2010-08-13 07:30:00 CEST
2010-08-13 07:30:02 CEST
REGULATED INFORMATION
Tiimari Oyj Abp - Interim report (Q1 and Q3)
Tiimari Plc Interim Report 1-6/2010
TIIMARI PLC Interim Report 13 August 2010 at 08.30 INTERIM REPORT RESULT IMPROVED COMPARED TO LAST YEAR Highlights for the quarter: - Revenue was EUR 14.2 million (15.5) - Gross margin was EUR 9.0 million (9.7) - Gross margin-% increased and was 63.2 % (62.8) - EBITDA was EUR -1.6 million (-1.8) - Operating profit was EUR -2.5 million (-2.6) - Result before tax was EUR -3.0 million (-3.4) - Earnings per share was EUR -0.18 (-0.23) Highlights for the financial year: - Group revenue declined 2.6 % and was EUR 30.5 million (30.9) - Revenue for continuing markets was EUR 29.8 million (29.1) - Gross margin was EUR 18.0 million (19.2) and 58.9 % (62.2) - EBITDA was EUR -4.1 million (-4.3) - Operating profit was EUR -5.7 million (-5.9) - Net financing expenses were EUR 1.0 million (1.7) - Result before tax was EUR -6.7 million (-7.6) - Earnings per share was EUR -0.40 (-0.59) COMMENTS OF THE MANAGING DIRECTOR Tiimari Managing Director Hannu Krook: “The sales for the continuing markets in the Tiimari group grew by about one percent during the current period. The operations focused on the main markets and its impact on sales was -3.1 %. No further significant costs are expected from the centralisation measures. The gross margin related efficiency improvement measures started to show positively during the second quarter. The improvement in operating profit margin compared to last year is EUR 0.2 million and the result for the first half of the year is almost one million euros better. Traditionally, the Tiimari group result has accumulated from the last quarter sales. The Group's cost structure will from August onwards be even more competitive when all efficiency measures will reach full impact. Additionally, the Christmas assortment includes a lot of new products, hence the starting point for the second half of the year and especially for the last quarter are good. Our inventory include about EUR 2 million worth of products from our new party product offering, by which we seek profitable growth during the end of third quarter. Apart from this, the working capital efficiency measures will continue aggressively and the first signs of improved working capital turnover are, despite of growth efforts, visible in the current period numbers. The capital expenditure totalled EUR 0.3 million. The operating cash flow was weakened by the EUR 5.2 million growth in net working capital. Due to the seasonality the net working capital is expected to decline significantly again during the last quarter of this financial year and finish at last year's levels by the end of the financial year.” GROUP REVENUE AND PROFIT DEVELOPMENT The Group revenue for the first half of the year declined somewhat and was EUR 30.5 million (30.9). With static exchange rates the sales for the comparison period would have been EUR 31.6 million. Sales for the continuing markets totalled EUR 29.8 million (29.1). The closing down of Tiimari Norway, Russia, Poland, Sweden as well as Gallerix Finland and Fröken Väs Ab in Sweden reduced revenue for the first half of the year by 3.1 %. The second quarter revenue was EUR 14.2 million (15.5). With static exchange rates the sales for the comparison period would have been EUR 15.7 million. The decline in revenue was partly due to the executed focus on the main markets, which resulted in a 4.5 % decline in revenue and partly due to the timing of the Easter period sales. The Easter period sales, significant to the Group, occurred during the current financial year in the first quarter whereas least year part of the sales accumulated during the second quarter. The gross margin for the current period was EUR 18.0 million (19.2), hence 58.9 % (62.2). The second quarter gross margin was EUR 9.0 million (9.7). The gross margin was unhelpfully affected mainly by the closure of Tiimari shops in Sweden and write downs of old products. In the second quarter the gross margin % increased and was 63.2 % (62.8). The gross margin for continuing markets increased compared to the first quarter and was 64.2 % (61.3) during the second quarter and 59.6 % (60.8) for the first half of the year. The positive development of the Group's operating profit continued during the second quarter and the operating profit for the first half of the year increased slightly from the comparison period. The operating profit was EUR -5.7 million (-5.9). The net financing expenses for the current period declined significantly and were EUR 1.0 million (1.7). The decline in financing expenses was effected by both the decrease in general interest levels and the significantly smaller amount of other financing expenses. The result for the first half of the year was EUR -6.6 million (-7.6). The second quarter result was EUR -2.9 million (-3.4). Last year results included results from discontinued operations EUR -0.2 million for the first half of the year and EUR -0.1 million for the second quarter. The earnings per share for the first half of the year was EUR -0.40 (-0.59) and for the second quarter EUR -0.18 (-0.23). OPERATING SEGMENTS TIIMARI This segment comprises all the Tiimari-concept shops in Finland and abroad. The segment revenue for the first half of the year declined 3.4 % and was EUR 24.3 million (25.2). The revenue for the continuing markets declined 1.3 % and was EUR 23.9 million (24.2) During the important seasons of Easter and May day the sales increased, but the sales for the pre and post season periods were weaker. Tiimari had withdrawn from the Swedish, Polish, Russian and Norwegian markets and the revenue for these so called inactive markets was EUR 0.5 million (1.3) for the first half of the year. The segment revenue for the second quarter was EUR 11.3 million (12.7). The segment had 186 (207) own shops at the end of the current period, of which 167 (168) were in Finland. The withdrawal from certain markets, write down of old products, changes in product offerings and the discounted sales periods in January had an unhelpful effect on the gross margin percentage. The gross margin for the first half of the year was EUR 15.4 million (17.2), hence 63.5 % (68.5). The gross margin for the continuing markets during the first half of the year was EUR 15.4 million (16.3), hence 64.3 % (67.5). The second quarter sales declined somewhat, but the gross margin percentage increased. The operating profit for the segment declined and was EUR -4.4 million (-3.9). The share of the discontinued markets was EUR -0.4 million (-0.8). A EUR 0.4 million other operating income was booked for the transfer of the rental agreements in Sweden, but that did not cover the other expenses caused by the closing of the shops. The operating profit for the first half of the year was negatively affected by the decline in revenue and gross margin %. The second quarter operating profit of EUR -2.0 million (-1.3) declined due to the fall in revenue. In Finland, the increase in shop amounts during the first quarter, the salary increases and organisational changes increased the personnel expenses. The working hour efficiency measures acted to restrict the growth in total labour hours and in the continuing markets fixed expenses grew