Tokmanni Group Corporation Business Review Unaudited 16 May
2025 at 8:00 am
FIRST QUARTER 2025 HIGHLIGHTS
· Tokmanni Group's revenue grew by 0.8% (42.4%) and was EUR 341.8 million
(339.2)
· Like-for-like revenue decreased by 1.9% (+1.7%)
· Comparable gross profit was EUR 115.4 million (115.4) and comparable gross
profit % was 33.7% (34.0%)
· Comparable EBIT amounted to EUR -11.2 million (-5.1), -3.3% of revenue (
-1.5%)
· Cash flow from operating activities amounted to EUR -73.9 million (-40.0)
· Earnings per share, diluted was EUR -0.32 (-0.20)
TOKMANNI'S OUTLOOK FOR 2025 UNCHANGED
In 2025, Tokmanni Group expects its revenue to be EUR 1,720-1,820 million.
Comparable EBIT is expected to be EUR 100-130 million.
TOKMANNI GROUP CEO MIKA RAUTIAINEN
The first quarter of the year was challenging for Tokmanni Group. Consumer
confidence remained weak in Finland and weakened in Sweden during the quarter.
Consumers had an unusual amount of uncertainties to deal with during the first
quarter, which continued to hinder purchasing decisions, especially for
expensive products. Salary increases, low inflation, falling interest rates, and
tax cuts, both implemented and planned, are improving consumers' purchasing
power and hopefully increasing confidence in consumers own economic situation.
This should support demand in our operating countries already later this year.
In the first quarter of 2025, Tokmanni Group's revenue grew by 0.8% to EUR 341.8
million. Like-for-like revenue decreased by 1.9% (+1.7%). At Group level, sales
were negatively impacted by the timing of Easter at the end of April, one less
sales day than in the comparison period and a mild winter in the Nordic
countries. Additionally, in Finland, sales were weakened by a strike week.
On a positive note, the comparable gross margin % of Tokmanni segment was one
percentage point better than the previous year. The comparable gross margin % of
Dollarstore segment weakened clearly and was 3.7 percentage points lower than
the previous year due to clearance campaigns and renewal of concept related
assortment changes, seasonal discounts, and aggressive pricing. Additionally,
the operating expenses of the Dollarstore segment increased significantly.
We have significantly deepened Dollarstore's integration into Tokmanni Group.
The integration of purchasing, supply chain, and other support functions has
begun. We are expanding our joint product assortment, enhancing operational
efficiency, and renewing Dollarstore's store concept. Numerous actions aim to
accelerate Dollarstore's growth and improve profitability. In March, Timo Heimo
was appointed Dollarstore's Managing Director. Timo has been a member of
Tokmanni Group's Executive Team since 2018. I'm very happy that Timo, a seasoned
discount retail professional, will now be leading Dollarstore.
Regarding Tokmanni's and Dollarstore's synergies, we have now achieved our
original goal of over EUR 15 million in annual synergy benefits. By the end of
March 2025, the achieved synergy benefits amounted to EUR 16.2 million on an
annual basis. We are now aiming for annual synergy benefits of over EUR 20
million by the end of 2025. Synergy benefits support low prices offered to
customers and, in part, improve the Group's profitability.
After a challenging first quarter of the year, it is very nice that the second
quarter has started on a positive note. Sales of SPAR products have started
briskly in all our Tokmanni stores, and the product assortment will
significantly expand this year. The sales of spring season products are also
clearly ahead of last year, and for the first time, a wide range of Tokmanni
Group's private label spring season products are available in stores in Sweden
and Denmark.
