The consolidated net sales of Tallinna Kaubamaja Group for 9 months 2007
increased 41% yoy and totalled 4.2 billion kroons (267.2 million euros), which
is 1.2 billion kroons (78.0 million euros) more than the year before. Net profit
increased 60% yoy and reached 280 million kroons (17.9 million euros), which is
105 million kroons (6.7 million euros) more than the year before. Net profit for
9 months 2006 was 175 million kroons (11.2 million euros). The financial
results for 9 months 2006 do not include the sales and net profit from car
selling business segment.
As of 30 September 2007, the balance sheet of Tallinna Kaubamaja Group amounted
to 2.9 billion kroons (183.0 million euros). Asset growth was 54% and equity
growth 30% yoy. Compared to 31 December 2006 the balance sheet total of
Tallinna Kaubamaja Group grew by 0.4 billion kroons (20.8 million euros) with a
13% asset and 19% equity growth during the 9 months.
Net sales in department store business segment for 9 months totalled 1.1 billion
kroons (67.4 million euros) increasing 23% yoy by 199 million kroons (12.7
million euros). Net profit more than doubled and reached 96.1 million kroons
(6.1 million euros), which is 49.9 million kroons (3.2 million euros) more than
in the same period in 2006.
Net sales of A-Selver for 9 months were 2.7 billion kroons (171.2 million euros)
increasing 30% yoy by 614 million kroons (39.2 million euros). Net profit
increased 64% yoy and reached 144.7 million kroons (9.2 million euros), which is
56.6 million kroons (3.6 million euros) more than the year before.
Net sales in real estates business segment including the sales between business
segments during 9 months amounted to 73.2 million kroons (4.7 million euros).
Due to the change in accounting principles used in 2007 (2007 sales do not
include utility services) sales fell 11% by 9.1 million kroons (0.6 million
euros) yoy. Comparable numbers would have shown an 8% yoy increase for the
sale in real estate business segment outside the group and 1% yoy increase for
the sales between business segments. Net profit fell 33% to 31 million kroons
(2.0 million euros), which is 15.6 million kroons (1.0 million euros) less than
the year before. 2006 profit reflects extraordinary income and 2007 profit
includes development costs in Latvia.
Net sales in car selling business segment during 9 months were 417.1 million
kroons (26.7 million euros). Net profit for 9 months was 8.5 million kroons (0.5
million euros).
Raul Puusepp
Chairman of the Board
phone: +372 731 5000
CONSOLIDATED BALANCE SHEET
Tuhandetes EEK/EUR
--------------------------------------------------------------------------------
| | | 30. september 2007 | 31.detsember 2006 |
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| | | EEK | EUR* | EEK | EUR* |
--------------------------------------------------------------------------------
| ASSETS | | | | | |
--------------------------------------------------------------------------------
| Current assets | | | | | |
--------------------------------------------------------------------------------
| Cash and bank | | 192 852 | 12 328 | 371 368 | 23 736 |
--------------------------------------------------------------------------------
| Trade receivables | | 60 196 | 3 844 | 50 646 | 3 237 |
--------------------------------------------------------------------------------
| Other receivables | | 23 011 | 1 473 | 39 929 | 2 552 |
--------------------------------------------------------------------------------
| Prepaid expenses | | 20 969 | 1 341 | 29 736 | 1 900 |
--------------------------------------------------------------------------------
| Inventories | | 545 005 | 34 832 | 313 010 | 20 005 |
--------------------------------------------------------------------------------
| Total Current Assets | | 842 033 | 53 818 | 804 689 | 51 430 |
--------------------------------------------------------------------------------
| Non-current assets | | | | | |
--------------------------------------------------------------------------------
| Prepaid expenses | | 41 732 | 2 667 | 41 732 | 2 667 |
--------------------------------------------------------------------------------
| Investment in associated | | 12 781 | 817 | 11 425 | 730 |
| companies | | | | | |
--------------------------------------------------------------------------------
| Other long-term receivables | | 7 828 | 500 | 7 828 | 500 |
--------------------------------------------------------------------------------
| Property, plant and | | 1 910 909 | 122 129 | 1 670 816 | 106 784 |
| equipment | | | | | |
--------------------------------------------------------------------------------
| Intangible assets | | | | | |
--------------------------------------------------------------------------------