only by one percent during the second quarter. The closing of operations in non-profitable markets reduced the amount of fixed costs significantly. The renewal of the Tiimari's product offering and development of the party concept product offering continued. The distribution of the party concept to the shop network continued and at the end of the second quarter the concept was in about 70 of the biggest shops, that is nearly half of the shops. These efforts increased second quarter fixed costs by about EUR 0.2 million and the expansion of product offerings increased inventory levels by EUR 2.0 million. The party concept share of total revenue during the first half of the year was about 15 % and of the second quarter sales the share was 24 %. Based on the new product offering and the good sales feedback, the sales are expected to increase significantly during the rest of the year. The capital expenditure for the segment during the first half of the year was EUR 0.3 million (0.4) and they were allocated to renewal of shops and the distribution of the party concept into the shop network. GALLERIX The Gallerix segment comprises the Gallerix concept shops in Sweden and Finland. Gallerix revenue for the first half of the year grew 7.8 % and was EUR 6.2 million (5.7). With static exchange rates the revenue decreased slightly. In the second quarter the revenue was EUR 3.0 million (2.8). The revenue for continuing markets grew during the second quarter with static exchange rates by 3.7 %. The Gallerix operations were centralised in the Swedish markets and non-profitable shops were closed down. In Finland there was only one own shop (6) at the end of the second quarter and 11 own shops in Sweden (14). In Sweden, most of the business operations are based on franchising contracts and there were 73 (78) shops operating under the franchising agreement. Several non-profitable franchising contracts were terminated and only one was opened in a good shop location. This already had a positive effect on gross margin. The gross margin for the first half of the year was EUR 2.5 million (2.0), hence 41.0 % (34.0). The gross margin increased due to the renewal of offerings and development of shop locations. Over 80 % of the basic product assortment was renewed during the last 12 months. The segment's operating profit increased and was EUR -0.5 million (-1.0) during the first half of the year, hence -7.9 % (-16.8). The second quarter operating profit was EUR -0.2 million (-0.5). The reduction in own shops decreased the fixed costs. The capital expenditure for the segment was EUR 0.0 million (0.2). OTHERS Other operations include common expenses for the Group and the senior management. All operations and personnel related to the management of business operations were included in the segments for the first half of the year. During the first half of the year no intra-group management fees have been charges (0.4). The operating profit for the first half of the year was EUR -0.9 million (-1.1). The expenses include dispute related non-recurring items and reserves totalling EUR 0.2 million (0). The second quarter operating profit increased and was EUR -0.3 million (-0.8). PROFIT-IMPROVEMENT PROGRAMME As a result of the cooperation negotiations held in Finland and Sweden during the beginning of the financial year personnel changes in the group management were executed, several shops were closed down and more efficient labour hour recommendations were initiated. The labour hours are in the future primarily managed based on the customer numbers. The personnel expenses for the Group declined during the first half of the year by 9.5 % and during the second quarter by 16.4 %, one part relating to the closing down of certain business operations. The personnel expenses for the continuing markets declined during the first half of the year by 4.4 % and during the second by 12.9 %. The labour hour savings that occurred during the first half of the year comprise one third of the target for the financial year. The changes reduced the use of hired personnel, reported as other operating expenses, even further. In accordance with the programme the withdrawal from non-profitable markets continued. During the first half of the year and previous financial year one withdrew from Russia, Norway and Poland and closed down all Tiimari shops in Sweden as well as all Gallerix shops in Finland, apart from one. The aforementioned as well as the subsidiary of Gallerix Sweden, Fröken Väs Ab, which business operations were sold in April are reported as inactive markets. The operating profit for inactive markets during the first half of the year was EUR -0.6 million (-1.3). Of these operations only one Gallerix shop in Finland remained. The restrictions in fixed assets investments remained and the expenditure during the first half of the year was EUR 0.3 million (0.6). Inventory levels EUR 16.3 million increased by EUR 1.2 million from the beginning of the year, but was smaller than the EUR 21.7 million level last year. The inventory turnover rate will continue to increase by improved management of product offerings and purchases. FINANCING The net working capital for the Group was EUR 9.1 million. The net working capital for the comparison period was EUR 14.1 million and EUR 0.3 million at the end of the 2009 financial year. The net working capital is affected by the seasonal fluctuations in the operations, so that there is an increase during the year and a reduction by the end of the fiscal year. The inventory levels were EUR 16.3 million (21.7 at the end of the comparison period). The inventory levels increased by EUR 1.2 million from the beginning of the financial year. The inventory of basic party assortment was approximately EUR 2.7 million, the inventory level of the rest declined further. The level of short-term receivables declined by EUR 0.2 million from the beginning of the year and was EUR 3.2 million (3.3). The level of short-term non-interest bearing liabilities declined by EUR 7.7 million from the beginning of the year and was EUR 10.4 million (10.9). The seasonal fluctuation of the business operations also affect the non-interest bearing liabilities and the trade payables as well as tax liabilities declined significantly from the beginning of the year. Long-term assets declined during the first half of the year by EUR 1.0 million and were EUR 53.5 million (57.2). Net interest-bearing liabilities totalled EUR 36.7 million (36.4) and grew by EUR 14.1 million from the beginning of the year. The equity ratio was 26.5 % (34.5 % at the end of the comparison period and 34.7 % at end of 2009 financial year) and the net gearing ratio was 182.2 % (126.2 % at the end of the comparison period and 85.6 % at the end of 2009 financial year). Due to the seasonality of the business the amount of net debt increased. The last quarter sales have a decisive impact on the Group's cash flow and financial position on an annual basis. The Company agreed on changes in the financing covenants related to gross margin during the first half of the year. The Company is holding negotiations relating to the current year payback timetable of its liabilities. Shareholders' equity per share was EUR 1.22 (1.75). The operating cash flow was EUR -13.6 million (-9.8). The negative cash