2011-05-06 07:30:00 CEST
2011-05-06 07:30:05 CEST
REGULATED INFORMATION
Tiimari Oyj Abp - Interim report (Q1 and Q3)
AS EASTER FELL INTO THE SECOND QUARTER OF THE YEAR, THE FIRST QUARTER'S REVENUE AND PROFITABILITY WEAKENED
TIIMARI PLC Interim Report 6 May 2011 at 08.30
INTERIM REPORT
AS EASTER FELL INTO THE SECOND QUARTER OF THE YEAR, THE FIRST QUARTER'S REVENUE
AND PROFITABILITY WEAKENED
Easter is the second most significant sales period for Tiimari. As in 2011
Easter fell into the second quarter of the year, unlike previous year, the
first quarter revenue and key figures are not comparable to those of the
previous year in the first quarter. Tiimari Group's April sales rose 12.4 %
year on year. Comparable sales from January to April were 9 % lower than year
ago.
THE FIRST QUARTER OF 2011 IN BRIEF
- Revenue declined by 16.7% to EUR 13.5 million (16.2)
- Gross margin was EUR 6.6 million (8.9), equalling 49.1% (55.1%)
- EBITDA was EUR -4.3 million (-2.5)
- Operating profit (EBIT) was EUR -4.8 million (-3.2)
- Income before taxes was EUR -4.8 million (-3.7)
- Earnings per share (EPS) were EUR -0.29 (-0.22)
All figures are unaudited.
GROUP KEY FINANCIAL FIGURES
EUR 1 000
1-3/2011 1-3/2010 Change % 1-12/2010
REVENUE 13 528 16 242 -17 75 797
OPERATING PROFIT -4 813 -3 240 -49 -12 613
EARNINGS PER SHARE EUR -0,29 -0,22 -30 -0,89
TIIMARI AND THE INDUSTRY OUTLOOK FOR 2011
We estimate that during 2011, the declining trend in Tiimari's revenue,
reported on a monthly basis, will cease and that Tiimari's EBITDA for the
entire year 2011 will be positive (2010: EUR -1.3 million). The revenue of
Gallerix is forecast to grow and its EBITDA is anticipated to be positive and
better than in 2010 (2010: EUR 0.1 million).
As announced in the release on 30 December 2010 regarding the Standstill
agreement, during the first half of 2011 the company is identifying structural
and financial options to strengthen its balance sheet and these solutions may
have a significant impact on performance throughout the year.
COMMENTS OF THE MANAGING DIRECTOR
In 2010 the cost savings from the operational rationalisation carried out in
Tiimari were visible in the first quarter of 2011, as planned. Nevertheless,
Tiimari's first quarter profit declined from last year due to the decline in
sales, particularly because of goods shortages in January. In 2010, mainly in
Sweden closed shops affected on the 2011 first quarter net sales in amount of
EUR -0.5 million. As anticipated, sales development has for several months
followed a trend where comparable sales is approximately 10 per cent behind
last year's figures. During the past quarter, revenue development was lower
than the trend described above, which was influenced by the fact that the
Easter sales occurred mainly in April. The comparable gross margin level has
been approximately 5 percentage points lower than last year, as was expected. A
turning point in the 10% downward trend in sales, which has continued for
several months now, seems to be nearing. Sales development in May and June will
indicate the direction of comparable sales development.
Tiimari is perceived as an inexpensive store in the minds of consumers, so I
believe that the permanently affordable prices will work to increase the number
of customers and consequently the sales in 2011. Another important factor in
setting growth on the right track has been redirecting our product offering
closer to Tiimari's roots by offering the charming, different and surprising
products that customers are expecting from us - at the right price.
Gallerix's comparable, shop-level sales development in Swedish krona has been
slightly positive during early 2011.
The Standstill agreement, signed on 30 December 2010 for the period ending 30
December 2011 with financial institutions providing debt financing to the
Tiimari Group, solidifies the financial position and liquidity of the Group in
2011. Nevertheless, the Group's financial position continues to be very
challenging as the first quarter revenue is lagging behind the previous year's
figures.
GOING CONCERN
The Interim Report was prepared according to the going concern principle with
the assumption that the operations of the company will continue for 12 months.
Furthermore, the principle presupposes that the company is able to execute the
realisation of assets and the payment of loans through its ordinary business
activities. Tiimari's economic situation is challenging. The going concern
principle is based on the business operations plan approved by the Board of
Directors and on the new financing plan. The company has adopted measures to
identify structural and financing options to strengthen its balance sheet on an
accelerated schedule in early 2011 as announced in connection with the
publication of the Standstill agreement on 30 December 2010.
THE FIRST QUARTER
GROUP REVENUE AND PROFIT DEVELOPMENT
The Group's revenue declined by 16.7% to EUR 13.5 million (16.2). The sales for
the significant Easter period occurred mainly in April whereas in the
comparison period the Easter sales occurred entirely in the first quarter. In
2011, the decrease in the price of stamps will lower the annual revenue in
Finland by approximately EUR 0.7 million.
