Tallinna Kaubamaja Grupp

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  • #312822 Reply

    Nauris Treigys
    Keymaster

    The Supervisory Board of Tallinna Kaubamaja Grupp AS approved today, on 26 February 2018 the annual report and profit allocation proposal for the year 2017 of Tallinna Kaubamaja Grupp AS. The Supervisory Board decided to present the annual report and profit allocation proposal as prepared by the management for the approval of the general meeting of shareholders. The revenues and profits remained unchanged compared to the preliminary disclosure on 25 January 2018.

    The consolidated audited revenue of Tallinna Kaubamaja Group AS for the year of 2017 was 651.3 million euros. The revenue for the year of 2016 was 598.4 million euros. The revenue increased by 8.8 per cent.

    The consolidated audited net profit of the Tallinna Kaubamaja Grupp AS for the year of 2017 was 29.8 million euros. The net profit for the year of 2016 was 25.7 million euros.

    The audited Annual Report 2017 of Tallinna Kaubamaja Grupp AS is available on Tallinna Kaubamaja Group AS Internet home page http://www.tkmgroup.ee/en.

    Attachments:
    2017 annual report Tallinna Kaubamaja Grupp.pdf

    #312824 Reply

    Nauris Treigys
    Keymaster

    The Management Board of Tallinna Kaubamaja Grupp AS (registry code 10223439, seat Gonsiori 2, 10143 Tallinn), convenes an annual general meeting of shareholders on 22 March 2018 at 11:00, in the Conference centre of Nordic Hotel Forum Radisson, Viru väljak 3, Tallinn.

    Registration of the participants begins on 22 March 2018 at 10.30. The list of shareholders entitled to participate in the general meeting will be determined as at seven days before holding the general meeting, i.e. as at 15 March 2018 at the end of the working day of the Nasdaq CSD Estonian Settlement System.

    The Supervisory Board of Tallinna Kaubamaja Grupp AS has determined the following agenda of the annual general meeting and makes the following proposals.

    1. Approval of the annual report of 2017 of Tallinna Kaubamaja Grupp AS

    To approve the annual report of Tallinna Kaubamaja Grupp AS for 2017 prepared by the Management Board of Tallinna Kaubamaja Grupp AS and approved by the Supervisory Board, according to which the consolidated balance sheet of Tallinna Kaubamaja Grupp AS as at 31.12.2017 is 397,495 thousand euros, the sales revenue for the accounting year is 651,257 thousand euros and the net profit 29,831 thousand euros.

    2. Distribution of profit

    To approve the profit distribution proposal of 2017 of Tallinna Kaubamaja Grupp AS, presented by the Management Board and approved by the Supervisory Board, as follows:

    Retained profits of previous years 77,421 thousand euros
    Net profit of 2017 29,831 thousand euros
    Total distributable profit as at 31.12.2017 107,252 thousand euros
    To pay dividends 0.69 euros per share 28,103 thousand euros
    Retained profits after distribution of profits 79,149 thousand euros
    The list of shareholders with a right to receive dividends shall be fixed as at 9 April 2018 at the end of the working day of the Nasdaq CSD Estonian Settlement System. Dividends shall be paid to the bank accounts of shareholders via transfer on 10 April 2018.

    3. Appointment of an auditor and determination of remuneration procedure

    The Supervisory Board makes a proposal to appoint AS PricewaterhouseCoopers, registry code 10142876, to conduct the audit of financial year 2018 of Tallinna Kaubamaja Grupp AS. The amount of the auditor’s fee shall be decided by the Management Board of the company.

    4. Election of the members of the Supervisory Board and determination of the remuneration procedure

    In conjunction with expiry of the term of authorities of members of the Supervisory Board on 19 May 2018, the Supervisory Board makes a proposal to elect Jüri Käo, Andres Järving, Enn Kunila, Gunnar Kraft and Meelis Milder as the members of the Supervisory Board of Tallinna Kaubamaja Grupp AS from 20 May 2018 for the next 3 years term of authorities.

    To remunerate the members of the Supervisory Board as follows: the remuneration paid to the Chairman of the Supervisory Board is 2,400 euros per month and the remuneration paid to the Member of the Supervisory Board is 2,000 euros per month.