flow was affected by the reduction in non-interest bearing liabilities by EUR 8.0 million (6.0) and the loss made during the first half of the year. The net working capital was at the end of the first half significantly lower compared to last year, but during the first half of the year it grew by EUR 8.7 million (3.5), that is EUR 5.2 million more than last year. The short-term liabilities declined due to payments of normal Christmas sales related trade and other payables, the non-recurring decline in trade payables related to the increase in inventory turnover as well as due to the investments in inventory related to the new product categories. The Group cash flow related to investing activities totalled EUR -0.5 million (-0.8). The Company hedged its end of year 2010 US dollar denominated purchases during the second quarter via forward contracts. The amount of outstanding hedges at the end of the current period totalled EUR 1.7 million. All hedges were short-term. PERSONNEL The average number of group personnel in the current period was 573(686) and at the end of the current period 750 (854). The numbers have been altered to reflect the share of full-time employees, the majority of the personnel are part-time employees. Tiimari Retail Ltd. is the biggest employer in the group, employing 451 (425). The number of personnel declined due to the withdrawal from various markets as well as closing down shops in Finland and Sweden. SHARES AND SHARE CAPITAL Tiimari shares are listed on the NASDAQ OMX Helsinki Plc stock exchange. As at 30th June 2010, the share price was EUR 1.25 (1.30) and the market value of the company was EUR 20.6 million (21.4). The share capital of the company was EUR 7.686.200 at the end of the current period and the number of shares was 16,474,755. The Board has not exercised its right to issue shares nor the purchase and sale authorisation of own shares during the current period. The Company does not hold any treasury shares. The Company has option schemes through which one could have subscribed new shares during the first half of the year. No new shares were subscribed during the first half of the year. ANNUAL GENERAL MEETING - 30 MARCH 2010 (Stock Exchange Release 30 March 2010 www.tiimari.com) The Annual General Meeting of Tiimari Plc approved the financial statements for 2009 and discharged the board members and the Managin Director from liability. The Meeting decided, that the loss for the period -12.565.636,92 shall be booked as retained earnings and no divided is to be distributed. The board composition was decided as six members. Hannu Ryöppönen, Sven-Olof Kulldorff, Juha Mikkonen, Markku Pelkonen, Alexander Rosenlew were re-elected and Sissi Silván was elected as a new member. KPMG Ltd. was elected to continue as Group Auditor and named Sixten Nyman APA as auditor with main responsibility. The Meeting authorised the Board to decide on purchasing a maximum of 500.000 treasury shares at market price to be used in a manner decided by the Board. The authorisation can be utilised in potential corporate acquisitions or otherbusiness development related arrangements, for execution of commitment or incentive programs for management or other personnel or other purposes decided by the Board. ORGANISING OF THE BOARD OF DIRECTORS (Stock Exchange Release 30 March 2010 www.tiimari.com) The Board elected Hannu Ryöppönen as its chairman and Juha Mikkonen as its vice-chairman. The Board appointed Hannu Ryöppönen chairman of the Nomination and Compensation Committee and Alexander Rosenlew and Juha Mikkonen as its other members. The Board appointed Juha Mikkonen chairman of the Audit Committee and Hannu Ryöppönen and Sissi Silván as its other members. MANAGEMENT M.Sc. Economics Veijo Heinonen was appointed member of Tiimari's management board and commercial director 16th March. Ph.D. Economics Kai Järvikare was appointed CFO 21st June and he will accede the position 13th August when his predecessor Maija Elenius pursues an entrepreneurial career. The other management board members are Managing Director Hannu Krook, Gallerix Managing Director Dan Crewe, IT Director Tarja Nikkarikoski, Purchase and Logistics Director Anna Seppälä. Director for shop operations Markku Breider, Marketing Director Anne Söderholm and Development Director Jaakko Syrjänen departed the company in conjunction with the reorganisation of group management. SHORT-TERM RISKS AND UNCERTAINTIES The Group's revenue and result development is affected by various business related factors of uncertainty. The primary risks relate to the following: • the development in the general consumer demand and its decline especially in Finland and Sweden • the management's success in business development and improvement in profitability relating to initiated measures: renewal of product offering and closure of non-profitable operations • the accumulation of the seasonal operative cash flow and its effect on the company's financial position and its loan covenants as well as the predictability of cash flow and result. • the effect of exchange rate developments on purchase prices for products acquired outside of the European Union and the sales margin accumulated from the sale of the former • business location decisions in the long-term • the availability of seasonal products and the operation of the supply chain • the general development in salaries, rents and freight costs • valuation of goodwill and balance sheet value of Tiimari and Gallerix brands • general interest rate changes The company is a defendant and plaintiff in some property and rental agreement related disputes and one contract termination related dispute. The Company assessed its risks and prepared for these in the current period interim report The risks and uncertainties of the Company have been further elaborated in the 2009 financial statements and no significant changes have occurred since. The Board of Directors decided in May to initiate hedging against US dollar purchases and at the end of the current period the outstanding amount of hedge items were USD 1.7 million. BACKGROUND FOR OUTLOOK The Company has decided to focus on developing the profitable core operations. Withdrawals were made from the non-profitable Russian and Norwegian markets during 2009 and during the first half of this financial year the Company has withdrawn from the non-profitable operations in Poland and Tiimari Sweden. In Finland, two out of three Gallerix shops have been closed during the first half of the year and the Fröken Väs Ab business operations in Sweden were sold. Furthermore, measures were taken in the continuing operations of Tiimari and Gallerix, which will improve profitability even further. The product offering of the party concept has been introduced in the biggest shops during the first half of the year and the project will continue during the third quarter. The new product offerings had a significant positive effect on sales development in these shops especially in terms of an increase in an individual purchase. The gross margin % also improved during the second quarter and is expected to increase somewhat in the future as well. Forecasting consumer demand is challenging. The general economic climate is not expected to recover quickly, but the consumer demand is forecasted to recover