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2012-01-27 12:50:00 CET 2012-01-27 12:50:04 CET REGULATED INFORMATION Tiimari Oyj Abp - Company AnnouncementTIIMARI PLC: TIIMARI HAS SOLD THE GALLERIX BUSINESS TO THE OPERATIVE MANAGEMENTTIIMARI PLC Stock Exchange Release 27 January 2012 at 13.50 During 2011 and in the beginning of 2012 Tiimari has investigated the option to sell the Gallerix business in Sweden. In an arrangement, which came into force today on January 27, 2012, Gallerix International AB and its owned subsidiaries Gallerix Sweden AB and Gallerix Skärholmen AB have been sold to the operative management as well as the intercompany receivables and liabilities between Tiimari and the sold Gallerix companies have been paid. As a result of the arrangement a non-recurring expense of EUR 4.5 million is recorded in Tiimari Group's result for 2011. The arrangement's net cash flow effect to the Tiimari Group is about EUR 1.6 million, which is planned to be used for repayment of interest-bearing liabilities and for development of Tiimari business. As a result of the arrangement the net working capital will be reduced by about EUR 1 million and assets and liabilities about EUR 10 million. Due to the share transaction the Gallerix segment will be reported as discontinued operations in the financial statements 2011. The arrangement is expected to improve Tiimari Group's opportunities and resources to focus on the development of the Tiimari business in Finland and Baltic countries. The arrangement is not otherwise expected to have any significant impact on Tiimari Group's operative business or personnel. Gallerix segment's sales in year 2011 were EUR 17.4 million (preliminary). On September 30, 2011 the Gallerix chain consisted a total of 83 retail shops in Sweden and Gallerix Sweden AB's average number of employees was 80 (January, 1 - September, 30, 2011). The following table shows Tiimari Group's segment information to illustrate the financial effects of the arrangement. The information is based on the company's unaudited Interim Report for the reporting period of January, 1 - September, 30, 2011. SEGMENT INFORMATION NET SALES EUR 1 000 2011 2010 2010 1-9 1-9 1-12 Tiimari 34 142 36 840 61 924 Gallerix 10 738 9 066 13 914 Other operations 0 356 376 Eliminations -54 -396 -416 Group 44 825 45 866 75 797 EBITDA EUR 1 000 2011 2010 2010 1-9 1-9 1-12 Tiimari -10 476 -5 580 -1 330 Gallerix -677 -293 135 Other operations -737 -1 076 -1 376 Group -11 891 -6 949 -2 571 OPERATING PROFIT EUR 1 000 2011 2010 2010 1-9 1-9 1-12 Tiimari -11 556 -7 240 -10 435 Gallerix -1 246 -962 -724 Other operations -789 -1 150 -1 455 Group -13 592 -9 352 -12 613 DEPRECIATION AND GOODWILL IMPAIRMENT EUR 1 000 2011 2010 2010 1-9 1-9 1-12 Tiimari 1 080 1 660 9 105 Gallerix 569 669 859 Other operations 52 74 79 Group 1 701 2 403 10 042 CAPITAL EXPENDITURE EUR 1 000 2011 2010 2010 1-9 1-9 1-12 Tiimari 104 475 622 Gallerix 138 32 33 Other operations 0 10 10 Group 242 517 665 Board of Directors Tiimari Plc Further information: CEO, Niila Rajala, +358 (0)3 812911, niila.rajala@tiimari.fi CFO, Jarmo Kanervo, +358 (0)3 812911, jarmo.kanervo@tiimari.fi Distribution: NASDAQ OMX Helsinki important news media www.tiimari.com Tiimari Plc is a listed company. The Group consists of two retail store concepts: Tiimari and Gallerix. The concepts operate around 300 shops in five countries around the Baltic Sea region. Both concepts are forerunners in their respective fields. |
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