KEY FIGURES
1-3/ 1-3/ Change 1-12/
2025 2024 % 2024
Revenue, MEUR 341.8 339.2 0.8% 1,675.0
Like-for-like revenue development, % -1.9 1.7 1.0
Customer visit development, % 0.6 1.5 2.8
Gross profit, MEUR 114.1 115.4 -1.1% 596.4
Gross profit, % 33.4 34.0 35.6
Comparable gross profit, MEUR 115.4 115.4 0.0% 596.2
Comparable gross profit, % 33.7 34.0 35.6
Operating expenses, MEUR -95.0 -89.4 6.3% -374.1
Comparable operating expenses, MEUR -95.0 -89.4 6.3% -373.7
EBITDA, MEUR 20.4 26.9 -23.9% 227.2
EBITDA, % 6.0 7.9 13.6
Comparable EBITDA, MEUR 21.7 26.8 -19.2% 227.4
Comparable EBITDA, % 6.3 7.9 13.6
Operating profit (EBIT), MEUR -12.4 -5.0 -148.7% 99.6
Operating profit (EBIT), % -3.6 -1.5 5.9
Comparable EBIT, MEUR -11.2 -5.1 -121.6% 99.7
Comparable EBIT, % -3.3 -1.5 6.0
Net financial items, MEUR -8.7 -9.1 -5.2% -38.8
Capital expenditure, MEUR 4.6 5.9 -21.9% 39.4
Net cash from operating activities, MEUR -73.9 -40.0 89.1
Net debt, MEUR 934.0 807.5 816.3
Net debt without lease liabilities, MEUR 358.7 235.3 255.3
Net debt / comparable EBITDA * 4.20 3.94 3.59
Net debt / comparable EBITDA without 3.57 2.26 2.39
lease liabilities *
Return on invested capital, % 8.9 9.8 9.7
Return on equity, % 16.9 18.7 19.5
Equity ratio, % 17.6 18.6 19.1
Number of shares, weighted average during 58,829 58,820 58,844
the financial period (thousands)
Diluted number of shares, weighted 58,875 58,879 58,872
average during the financial period
(thousands)
Earnings per share, basic (EUR/share) -0.32 -0.20 0.82
Earnings per share, diluted (EUR/share) -0.32 -0.20 0.82
Personnel at the end of the period 6,302 6,128 6,613
Personnel on average in the period (FTE) 4,295 4,219 4,611
* Rolling 12 months comparable EBITDA
ADJUSTMENTS AFFECTING COMPARABILITY
Tokmanni Group reports EBITDA and EBIT as its key performance indicators and
makes adjustments to improve comparability and provide a better view of Tokmanni
Group's operational performance. EBITDA is not a key indicator according to IFRS
accounting standards and it represents operating profit before depreciation and
amortisation. Comparable EBITDA and EBIT represent the same indicators excluding
items that Tokmanni Group's management considers to be exceptional and non
-recurring. The items include changes in the fair value of currency derivatives,
which are adjusted by Tokmanni Group as they are unrealised gains or losses
related to Tokmanni Group's open cash flow hedge positions, and hence not
related to Tokmanni Group's operational performance during the review periods.
In addition, other non-recurring costs related to acquired businesses and
companies are included in the items affecting comparability as well as other non
-recurring expenses such as costs related to damages.
Tokmanni Group's management uses the comparable EBITDA margin and comparable
EBIT margin as key performance indicators when evaluating Tokmanni Group's and
its segments' underlying operational performance.
MEUR 1-3/2025 1-3/2024 1-12/2024
Gross profit 114.1 115.4 596.4
Changes in fair value of currency 1.2 -0.6 -1.0
derivatives
Non-recurring expenses, other 0.0 0.0 0.3
Change in the fair value of inventory 0.0 0.5 0.5
related to purchase price allocation
Comparable Gross Profit 115.4 115.4 596.2
Operating expenses -95.0 -89.4 -374.1
Non-recurring expenses, other 0.0 0.0 0.2
Non-recurring expenses related to 0.0 0.0 0.1
business acquisitions
Comparable operating expenses -95.0 -89.4 -373.7
EBITDA 20.4 26.9 227.2
Operating profit (EBIT) -12.4 -5.0 99.6
Changes in fair value of currency 1.2 -0.6 -1.0
derivatives
Non-recurring expenses, other 0.0 0.0 0.5
Non-recurring expenses related to 0.0 0.0 0.1
business acquisitions
Change in the fair value of inventory 0.0 0.5 0.5
related to purchase price allocation
Comparable EBITDA 21.7 26.8 227.4
Comparable operating profit (adj. -11.2 -5.1 99.7
EBIT)
MARKET DEVELOPMENT
According to the statistics of the Finnish Grocery Trade Association FGTA
(http://www.pty.fi), the total sales of department store and hypermarket chains
in Finland decreased by 1.0% in the first quarter of 2025. It is important to
note that the statistics compiled by the FGTA only cover part of the market
relevant for Tokmanni segment.
