The consolidated unaudited sales revenue of ABC Group for 2009 was EEK 1,390.5 million (EUR 88.9 million), a decrease of 0.95% on the previous year. Net profit increased to EEK 25.8 million (EUR 1.6 million), which is EEK 16.8 million (EUR 1.1 million) more than in 2008. The balance sheet volume of the Group as of 31st December 2009 was EEK 861.3 million (EUR 55.0 million), a decrease of EEK 157.7 million (EUR 10.1 million) compared to the end of 2008. Extraordinary income amounted to EEK 218.3 million (EUR 14.0 million) and loss from write-downs due to impairment of assets was EEK 185.0 million (EUR 11.8 million). The financial results of the second half of 2009 were affected by the continuing economic downturn, but, in total, the companies managed to increase the sales revenue by 13% compared to the first half of the year. The sales revenue of ABC Supermarkets AS amounted to EEK 558.9 million (EUR 35.7 million), which is 0.8% less than in 2008. The sales area grew 20%, reaching 9215 square meters at the year-end. The net profit for the year was EEK 1.8 million (EUR 0.1 million), EEK 5.7 million (EUR 0.4 million) more than in 2008. The profit increased mainly as a result of greater efficiency. The market share was 2.6% of foodstuffs and convenience goods, i.e. in the retail sale of non-specialised stores (predominantly food). The most important event for the segment was the opening of a food store in Solaris Centre in October. On 30th December 2009, ABC Grupi AS transferred its participation in ABC Supermarkets AS to Continental FIT AS. The aim of the transaction was to improve the capitalisation of ABC Grupi AS and to decrease the conflict of interest between the group's wholesale activity and its retail activity. The price of the transaction was EEK 215.0 million (EUR 13.7 million) and the deadline for payment is 30th December 2010. Until full payment of the sales price, the transferred shares of ABC Supermarkets AS are pledged in favour of ABC Grupi AS. Upon creation of the transaction price, the parties took into account the results of a valuation made by auditing company Rimess. In connection with the transaction, the liabilities of the group decreased by EEK 146.1 million (EUR 9.3 million) and the assets increased by EEK 55.0 million (EUR 3.5 million). As a result, assets and liabilities of ABC Supermarkets AS are not included in the group's consolidated statement of financial position as at 31st December 2009, the income and expenses are included in the consolidated statement of comprehensive income until 31st December 2009. In 2009, the sales revenue of Abestock AS decreased 3.9% compared to 2008, dropping to EEK 588.1 million (EUR 37.6 million). The most important events in 2009 were the addition of the Nestle Purina, Estrella and Horizon Tissue products into the portfolio. The sales revenue of logistics company Agora Logistika AS, which supports the sale of Abestock AS, remained the same as in 2008. As in retail segment, in 2009 the results in wholesale segment were influenced by developments evolving in Estonian economy. However, in the beginning of 2010 there are first signs of stabilization. In January 2010, the sales revenue of Abestock has increased 7.3% compared to December 2009. The growth of sales revenue is caused by significantly more aggressive sales campaigns, supported by massive advertising. In 2009, the sales revenue of ABC Motors AS increased 4.5% compared to 2008, reaching EEK 239.7 million (EUR 15.3 million). The growth was mainly triggered by the sales of new Renault models with a favourable price and quality ratio. At the same time, the net loss for the year reached EEK 9.0 million (EUR 0.6 million). The most important reason underlying the loss was unprofitable sale of lease cars repurchased from the banks. Over 2009, ABC Motors AS decreased its stocks by EEK 42.2 million (EUR 2.7 million), i.e. 44%, selling all vehicles with limited liquidity. The most important event was the launch of the new Renault Fluence, Renault Megane GT III, Renault Scenic III, and Dacia Logan Van models. In 2009, the rental income of the property business segment outside the consolidation group was EEK 17.2 million (EUR 1.1 million), an increase of 20% compared to 2008. Vacancy rate stood below 5%. A one-off loss of EEK 165.5 million (EUR 10.6 million) resulted from the valuation of properties to fair value. Designing and construction related to real estate development was completely abandoned in 2009. The properties of Oma Varahalduse AS were transferred at fair prices to companies ABC Vara AS, Abestock AS and ABC Supermarkets AS, based on the main