The net sales of Tallinna Kaubamaja Group increased by 48 per cent in six
months of 2007 compared to same period in 2006, to almost 2.8 billion kroons
(179 million euros) which is 909 million kroons (58 million euros) more than
the year before.
Net profit increased to 169 million kroons (10 million euros) which is 68
million kroons (4.4 million euros) more than the year before. Net profit in six
months of 2006 was 101 million kroons (6.5 million euros).
As at 30 June 2007, the balance sheet total of the Tallinna Kaubamaja Group was
2699 million kroons (172.5 million euros), increasing by 908 million kroons (58
million euros) compared to 30 June 2006. Asset growth was 51% and equity growth
28%.
Compared to 31 December 2006 the balance sheet total of Tallinna Kaubamaja
Group grew 162 million kroons (10.4 million euros). Asset growth was 6% and
equity growth 10%.
The increases in sales of the Tallinna Kaubamaja in the six months of 2007
compared to 2006 were 23.5 per cent, by 132 million kroons (8.4 million euros).
Net profit increased by 37.5 million kroons (2.4 million euros).
The increases in sales of the A-Selver in the six months of 2007 compared to
2006 were 32 per cent, by 417 million kroons (26.6 million euros). Net profit
increased by 33 million kroons (2.1 million euros).
The sales in real estates business segment together with sales between business
segments in the six months of 2007 was 46 million kroons (3.0 millions euros).
Compared to 2006 the sale fall by 8.6 million kroons (0.6 million euros). The
different in sales is caused by different accounting principles in 2007.
Net profit fall by 14.2 million kroons (0.9 million euros). The decrease is
caused by an ad hoc income in 2006 and development costs in Latvia in 2007.
The sales in car selling business segment in six month of 2007 were 369.2
million kroons (23.6 million euros). The net profit in six months of year 2007
was 6.2 million kroons (0.4 million euros).
Raul Puusepp
Chairman of the Board
phone: +372 731 5000
--------------------------------------------------------------------------------
| | |
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET | | | | | |
--------------------------------------------------------------------------------
| Thousands EEK/EUR | | | | | |
--------------------------------------------------------------------------------
| | |
--------------------------------------------------------------------------------
| | | 30.06.2007 | 31.12 2006 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| ASSETS | | EEK | EUR* | EEK | EUR* |
--------------------------------------------------------------------------------
| Current assets | | | | | |
--------------------------------------------------------------------------------
| Cash and bank | | 177315 | 11335 | 371 369 | 23 736 |
--------------------------------------------------------------------------------
| Trade receivables | | 48781 | 3115 | 50 646 | 3 237 |
--------------------------------------------------------------------------------
| Other receivables | | 24785 | 1586 | 39 929 | 2 552 |
--------------------------------------------------------------------------------
| Prepaid expenses | | 33990 | 2172 | 29 736 | 1900 |
--------------------------------------------------------------------------------
| Inventories | | 487191 | 31138 | 313 009 | 20 005 |
--------------------------------------------------------------------------------
| Total Current Assets | | 772 062 | 49 346 | 804 689 | 51 430 |
--------------------------------------------------------------------------------
| Non-current assets | | | | | |
--------------------------------------------------------------------------------
| Prepaid expenses | | 41732 | 2667 | 41 732 | 2 667 |
--------------------------------------------------------------------------------
| Investment in associated | | 12345 | 789 | 11 425 | 730 |
| companies | | | | | |
--------------------------------------------------------------------------------
| Other long-term receivables | | 7828 | 500 | 7 828 | 500 |
--------------------------------------------------------------------------------
| Property, plant and | | 1817832 | 116181 | 1 670 | 106 785 |
| equipment | | | | 816 | |
--------------------------------------------------------------------------------
| Intangible assets | | | | | |
--------------------------------------------------------------------------------
| Goodwill | | 47313 | 3024 | 0 | 0 |
--------------------------------------------------------------------------------
| Total intangible assets | | 47313 | 3024 | 0 | 0 |
--------------------------------------------------------------------------------
| Total non-current assets | | 1 927 | 123 161 | 1 731 | 110 682 |
| | | 050 | | 801 | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 2 699 | 172 507 | 2 536 | 162 112 |
| | | 112 | | 490 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND OWNERS` | | | | | |
| EQUITY | | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | | |
--------------------------------------------------------------------------------
| Borrowings | | 148538 | 9493 | 239 040 | 15277 |
--------------------------------------------------------------------------------
| Customer prepayments for goods and | 10892 | 696 | 12 992 | 830 |
| services | | | | |
--------------------------------------------------------------------------------
| Trade payables | | 573271 | 36640 | 426 360 | 27 250 |
--------------------------------------------------------------------------------
| Other short-term payables | | 104602 | 6684 | 128 785 | 8 230 |
--------------------------------------------------------------------------------
| Total current liabilities | | 837 303 | 53 513 | 807 177 | 51 587 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | | |
--------------------------------------------------------------------------------
| Borrowings | | 489389 | 31278 | 485 542 | 31 032 |
--------------------------------------------------------------------------------
| Total non-current | | 489 389 | 31 278 | 485 542 | 31 032 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | | 1 326 | 84 791 | 1 292 | 82 619 |
| | | 692 | | 719 | |
--------------------------------------------------------------------------------
| Owners` equity | | | | | |
--------------------------------------------------------------------------------
| Share capital | | 407292 | 26031 | 407 292 | 26 031 |
--------------------------------------------------------------------------------
| Statutory legal reserve | | 7269 | 465 | 7 269 | 465 |