    Operational issues

    The shareholders whose shares represent at least 1/20 of the share capital may request the inclusion of additional issues to the agenda of the general meeting, provided that the respective request has been submitted in writing no later than by 7 March 2018. The shareholders whose shares represent at least 1/20 of the share capital may submit a written draft of the resolution in respect to each item on the agenda no later than by 19 March 2018. More detailed information available on §287 of the Commercial Code (right of shareholder to information), §293 (2) (right to demand the inclusion of additional issues in the agenda) and §2931 (3) (obligation to submit simultaneously with the request on the modification of the agenda a draft of the resolution or substantiation) and §2931 (4) (right to submit a draft of the resolution in respect to each item on the agenda) about the rules and term of exercising these rights have been published on the homepage of Tallinna Kaubamaja Grupp AS at http://www.tkmgroup.ee. The drafts of the resolutions and substantiations submitted by the shareholders will be published on the same homepage, if any are received. After the items on the agenda of the general meeting, including additional issues, have been discussed, the shareholders can ask for information from the management board about the activity of the public limited company.

    The documents of the annual general meeting, including the annual report, sworn auditor’s report, proposal for profit distribution, report of the supervisory board, drafts of the resolutions of Tallinna Kaubamaja Grupp AS are made available on the homepage of Tallinna Kaubamaja Grupp AS at http://www.tkmgroup.ee, and from the publication of the notice on calling the general meeting until the day of the general meeting is held, in the secretariat of Tallinna Kaubamaja Grupp AS at Gonsiori 2 (2nd floor) in Tallinn on business days from 10 AM to 4 PM. Questions about the topics included in the agenda of the general meeting can be sent to the following e-mail address tkmgroup@kaubamaja.ee or by post to the address of the public limited company or by telephone 66 73 300.

    Please submit the following documents to register the participants of the general meeting:

    a shareholder that is a natural person – personal identification document; a representative of a shareholder that is a natural person – personal identification document and a written letter of authorisation; a legal representative of a shareholder that is a legal person – an extract of the relevant (commercial) register in which the legal person is registered, and the personal identification document of the representative; a transactional representative of a shareholder that is a legal person is also required to submit a written authorisation issued by the legal representative of the legal person in addition to the above listed documents. We ask the documents of a legal person registered in a foreign country to be legalised or having an apostil attached to the documents beforehand, unless specified otherwise in an international agreement. Tallinna Kaubamaja Grupp AS may register a shareholder that is a legal person from a foreign country to the general meeting also in case all required information on the legal person and its representative are included in a notarised letter of authorisation issued in the foreign country and the respective letter of authorisation is accepted in Estonia.

    We ask you to present a passport or an ID-card as a personal identification document.

    A shareholder may inform of the appointment of a representative or withdrawal of an authorisation given to a representative before the general meeting by e-mail on tkmgroup@kaubamaja.ee or by submitting the mentioned document(s) on business days from 10 AM to 4 PM no later than by 19 March 2018 to the secretariat of Tallinna Kaubamaja Grupp AS at Gonsiori 2 (2nd floor) in Tallinn, prepared on the respective forms published on the homepage of Tallinna Kaubamaja Grupp AS at http://www.tkmgroup.ee. You can find information about appointment of a representative or withdrawal of an authorisation on the same homepage.

    #313488 Reply

    Nauris Treigys
    Keymaster

    The Annual General Meeting of Shareholders of Tallinna Kaubamaja Grupp AS was held on 22 March 2018 in the Conference centre of Nordic Hotel Forum, Viru väljak 3, Tallinn. 32,739,157 votes, i.e. 80.38% of the Company`s 40,729,200 votes were represented at the meeting.

    The decisions of the General Meeting were as follows:

    1. Approval of the annual report of Tallinna Kaubamaja Grupp AS for 2017

    With 32,684,708, i.e. 99.83% votes in favour, to approve the annual report of Tallinna Kaubamaja Grupp AS for 2017, according to which the consolidated balance sheet of Tallinna Kaubamaja Grupp AS as at 31.12.2017 is 397,495 thousand euros, the sales revenue for the accounting year is 651,257 thousand euros and the net profit 29,831 thousand euros.

