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III quarter of 2016 in the TIM Capital Group: record-high turnover despite difficult environment

After an excellent I half-year, in the III quarter of 2016 TIM SA maintained high sales dynamics, although – due to a slowdown in the construction industry – lower than in the first six months. The share of the e-commerce channel in the general turnover is still growing. 

Revenues from the sale of the entire GK TIM after three quarters amounted to more than PLN 484 million, i.e. 18.2% more than in the period of I-III quarter of 2015. The Group also noted profit on sales.

In the III quarter of 2016 the turnover of TIM SA reached nearly PLN 162 million, which means an increase by 13.4% as compared to the same period of 2015, whereas September 2016 proved to be the best month in nearly 30-year history of the Company. This is a very good result, also considering the slowdown in the construction sector, which is apparent in the drop of the turnover dynamics – in the I half of 2016 it in fact amounted to 20%.

Dissociation from construction
- The results, after the III quarter of this year, confirm that the entry into the e-commerce market allowed us to a considerable extent to dissociate from the situation on the construction market.

The Central Statistical Office of Poland data on construction and installation production show that the three quarters of 2016 were worse than the same period of 2015 by 14.9%, while in September alone – by 15.3% – says Artur Piekarczyk, Member of the Management Board and Director for Commercial Affairs of TIM SA.

Meanwhile, despite the difficult environment, in the III quarter TIM SA noted positive results at the level of the result on sales (PLN 421 thousand), the result on operating activity (PLN 114 thousand) and the gross result (PLN 45 thousand). 

The share of online sales from 1 January to 30 September 2016 amounted to 70.3% (in the same period of the previous year – 65,6%). During this period revenues from the e-commerce channel were characterized by also significantly higher dynamics than the total sales – 26.1% as compared to 17.5%.

New logistics company
Since 1 July 2016 the results of TIM Group are consolidated with the results of 3LP SA – a new company 100% owned TIM SA which has been delegated with the TIM’s logistics activity. In the III quarter of 2016 3LP SA recorded PLN 1.52 million loss on operating activity, which translated into PLN 1.35 million loss on operating activities throughout the entire TIM Capital Group.

- It was the first quarter of our new company’s operation and such loss is not a surprise to us. As 3LP has taken over the entire assets related to the existing Logistic Center of TIM SA, and consequently – large share of depreciation (PLN 1.07 million in III quarter), the loss of 3LP at the EBITDA level for the past quarter amounts only to PLN 449 thousand. In the I quarter of 2017 the results of 3LP SA at the EBITDA level should be positive – says Krzysztof Folta, the President of the Management Board of TIM SA.

Despite the drop in the margin resulting from the market situation and the establishment of new company 3LP SA, the result on sales of the entire TIM Capital Group in the III quarter of 2016 was positive and amounted to PLN 190 thousand.

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