According to the statistics of the Swedish Food Retailers' Federation
(https://www.svenskdagligvaruhandel.se/), the Food Retail Index in Sweden
increased by 1.9% in total in the first quarter of 2025. Sales in brick-and
-mortar stores increased by 1.9% and online sales by 2.2%. The Food Retail Index
measures sales growth in the grocery trade and does not include specialised food
stores or service trade. It is important to note that the statistics compiled by
the Swedish Food Retailers Federation only cover part of the market relevant for
Dollarstore store chain.
TOKMANNI GROUP'S STORE NETWORK
At the end of March 2025, Tokmanni Group had a total of 380 stores (31 December
2024: 380). In Finland, Tokmanni Group had 204 Tokmanni stores and a total 36 of
Click Shoes and Shoe House stores. In Sweden, Tokmanni Group had 133 Dollarstore
stores, and in Denmark, 7 Big Dollar stores.
Tokmanni Group stores 31.3.2025 31.3.2024 31.12.2024
Tokmanni segment 240 237 240
Tokmanni 204 201 204
Click Shoes and Shoe House 36 30 35
Miny 0 6 1
0 0 0
Dollarstore segment 140 135 140
Dollarstore 133 131 133
Big Dollar 7 4 7
0 0 0
Total 380 372 380
More information about Tokmanni Group's store network is available on the
Group's website at https://ir.tokmanni.fi/en.
FINANCIAL DEVELOPMENT
Reporting structure
Tokmanni Group consists of Tokmanni and Dollarstore segments as well as Group
functions and eliminations. Tokmanni segment consists of Tokmanni stores, Click
Shoes stores and Shoe House stores, as well as Tokmanni and Click Shoes online
stores. Dollarstore segment consists of Dollarstore and Big Dollar stores.
Seasonality
Tokmanni Group's business is subject to seasonality, which has a significant
effect on its revenue, profitability, and cash flow. In general, Tokmanni
Group's revenue, profitability and cash flow are lowest in the first quarter and
highest in the fourth quarter due to Christmas sales.
TOKMANNI GROUP
Revenue
Revenue, MEUR 1-3/2025 1-3/2024 Change% 1-12/2024
Tokmanni 242.7 248.1 -2.2 1,233.7
Dollarstore 99.2 91.1 8.9 442.4
Group functions and eliminations 0.0 0.0 -1.1
Total 341.8 339.2 0.8 1,675.0
In the first quarter, Tokmanni Group's revenue grew by 0.8% (42.4%) to EUR 341.8
million (339.2). Sales were negatively impacted by the timing of Easter at the
end of April, one less sales day than in the comparison period and a mild winter
in the Nordic countries, among other things. In Finland, sales were also
impacted by a week of strikes and a change in the distribution of the
Tarjoussanomat direct marketing leaflet from the turn of the year. Sales of
Tokmanni Group's grocery products grew by 0.8% (5.2%) compared to the
corresponding period of the previous year. The proportion of grocery sales was
57.2% (56.9%) of total sales.
Tokmanni Group's like-for-like revenue decreased by 1.9% (+1.7%). Tokmanni
Group's like-for-like customer visits in stores decreased by 1.3% (-0.2%), and
the total number of customers grew by 0.6% (1.5%) compared to the corresponding
period of the previous year. The like-for-like average basket size decreased by
0.7% to EUR 18.85 (18.97).
The brands managed by the Tokmanni Group (private label products, exclusive
brands and non-branded products) represented 21.9% (22.8%) of first quarter
sales.
Profitability
Comparable EBIT, MEUR 1-3/2025 1-3/2024 Change% 1-12/2024
Tokmanni -2.5 -1.7 -44.5 86.9
Dollarstore -7.8 -2.8 -182.1 15.9
Group functions and eliminations -1.0 -0.6 -64.7 -3.1
Total -11.2 -5.1 -121.6 99.7
In the first quarter, Tokmanni Group's gross profit amounted to EUR 114.1
million (115.4), and the gross margin was 33.4% (34.0%). Comparable gross profit
was EUR 115.4 million (115.4), corresponding to a comparable gross margin of
33.7% (34.0). The gross margin was weakened by the increase in sales of
promotional products, clearance campaigns related to the change in Dollarstore's
assortment, and aggressive pricing.