    2. Profit distribution

    With 32,737,691, i.e. 100.00% votes in favour, to approve the profit distribution proposal of 2017 of Tallinna Kaubamaja Grupp AS as follows:

    Retained profits of previous years 77,421 thousand euros
    Net profit of 2017 29,831 thousand euros
    Total distributable profit as at 31.12.2017 107,252 thousand euros
    To pay dividends 0.69 euros per share 28,103 thousand euros
    Retained profits after distribution of profits 79,149 thousand euros
    The list of shareholders with a right to receive dividends shall be fixed as at 9 April 2018 at the end of the working day of the Nasdaq CSD Estonian Settlement System. Dividends shall be paid to the shareholders via transfer on 10 April 2018 to a bank account of a shareholder.

    3. Appointment of an auditor and determination of remuneration procedure

    With 32,363,032, i.e. 98.85% votes in favour, to appoint AS PricewaterhouseCoopers, registry code 10142876, to conduct the audit of financial year 2018 of Tallinna Kaubamaja Grupp AS. The amount of the auditor’s fee shall be decided by the Management Board of the company.

    4. Election of the members of the Supervisory Board and determination of the remuneration procedure

    With 32,256,715, i.e. 98.53% votes in favour and in connection with expiration of the term of office of the members of the Supervisory Board on 19.05.2018, to elect Jüri Käo, Andres Järving, Enn Kunila, Gunnar Kraft and Meelis Milder as members of the Supervisory Board of Tallinna Kaubamaja Grupp AS for the next 3-year term of office as of 20.05.2018.

    To remunerate the members of the Supervisory Board as follows: the amount of remuneration paid to the Chairman of the Supervisory Board is 2,400 euros per month and the amount of remuneration paid to the members of the Supervisory Board is 2,000 euros per month.

    Dividend payment ex-date of Tallinna Kaubamaja Grupp AS

    Proceeding from the above, Tallinna Kaubamaja Grupp AS informs that the dividend payment ex-date is 06.04.2018. From that date the new owner of the shares is not entitled to dividends for the year 2017.

    #313857 Reply

    Nauris Treigys
    Keymaster

    allinna Kaubamaja Grupp AS (trading code TKM1T, ISIN code EE0000001105) will close the list of shareholders for dividend payment on 09.04.2018 at the end of the working day of the Nasdaq CSD Estonian Settlement System.

    Proceeding from the above, the ex-date is 06.04.2018. From that date the new owner of the shares is not entitled to dividends for the year 2017.

    Tallinna Kaubamaja Grupp AS will pay dividend 0.69 euros per share on 10.04.2018.

    #314134 Reply

    Nauris Treigys
    Keymaster

    Unaudited consolidated interim accounts for the first quarter of 2018
    Segments (EURm) Q1/18 Q1/17 yoy
    Supermarkets 105,6 99,6 6,1%
    Department stores 22,8 23,0 -1,0%
    Cars 27,6 24,2 14,0%
    Footwear 2,2 2,6 -16,5%
    Real Estate 1,3 1,2 7,6%
    Total sales 159,5 150,7 5,9%

    Supermarkets 3,1 2,8 12,6%
    Department stores -0,4 0,1 -944,2%
    Cars 0,9 1,2 -31,3%
    Footwear -0,3 -0,8 -60,6%
    Real Estate 2,9 2,9 -0,4%
    Total profit before tax 6,1 6,1 -0,5%
    In the first quarter of 2018, the unaudited consolidated sales revenue of the Tallinn Kaubamaja Group was 159.5 million euros. Compared to the first quarter of 2017, when its sales revenue was 150.7 million euros, the growth accounted for 5.9%. The net loss for the period amounted to 0.2 million euros due to the income tax expense on dividends (6.2 million euros). The loss in the first quarter of 2017 was 0.3 million euros, including income tax of 6.4 million euros. The pre-tax profit – 6.1 million euros – remained at the same level as in the previous year.

    The beginning of 2018 was positive for the Group – there was a growth in sales revenue. The pre-tax profit remained at a solid level, comparable to that of the previous year. In terms of the important retail segments of the Group, a strong sales revenue growth was seen in supermarkets and car trade segments. In spite of the intensification of the competitive situation, the department stores managed to maintain the same level of sales revenue in essence. In estimated comparison with its direct competitors, based on the statistics published by the Tax and Customs Board, the sales revenue of the Group’s segment of Kaubamaja stores can be considered good under certain market situation. The sales of the footwear segment decreased mainly due to reduced selling space. In the first quarter of 2018, the largest, nearly 1.5 times sales growth was recorded in the Group e-stores. The key to growth of Kaubamaja and Selver’s e-stores is the fact that the e-shopping experience offered is of an equivalent quality with which the regular customers of the Group are accustomed to in physical stores. Investments in the user-friendliness, service and logistics development of e-stores as well as organizational changes in process reorganization have been successful and according to plan. Labour costs increased by 11.5% in the first quarter, including a 3.8% increase in the number of employees. Growth of 7.5% of the average wage per employee remained at the same pace with the trends of the wholesale and retail trade statistics of the Republic.