slightly in Finland and Sweden during the ongoing financial year. No growth in demand is expected in the Baltic market during the forecast period. The most important goals for 2010 are profitability improvement, increasing operational cash flow and reducing interest-bearing net debt. The key measures to achieve the aforementioned are focusing on the core profitable operations by abolishing non-profitable ones, sharpening the appeal of the Tiimari and Gallerix product offering their turnover rates as well as improving cost efficiency in the shop network. The reduction in inventory items executed in 2009 serves as a strong foundation to renew the product offering in our shops. OUTLOOK The Board estimates, that by focusing on the profitable core operations and improving its product offering the Company has the capability to improve operational profitability (EBITDA excluding non-recurring items) and achieve a clearly positive operational cash flow (operative cash flow before financing items and taxes) in 2010. Board of Directors Tiimari plc Further information: Managing Director, Hannu Krook tel. +358 (0)3 812911, email: hannu.krook@tiimari.fi Distribution: NASDAQ OMX Helsinki Main source of information www.tiimari.com Tiimari Plc shares are listed at Nasdaq OMX Helsinki Plc. The Group comprises two retail shop concepts, Tiimari and Gallerix. The concepts operate nearly 300 shops in five countries within the Baltic Sea region. Both concepts belong to the forerunners within their business segments. -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | | | | | | | STATEMENT | | | | | | | | | | | | | -------------------------------------------------------------------------------- | eur 1000 | 4-6/10 | 4-6/09 | 1-6/10 | 1-6/09 | 1-12/09 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONTINUING OPERATIONS | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | REVENUE | 14 242 | 15 451 | 30 484 | 30 891 | 80 113 | -------------------------------------------------------------------------------- | Material and services | -5 239 | -5 742 | -12 523 | -11 669 | -34 601 | -------------------------------------------------------------------------------- | Gross margin | 9 003 | 9 709 | 17 961 | 19 222 | 45 512 | -------------------------------------------------------------------------------- | Gross margin-% | 63 | 63 | 59 | 62 | 57 | -------------------------------------------------------------------------------- | Other operating income | 479 | 329 | 936 | 830 | 1 824 | -------------------------------------------------------------------------------- | Gain on disposal of | 0 | -2 | 0 | 0 | 0 | | discontinued operations and | | | | | | | revaluation to fair value | | | | | | -------------------------------------------------------------------------------- | Tiimari total personnel | -4 747 | -5 264 | -10 141 | -10 476 | -21 765 | | expenses | | | | | | -------------------------------------------------------------------------------- | Depreciation and | -867 | -836 | -1 612 | -1 646 | -3 507 | | amortisation | | | | | | -------------------------------------------------------------------------------- | Impairment | | | | | -614 | -------------------------------------------------------------------------------- | Impairment on goodwill | | | | | -882 | -------------------------------------------------------------------------------- | Other operating expenses | -6 361 | -6 531 | -12 875 | -13 834 | -28 084 | -------------------------------------------------------------------------------- | OPERATING PROFIT | -2 493 | -2 596 | -5 732 | -5 904 | -7 516 | -------------------------------------------------------------------------------- | Operating profit % | -18 | -17 | -19 | -19 | -9 | -------------------------------------------------------------------------------- | Financing income | 88 | 36 | 186 | 133 | 47 | -------------------------------------------------------------------------------- | Financing expenses | -568 | -886 | -1 162 | -1 830 | -3 181 | -------------------------------------------------------------------------------- | Net financing expenses | -480 | -850 | -976 | -1 697 | -3 134 | -------------------------------------------------------------------------------- | PROFIT/LOSS BEFORE TAX | -2 973 | -3 446 | -6 707 | -7 601 | -10 650 | -------------------------------------------------------------------------------- | Tax on income from | 46 | 89 | 87 | 147 | 535 | | operations | | | | | | -------------------------------------------------------------------------------- | PROFIT/LOSS FOR THE PERIOD, | -2 927 | -3 357 | -6 620 | -7 454 | -10 115 | | CONTINUING OPERATIONS | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | DISCONTINUING OPERATIONS | | | | | | -------------------------------------------------------------------------------- | Profit/loss for the period, | | -81 | | -194 | -674 | | discontinued operations | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT/LOSS FOR THE PERIOD | -2 927 | -3 438 | -6 620 | -7 648 | -10 789 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit / loss for the period | | | | | | | attributable to: | | | | | | -------------------------------------------------------------------------------- | Shareholders' of the parent | -2 927 | -3 438 | -6 620 | -7 648 | -10 789 | | company | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | | | | | | | calculated on profit | | | | | | | attributable to equity | | | | | | | holders | | | | | | -------------------------------------------------------------------------------- | of the parent company: | | | | | | -------------------------------------------------------------------------------- | Continuing operations | | | | | | -------------------------------------------------------------------------------- | EPS undiluted and diluted | -0,18 | -0,23 | -0,40 | -0,57 | -0,69 | | (EUR) | | | | | | -------------------------------------------------------------------------------- | Discontinued operations | | | | | | -------------------------------------------------------------------------------- | EPS undiluted and diluted | | -0,01 | | -0,01 | -0,05 | | (EUR) | | | | | | -------------------------------------------------------------------------------- | EPS, total undiluted and | -0,18 | -0,23 | -0,40 | -0,59 | -0,73 | | diluted (EUR) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF | | | | | | | COMPREHENSIVE INCOME | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET INCOME FOR THE PERIOD | -2 927 | -3 438 | -6 620 | -7 648 | -10 789 | -------------------------------------------------------------------------------- | Translation diffrences | 83 | -59 | 353 | -19 | 282 | -------------------------------------------------------------------------------- | Other | | | | | | -------------------------------------------------------------------------------- | Comprehensive income for the | -2844 | -3497 | -6267 | -7667 | -10 507 | | period net of tax | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Comprehensive income for the | | | | | | | period attributable to: | | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | -2 844 | -3 497 | -6 267 | -7 667 | -10 507 | | company | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF FINANCIAL | | | | | POSITION | | | | -------------------------------------------------------------------------------- | eur 