Tokmanni Group's operating expenses grew in the first quarter. Operating
expenses were EUR 95.0 million (89.4), or 27.8% of revenue (26.4%). Personnel
expenses represented EUR 57.5 million (53.1), or 16.8% of revenue (15.7%).
Comparable operating expenses were EUR 95.0 million (89.4), or 27.8% of revenue
(26.4%).
The Group's EBITDA in the first quarter totalled EUR 20.4 million (26.9),
corresponding to an EBITDA margin of 6.0% (7.9%). Comparable EBITDA totalled EUR
21.7 million (26.8), and the comparable EBITDA margin was 6.3% (7.9%).
Tokmanni Group's depreciation amounted to EUR 32.9 million (31.9). Depreciation
excluding depreciation of tangible and intangible assets (PPA) arising from the
acquisitions amounted to EUR 32.1 million (31.1). EUR 0.8 million (0.7) was
recognised for depreciation of tangible and intangible assets (PPA) arising in
the acquisitions.
The Group's EBIT in the first quarter totalled EUR -12.4 million (-5.0),
corresponding to an EBIT margin of
-3.6% (-1.5%). Comparable EBIT was EUR -11.2 million (-5.1), and the comparable
EBIT margin was -3.3% (-1.5%). The increase in operating expenses reduced the
EBIT.
Tokmanni Group's net financial expenses totalled EUR -8.7 million (-9.1). The
result before taxes was EUR
-21.1 million (14.1). Taxes for the period amounted to EUR 2.5 million (2.1).
The net result was EUR -18.6 million (-12.1).
Diluted earnings per share were EUR -0.32 (-0.20).
Balance sheet, financing and cash flow
At the end of March 2025, Tokmanni Group's inventories amounted to EUR 481.2
million (370.8). At the end of March, Tokmanni segment's inventories amounted to
EUR 329.9 million (271.6) and Dollarstore segment's inventories amounted to EUR
151.2 million (99.1).
Consolidated cash flow from operating activities amounted to EUR -73.9 million (
-40.0) in the first quarter of 2025. The decrease in the cash flow from
operating activities was affected especially by the change in the value of
inventories year-on-year.
At the end of March 2025, Tokmanni Group had a total of EUR 147.9 million
(211.0) available in credit facilities, consisting of loan agreements with
credit institutions and a commercial paper programme. Cash and cash equivalents
amounted to EUR 6.6 million (18.8) at the end of March 2025, and the company's
financial position is solid.
At the end of March 2025, Tokmanni Group's interest-bearing debt totalled EUR
940.6 million (826.3), including EUR 230.0 million (220.0) in non-current loans
from credit institutions, excluding accrued issue expenses, and EUR 136.1
million (35.0) in current loans from credit institutions and commercial paper
programme. The remainder of the liabilities mainly consist of lease agreement
liabilities reported under IFRS 16. The Group's net debt excluding lease
liabilities amounted to EUR 358.7 million (235.3).
Tokmanni Group's ratio of net debt to comparable EBITDA excluding the impact of
IFRS 16 was 3.57 at the end of March 2025 (2.26). Tokmanni Group's target is an
efficient capital structure. The long-term goal is to keep the ratio of net debt
to comparable EBITDA, excluding the impact of IFRS 16, below 2.25 at year-end.
Tokmanni Group's equity ratio was 17.6% (18.6%) at the end of March 2025.
Capital expenditure
Tokmanni Group's capital expenditure in the first quarter of 2025 totalled EUR
4.6 million (5.9). Capital expenditure was related to the expansion, development
and maintenance of the store network, as well as the development of digital
services.
TOKMANNI SEGMENT
Tokmanni segment includes the Tokmanni, Click Shoes and Shoe House stores, as
well as Tokmanni and Click Shoes online stores.