| Goodwill | | 47 313 | 3 024 | 0 | 0 |
--------------------------------------------------------------------------------
| Total intangible assets | | 47 313 | 3 024 | 0 | 0 |
--------------------------------------------------------------------------------
| Total non-current assets | | 2 020 563 | 129 137 | 1 731 801 | 110 681 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 2 862 596 | 182 955 | 2 536 490 | 162 111 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND OWNERS` | | | | | |
| EQUITY | | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | | |
--------------------------------------------------------------------------------
| Borrowings | 11 | 140 377 | 8 972 | 239 040 | 15 277 |
--------------------------------------------------------------------------------
| Customer prepayments for goods | | 652 | 12 992 | 830 |
| and services | | | | |
--------------------------------------------------------------------------------
| Trade payables | | 636 485 | 40 680 | 426 361 | 27 250 |
--------------------------------------------------------------------------------
| Other short-term payables | 13 | 102 798 | 6 569 | 128 785 | 8 230 |
--------------------------------------------------------------------------------
| Total current liabilities | | 889 866 | 56 873 | 807 178 | 51 587 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | | |
--------------------------------------------------------------------------------
| Borrowings | 11 | 489 389 | 31 277 | 485 542 | 31 032 |
--------------------------------------------------------------------------------
| Total non-current | | 489 389 | 31 277 | 485 542 | 31 032 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | | 1 379 255 | 88 150 | 1 292 720 | 82 619 |
--------------------------------------------------------------------------------
| Owners` equity | | | | | |
--------------------------------------------------------------------------------
| Share capital | 14 | 407 292 | 26 031 | 407 292 | 26 031 |
--------------------------------------------------------------------------------
| Statutory legal reserve | | 7 269 | 465 | 7 269 | 465 |
--------------------------------------------------------------------------------
| Revaluation reserve of | | 472 992 | 30 230 | 492 014 | 31 445 |
| fixed assets | | | | | |
--------------------------------------------------------------------------------
| Retained earnings | | 315 508 | 20 166 | 62 549 | 3 998 |
--------------------------------------------------------------------------------
| Net profit for the period | | 280 280 | 17 913 | 274 666 | 17 554 |
--------------------------------------------------------------------------------
| Converting differences | | 0 | 0 | -20 | -1 |
--------------------------------------------------------------------------------
| TOTAL OWNERS´ EQUITY | | 1 483 341 | 94 805 | 1 243 770 | 79 492 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | 2 862 596 | 182 955 | 2 536 490 | 162 111 |
| OWNERS`EQUITY | | | | |
--------------------------------------------------------------------------------
* For readers' convenience, the financial statements are presented in thousands
of euros (EUR)
CONSOLITATED INCOME STATEMENT
Thousands EEK/EUR
--------------------------------------------------------------------------------
| | | 9 kuud 2007 | 9 kuud 2006 |
--------------------------------------------------------------------------------
| | | EEK | EUR* | EEK | EUR* |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating income | | | | |
--------------------------------------------------------------------------------
| Net sales | | 4 181 198 | 267 227 | 2 960 762 | 189 227 |
--------------------------------------------------------------------------------
| Other operating income | | 90 814 | 5 804 | 64 291 | 4 109 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cost of goods sold | | -3 136 776 | -200 477 | -2 205 | -140 |
| | | | | 890 | 982 |
--------------------------------------------------------------------------------
| Other operating expenses | | -383 100 | -24 484 | -303 008 | -19 365 |
--------------------------------------------------------------------------------
| Personnel expenses | | -358 740 | -22 928 | -251 650 | -16 083 |
--------------------------------------------------------------------------------
| Depreciation and | | -75 145 | -4 803 | -70 497 | -4 506 |
| amortization | | | | | |
--------------------------------------------------------------------------------
| Other expenses | | -14 913 | -953 | -6 809 | -435 |
--------------------------------------------------------------------------------
| Operating Profit | | 303 338 | 19 386 | 187 199 | 11 965 |
