Andmed seisuga: 06.07.2024 10:12 (GMT+3)

Tallinna Kaubamaja: Commentary to financial results, Q1 2000

25.05.2000, TKM Grupp, TLN
TALLINNA KAUBAMAJA
COMMENTARY TO FINANCIAL RESULTS

COMMENTARY TO FINANCIAL RESULTS, Q1 2000

No changes have been made in the accounting principles used for
compiling of Tallinna Kaubamaja AS financial reports; no changes have
been made in the group's holdings in its subsidiaries nor the group's
structure. The financial reports of subsidiaries are consolidated
row-by-row, by eliminating reciprocal receivables, liabilities and
economic activities. Results of subsidiary (Rävala Parkla AS) are
consolidated on equity method, i.e. only Kaubamaja's share of
subsidiary's financial result is reflected in the group reports.
The quarterly financial statements are unaudited.

Q1 2000 was successful for Tallinna Kaubamaja AS. Group net sales
stood at EEK 226.3 million, providing 10% or EEK 21.7 million growth
y-o-y (EEK 204.6 mln in Q1 1999). In Q1 the group posted EEK 7.2 mln
net profit, providing EEK 8.8 mln annual increase (EEK 1.6 mln loss
in Q1 1999). Substantial increase in profit figure was mainly from
increased sales, a large share of which was contributed by the youth
department of Tallinn Department Store in February. Number of clients
of Kadaka Selver has doubled since the first quarter of last year.

In Q1 the group balance sheet size grew by EEK 50.1 million,
amounting to EEK 427.4 million on 31.03.2000. Growth in balance sheet
size was mainly due to increased inventories (+ EEK 28.3 million) and
tangible fixed assets (+ EEK 23.9 million). Increase in inventories
is directly due to seasonal nature of the group's activities (ca 30%
of group turnover is from sale of seasonal goods). Increase in
tangible fixed assets is due to building, furniture and equipment of
new Selver-chain store, to be opened at the end of May. Kaubamaja
took a short-term loan and opened a credit line in order to raise
funds for investments and increase the volume of inventories. In Q1
Kaubamaja also made an issue of commercial papers in the amount of
EEK 20 million. The issue will be redeemed in five equal tranches by
20.11.2000. Due to increased current liabilities, the group's debt
ratio (total debt/total assets) increased in Q1 from 57.51%
(31.12.1999) up to 60.76% (31.03.2000). Current ratio (current
assets/current liabilities) fell from 1.12 (31.12.1999) to 0.97
(31.03.2000). As at 31.03.2000 earnings per share stood at EEK 1.06.

at the end of May the group's subsidiary A-Selver will open its third
Selver-chain store in Pirita, Tallinn. Construction of Selver store
in Järve, Tallinn, is to be completed this fall; the store's
technological project, however, is completed and selection of
personnel, furniture and equipment for the store is currently in
progress.


Urmo Vallner
Management Board member
+372 6 400 200

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