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TKM: UNAUDITED CONSOLIDATED INTERIM ACCOUNTS FOR THE FOURTH QUARTER AND THE TWELVE MONTHS OF 2010

The consolidated non-audited sales revenue of the Tallinna Kaubamaja Group was 6.3 billion kroons (402.8 million euros) in 2010.

UNAUDITED CONSOLIDATED INTERIM ACCOUNTS FOR THE FOURTH QUARTER AND THE TWELVE MONTHS OF 2010

The consolidated non-audited sales revenue of the Tallinna Kaubamaja Group was 6.3 billion kroons (402.8 million euros) in 2010. The sales revenue of the Group was 6.4 billion kroons (408.3 million euros) in 2009, which translates into a drop of 1.3% compared to the preceding year. The sales revenue of the fourth quarter was 1.7 billion kroons (109.8 million euros), which makes it higher by 5.2% year-on-year. The profit for the financial year was 260.5 million kroons (16.6 million euros). In the fourth quarter, the profit was 115.7 million kroons (7.4 million euros). The loss of the year 2009 was 196.7 million kroons (12.6 million euros), whereas the loss of the fourth quarter of the previous year was 173.7 million kroons (11.1 million euros).

Although the Group's sales revenue was down by 1.3%, the continued growth of the market share in Estonia is good news. The Group's sales revenue in Estonia was up by 1.0% and the retail trade market by 0.4%. The Group sales revenue decreased by 18.4 million kroons (1.2 million euros) due to the sales tax levied in Tallinn since June. In the second half of the year, the purchase prices of goods were under pressure because of the increasing prices of raw materials and labour on the global market that had a negative impact on the Group's gross margin in the fourth quarter. In the annual outcome, improved inventory management has ensured a higher gross margin compared to 2009. In 2010, the Group's internal efficiency continued to grow. Rearranging our processes led to saving on labour and operating costs. The depreciation costs have decreased due to the write-down of fixed assets in 2009. The amount of financial expenses has reduced due to lower interest rates. The impairment tests conducted on the Group's assets at the end of the financial year increased the value of fixed assets in the total amount of 0.8 million kroons (0.1 million euros) as reported in the profit and loss statement.

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