1-3/2025 1-3/2024 1-12/2024
Revenue, MEUR 242.7 248.1 1,233.7
Like-for-like revenue, % -3.6 1.7 0.3
Comparable gross profit, MEUR 81.9 81.3 428.4
Comparable gross profit, % 33.8 32.8 34.7
Comparable EBIT, MEUR -2.5 -1.7 86.9
Comparable EBIT, % -1.0 -0.7 7.0
Return on capital employed, %, rolling 12 months 11.8 12.2 12.0
Inventories at the end of period, MEUR 329.9 271.6 298.9
Capital expenditure, MEUR 3.0 4.7 32.6
Personnel on average in the period (FTE) 2,988 3,001 3,293
Number of stores at the end of period 240 237 240
Revenue
In the first quarter, Tokmanni segment's revenue decreased by 2.2% (+4.2%) to
EUR 242.7 million (248.1). Sales of grocery products decreased by 1.5% (+4.8%).
The proportion of grocery sales was 56.6% (56.1%) of Tokmanni segment's total
sales.
Tokmanni segment's like-for-like revenue decreased by 3.6% (+1.7%). Like-for
-like customer visits in stores decreased by 2,2% (+0,5%), and the total number
of customers decreased by 1.6% (+2.1%). The like-for-like average basket size
decreased by 1.4% to EUR 20.15 (20.44).
Direct imports accounted for 23.9% of Tokmanni segment's sales (23.7%). These
can be broken down into products purchased using the sourcing company in
Shanghai, China, which accounted for 16.8% (16.8%), and other direct imports,
which accounted for 7.1% (6.8%).
Profitability
In the first quarter, Tokmanni segment's gross profit amounted to EUR 80.8
million (81.9), and the gross margin was 33.3% (33.0%). Comparable gross profit
was EUR 81.9 million (81.3), corresponding to a comparable gross margin of 33.8%
(32.8%).
Tokmanni segment's operating expenses in the first quarter totalled EUR 65.1
million (63.4), or 26.8% of revenue (25.6%). The increase was driven by higher
personnel expenses. Personnel expenses were EUR 37.7 million (35.9) of total
operating expenses, or 15.6% of revenue (14.5%). Comparable operating expenses
were EUR 65.1 million (63.4), or 26.8% of revenue (25.6%).
Tokmanni segment's EBITDA in the first quarter totalled EUR 16.8 million (19.3),
which corresponds to an EBITDA margin of 6.9% (7.8%). Comparable EBITDA totalled
EUR 17.9 million (18.7), and the comparable EBITDA margin was 7.4% (7.5%).
Tokmanni segment's EBIT in the first quarter totalled EUR -3.7 million (-1.1),
corresponding to an EBIT margin of -1.5% (-0.5%). Comparable EBIT was EUR -2.5
million (-1.7), and the comparable EBIT margin was -1.0% (-0.7%).
Tokmanni segment's capital expenditure in January-March totalled EUR 3.0 million
(4.7).
DOLLARSTORE SEGMENT
Dollarstore segment consists of the Dollarstore and Big Dollar stores.
1-3/2025 1-3/2024 1-12/2024
Revenue, MEUR 99.2 91.1 442.4
Like-for-like revenue, % 2.6 1.8 3.2
Comparable gross profit, 33.4 34.1 168.6
MEUR
Comparable gross profit, 33.7 37.4 38.1
%
Comparable EBIT, MEUR -7.8 -2.8 15.9
Comparable EBIT, % -7.8 -3.0 3.6
Return on capital 2.8 * 4.1
employed, %, rolling 12
months *
Inventories at the end of 151.2 99.1 129.5
period, MEUR
Capital expenditure, MEUR 1.6 1.2 6.8
Personnel on average in 1,294 1,209 1,309
the period (FTE)
Number of stores at the 140 135 140
end of period
* Not countable
Revenue
Dollarstore segment's revenue for the first quarter of 2025 was EUR 99.2 million
(91.1). In local currencies, revenue grew by 7.4% (4.1%) compared to the
corresponding period of the previous year. Sales of grocery products grew by
6.7% (6.0%) compared to the corresponding period of the previous year in local
currencies. The proportion of grocery sales was 58.7% (59.1%) of Dollarstore
segment's total sales.
Dollarstore segment's like-for-like revenue increased by 2.6% (1.8%) in local
currencies. Like-for-like customer visits in stores grew by 0.8% (-1.5%), and
the total number of customers grew by 5.2% (0.2%) year-on-year. The like-for
-like average basket size increased by 1.8% to EUR 16.16 (15.88).
