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Stockmann Group 2014 comparison data for the new segment structure
Helsingfors, Finland, 2015-03-31 14:00 CEST (GLOBE NEWSWIRE) —
STOCKMANN plc, Company Announcement 31.3.2015 at 15:00 EET
As of 1 January 2015, Stockmann’s new divisions and reportable segments are Stockmann Retail, Real Estate and Fashion Chains. Previously, Stockmann Retail and Real Estate were reported together as the Department Store Division. The Stockmann Retail division consists of the Stockmann department stores, the Academic Bookstore and Hobby Hall, their online stores and Stockmann Beauty. The Real Estate division comprises the business operations of the properties that the Group owns in Helsinki, St Petersburg, Tallinn and Riga. The Fashion Chains division comprises the fashion chains Lindex and Seppälä. Seppälä’s sale will be concluded on 1 April 2015.
As of 1 January 2015, Stockmann has applied the revaluation model as prescribed by the IAS 16 standard to its properties in place of the previously applied cost model. The properties will be carried at their revalued amount, which is the fair value at the date of revaluation less any subsequent accumulated depreciation. Any increase in the carrying amount as a result of revaluation is disclosed in the revaluation reserve in equity. Measurement at fair value increases the amount of depreciation following valuation, which affects the consolidated operating result. While revaluation will not be applied retroactively, the figures in the segment comparison data reflect the change for illustrative purposes.
The 2014 comparison data containing the new reporting structure and property revaluation are presented in the adjoining tables. The figures are unaudited. In addition to the revaluation, the comparison data illustrates the segments’ revenue and operating result had Stockmann Retail paid rent to the Real Estate unit on the facilities in its use in the properties in the centre of Helsinki in 2014. The data includes the actual rent paid on properties in St Petersburg, Tallinn and Riga.
GROUP’S OPERATING SEGMENTS
|
Revenue, EUR mill. |
1-3 2014 |
1-6 2014 |
1-9 2014 |
1-12 2014 |
| Stockmann Retail | 235.2 | 522.2 | 729.8 | 1 075.3 |
| Real Estate | 14.9 | 30.0 | 44.8 | 59.4 |
| Fashion Chains | 153.8 | 355.4 | 546.3 | 743.2 |
| Segments total | 403.8 | 907.6 | 1 320.8 | 1 877.9 |
| Unallocated | 0.1 | 0.1 | 0.2 | 0.1 |
| Eliminations | -8.3 | -16.8 | -25.1 | -33.6 |
| Group total | 395.6 | 890.9 | 1 295.9 | 1 844.5 |
|
Operating profit/loss, EUR mill. |
1-3 2014 |
1-6 2014 |
1-9 2014 |
1-12 2014 |
| Stockmann Retail | -28.9 | -43.1 | -66.6 | -68.6 |
| Real Estate | 3.9 | 8.3 | 12.0 | 15.9 |
| Fashion Chains | -20.3 | -7.1 | -2.9 | 0.0 |
| Segments total | -45.3 | -41.8 | -57.6 | -52.6 |
| Unallocated | -1.5 | -4.3 | -6.4 | -41.3 |
| Group total | -46.7 | -46.1 | -64.0 | -93.9 |
|
Reconcilitation to reported operating profit/loss: |