    Selver supermarkets

    In the first quarter of 2018, the consolidated sales revenue of the supermarket business segment was 105.6 million euros, being increased by 6.1% compared to the previous period. In the first quarter of 2018, the consolidated pre-tax profit of the supermarket segment was 3.1 million euros. The profit earned in Estonia amounted to 3.2 million euros of it, remaining at the level of the previous year (a decline of 0.1 million euros). The consolidated net loss of the supermarket segment was 0.9 million euros, which accounted for an increase of 0.1 million euros compared the first quarter of the previous year. The net loss in Estonia in the first quarter of 2018 was 0.8 million euros. The difference between net profit and pre-tax profit is a result of income tax expense on dividends – in 2018, the income tax on dividends was 0.4 million euros less than in the previous year. The pre-tax loss in Latvia in the first quarter of 2018 was 0.1 million euros. The loss was reduced due to the expiration of intra-group contracts. The business in Latvia is frozen.

    The sales revenue growth of Selver stores in the first quarter, which was somewhat faster than the market segment, has been achieved with the support of new stores. In terms of comparable stores, Selver stores have managed to keep the sales revenue at the level of last year, despite the constantly increasing number of competitors’ stores and the re-distribution of loyal customers between the stores of Selver. In the first quarter, both the number of purchases and the average purchase has increased. E-Selver is still doing well: its sales in the first quarter, compared to the first quarter of last year, grew by 1.5 times. The comparison basis of the year 2018 does not include the five new supermarkets opened in Tallinn and the mobile store of Hiiumaa.

    The profits earned in Estonia were mostly affected by revenue growth. In terms of operating expenses, the level of cost-efficiency was better than last year. As expected, investments have had a positive effect: they have enabled to save on administrative costs and efficiently manage labour costs in the pressurising wage situation.

    This year, Selver plans to open at least two stores and extend the SelveEkspress service to these two stores, as well as fourteen existing stores. It is also planned to introduce electronic price tags in Selver’s fruit and vegetable sections. We will continue to develop e-commerce to increase our capability to serve the rapidly increasing number of customers: it is also planned to install the first e-Selver food lockers, where customers of our e-store can pick up their deliveries. On 1 April, the e-Selver service expanded to Pärnu.

    Department stores

    In the first three months of 2018, the department store business segment earned a sales revenue of 22.8 million euros, which is 1.0% less than last year. The pre-tax loss of the department stores in the first quarter of 2018 was 0.4 million euros, which is 0.5 million euros less than last year. In the first quarter, the sales results of the department store segment were affected by the long and cloudy winter, which had a negative impact on the sale of spring goods at the beginning of the new season. The sale of discounted goods in the winter weather conditions also negatively affected the marginal.In the first quarter of 2018, the sales revenue of OÜ TKM Beauty Eesti, which operates the I.L.U. cosmetics stores, was 1.1 million euros, which was 3.2% more than in the same period last year. The loss in the first quarter of 2018 was 0.1 million euros, which is 12.5% more than last year. In February, the Kvartal store in Tartu was closed due to unsatisfactory results. The final sale and costs related to the closing the store influenced the profitability of the I.L.U. chain.

    Car Trade

    In the first quarter of 2018, the sales revenue of the car trade segment was 27.6 million euros. Sales revenue increased by 14.0% compared to last year and the sales revenue of KIAs decreased by 5.9%. A total of 1,229 new vehicles were sold in the first three months of the year. The sales revenue and the increase in the number of cars sold was supported by the rapid growth of the Estonian car market, which continued in the first quarter of 2018. The pre-tax profit of the segment in the first quarter of 2018 was 0.9 million euros, which is 0.4 million euros less than in the same period last year. In January, Viking Motors AS, the Estonian retail seller in car trade segment, started selling and servicing Peugeot cars in Tallinn by opening a new showroom. Until now, the Group’s Latvian car company –Forum Auto SIA – has successfully sold Peugeot cars. This new business direction has shown better results than expected. The Latvian subsidiary Forum Auto SIA has also shown great results, winning several public procurements. The decrease in the car trade segment’s profit has, on the one hand, been a result of the launch of the new showroom in Tallinn. On the other hand, compared to the first quarter of 2017, the higher volume of fleet sales has lowered the sales margin of cars.

