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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 02:27

Sales of Apollo bookstores grew by 8.5%, profit falls in 2014

BC, Tallinn, 16.11.2015.Print version
Apollo Holding, owner of 14 book and home entertainment stores in Estonia, saw sales revenue grow 8.5% to 14.2 million euros while profit plunged 26.2% to 264,000 euros in 2014, informs LETA.

The company opened three new stores and renovated one last year, the management said in the annual report. In May last year an entertainment center was opened in Parnu, which includes the first Apollo movie theater in addition to a bookstore. The second new store opened in Kohtla-Jarve in August and the third, in the Lasnamae Centrum in Tallinn in November. The Apollo store in Haapsalu moved into larger premises that were renovated in line with the updated concept.

 

The average number of employees grew by 20.4% over the year to 136 and the overall payroll expenses increased 18.4% to 1.1 million euros.

 

The company's inventory totaled 1.5 million euros at the end of the year, making up 26.1% of current assets, and debts and advance payments stood at 2.4 million euros, accounting for 100% of liabilities. Rodl & Partner Audit OU who audited the company said the auditors did not obtain sufficient evidence on which to base an opinion.

 

Apollo is engaged in retail sale of books, movies, music, toys and office supplies. Its stores are located in largest Estonian cities – six in Tallinn, two in Tartu and Parnu each, and one in Rakvere, Viljandi, Haapsalu and Kohtla-Jarve.

 

Apollo Holding is 50% owned through Artabanos Holding by Margus Linnamae's investment company UP Invest, which also owns BNS Group. The other half belongs to Toomas Kruus through Sandbach OU.






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