--------------------------------------------------------------------------------
| Revaluation reserve of | | 485867 | 31053 | 492 014 | 31 445 |
| fixed assets | | | | | |
--------------------------------------------------------------------------------
| Retained earnings | | 302633 | 19343 | 62 549 | 3 998 |
--------------------------------------------------------------------------------
| Net profit for the period | | 169359 | 10824 | 274 666 | 17 554 |
--------------------------------------------------------------------------------
| Converting differences | | 0 | 0 | -20 | -1 |
--------------------------------------------------------------------------------
| TOTAL OWNERS´ EQUITY | | 1 372 | 87 716 | 1 243 | 79 492 |
| | | 420 | | 770 | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND OWNERS`EQUITY | 2 699 | 172 507 | 2 536 | 162 111 |
| | 112 | | 489 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLITATED INCOME | | | | | |
| STATEMENT | | | | | |
--------------------------------------------------------------------------------
| Thousands EEK/EUR | | | | |
--------------------------------------------------------------------------------
| | | 1st half 2007 | 1st half 2006 |
--------------------------------------------------------------------------------
| | | EEK | EUR* | EEK | EUR* |
--------------------------------------------------------------------------------
| Operating income | | | | | |
--------------------------------------------------------------------------------
| Net sales | | 280398 | 179207 | 18947 | 121099 |
| | | 4 | | 83 | |
--------------------------------------------------------------------------------
| Other operating income | | 57596 | 3681 | 44975 | 2874 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cost of goods sold | | -21268 | -13593 | -1413 | -90356 |
| | | 96 | 3 | 770 | |
--------------------------------------------------------------------------------
| Other operating expenses | | -25895 | -16549 | -2013 | -12868 |
| | | 9 | | 56 | |
--------------------------------------------------------------------------------
| Personnel expenses | | -22806 | -14576 | -1620 | -10357 |
| | | 2 | | 44 | |
--------------------------------------------------------------------------------
| Depreciation and | | -49710 | -3177 | -4672 | -2986 |
| amortization | | | | 2 | |
--------------------------------------------------------------------------------
| Other expenses | | -9094 | -581 | -4205 | -269 |
--------------------------------------------------------------------------------
| Operating Profit | | 188859 | 12072 | 11165 | 7137 |
| | | | | 9 | |
--------------------------------------------------------------------------------
| Finance cost | | -18364 | -1174 | -5541 | -384 |
--------------------------------------------------------------------------------
| Financial income | | 9435 | 603 | 278 | 48 |
--------------------------------------------------------------------------------
| Share of profit of | | 916 | 59 | 792 | 51 |
| associates | | | | | |
--------------------------------------------------------------------------------
| Total financial income and | | -8013 | -512 | -4471 | -285 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Total net profit without | | 180846 | 11560 | 10718 | 6852 |
| income tax on dividends | | | | 8 | |
--------------------------------------------------------------------------------
| Income Tax | | -11487 | -736 | -6083 | -389 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | | 169 | 10 824 | 101 | 6463 |
| | | 359 | | 105 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLITATED INCOME | | | | | |
| STATEMENT | | | | | |
--------------------------------------------------------------------------------
| Thousands EEK/EUR | | | | |
--------------------------------------------------------------------------------
| | | 2nd quarter | 2nd quarter 2006 |
| | | 2007 | |
--------------------------------------------------------------------------------
| | | EEK | EUR* | EEK | EUR* |
--------------------------------------------------------------------------------
| Operating income | | | | | |
--------------------------------------------------------------------------------
| Net sales | | 1 517 | 96 960 | 1 025 | 65 561 |
| | | 087 | | 807 | |
--------------------------------------------------------------------------------
| Other operating income | | 33 821 | 2 162 | 29 | 1 904 |
| | | | | 789 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cost of goods sold | | -1 154 | -73 | -760 | -48 633 |
| | | 874 | 812 | 946 | |
--------------------------------------------------------------------------------
| Other operating expenses | | -132 | -8 496 | -102 | -6 546 |
| | | 956 | | 436 | |
--------------------------------------------------------------------------------
| Personnel expenses | | -122 | -7 842 | -87 | -5 584 |
| | | 704 | | 368 | |
--------------------------------------------------------------------------------
| Depreciation and | | -25 | -1 607 | -23 | -1 497 |
| amortization | | 145 | | 425 | |
--------------------------------------------------------------------------------
| Other expenses | | -6 206 | -397 | -1 | -103 |
| | | | | 606 | |
--------------------------------------------------------------------------------
| Operating Profit | | 109 | 6 968 | 79 | 5 102 |
| | | 023 | | 815 | |
--------------------------------------------------------------------------------
| Finance cost | | -9 281 | -593 | -2 | -218 |
| | | | | 938 | |
--------------------------------------------------------------------------------
| Financial income | | 4 872 | 311 | 127 | 38 |
--------------------------------------------------------------------------------
| Share of profit of | | 478 | 31 | 420 | 27 |
| associates | | | | | |
--------------------------------------------------------------------------------
| Total financial income and | | -3 931 | -251 | -2 | -152 |
| expenses | | | | 391 | |
--------------------------------------------------------------------------------
| Total net profit without | | 105 | 6 717 | 77 | 4 950 |
| income tax on dividends | | 092 | | 424 | |
--------------------------------------------------------------------------------
| Income Tax | | -11 | -736 | -6 | -389 |
| | | 487 | | 083 | |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | | 93 605 | 5 981 | 71 | 4 561 |
| | | | | 341 | |
--------------------------------------------------------------------------------
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