Profitability
In the first quarter, Dollarstore segment's gross profit amounted to EUR 33.4
million (33.6), and the gross margin was 33.6% (36.8%). Comparable gross profit
was EUR 33.4 million (34.1), corresponding to a comparable gross margin of 33.7%
(37.4%).
Dollarstore segment's operating expenses for the quarter totalled EUR 28.9
million (25.4), or 29.2% of revenue (27.9%). The increase was driven by higher
personnel expenses. Personnel expenses were EUR 19.0 million (16.9) of total
operating expenses, or 19.2% of revenue (18.5%). Comparable operating expenses
were EUR 28.9 million (25.4), or 29.2% of revenue (27.9%).
Dollarstore segment's EBITDA in the first quarter totalled EUR 4.7 (8.2)
million, which corresponds to an EBITDA margin of 4.7% (9.0%). Comparable EBITDA
totalled EUR 4.7 million (8.7), and the comparable EBITDA margin was 4.7%
(9.6%).
Dollarstore segment's EBIT in the first quarter totalled EUR -7.8 million (
-3.3), corresponding to an EBIT margin of -7.9% (-3.6%). Comparable EBIT was EUR
-7.8 million (-2.8), and the comparable EBIT margin was -7.8% (-3.0%).
Dollarstore segment's capital expenditure in January-March totalled EUR 1.6
million (1.2).
PERSONNEL
Personnel 1-3/2025 1-3/2024 1-12/2024
In the end of period 6,302 6,128 6,613
Finland 4,356 4,229 4,488
Sweden 1,843 1,839 2,016
Denmark 103 60 109
Personnel on average (FTE) 4,295 4,219 4,611
Finland 3,001 3,010 3,302
Sweden 1,232 1,165 1,262
Denmark 62 44 47
RESOLUTIONS OF THE ANNUAL GENERAL MEETING
Tokmanni Group Corporation's Annual General Meeting was held in Mäntsälä,
Finland on 7 May 2025. The resolutions and other materials are available on
Tokmanni Group's website at https://ir.tokmanni.fi/en/investors/corporate
-governance/general-meeting/agm2025
RISKS AND BUSINESS UNCERTAINTIES
Tokmanni Group's risks and uncertainties are discussed in detail in the Report
by the Board of Directors for 2024 and in the Financial Statements Bulletin as
well as Tokmanni Group's website at https://ir.tokmanni.fi/en/investors/tokmanni
-as-an-investment/riskienhallinta.
Mäntsälä 16 May 2025
Tokmanni Group Corporation
Board of Directors
ANALYST AND PRESS CONFERENCE
Tokmanni Group CEO Mika Rautiainen and CFO Tapio Arimo will present the report
to analysts, investors and media representatives on the publication day at 10:00
am (Finnish time).
The live webcast can be accessed via Tokmanni Group's website at
https://ir.tokmanni.fi/en/investors or through the link below. A recording will
be available after the event on Tokmanni Group's website.
Link to webcast page: https://rajucast.tv/tokmanni-group/business-review-for
-january-march-2025/.
The participants can ask questions by joining the Teams meeting that is arranged
in conjunction with the live webcast. The link to Teams can be found on the
webcast page mentioned above.
For further information, please contact
Mika Rautiainen, Group CEO, tel. +358 20 728 6061,
mika.rautiainen(at)tokmanni.fi
Tapio Arimo, CFO, tel. +358 20 728 7390, tapio.arimo(at)tokmanni.fi
Maarit Mikkonen, Head of IR and Communications, tel. +358 40 562 2282,
maarit.mikkonen(at)tokmanni.fi
Tokmanni Group in brief
Tokmanni Group Corporation is one of the leading variety discount retailers in
the Nordics. More than 6,000 employees in Finland, Sweden and Denmark make
customers' everyday life and special occasions easier by offering a versatile
and up-to-date assortment of Nordic and international brand-name products and
other high-quality products at prices that are always affordable. With more than
380 Tokmanni, Dollarstore, Big Dollar, Click Shoes and Shoe House stores and
online stores, the Group is always close to its customers. In addition, the
Tokmanni Group has had exclusive rights to sell SPAR products and operate the
SPAR brand in Finland since 2025. In 2024, the Group's revenue was EUR 1,675
million and comparable EBIT amounted to EUR 100 million. The Tokmanni Group
Corporation's shares are listed on Nasdaq Helsinki.