||||
|
Change in depreciation (IAS 16) |
2.9 | 5.8 | 8.9 | 11.7 |
| Reported Group total | -43.9 | -40.3 | -55.1 | -82.2 |
|
Depreciation, EUR mill. |
1-3 2014 |
1-6 2014 |
1-9 2014 |
1-12 2014 |
| Stockmann Retail | 6.4 | 13.1 | 19.1 | 25.3 |
| Real Estate | 7.0 | 13.9 | 20.9 | 27.8 |
| Fashion Chains | 7.0 | 13.8 | 20.3 | 26.7 |
| Segments total | 20.4 | 40.8 | 60.4 | 79.9 |
| Unallocated | 0.7 | 1.4 | 2.1 | 2.8 |
| Group total | 21.1 | 42.2 | 62.5 | 82.7 |
|
Reconcilitation to reported depreciation: |
||||
|
Change in depreciation (IAS 16) |
-2.9 | -5.8 | -8.9 | -11.7 |
| Reported Group total | 18.2 | 36.4 | 53.6 | 71.0 |
|
Capital expenditure, gross, EUR mill. |
1-3 2014 |
1-6 2014 |
1-9 2014 |
1-12 2014 |
| Stockmann Retail | 3.8 | 12.9 | 22.7 | 27.2 |
| Real Estate | 0.4 | 0.8 | 1.2 | 1.7 |
| Fashion Chains | 4.8 | 11.3 | 16.0 | 21.4 |
| Segments total | 9.0 | 25.0 | 39.9 | 50.3 |
| Unallocated | 0.4 | 2.2 | 2.8 | 3.5 |
| Group total | 9.4 | 27.3 | 42.7 | 53.8 |
|
Assets, EUR mill. |
31.3. 2014 |
30.6. 2014 |
30.9. 2014 |
31.12. 2014 |
| Stockmann Retail | 420.2 | 368.4 | 435.2 | 316.6 |
| Real Estate | 928.1 | 921.5 | 914.9 | 908.3 |
| Fashion Chains | 1 111.3 | 1 077.2 | 1 087.9 | 1 050.2 |
| Segments total | 2 459.6 | 2 367.1 | 2 438.0 | 2 275.1 |
| Assets held for sale* | 48.0 | |||
| Unallocated | 61.4 | 62.2 | 65.4 | 51.7 |
| Group total | 2 521.1 | 2 429.3 | 2 503.4 | 2 374.8 |
|
Reconcilitation to reported assets: |
||||
| Change in fair value less depreciation (IAS 16) | -449.4 | -446.5 | -443.0 | -438.3 |
| Reported Group total | 2 071.7 | 1 982.8 | 2 060.4 | 1 936.5 |
* Hobby Hall’s assets are classified as held for sale.
|
Revenue by quarter EUR mill. |
1-3 2014 |
4-6 2014 |
7-9 2014 |
10-12 2014 |
1-12 2014 |
| Stockmann Retail | 235.2 | 287.0 | 207.5 | 345.5 | 1 075.3 |
| Real Estate | 14.9 | 15.2 | 14.8 | 14.7 | 59.4 |
| Fashion Chains | 153.8 | 201.6 | 190.9 | 196.9 | 743.2 |
| Segments total | 403.8 | 503.8 | 413.2 | 557.1 | 1 877.9 |
| Unallocated | 0.1 | 0.1 | 0.1 | -0.1 | 0.1 |
| Eliminations | -8.3 | -8.5 | -8.2 | -8.5 | -33.6 |
| Group total | 395.6 | 495.3 | 405.0 | 548.5 | 1 844.5 |
|
Operating profit/loss by quarter, EUR mill. |
1-3 2014 |
4-6 2014 |
7-9 2014 |
10-12 2014 |
1-12 2014 |
| Stockmann Retail | -28.9 | -14.2 | -23.6 | -1.9 | -68.6 |
| Real Estate | 3.9 | 4.4 | 3.6 | 3.9 | 15.9 |
| Fashion Chains | -20.3 | 13.2 | 4.2 | 2.9 | 0.0 |
| Segments total | -45.3 | 3.5 | -15.8 | 5.0 | -52.6 |
| Unallocated | -1.5 | -2.8 | -2.1 | -34.9 | -41.3 |
| Group total | -46.7 | 0.6 | -17.9 | -29.9 | -93.9 |
|
Reconcilitation to reported operating profit/loss: |
|||||
|
Change in depreciation (IAS 16) |
2.9 | 2.9 | 3.1 | 2.9 | 11.7 |
| Reported Group total | -43.9 | 3.5 | -14.8 | -27.1 | -82.2 |
Further information:
Pekka Vähähyyppä, CFO, tel. +358 9 121 3351
STOCKMANN plc
Per Thelin
CEO
Distribution:
Nasdaq Helsinki
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