1 000 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 30.6.10 | 30.6.09 | 31.12.09 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Goodwill | 32 618 | 33 292 | 32 525 | -------------------------------------------------------------------------------- | Intangible assets | 16 085 | 18 259 | 16 876 | -------------------------------------------------------------------------------- | Property, plan, equipment | 4 652 | 5 456 | 4 904 | -------------------------------------------------------------------------------- | Available-for-sale investments | 104 | 105 | 104 | -------------------------------------------------------------------------------- | Non-current Receivables | 5 | 1 | 5 | -------------------------------------------------------------------------------- | Non-current trade and other receivables | 0 | 28 | 30 | -------------------------------------------------------------------------------- | Other non-current Investments | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Deferred tax asset | 29 | 29 | 29 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 53 492 | 57 168 | 54 472 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Inventories | 16 268 | 21 737 | 15 044 | -------------------------------------------------------------------------------- | Trade receivables and other recivables | 3 215 | 3 342 | 3 395 | -------------------------------------------------------------------------------- | Tax Receivable, income tax | 69 | 45 | 59 | -------------------------------------------------------------------------------- | Cash and bank | 2 873 | 1 394 | 3 024 | -------------------------------------------------------------------------------- | CURRENT ASSETS | 22 425 | 26 518 | 21 523 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | 75 917 | 83 686 | 75 994 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholder's equity attributable to | | | | | parent company shareholders | | | | -------------------------------------------------------------------------------- | Share capital | 7 686 | 7 686 | 7 686 | -------------------------------------------------------------------------------- | Fair value reserve and other reserves | 23 011 | 23 022 | 23 011 | -------------------------------------------------------------------------------- | Translation differences | -310 | -964 | -663 | -------------------------------------------------------------------------------- | Retained earnings | -10 267 | -867 | -3 667 | -------------------------------------------------------------------------------- | EQUITY | 20 120 | 28 877 | 26 366 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 5 810 | 6 160 | 5 834 | -------------------------------------------------------------------------------- | Non-current liabilities, interest-bearing | 22 192 | 20 739 | 22 203 | -------------------------------------------------------------------------------- | Non-current provisions | 31 | 31 | 31 | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 28 032 | 26 930 | 28 067 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current interest-bearing liabilities | 17 338 | 17 101 | 3 398 | -------------------------------------------------------------------------------- | Trade Payables and Other Liabilities | 10 405 | 10 947 | 18 103 | -------------------------------------------------------------------------------- | Tax liability, income tax | 21 | -169 | 60 | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 27 764 | 27 879 | 21 561 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 55 796 | 54 809 | 49 628 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | 75 917 | 83 686 | 75 994 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated Statement of Cash Flows | | | | -------------------------------------------------------------------------------- | eur 1000 | | 1-6/10 | 1-6/09 | 1-12/09 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operations | | | | -------------------------------------------------------------------------------- | Profit/loss for financial period | -6 621 | -7 648 | -10 790 | -------------------------------------------------------------------------------- | Adjustments: | | | | -------------------------------------------------------------------------------- | | Depreciation and impairment | 1 612 | 1 677 | 5 003 | -------------------------------------------------------------------------------- | | Gain (+) and loss (-) on sale of | 8 | -77 | -542 | | | fixed assets | | | | -------------------------------------------------------------------------------- | | Financial income and expenses | 998 | 1 697 | 3 135 | -------------------------------------------------------------------------------- | | Taxes | -87 | -147 | -544 | -------------------------------------------------------------------------------- | | Other adjustments | 0 | 0 | 41 | -------------------------------------------------------------------------------- | Change in working capital: | | | | -------------------------------------------------------------------------------- | | Change in inventories | -1 100 | 1 696 | 8 476 | -------------------------------------------------------------------------------- | | Change in short-term receivables | 466 | 824 | 772 | -------------------------------------------------------------------------------- | | Change in short term liabilities | -8 039 | -5 986 | 1 002 | -------------------------------------------------------------------------------- | Interest paid | -605 | -1 285 | -2 191 | -------------------------------------------------------------------------------- | Dividends received | 5 | 3 | 0 | -------------------------------------------------------------------------------- | Interest income received | 6 | 3 | 22 | -------------------------------------------------------------------------------- | Other financing expenses paid | -199 | -419 | -706 | -------------------------------------------------------------------------------- | Taxes paid | -64 | -143 | 85 | -------------------------------------------------------------------------------- | Net cash flow from operations |-13 620 | -9 806 | 3 764 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investment activities | | | | -------------------------------------------------------------------------------- | Investments in | | | | -------------------------------------------------------------------------------- | tangible and intangible assets | -275 | -768 | -1251 | -------------------------------------------------------------------------------- | Capital gains from tangible and intangible | 0 | 0 | 520 | | assets | | | | -------------------------------------------------------------------------------- | Loans granted | -177 | 0 | 0 | -------------------------------------------------------------------------------- | Repayment of loan receivables | 0 | 0 | -52 | -------------------------------------------------------------------------------- | Income on sale of investments | 1 | 0 | 1 | -------------------------------------------------------------------------------- | Net cash flow from investments | -451 | -768 | -782 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing activities | | | | -------------------------------------------------------------------------------- | Proceeds