The consolidated and unaudited sales revenue of the Tallinna Kaubamaja Group
for 2007 was 5.9 billion kroons (375.4 million euros). The Group's sales
revenue for 2006 amounted to 4.2 billion kroons (270.9 million euros). Increase
in sales was 39%. The net profit grew 50% and reached 411.4 million kroons
(26.3 million euros), which is 136.7 million kroons (8.7 million euros) more
than in 2006, when the Group's net profit amounted to 274.7 million kroons
(17.6 million kroons).
The sales and profit indicators for 2006 do not include the results of the car
trade business segment.
As of 31 December 2007 the balance sheet total of the Tallinna Kaubamaja Group
amounted to 3.0 billion kroons (194.5 million euros), having increased by 0.5
billion kroons (32.4 million euros) since the end of 2006. The increase in
assets and owners' equity in 2007 was 20% and 30%, respectively.
The sales revenue of the department stores business segment for 2007 amounted
to 1.5 billion kroons (98.8 million euros) having grown 19% as compared to the
previous year.
The net profit of department stores in 2007 was 156.8 million kroons (10.0
million euros), which is 51.6 million kroons (3.3 million euros) more than in
2006.
The sales revenue of the supermarkets business segment for 2007 amounted to 3.7
billion kroons (238.5 million euros) which is 28% more than last year.
The net profit of the supermarkets business segment was 199.5 million kroons
(12.8 million euros), which is 85.6 million kroons (5.5 million euros) more
than in 2006.
The sales revenue of the real estate business segment for 2007 amounted to 99.3
million kroons (6.3 million euros). Due to changes in the accounting principles
(the sales revenue for 2007 does not include public services rendered with
regard to the Group's premises) which took place in 2007 the sales revenue
decreased 14% as compared to 2006. The sales revenue of the real estate
business segment for 2007, excluding intersegment sales, amounted to 40.5
million kroons (2.6 million euros) having grown 8% as compared to the previous
year.
Net profit for the accounting year was 40.8 million kroons (2.6 million euros)
decreasing by 20.9 million kroons, i.e. 34% as compared to the previous year.
Net profit for 2006 includes extraordinary income. The development projects
launched in Latvia will have an effect on net profit for 2007.
The sales revenue for 2007 of the car trade business segment, including
intersegment transactions, was 748.6 million kroons (47.8 million euros). The
net profit for 2007 of the car trade business segment was 14.2 million kroons
(0.9 million euros).
Raul Puusepp
Chairman of the Management Board
Ph. 7 315 000
CONSOLIDATED BALANCE SHEET
EEK/EUR thousand
--------------------------------------------------------------------------------
| | | 31 December 2007 | 31 December 2006 |
--------------------------------------------------------------------------------
| | Not | EEK | EUR* | EEK | EUR* |
| | e | | | | |
--------------------------------------------------------------------------------
| ASSETS | | | | | |
--------------------------------------------------------------------------------
| Current assets | | | | | |
--------------------------------------------------------------------------------
| Cash at bank and in hand | 2 | 282,618 | 18,063 | 371,368 | 23,736 |
--------------------------------------------------------------------------------
| Trade receivables | 3 | 50,446 | 3,221 | 50,646 | 3,237 |
--------------------------------------------------------------------------------
| Other receivables | 4 | 50,864 | 3,253 | 39,929 | 2,552 |
--------------------------------------------------------------------------------
| Prepaid expenses | 5 | 20,455 | 1,308 | 29,736 | 1,900 |
--------------------------------------------------------------------------------
| Inventories | 6 | 517,994 | 33,106 | 313,009 | 20,005 |
--------------------------------------------------------------------------------
| Total current assets | | 922,377 | 58,951 | 804,688 | 51,430 |
--------------------------------------------------------------------------------
| Fixed assets | | | | | |