--------------------------------------------------------------------------------
| Finance cost | | -27 073 | -1730 | -8 173 | -522 |
--------------------------------------------------------------------------------
| Financial income | | 14 146 | 904 | 681 | 44 |
--------------------------------------------------------------------------------
| Share of profit of | | 1 356 | 87 | 1 180 | 75 |
| associates | | | | | |
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| Total financial income | | -11 571 | -739 | -6 312 | -402 |
| and expenses | | | | | |
--------------------------------------------------------------------------------
| Total net profit without | | 291 767 | 18 647 | 180 887 | 11 562 |
| income tax on dividends | | | | | |
--------------------------------------------------------------------------------
| Income Tax | | -11 487 | -734 | -6 083 | -389 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | | 280 280 | 17 913 | 174 804 | 11 173 |
--------------------------------------------------------------------------------
| Basic earnings per share | | | | | |
--------------------------------------------------------------------------------
| (EEK/EUR) | | 6,88 | 0,44 | 4,29 | 0,27 |
--------------------------------------------------------------------------------
| Diluted earnings per | | | | | |
| share | | | | | |
--------------------------------------------------------------------------------
| (EEK/EUR) | | 6,88 | 0,44 | 4,29 | 0,27 |
--------------------------------------------------------------------------------
* For readers' convenience, the financial statements are presented in thousands
of euros (EUR)
CONSOLITATED INCOME STATEMENT
Thousands EEK/EUR
--------------------------------------------------------------------------------
| | | III kvartal 2007 | III kvartal 2006 |
--------------------------------------------------------------------------------
| | | EEK | EUR* | EEK | EUR* |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating income | | | | |
--------------------------------------------------------------------------------
| Net sales | | 1 377 214 | 88 020 | 1 065 979 | 68 128 |
--------------------------------------------------------------------------------
| Other operating income | | 33 218 | 2 123 | 19 316 | 1 235 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cost of goods sold | | -1 009 880 | -64 543 | -792 119 | -50 626 |
--------------------------------------------------------------------------------
| Other operating expenses | | -124 141 | -7 933 | -101 652 | -6 496 |
--------------------------------------------------------------------------------
| Personnel expenses | | -130 679 | -8 352 | -89 606 | -5 727 |
--------------------------------------------------------------------------------
| Depreciation and | | -25 435 | -1 626 | -23 774 | -1 519 |
| amortization | | | | | |
--------------------------------------------------------------------------------
| Other expenses | | -5 819 | -372 | -2 605 | -166 |
--------------------------------------------------------------------------------
| Operating Profit | | 114 478 | 7 317 | 75 539 | 4 829 |
--------------------------------------------------------------------------------
| Finance cost | | -8 709 | -556 | -2 632 | -198 |
--------------------------------------------------------------------------------
| Financial income | | 4 712 | 300 | 402 | 56 |
--------------------------------------------------------------------------------
| Share of profit of | | 440 | 28 | 389 | 25 |
| associates | | | | | |
--------------------------------------------------------------------------------
| Total financial income | | -3 557 | -228 | -1 841 | -117 |
| and expenses | | | | | |
--------------------------------------------------------------------------------
| Total net profit without | | 110 921 | 7 089 | 73 698 | 4 712 |
| income tax on dividends | | | | | |
--------------------------------------------------------------------------------
| Income Tax | | | | | 0 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | | 110 921 | 7 089 | 73 698 | 4 712 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings per share | | | | | |
--------------------------------------------------------------------------------
| (EEK/EUR) | | 2,72 | 0,17 | 1,81 | 0,12 |
--------------------------------------------------------------------------------
| Diluted earnings per | | | | | |
| share | | | | | |
--------------------------------------------------------------------------------
| (EEK/EUR) | | 2,72 | 0,17 | 1,81 | 0,12 |
--------------------------------------------------------------------------------
* For readers' convenience, the financial statements are presented in thousands
of euros (EUR)