from share issue | 0 | 6 101 | 6 089 | -------------------------------------------------------------------------------- | Long-term loans, increase | 6 500 | 3 500 | 8 480 | -------------------------------------------------------------------------------- | Long-term loans, decrease | 0 | -1 000 | -1 000 | -------------------------------------------------------------------------------- | Short-term loans, net change | 7 500 | 1 176 | -15 342 | -------------------------------------------------------------------------------- | Payment of lease liabilities | -131 | 0 | -421 | -------------------------------------------------------------------------------- | Dividends paid | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Net cash flow from financing | 13 869 | 9 777 | -2 193 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in liquid assets | -202 | -796 | 789 | -------------------------------------------------------------------------------- | Liquid assets, beginning of review period | 3 024 | 2 188 | 2 188 | -------------------------------------------------------------------------------- | Effect of exchange rate changes on liquid | 51 | 2 | 48 | | assets | | | | -------------------------------------------------------------------------------- | Liquid assets, end of review period | 2 873 | 1 394 | 3 024 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | | | | -------------------------------------------------------------------------------- | eur 1 000 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to the equity holders of the company | -------------------------------------------------------------------------------- | | Share | Distribut | Own | Translat | Retaine | Total | | | capit | able | shar | ion | d | | | | al | equity | es | differen | earning | | | | | fund | | ces | s | | -------------------------------------------------------------------------------- | Shareholders' | 7 686 | 16 921 | -55 | -945 | 6 836 | 30 443 | | equity 1.1.2009 | | | | | | | -------------------------------------------------------------------------------- | Comprehensive | | | | | | | | income | | | | | | | -------------------------------------------------------------------------------- | for the period | | | | -19 | -7 648 | -7 667 | -------------------------------------------------------------------------------- | Share issue | | 6 101 | | | | 6 101 | -------------------------------------------------------------------------------- | Other items | | | 55 | | -55 | 0 | -------------------------------------------------------------------------------- | Equity on 30.6.2009 | 7 686 | 23 022 | 0 | -964 | -867 | 28 877 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | Shareholders' | 7 686 | 23 011 | 0 | -663 | -3 667 | 26 366 | | equity 1.1.2010 | | | | | | | -------------------------------------------------------------------------------- | Comprehensive income | | | | | | -------------------------------------------------------------------------------- | for the period | | | | 353 | -6 620 | -6 267 | -------------------------------------------------------------------------------- | Share based | | | | | 21 | 21 | | payments | | | | | | | -------------------------------------------------------------------------------- | Equity on 30.6.2010 | 7 686 | 23 011 | 0 | -310 | -10 267 | 20 120 | -------------------------------------------------------------------------------- BASIS OF PREPARATION This Interim Report was prepared in accordance with IAS 34 standard requirements. The interim consolidated financial statements were prepared applying the same accounting policies and methods of computation, as in the financial statements for 2009. Financial figures presented in this document are not audited. All figures in the accounts have been rounded and consequently the sum of individual figures may deviate from the presented total figure. The figures in the tables are presented in thousands of euro. The application of changed or new standards (IFRS) starting 1.1.2010: IAS 3R, Business combinations IAS 27, Consolidated and separate financial statements IAS 39, Financial instruments: recognition and measurement The implemented standard changes did not have a significant impact on the interim report. Use of Estimates: The preparation of financial statements in accordance with IFRS requires the management to use estimates and assumptions that affect reported amounts of assets and liabilities on the balance sheet, disclosure of contingent assets and liabilities and the amount of income and expenses. Although the estimates are based on the management's best knowledge of current events and actions, actual results may ultimately differ from the estimates used. The use of estimates affects the valuation of inventory, deferred tax assets, depreciation times of non-current assets and valuation of receivables. Additionally, the estimates affect the valuation of goodwill and brands. Inventory valuation is based on regular devaluation as follows: 30 months 25 %, 36 months 50 % and 42 months 100 % and specific write-offs as needed. Tiimari's business is characterised by seasonality with the net sales being generated largely during the final quarter. Regular goodwill impairment testing is thus carried out at the end of the financial period. Goodwill shall be tested earlier during the year in case of an indication of significant changes to the expected cash flows of a cash-generating unit arising from occurrences in business operations or in the operating environment. Gross profit and gross profit margin % Gross profit is revenue less cost of goods sold and franchise leases. During the outsourced finance department the material and services included expenses from hired staff and franchise leases were reported in other operating expenses. These items have been corrected in the results of the review period according to the instructions on the calculation of gross profit -------------------------------------------------------------------------------- | SEGMENT INFORMATION | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | eur 1 000 | 2010 | 2009 | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | 11 252 | 12 688 | 24 300 | 25 161 | 66 903 | -------------------------------------------------------------------------------- | Gallerix | 2 988 | 2 774 | 6 189 | 5 741 | 13 396 | -------------------------------------------------------------------------------- | Other operations | 227 | 0 | 309 | 400 | 400 | -------------------------------------------------------------------------------- | Eliminations | -225 | -11 | -314 | -411 | -586 | -------------------------------------------------------------------------------- | Group | 14 242 | 15 451 | 30 484 | 30 891 | 80 113 | -------------------------------------------------------------------------------- | Active markets | 14 093 | 14 576 | 29 750 | 29 147 | 75 973 | -------------------------------------------------------------------------------- | Inactive markets | 149 | 875 | 734 | 1 744 | 4 140 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | eur 1 000 | 2010 | 2009 | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | -2 004 | -1 297 | -4 371 | -3 877 | -4 945 | -------------------------------------------------------------------------------- | Gallerix | -228 | -532 | -489 | -967 | -755 | -------------------------------------------------------------------------------- | Other operations | -258 | -766 | -871 | -1 060 | -1 816 | -------------------------------------------------------------------------------- | Group | -2 491 | -2 596 | -5 731 | -5 904 | -7 516 | -------------------------------------------------------------------------------- | Active markets | -2 072 | -2 113 | -5 160 | -4 623 | -4 576 | -------------------------------------------------------------------------------- | Inactive markets | -419 | -483 | -571 | -1 281 | -2 940 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | DEPRECIATION AND GOODWILL | | | | | | IMPAIRMENT | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | eur 1 000 | 2010 | 2009 | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | 551 | 611 | 1 090 | 1 219 | 4 111 | -------------------------------------------------------------------------------- | Gallerix | 294 | 200 | 480 | 385 | 807 | -------------------------------------------------------------------------------- | Other operations | 21 | 25 | 42 | 41 | 85 | -------------------------------------------------------------------------------- | Group | 867 | 836 | 1 612 | 1 646 | 5 003 | -------------------------------------------------------------------------------- | Active markets | 740 | 757 | 1 480 | 1 530 | 3 372 | -------------------------------------------------------------------------------- | Inactive markets | 127 | 79 | 132 | 116 | 1 631 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CAPITAL EXPENDITURE | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | eur 1 000 | 2010 | 2009 | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | 168 | -6 | 269 | 422 | 1 076 | -------------------------------------------------------------------------------- | Gallerix | 2 | 9 | 2 | 198 | 161 | -------------------------------------------------------------------------------- | Other operations | 10 | 10 | 10 | 14 | 14 | -------------------------------------------------------------------------------- | Group | 180 | 13 | 281 | 634 | 1 251 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES BY GEOGRAPHICAL AREA | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | eur 1 000 | 2010 | 2009 | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Finland | 10 562 | 11 450 | 22 732 | 22 656 | 60 767 | -------------------------------------------------------------------------------- | Sweden | 3 084 | 3 035 | 6 497 | 6 212 | 14 578 | -------------------------------------------------------------------------------- | ROW | 596 | 966 | 1 255 | 2 023 | 4 768 | -------------------------------------------------------------------------------- | Group | 14 242 | 15 451 | 30 484 | 30 891 | 80 113 | -------------------------------------------------------------------------------- | Active markets | 14 093 | 14 576 | 29 750 | 29 147 | 75 973 | -------------------------------------------------------------------------------- | Inactive markets | 149 | 875 | 734 | 1 744 | 4 140 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INTANGIBLE ASSETS | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | eur 1 000 | | | 30.6.10 | 30.6.09 | 31.12.09 | | | | | | | | -------------------------------------------------------------------------------- | Book value at 1 | | | 49 401 | 52 237 | 52 237 | | January | | | | | | -------------------------------------------------------------------------------- | Changes in exchange | | | 370 | 41 | 310 | | rates | | | | | | -------------------------------------------------------------------------------- | Additions | | | 18 | 322 | 504 | -------------------------------------------------------------------------------- | Depreciation and | | | -1 035 | -1 045 | -3 550 | | impairment | | | | | | -------------------------------------------------------------------------------- | Disposals and | | | -51 | -4 | -100 | | intra-balance sheet | | | | | | | transfer | | | | | | -------------------------------------------------------------------------------- | Book value at the end | | | 48 703 | 51 551 | 49 401 | | of period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TANGIBLE ASSETS | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | eur 1 000 | | | 30.6.10 | 30.6.09 | 31.12.09 | | | | | | | | -------------------------------------------------------------------------------- | Book value at 1 | | | 4 904 | 5 616 | 5 616 | | January | | | | | | -------------------------------------------------------------------------------- | Changes in exchange | | | 22 | -29 | 14 | | rates | | | | | | -------------------------------------------------------------------------------- | Additions | | | 253 | 508 | 765 | -------------------------------------------------------------------------------- | Depreciation and | | | -527 | -632 | -1 480 | | impairment | | | | | | -------------------------------------------------------------------------------- | Disposals and | | | 0 | -8 | -12 | | intra-balance sheet | | | | | | | transfer | | | | | | -------------------------------------------------------------------------------- | Book value at the end | | | 4 652 | 5 456 | 4 904 | | of period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FINANCIAL FIGURES | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 2010 | 2009 | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Net sales | 14 242 | 15 451 | 30 484 | 30 891 | 80 113 | -------------------------------------------------------------------------------- | EBITDA | -1 626 | -1 760 | -4 120 | -4 258 | -3 127 | -------------------------------------------------------------------------------- | Operating profit | -2 493 | -2 596 | -5 732 | -5 904 | -7 516 | -------------------------------------------------------------------------------- | Profit/loss for the | -2 927 | -3 357 | -6 620 | -7 454 | -10 115 | | financial period | | | | | | -------------------------------------------------------------------------------- | Profit/loss, | 0 | -81 | 0 | -194 | -674 | | discontinued | | | | | | | operations | | | | | | -------------------------------------------------------------------------------- | Earnings per share | -0,18 | -0,23 | -0,40 | -0,57 | -0,69 | | continuing | | | | | | | operations, EUR | | | | | | -------------------------------------------------------------------------------- | Earnings per share | | -0,01 | | -0,01 | -0,05 | | discontinued | | | | | | | operations, EUR | | | | | | -------------------------------------------------------------------------------- | Earnings per share | -0,18 | -0,23 | -0,40 | -0,59 | -0,73 | | total, EUR | | | | | | -------------------------------------------------------------------------------- | Shareholders' equity | | | 1,22 | 1,75 | 1,60 | | per share, EUR | | | | | | -------------------------------------------------------------------------------- | Solvency ratio | | | 27 % | 35 % | 35 % | -------------------------------------------------------------------------------- | Gearing | | | 182 % | 126 % | 86 % | -------------------------------------------------------------------------------- | Net working capital | | | 9 078 | 14 132 | 336 | -------------------------------------------------------------------------------- | Operating cash flow | | | -13 034 | -12 294 | -4 953 | -------------------------------------------------------------------------------- | Net Interest-bearing | | | 36 657 | 36 446 | 22 577 | | liabilities | | | | | | -------------------------------------------------------------------------------- | Balance sheet total | | | 75 917 | 83 686 | 75 994 | -------------------------------------------------------------------------------- | Average number of | 16 475 | 14 750 | 16 475 | 13 022 | 14 749 | | shares (pcs) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONTINGENT LIABILITIES | 30.6.2010 | 30.6.2009 | 31.12.2009 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Loans from financial institutions | | | | -------------------------------------------------------------------------------- | against the following securities | 23 500 | 26 006 | 9 500 | -------------------------------------------------------------------------------- | Real estate mortgages | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Corporate mortgages | 31 137 | 31 137 | 31 137 | -------------------------------------------------------------------------------- | Pledged shares | 1 476 | 1 476 | 1 476 | -------------------------------------------------------------------------------- | Other own liabilities | | | | -------------------------------------------------------------------------------- | Bank quarantees | 3 014 | 2 459 | 2 821 | -------------------------------------------------------------------------------- | Other liabilities | 5 | 8 | 5 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Leasing liabilities | | | | -------------------------------------------------------------------------------- | Due within one year | 60 | 282 | 133 | -------------------------------------------------------------------------------- | Due after one year | 50 | 227 | 115 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | OTHER RENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Due within one year | 13 668 | 12 630 | 12 147 | -------------------------------------------------------------------------------- | Due after one year | 20 313 | 11 505 | 13 687 | -------------------------------------------------------------------------------- As part of the profit-improvement programme rent negotiations were held and contract lengths were extended. This increases the amount of liabilities. -------------------------------------------------------------------------------- | NOMINAL AMOUNTS OF DERIVATIVES | 30.6.2010| 30.6.2009 | 31.12.2009 | | | | | | -------------------------------------------------------------------------------- | Forward exchange contracts | 1 324 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | MARKET VALUE VS. NOMINAL AMOUNTS OF | 30.6.2010| 30.6.2009 | 31.12.2009 | | DERIVATIVES | | | | -------------------------------------------------------------------------------- | Forward exchange contracts | 44 | 0 | 0 | -------------------------------------------------------------------------------- Foreign exchange contracts have been valued at market value on reporting day. Tiimari does not apply hedge accounting and the effect of the derivatives has been booked directly in the income statement. -------------------------------------------------------------------------------- | RELATED PARTY TRANSACTIONS (EUR 1 | Q2 2010 | Q2 2009 | 1-12 2009 | | 000) | | | | -------------------------------------------------------------------------------- | Managing Director remuneration | 111 | 192 | 162 | -------------------------------------------------------------------------------- | Board remuneration | 53 | 55 | 112 | -------------------------------------------------------------------------------- | Management Group remuneration | 362 | 276 | 606 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest paid on capital loan (paid 31 March for period 26 Oct 09 - 31 Mar | | 10 | -------------------------------------------------------------------------------- | Hannu Krook | 3 | | | -------------------------------------------------------------------------------- | Hannu Ryöppönen | 3 | | | -------------------------------------------------------------------------------- | Sven-Olof Kulldorff | 3 | | | -------------------------------------------------------------------------------- | Virala Oy Ab (Atine Group Oy parent | 103 | | | | company) | | | | -------------------------------------------------------------------------------- | Assetman Oy | 18 | | | -------------------------------------------------------------------------------- | Baltiska Handels A.B. | 9 | | | -------------------------------------------------------------------------------- | Total | 138 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | MAJOR SHAREHOLDERS | Shares | Shares % | | -------------------------------------------------------------------------------- | Major shareholders 30.6.2010 | | | | -------------------------------------------------------------------------------- | Atine Group Oy | 3 292 198 | 19,98 | | -------------------------------------------------------------------------------- | Assetman Oy | 1 740 645 | 10,57 | | -------------------------------------------------------------------------------- | Varma Mutual Pension Insurance | 828 912 | 5,03 | | | Company | | | | -------------------------------------------------------------------------------- | Primate Oy | 825 000 | 5,01 | | -------------------------------------------------------------------------------- | Ilmarinen Mutual Pension Insurance | 789 221 | 4,79 | | | Company | | | | -------------------------------------------------------------------------------- | Baltiska Handels A.B. | 716 483 | 4,35 | | -------------------------------------------------------------------------------- | Sijoitusrahasto Aktia Capital | 600 000 | 3,64 | | -------------------------------------------------------------------------------- | Cumasa Oy | 407 625 | 2,47 | | -------------------------------------------------------------------------------- | Kargol Oy Ab | 277 167 | 1,68 | | -------------------------------------------------------------------------------- | Vessilä Oy Ab | 277 167 | 1,68 | | -------------------------------------------------------------------------------- CALCULATION OF KEY FINANCIAL RATIOS Gross profit = Revenue + materials and supplies Gross profit margin-% = Gross profit / revenue * 100 EBITDA = Operating profit + depreciation and amortisation Earnings/share (EPS), EUR = Earnings before tax - income taxes / issue-adjusted average number of shares for the fiscal year Shareholders' equity / share, EUR = equity attributable to the equity holders of the parent company / issue-adjusted number of shares at the end of the fiscal year Equity ratio % = Shareholders' equity * 100 / Total assets - prepayments received Gearing ratio % = Interest-bearing liabilities - cash and cash equivalents * 100 / Shareholders' equity Quick ratio = Short-term receivables + cash and cash equivalents * 100 / Short-term liabilities Interest-bearing net liabilities = Interest-bearing liabilities - cash and cash equivalents Net working capital = inventory + short-term non-interest-bearing receivables - short-term non-interest-bearing liabilities Operating cashflow = EBITDA - increase in net working capital - capital expenditure
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