Distribution
Nasdaq Helsinki
Key media
Tokmanni Group Corporation's Business Review for 1 January-31 March 2025
ACCOUNTING POLICIES
This Business Review has been prepared using the same accounting policies and
methods of computation as in the Financial Statements for 2024. This is not an
interim report under IAS 34. AII figures in the accounts have been rounded.
Consequently, the sum of individual figures can deviate from the presented sum
figure. The figures in the financial statement release are presented in millions
of euros.
Seasonality
Tokmanni Group's business is subject to seasonality, which has a significant
effect on its revenue, profitability, and cash flow. In general, Tokmanni
Group's revenue, profitability and cash flow are lowest in the first quarter and
highest in the fourth quarter due to Christmas sales.
Use of estimates
The preparation of the Business Review in accordance with IFRS requires the
management to make estimates and assumptions that affect the amount assets and
liabilities on the balance sheet, the reporting of contingent assets and
liabilities, and the amounts income and expenses. Although the estimates are
based on the management's best knowledge of current events and actions, the
actual results may differ from the estimates.
This report is unaudited.
Consolidated income statement
(MEUR)
1-3/2025 1-3/2024 1-12/2024
Revenue 341.8 339.2 1,675.0
Other operating income 1.3 0.8 4.9
Materials and services -227.7 -223.7 -1,078.6
Employee benefits expenses -57.5 -53.1 -224.1
Depreciation -32.9 -31.9 -127.6
Other operating expenses -37.5 -36.3 -150.0
Share of profit in joint 0.0 0.0 0.1
ventures
Operating profit -12.4 -5.0 99.6
Financial income 2.3 1.9 6.5
Financial expenses -10.9 -11.0 -45.4
Profit/loss before tax -21.1 -14.1 60.7
Income taxes 2.5 2.1 -12.3
Net result for the financial -18.6 -12.1 48.4
period
Profit for the year
attributable to
Equity holders of the parent -18.6 -12.1 48.4
company
1-3/2025 1-3/2024 1-12/2024
Net result for the financial -18.6 -12.1 48.4
period
Other comprehensive income
Items that may be reclassified
subsequently to profit or loss
Exchange differences on 8.6 -7.2 -6.4
translating foreign operations
Comprehensive income for the 8.6 -7.2 -6.4
financial period, net of tax
Comprehensive income for the -9.9 -19.2 42.1
financial period
Comprehensive income for the
financial period attributable
to
Equity holders of the parent -9.9 -19.2 42.1
company
Earnings per share
Equity holders of the parent -18.6 -12.1 48.4
company
Earnings per share, basic -0.32 -0.20 0.82
(EUR/share)
Earnings per share, diluted -0.32 -0.20 0.82
(EUR/share)
INFORMATION BY SEGMENT
Revenue by segment, EUR million 1-3/2025 1-3/2024 1-12/2024
Tokmanni 242.7 248.1 1,233.7
of which between the segments in total 0.0 0.0 0.8
Dollarstore 99.2 91.1 442.4
Group functions and eliminations 0.0 0.0 -1.1
Group total 341.8 339.2 1,675.0
Gross profit by segment, EUR million 1-3/2025 1-3/2024 1-12/2024
Tokmanni 80.8 81.9 429.4
Dollarstore 33.4 33.6 167.8
Group functions and eliminations 0.0 0.0 -0.8
Group total 114.1 115.4 596.4
EBIT by segment, EUR million 1-3/2025 1-3/2024 1-12/2024
Tokmanni -3.7 -1.1 87.8
Dollarstore -7.8 -3.3 14.8
Group functions and eliminations -1.0 -0.6 -3.1
Group total -12.4 -5.0 99.6
Comparable EBIT by segment, EUR million 1-3/2025 1-3/2024 1-12/2024
Tokmanni -2.5 -1.7 86.9
Dollarstore -7.8 -2.8 15.9
Group functions and eliminations -1.0 -0.6 -3.1
Group total -11.2 -5.1 99.7
Comparable EBIT by segment, % 1-3/2025 1-3/2024 1-12/2024
Tokmanni -1.0 -0.7 7.0
Dollarstore -7.8 -3.0 3.6
Group functions and eliminations 0.0 0.0
Group total -3.3 -1.5 6.0
Return on capital employed, %, rolling 12 months 1-3/2025 1-3/2024 1-12/2024
Tokmanni 11.8 12.2 12.0
Dollarstore 2.8 * 4.1
Group functions and eliminations 0.0 0.0 0.0