--------------------------------------------------------------------------------
| Prepaid expenses | 5 | 36,127 | 2,309 | 41,732 | 2,667 |
--------------------------------------------------------------------------------
| Shares in affiliated companies | 7 | 14,201 | 908 | 11,425 | 730 |
--------------------------------------------------------------------------------
| Other long-term receivables | 8 | 2,828 | 181 | 7,828 | 500 |
--------------------------------------------------------------------------------
| Tangible fixed assets | 9 | 2,020,3 | 129,122 | 1,670,81 | 106,78 |
| | | 23 | | 6 | 5 |
--------------------------------------------------------------------------------
| Intangible fixed assets | | | | | |
--------------------------------------------------------------------------------
| Goodwill | 10 | 47,313 | 3,024 | 0 | 0 |
--------------------------------------------------------------------------------
| Total intangible assets | | 47,313 | 3,024 | 0 | 0 |
--------------------------------------------------------------------------------
| Total fixed assets | | 2,120,7 | 135,544 | 1,731,80 | 110,68 |
| | | 92 | | 1 | 2 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 3,043,1 | 194,495 | 2,536,48 | 162,11 |
| | | 69 | | 9 | 2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND OWNERS' EQUITY | | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | | |
--------------------------------------------------------------------------------
| Debts | 11 | 35,693 | 2,281 | 239,040 | 15,277 |
--------------------------------------------------------------------------------
| Prepayments received for goods | | 11,675 | 746 | 12,992 | 830 |
| and services | | | | | |
--------------------------------------------------------------------------------
| Trade payables | | 693,719 | 44,338 | 426,360 | 27,250 |
--------------------------------------------------------------------------------
| Other current payables | 13 | 167,069 | 10,677 | 128,785 | 8,230 |
--------------------------------------------------------------------------------
| Total current liabilities | | 908,156 | 58,042 | 807,177 | 51,587 |
--------------------------------------------------------------------------------
| Long-term liabilities | | | | | |
--------------------------------------------------------------------------------
| Debts | 11 | 520,538 | 33,268 | 485,542 | 31,032 |
--------------------------------------------------------------------------------
| Total long-term liabilities | | 520,538 | 33,268 | 485,542 | 31,032 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | | 1,428,6 | 91,310 | 1,292,71 | 82,619 |
| | | 94 | | 9 | |
--------------------------------------------------------------------------------
| Owners' equity | | | | | |
--------------------------------------------------------------------------------
| Share capital | 14 | 407,292 | 26,031 | 407,292 | 26,031 |
--------------------------------------------------------------------------------
| Statutory reserve | | 7,269 | 465 | 7,269 | 465 |
--------------------------------------------------------------------------------
| Fixed assets revaluation | | 466,531 | 29,817 | 492,014 | 31,445 |
| reserve | | | | | |
--------------------------------------------------------------------------------
| Retained earnings | | 321,969 | 20,578 | 62,549 | 3,998 |
--------------------------------------------------------------------------------
| Net profit for accounting | | 411,355 | 26,290 | 274,666 | 17,555 |
| period | | | | | |
--------------------------------------------------------------------------------
| Currency exchange differences | | 59 | 4 | -20 | -1 |
--------------------------------------------------------------------------------
| TOTAL OWNERS' EQUITY | | 1,614,4 | 103,185 | 1,243,77 | 79,493 |
| | | 75 | | 0 | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND OWNERS' | | 3,043,1 | 194,495 | 2,536,48 | 162,11 |
| EQUITY | | 69 | | 9 | 2 |
--------------------------------------------------------------------------------
* The accounts are reported in thousands of euros (EUR) in order to give
additional information to readers.