    Footwear trade

    In the first quarter of 2018, the sales revenue of the footwear business segment was 2.2 million euros, which accounted for a decrease of 16.5% compared to the same period of the previous year. Reason for the decrease compared to last year, five footwear stores have been closed during the selling space optimization. The loss in the first quarter decreased by 0.5 million euros compared to the previous year, staying at a level of 0.3 million euros. The goal of the segment in 2018 is to increase profitability through new procurement channels and an increase in margins. In 2018, it is planned to re-open the ABC King store in Kristiine shopping centre, which was closed in 2017, and to continue with the activities to increase the profitability of selling space. We have started working with the store concept innovations of ABC King.

    Real Estate

    In the first quarter of 2018, the sales revenue in the real estate segment outside the Group was 1.3 million euros. Sales revenue increased by 7.6% compared to last year. The pre-tax profit of the real estate segment in the first quarter of 2018 was 2.9 million euros, which is 0.4% less than last year. The growth in the segment’s sales revenue was positively affected by the gas station and store, completed in January 2018 for a partner outside the Group, which is located in Rae municipality, in the immediate vicinity of the Selver store in Peetri. Tartu Kaubamaja Centre and Viimsi Centre are showing good results and contributing to the segment’s sales growth. The decrease in profit was affected by previous contracts concluded inside the Group, related to Latvian real estate, which have ended by now. At the end of 2018, it is planned to open Kolde Selver, which is currently under construction. It is also planned to continue with the development works of the Estonian, Latvian and Lithuanian car centres, a new sales building of department store in Tallinn and the central kitchen of Kulinaaria.

    CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

    In thousands of euros

    31.03.2018 31.12.2017
    ASSETS
    Current assets
    Cash and cash equivalents 40,529 33,662
    Trade and other receivables 14,101 16,127
    Inventories 79,760 75,816
    Total current assets 134,390 125,605
    Non-current assets
    Long-term receivables and prepayments 115 114
    Investments in associates 1,776 1,724
    Investment property 49,889 49,902
    Property, plant and equipment 204,573 214,475
    Intangible assets 5,543 5,675
    Total non-current assets 261,896 271,890
    TOTAL ASSETS 396,286 397,495

    LIABILITIES AND EQUITY
    Current liabilities
    Borrowings 52,895 54,818
    Trade and other payables 114,493 85,569
    Total current liabilities 167,388 140,387
    Non-current liabilities
    Borrowings 48,729 48,732
    Provisions for other liabilities and charges 420 360
    Total non-current liabilities 49,149 49,092
    TOTAL LIABILITIES 216,537 189,479
    Equity
    Share capital 16,292 16,292
    Statutory reserve capital 2,603 2,603
    Revaluation reserve 81,672 82,124
    Currency translation differences -255 -255
    Retained earnings 79,437 107,252
    TOTAL EQUITY 179,749 208,016
    TOTAL LIABILITIES AND EQUITY 396,286 397,495
    CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

    In thousands of euros

    3 months 2018 3 months 2017

    Revenue 159,547 150,688
    Other operating income 713 482

    Cost of sales -120,687 -113,666
    Other operating expenses -13,837 -13,494
    Staff costs -15,788 -14,155
    Depreciation, amortisation and impairment losses -3,437 -3,281
    Other expenses -308 -329
    Operating profit 6,203 6,245
    Finance income 0 0
    Finance costs -170 -183
    Finance income on shares of associates 52 51
    Profit before tax 6,085 6,113
    Income tax expense -6,249 -6,371
    NET LOSS FOR THE FINANCIAL YEAR -164 -258
    Other comprehensive income:
    Items that will not be subsequently reclassified to profit or loss
    Other comprehensive income for the financial year 0 0
    TOTAL COMPREHENSIVE LOSS FOR THE FINANCIAL YEAR -164 -258

    Attachments:
    Börs_Kaubamaja_1Q2018_eng.pdf

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