The net sales of Tallinna Kaubamaja Group increased by 48 per cent in 1st
quarter 2007 compared to 2006, to almost 1287 million kroons (82.2 million
euros) which is 418 million kroons (26.8 million euros) more than the year
before.
Net profit increased to 76 million kroons (1.9 million euros) which is 21.2
million kroons (4.8 million euros) more than the year before. Net profit in 1st
quarter 2006 was 29.8 million kroons (1.9 million euros).
As at 31 March 2007, the balance sheet total of the Tallinna Kaubamaja Group
was 2764.9 million kroons (176.7 million euros), increasing by 1005.2 million
kroons (64.2 million euros) compared to 31 March 2006. Asset growth was 57% and
equity growth 29%.
Compared to 31 December 2006 the balance sheet total of Tallinna Kaubamaja
Group grew 228.4 million kroons (14.6 million euros). Asset growth was 9% and
equity growth 6%.
The increases in sales of the Tallinna Kaubamaja in the 1st quarter of 2007
compared to 2006 were 30.5 per cent, by 76.5 million kroons (4.9 million
euros). Net profit increased by 21.7 million kroons (1.4 million euros).
The increases in sales of the A-Selver in the 1st quarter of 2007 compared to
2006 were 35 per cent, by 214.7 million kroons (13.7 million euros). Net profit
increased more than two times by 24.2 million kroons (1.5 million euros).
The sales in real estates business segment together with sales between business
segments in the 1st quarter of 2007 was 24.3 million kroons (1.6 millions
euros). Compared to 2006 the sale fall by 3.2 million kroons (0.2 million
euros).
Net profit fall by 1.9 million kroons (0.1 million euros).
The sales in car selling business segment in 1st quarter 2007 was 130.1 million
kroons (8.3 million euros)
Raul Puusepp
Chairman of the Board
phone: +372 731 5000
CONSOLIDATED BALANCE SHEET
Thousand EEK/EUR
--------------------------------------------------------------------------------
| | | 31 March 2007 | 31 December 2006 |
--------------------------------------------------------------------------------
| | Note| EEK | EUR* | EEK | EUR* |
| | | | | | |
--------------------------------------------------------------------------------
| ASSETS | | | | | |
--------------------------------------------------------------------------------
| Current assets | | | | | |
--------------------------------------------------------------------------------
| Cash and bank | 2 | 317 918 | 20 319 | 371 369 | 23 735 |
--------------------------------------------------------------------------------
| Trade receivables | 3 | 43 558 | 2 784 | 50 646 | 3 237 |
--------------------------------------------------------------------------------
| Other receivables | 4 | 24 731 | 1 581 | 39 929 | 2 552 |
--------------------------------------------------------------------------------
| Prepaid expenses | 5 | 18 276 | 1 168 | 29 736 | 1 900 |
--------------------------------------------------------------------------------
| Inventories | 6 | 495 693 | 31 681 | 313 009 | 20 005 |
--------------------------------------------------------------------------------
| Total Current Assets | | 900 176 | 57 533 | 804 689 | 51 430 |
--------------------------------------------------------------------------------
| Non-current assets | | | | | |
--------------------------------------------------------------------------------
| Prepaid expenses | 5 | 41 732 | 2 667 | 41 732 | 2 667 |
--------------------------------------------------------------------------------
| Investment in associated | 7 | 11 863 | 758 | 11 425 | 730 |
| companies | | | | | |
--------------------------------------------------------------------------------
| Other long-term receivables | 8 | 7 828 | 500 | 7 828 | 500 |
--------------------------------------------------------------------------------
| Property, plant and | 9 | 1 755 | 112 227 | 1 670 | 106 785 |
| equipment | | 972 | | 816 | |
--------------------------------------------------------------------------------
| Non-material assets | | | | | |
--------------------------------------------------------------------------------
| Goodwill | 10 | 47 313 | 3 024 | 0 | 0 |
--------------------------------------------------------------------------------
| Total non-material assets | | 47 313 | 3 024 | 0 | 0 |
--------------------------------------------------------------------------------
| Total non-current assets | | 1 864 | 119 176 | 1 731 | 110 682 |
| | | 708 | | 801 | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 2 764 | 176 709 | 2 536 | 162 111 |
| | | 884 | | 490 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND OWNERS` | | | | | |
| EQUITY | | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | | |
--------------------------------------------------------------------------------
| Borrowings | 11 | 309 320 | 19 769 | 239 040 | 15 277 |
--------------------------------------------------------------------------------
| Customer prepayments for goods | 11 114 | 710 | 12 992 | 830 |
| and services | | | | |
--------------------------------------------------------------------------------
| Trade payables | | 519 321 | 33 192 | 426 360 | 27 250 |
--------------------------------------------------------------------------------
| Other short-term payables | 13 | 116 196 | 7 425 | 128 785 | 8 230 |
--------------------------------------------------------------------------------
| Total current liabilities | | 955 951 | 61 096 | 807 178 | 51 587 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | | |
--------------------------------------------------------------------------------
| Borrowings | 11 | 489 389 | 31 278 | 485 542 | 31 032 |
--------------------------------------------------------------------------------
| Total non-current | | 489 389 | 31 278 | 485 542 | 31 032 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | | 1 445 | 92 374 | 1 292 | 82 619 |
| | | 340 | | 720 | |
--------------------------------------------------------------------------------
| 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 | | 488 940 | 31 249 | 492 014 | 31 445 |
| fixed assets | | | | | |
--------------------------------------------------------------------------------
| Retained earnings | | 340 289 | 21 748 | 62 549 | 3 998 |
--------------------------------------------------------------------------------
| Net profit for the period | | 75 754 | 4 842 | 274 666 | 17 554 |
--------------------------------------------------------------------------------
| Converting differences | | 0 | 0 | -20 | -1 |
--------------------------------------------------------------------------------
| TOTAL OWNERS´ EQUITY | | 1 319 | 84 335 | 1 243 | 79 492 |
| | | 544 | | 770 | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | 2 764 | 176 709 | 2 536 | 162 111 |
| OWNERS`EQUITY | 884 | | 490 | |
--------------------------------------------------------------------------------
CONSOLIDATED INCOME STATESMENT
Thousand EEK/EUR
--------------------------------------------------------------------------------
| | | 1 st quarter 2007 | 1 quarter 2006 |
--------------------------------------------------------------------------------
| | Note | EEK | EUR* | EEK | EUR* |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | | | | |
--------------------------------------------------------------------------------
| Sales | 15 | 1 286 898 | 82 248 | 868 976 | 55 538 |
--------------------------------------------------------------------------------
| Other income | 16 | 23 775 | 1 520 | 15 186 | 971 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cost of goods sold | | -972 024 | -62 124 | -652 826 | -41 723 |
--------------------------------------------------------------------------------
| Operating expenses | 17 | -126 003 | -8 052 | -98 919 | -6 323 |
--------------------------------------------------------------------------------
| Personnel expenses | 18 | -105 358 | -6 734 | -74 676 | -4 773 |
--------------------------------------------------------------------------------
| Depreciation | 9 | -24 565 | -1 570 | -23 297 | -1 489 |
--------------------------------------------------------------------------------
| Other expenses | | -2 888 | -185 | -2 600 | -166 |
--------------------------------------------------------------------------------
| Operating profit | | 79 835 | 5 103 | 31 844 | 2 035 |
--------------------------------------------------------------------------------
| Finance cost | 19 | -9 082 | -580 | -2 603 | -196 |
--------------------------------------------------------------------------------
| Financial income | | 4 563 | 292 | 151 | 40 |
--------------------------------------------------------------------------------
| Share of profit of | 8 | 438 | 28 | 372 | 24 |
| associates | | | | | |
--------------------------------------------------------------------------------
| Total financial income and | | -4 081 | -260 | -2 080 | -132 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Net profit without income | | 75 754 | 4 843 | 29 764 | 1 903 |
| tax on dividends | | | | | |
--------------------------------------------------------------------------------
| Income tax on dividends | | 75 754 | 4 843 | 29 764 | 1 903 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | | | | | |
--------------------------------------------------------------------------------
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