CONSOLIDATED INCOME STATEMENT
EEK/EUR thousand
--------------------------------------------------------------------------------
| | | 12 months 2007 | 12 months 2006 |
--------------------------------------------------------------------------------
| | Not | EEK | EUR* | EEK | EUR* |
| | e | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating revenue | | | | |
--------------------------------------------------------------------------------
| Sales revenue | 15 | 5,874,375 | 375,441 | 4,239,13 | 270,930 |
| | | | | 0 | |
--------------------------------------------------------------------------------
| Other operating revenue | 16 | 121,973 | 7,796 | 83,836 | 5,358 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cost of goods sold | | -4,389,24 | -280,524 | -3,136,6 | -200,47 |
| | | 3 | | 82 | 0 |
--------------------------------------------------------------------------------
| Other operating expenses | 17 | -523,933 | -33,484 | -409,336 | -26,160 |
--------------------------------------------------------------------------------
| Staff costs | 18 | -528,602 | -33,784 | -383,574 | -24,515 |
--------------------------------------------------------------------------------
| Depreciation and | 9 | -102,416 | -6,546 | -94,678 | -6,051 |
| impairment of fixed assets | | | | | |
--------------------------------------------------------------------------------
| Other operating expenses | | -16,079 | -1,028 | -10,622 | -679 |
--------------------------------------------------------------------------------
| Operating profit | | 436,075 | 27,871 | 288,074 | 18,413 |
--------------------------------------------------------------------------------
| Financial expenses | 19 | -36,011 | -2,302 | -12,771 | -816 |
--------------------------------------------------------------------------------
| Financial income | | 20,007 | 1,279 | 3,048 | 195 |
--------------------------------------------------------------------------------
| Financial income from | 7 | 2,772 | 177 | 2,397 | 153 |
| shares in affiliated | | | | | |
| companies | | | | | |
--------------------------------------------------------------------------------
| Total financial income and | | -13,232 | -846 | -7,325 | -468 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Profit before income tax | | 422,843 | 27,025 | 280,749 | 17,945 |
--------------------------------------------------------------------------------
| Income tax | | -11,488 | -735 | -6,083 | -389 |
--------------------------------------------------------------------------------
| NET PROFIT FOR ACCOUNTING | | 411,355 | 26,290 | 274,666 | 17,554 |
| PERIOD | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | | | | | |
--------------------------------------------------------------------------------
| (EEK/EUR) | 14 | 10.10 | 0.65 | 6.74 | 0.43 |
--------------------------------------------------------------------------------
| Diluted earnings per share | | | | | |
--------------------------------------------------------------------------------
| (EEK/EUR) | 14 | 10.10 | 0.65 | 6.74 | 0.43 |
--------------------------------------------------------------------------------
* The accounts are reported in thousands of euros (EUR) in order to give
additional information to readers.
CONSOLIDATED INCOME STATEMENT
EEK/EUR thousand
--------------------------------------------------------------------------------
| | | 4th quarter 2007 | 4th quarter 2006 |
--------------------------------------------------------------------------------
| | Not | EEK | EUR* | EEK | EUR* |
| | e | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating revenue | | | | |
--------------------------------------------------------------------------------
| Sales revenue | 15 | 1,693,177 | 108,214 | 1,278,368 | 81,703 |
--------------------------------------------------------------------------------
| Other operating revenue | 16 | 31,159 | 1,991 | 19,545 | 1,249 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cost of goods sold | | -1,252,46 | -80,047 | -930,792 | -59,488 |
| | | 7 | | | |
--------------------------------------------------------------------------------
| Other operating expenses | 17 | -140,833 | -9,000 | -106,363 | -6,797 |
--------------------------------------------------------------------------------
| Staff costs | 18 | -169,862 | -10,856 | -131,924 | -8,431 |
--------------------------------------------------------------------------------
| Depreciation and | 9 | -27,272 | -1,743 | -24,181 | -1,545 |
| impairment of fixed assets | | | | | |
--------------------------------------------------------------------------------
| Other operating expenses | | -1,166 | -76 | -4 775 | -305 |
--------------------------------------------------------------------------------
| Operating profit | | 132,736 | 8,483 | 99 882 | 6384 |
--------------------------------------------------------------------------------
| Financial expenses | 19 | -8,938 | -570 | -4,598 | -295 |
--------------------------------------------------------------------------------
| Financial income | | 5,861 | 374 | 1 655 | 106 |
--------------------------------------------------------------------------------
| Financial income from | 7 | 1,416 | 90 | 1,217 | 78 |
| shares in affiliated | | | | | |
| companies | | | | | |
--------------------------------------------------------------------------------
| Total financial income and | | -1,661 | -106 | -1,726 | -111 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Profit before income tax | | 131,075 | 8,377 | 98,156 | 6,273 |
--------------------------------------------------------------------------------
| Income tax | | | | | 0 |
--------------------------------------------------------------------------------
| NET PROFIT FOR ACCOUNTING | | 131,075 | 8,377 | 98,156 | 6,273 |
| PERIOD | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | | | | | |
--------------------------------------------------------------------------------
| (EEK/EUR) | 14 | 3.22 | 0.21 | 2.41 | 0.15 |
--------------------------------------------------------------------------------
| Diluted earnings per share | | | | | |
--------------------------------------------------------------------------------
| (EEK/EUR) | 14 | 3.22 | 0.21 | 2.41 | 0.15 |
--------------------------------------------------------------------------------
* The accounts are reported in thousands of euros (EUR) in order to give
additional information to readers.