activity and securities of loans, in the total amount of EEK 198.0 million (EUR 12.65 million). The goodwill of Oma Varahalduse AS, as a former real estate development company, fell to zero after valuation of the properties into fair value. The company was transferred to a third party on 23rd December 2009. In connection with the transaction, the liabilities of the group decreased by EEK 43.5 million (EUR 2.8 million) and the assets decreased by EEK 37.7 million (EUR 2.4 million). As a result, assets and liabilities of Oma Varahalduse AS are not included in the group's consolidated statement of financial position as at 31st December 2009, the income and expenses are included in the consolidated statement of comprehensive income until 31st December 2009. CONSOLIDATED STATEMENT OF FINANCIAL POSITION -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (thousands ) EEK | EEK | EUR | EUR | -------------------------------------------------------------------------------- | 31.12.2009 | 31.12.2008| 31.12.2009 | 31.12.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | | | -------------------------------------------------------------------------------- | Current assets | | | | | | -------------------------------------------------------------------------------- | Cash at bank and in | | 884 | 13 394 | 56 | 856 | | hand | | | | | | -------------------------------------------------------------------------------- | Short-term financial | | 0 | 3 751 | 0 | 240 | | investments | | | | | | -------------------------------------------------------------------------------- | Receivables and | | 366 519 | 105 422 | 23 425 | 6 738 | | prepayments | | | | | | -------------------------------------------------------------------------------- | Inventories | | 117 628 | 193 580 | 7 518 | 12 372 | -------------------------------------------------------------------------------- | Assets held for sale | | 54 000 | 0 | 3 451 | 0 | -------------------------------------------------------------------------------- | Total current assets | | 539 031 | 316 147 | 34 450 | 20 206 | -------------------------------------------------------------------------------- | Non-current assets | | | | | | -------------------------------------------------------------------------------- | Long-term financial | | 74 | 13 104 | 5 | 838 | | investments | | | | | | -------------------------------------------------------------------------------- | Investment properties | | 211 214 | 463 975 | 13 499 | 29 653 | -------------------------------------------------------------------------------- | Tangible assets | | 55 520 | 152 021 | 3 548 | 9 716 | -------------------------------------------------------------------------------- | Intangible assets | | 55 476 | 73 750 | 3 546 | 4 713 | -------------------------------------------------------------------------------- | Total non-current | | 322 284 | 702 850 | 20 598 | 44 920 | | assets | | | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | | 861 315 | 1 018 997 | 55 048 | 65 126 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES AND EQUITY | | | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | | | -------------------------------------------------------------------------------- | Interest bearing loans | | 263 762 | 242 762 | 16 857 | 15 515 | | and borrowings | | | | | | -------------------------------------------------------------------------------- | Payables and | | 103 616 | 152 212 | 6 622 | 9 730 | | prepayments | | | | | | -------------------------------------------------------------------------------- | Total current | | 367 378 | 394 974 | 23 479 | 25 245 | | liabilities | | | | | | -------------------------------------------------------------------------------- | Non-current | | | | | | | liabilities | | | | | | -------------------------------------------------------------------------------- | Interest bearing loans | | 146 072 | 300 250 | 9 336 | 19 189 | | and borrowings | | | | | | -------------------------------------------------------------------------------- | Other non-current | | 0 | 1 728 | 0 | 110 | | liabilities | | | | | | -------------------------------------------------------------------------------- | Total non-current | | 146 072 | 301 978 | 9 336 | 19 299 | | liabilities | | | | | | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | | 513 450 | 696 952 | 32 815 | 44 544 | -------------------------------------------------------------------------------- | OWNERS' EQUITY | | | | | | -------------------------------------------------------------------------------- | Share capital | | 100 280 | 100 280 | 6 409 | 6 409 | -------------------------------------------------------------------------------- | Issue premium | | 18 575 | 18 575 | 1 187 | 1 187 | -------------------------------------------------------------------------------- | Mandatory reserve | | 2 180 | 2 180 | 139 | 139 | -------------------------------------------------------------------------------- | Retained earnings | | 201 010 | 191 950 | 12 848 | 12 268 | -------------------------------------------------------------------------------- | Net profit | | 25 820 | 9 060 | 1 650 | 579 | -------------------------------------------------------------------------------- | TOTAL OWNERS' EQUITY | | 347 865 | 322 045 | 22 233 | 20 582 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND | | 861 315 | 1 018 997 | 55 048 | 65 126 | | OWNERS' EQUITY | | | | | | -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (thousands) EEK | EEK | EUR | EUR | -------------------------------------------------------------------------------- | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | | 1 390 475 | 1 403 811 | 88 867 | 89 720 | -------------------------------------------------------------------------------- | Other operating | | 25 748 | 57 234 | 1 646 | 3 658 | | revenues | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Goods, raw materials | | -1 180 | -1 181 | -75 431 | -75 491 | | and services | | 240 | 184 | | | -------------------------------------------------------------------------------- | Other operating | | -83 510 | -74 345 | -5 337 | -4 752 | | expenses | | | | | | -------------------------------------------------------------------------------- | Personnel expenses | | | | | | -------------------------------------------------------------------------------- | Wages and salaries | | -78 793 | -99 625 | -5 036 | -6 367 | -------------------------------------------------------------------------------- | Social taxes | | -26 696 | -33 154 | -1 706 | -2 119 | -------------------------------------------------------------------------------- | Total personnel | | -105 489 | -132 779 | -6 742 | -8 486 | | expenses | | | | | | -------------------------------------------------------------------------------- | Depreciation and | | -48 491 | -14 584 | -3 099 | -932 | | impairments | | | | | | -------------------------------------------------------------------------------- | Other operating charges | | -156 543 | -3 929 | -10 005 | -251 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit (loss) | | -158 050 | 54 224 | -10 101 | 3 466 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and | | | | | | | expenses | | | | | | -------------------------------------------------------------------------------- | Financial income (loss) | | 218 269 | 0 | 13 950 | 0 | | from investments | | | | | | | in subsidiaries | | | | | | -------------------------------------------------------------------------------- | Financial income (loss) | | -245 | 51 | -16 | 3 | | from investments | | | | | | | in affiliates | | | | | | -------------------------------------------------------------------------------- | Interest expenses | | -30 137 | -40 909 | -1 926 | -2 615 | -------------------------------------------------------------------------------- | FX profit (loss) | | 277 | -598 | 18 | -38 | -------------------------------------------------------------------------------- | Other financial income | | -4 294 | -3 592 | -275 | -230 | | and expenses | | | | | | -------------------------------------------------------------------------------- | Total financial income | | 183 870 | -45 048 | 11 751 | -2 880 | | and expenses | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before income | | 25 820 | 9 176 | 1 650 | 586 | | tax | | | | | | -------------------------------------------------------------------------------- | Income tax | | 0 | -116 | 0 | -7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive | | 25 820 | 9 060 | 1 650 | 579 | | income | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per | | 25,7 | 14,8 | 1,65 | 0,95 | | share (EEK/EUR) | | | | | | -------------------------------------------------------------------------------- | Diluted earnings per | | 25,7 | 14,8 | 1,65 | 0,95 | | share (EEK/EUR) | | | | | | -------------------------------------------------------------------------------- The Initial Unaudited Consolidated Annual Report 2009 of ABC Grupi AS is available on NASDAQ OMX Tallinn Stock Exchange's and ABC Grupi AS Internet home page http://www.abc.ee. Jüri Vips Chairman of the Board Phone+372 6505505
Unaudited financial results for 2009
| Source: ABC Grupp
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