Baltic, Markets and Companies, Retail

The sales revenue of the fourth quarter was 1.6 billion kroons (104.4 million euros), which is 10% lower than the sales revenue of the same quarter in 2008.

The year ended with a loss of 196.7 million kroons (12.6 million euros) due to the discounts of the fixed assets realised at the end of the year. The loss in the fourth quarter was 173.7 million kroons (11.1 million euros) and it includes the revaluation of the land and buildings in Latvia in the amount of 175.0 million kroons (11.2 million euros) and the discount of construction in work in Estonia in the amount of 36.0 million kroons (2.3 million euros).

The net profit of 2008 was 83.1 million kroons (5.3 million euros), year ago in the fourth quarter the loss was 68.6 million kroons (4.4 million euros), which included a discount of fixed assets of 86.8 million kroons (5.5 million euros).

In 2009, Tallinna Kaubamaja Group, like the whole retail sector, faced the challenge of operating with a substantially reduced turnover and under an enormous price pressure. At the same time, the expenditure of the Group has increased due to the expansion of the operable premises and growth in the number of employees.

In 2009, the sales revenue of the business segment of department stores was 1,196.5 million kroons (76.5 million euros), i.e. 22% less than in the same period of the previous year. The sales revenue of the fourth quarter was 347.7.0 million kroons (22.0 million euros), which is 21% less than in the same period of the previous year. For department stores, the twelve months of 2009 finally yielded a profit of 28.0 million kroons (1.8 million euros), falling short of the result of the previous year by 95.9 million kroons (6.1 million euros).

The consolidated sales revenue of the business segment of supermarkets amounted to 4.8 billion kroons (304.0 million euros) in 2009, which is 11% more than in the same period of the previous year. In 2009, the consolidated pre-tax loss of Selver was 30.6 million kroons (2.0 million euros). The consolidated net loss in 2009 was 34.9 million kroons (2.2 million euros), showing a decrease of 98.7 million kroons (6.3 million euros) compared to the same period of 2008, when the consolidated net profit was 63.7 million kroons (4.1 million euros).

In 2009, the sales revenue of the business segment of real estate was 42.6 million kroons (2.7 million euros) and the sales revenue increased by 4% compared to 2008. In the fourth quarter, the sales revenue was 10.3 million kroons (0.7 million euros), decreasing by 4% compared to the same period in 2008 when the sales revenue amounted to 10.8 million kroons (0.7 million euros). The annual loss amounted to 115.6 million kroons (7.4 million euros), of which a loss of 169.7 million kroons (10.8 million euros) realised in the fourth quarter.

The sales revenue of the car trade segment for the 2009 was 207.9 million kroons (13.3 million euros), which is 57% less than in the previous year. 853 new vehicles were sold in 2009. At the same time in 2008, the sales revenue from the sales of 2,056 cars was 494.9 million kroons (31.6 million euros). The sales revenue for the fourth quarter of 2009 was 29.1 million kroons (1.9 million euros) and altogether 79 new cars were sold. The sales revenue for the same period in 2008 was 57.8 million kroons (3.7 million euros). The loss of the 12 month in the car trade amounted to 23.0 million kroons (1.5 million euros).

In 2009, the sales revenue of the footwear trade was 179.9 million kroons (11.5 million euros), the fourth quarter amounted to a turnover of 43.7 million kroons (2.8 million euros), decreasing by 29.5% in comparison with the respective period of 2008. The loss in the fourth quarter amounted to 11.5 million kroons (0.7 million euros). The total loss of the footwear trade of the fourth quarter of 2008 was 16.6 million kroons (1.1 million euros). The loss of 2009 was a total of 51.2 million kroons (3.3 million euros).