INCOME STATEMENT

thousand kroons/euros

--------------------------------------------------------------------------------
| | 3 months 2009 | 3 months 2008 |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 1,524,603 | 97,440 | 1,470,276 | 93,968 |
--------------------------------------------------------------------------------
| Other income | 37,954 | 2,425 | 33,308 | 2,129 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and | -1,207,003 | -77,142 | -1,114,371 | -71,221 |
| consumables | | | | |
| used | | | | |
--------------------------------------------------------------------------------
| Other operating | -186,684 | -11,931 | -150,975 | -9,649 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Personnel | -164,192 | -10,494 | -135,856 | -8,683 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Depreciation, | -46,402 | -2,966 | -28,913 | -1,848 |
| amortisation | | | | |
| and impairments | | | | |
--------------------------------------------------------------------------------
| Other expenses | -2,297 | -147 | -3,025 | -193 |
--------------------------------------------------------------------------------
| Operating | -44,021 | -2,815 | 70,444 | 4,503 |
| profit | | | | |
--------------------------------------------------------------------------------
| Financial | -10,160 | -649 | -5,607 | -358 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Financial | 1,080 | 69 | 1,848 | 118 |
| income | | | | |
--------------------------------------------------------------------------------
| Financial | 825 | 53 | 818 | 52 |
| income from | | | | |
| shares of | | | | |
| associated | | | | |
| companies | | | | |
--------------------------------------------------------------------------------
| Total net | -8,255 | -527 | -2,941 | -188 |
| financial items | | | | |
--------------------------------------------------------------------------------
| Profit before | -52,276 | -3,342 | 67,503 | 4,315 |
| income tax | | | | |
--------------------------------------------------------------------------------
| Other | | | | |
| comprehensive | | | | |
| income | | | | |
--------------------------------------------------------------------------------
| Exchange | 323 | 21 | 145 | 9 |
| differences on | | | | |
| translating | | | | |
| foreign | | | | |
| operations | | | | |
--------------------------------------------------------------------------------
| TOTAL | -51,953 | -3,321 | 67,648 | 4,324 |
| COMPREHENSIVE | | | | |
| INCOME | | | | |
--------------------------------------------------------------------------------

Raul Puusepp
Chairman of the Board
Phone +372 731 5000



1. tkm_1q2009_eng.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=226942)

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