Group total 8.4 9.9 9.1
Inventories at the end of period, EUR million 1-3/2025 1-3/2024 1-12/2024
Tokmanni 329.9 271.6 298.9
Dollarstore 151.2 99.1 129.5
Group functions and eliminations 0.0 0.0 0.0
Group total 481.2 370.8 428.4
Capital expenditure by segment, EUR million 1-3/2025 1-3/2024 1-12/2024
Tokmanni 3.0 4.7 32.6
Dollarstore 1.6 1.2 6.8
Group functions and eliminations 0.0 0.0 0.0
Group total 4.6 5.9 39.4
CALCULATION OF THE GROUP'S KEY FIGURES
Like-for-like revenue development, % = Like-for-like revenue development is
calculated by taking into account
the revenue growth of stores that
are not considered to be net-new and
the revenue growth of relocated
stores, as defined by Tokmanni Group
to include: (i) new stores opened;
(ii) store relocations where the
store size changes by 30 per cent or
more and the assortment increases or
is reduced substantially; and (iii)
store expansions where the store
size changes by 30 per cent or more.
If the store falls in one of these
categories, it is regarded as a net
-new or relocated store in its
opening year and in the following
calendar year. Tokmanni Group
reduces the net amount of stores
closed during the financial year
from new and relocated stores.
Customer visit development, % = Number of customer transactions
development
Gross profit = Revenue - Materials and services
Comparable gross profit = Gross profit - Changes in the fair
value of currency derivatives -
Other non-recurring expenses
Operating expenses = Employee benefits expenses + Other
operating expenses
Comparable operating expenses = Operating expenses - Changes in fair
value of electricity derivatives -
Other non-recurring expenses
EBITDA = Operating profit + Depreciation
Comparable EBITDA = EBITDA - Changes in fair value of
currency and electricity derivatives
- Other non-recurring expenses
Comparable EBIT = EBIT - Changes in fair value of
currency and electricity derivatives
- Other non-recurring expenses
Net financial expenses = Financial income - Financial
expenses
Capital expenditure = Investments in tangible and
intangible assets + Purchased
subsidiary shares
Net debt = Interest-bearing debt - Cash and
cash equivalents
Net debt without lease liabilities = Net debt - IFRS 16 lease liabilities
Net debt / Comparable EBITDA = Net debt
Comparable EBITDA, average for the
preceding 12 months
Net debt / Comparable EBITDA without = Net debt - IFRS 16 lease liabilities
lease liabilities
Comparable EBITDA without IFRS 16
liabilities, average preceding 12
months
Capital employed = Non-current assets - Deferred tax
assets + Inventories + Trade and
other receivables + Cash and cash
equivalents - Non-current non
-interest-bearing liabilities -
Trade payables and other current
liabilities
Return on capital employed, %, = Comparable EBIT, average for the
rolling 12 months preceding 12 months
Capital employed, average for the
preceding 12 months
Invested capital = Balance sheet total - Deferred tax
liability and other non-interest
-bearing liabilities
Return on invested capital, % = Profit before taxes + Interest and
other financial expenses (preceding
12 months)
Invested capital, average for the
preceding 12 months
Return on equity, % = Net result for the preceding 12
months
Equity, average for the preceding 12
months
Number of personnel = Number of personnel at the end of
the period
Number of personnel on average, = Average number of personnel
converted into full-time employees converted into full-time employees
Equity ratio = Equity
Balance sheet total - Advances
received
Calculation of the group's per-share data
Earnings per share, basic = Net profit
Number of shares, weighted average during the period
Earnings per share, diluted = Net profit
Diluted number of shares, weighted average during the period