Gross margin was EUR 6.6 million (8.9), equalling 49.1% (55.1%) of revenue. In
early 2011, particularly in January, the gross margin percentage was lower than
in the comparison period due to higher realised purchase prices, which in turn
resulted from the increased share of purchases from neighbouring areas and
consequently lower sales prices.
The Group's EBITDA decreased and was EUR -4.3 million (EUR -2.5 million). The
Group's operating profit decreased compared to the comparison period and was
EUR -4.8 million (-3.2). Net financial expenses during the review period
amounted to EUR 0.0 million (0.5). The profit for the period under review was
EUR -4.8 million (-3.7). Earnings per share were EUR -0.29
(-0.22).
BUSINESS CONCEPT AND SEASONAL CHANGES
Due to the Tiimari concept, the seasonal changes in the operations have
traditionally been strong. During the spring the quarterly results are
significantly affected by the Easter holiday sales peak occurring either during
the first or the second quarter. The fourth quarter contributes about 40% of
the annual revenue. The remaining 60% is accumulated during the first three
quarters with approximately 20% per quarter, depending on when Easter occurs.
The summer holiday period is traditionally quiet in terms of revenue.
The Tiimari Group comprises two leading retail shop concepts: Tiimari and
Gallerix. The concepts operate around 300 shops in five countries around the
Baltic Sea region. Both concepts are forerunners in their markets.
Tiimari has nearly 200 shops in Finland and the Baltic states. Tiimari
specialises in party, hobby and craft, gift wrapping, cards, school and office
supplies, small decoration articles as well as seasonal products. The core of
the concept is the element of surprise, affordability and diversity. The
operational core comprises a broad assortment of 20,000 different items, a low
average price, small shops, weekly new products and large volume. The Tiimari
chain was established in Lahti in 1975.
Gallerix operates nearly 100 shops in Sweden, 17 of which are own shops. The
rest operate on a franchising principle. Gallerix specialises in paintings,
frames and framing, small decoration articles, gift wrapping and cards. The
core of the concept is cosiness, attractiveness, humour and sense of
excitement. The Gallerix chain was established in Uppsala in 1974.
In the Tiimari Group the product purchase and sales in the shops work in close
cooperation. A key factor is to succeed consistently and continuously combine a
broad product offering and a high turnover rate. The purchasing operations are
managed through analyses based on market research and customer feedback. It is
possible to gain synergy benefits through larger joint purchasing volumes and
partly intersecting product offerings.
Due to seasonal changes, Tiimari's result for the first three quarters has
traditionally been non-profitable and the result for the fourth quarter
significantly profitable in comparison. The extent of the non-profitable
operations during the first three quarters in relation to the profit during the
fourth quarter has defined the full year result.
OPERATING SEGMENTS
TIIMARI
The Tiimari segment comprises all the Tiimari concept shops in Finland and the
Baltic states. The segment revenue for the review period declined by 21.9% to
EUR 10.2 million (13.0). Tiimari's sales in the Baltic states developed more
favourably than in Finland: revenue declined by 12.5% and amounted to EUR 0.6
million (0.7). Revenue development was affected by the fact that the Easter
sales occurred mainly in the second quarter of the year. In 2011, the decrease
in the price of stamps will lower Tiimari's annual revenue by approximately EUR
0.7 million.
At the end of the review period, Tiimari had 185 (192) own shops, of which 166
(168) are in Finland. The Tiimari segment's gross margin was EUR 5.3 million
(7.8), equalling 51.8% (59.6%). The decline in the margins for product
categories accounts for 4.8 percentage points of the difference in margins. In
early 2011 the gross margin percentage was lower than in the comparison period
due to higher realised purchase prices, which in turn resulted from the
increased share of purchases from neighbouring areas and simultaneously lower
sales prices.
Tiimari segment EBITDA in the first quarter was EUR -4.0 million (-1.8) and in
the whole year 2010 EUR -1.3 million.
The operating profit for this segment decreased to EUR -4.3 million (-2.4). In
the comparison period, EUR 0.2 million was recorded as other operating profit
from the transfer of the rental agreements in Sweden. The operating profit was
undermined by a significant decrease in sales, in particular due to the timing
shift in the Easter sales to the second quarter.
The segment investments during the review period were EUR 0.02 million (0.10)
and they were allocated to renovation of shops.
GALLERIX
The Gallerix segment comprises the Gallerix concept shops in Sweden. The
Gallerix segment revenue grew by 5.2% to EUR 3.4 million (3.2). Revenue of the
Gallerix shops in Sweden in local currency amounted to SEK 29.8 million (29.6),
an increase of 0.4%.
There were altogether 17 own shops in Sweden (11) at the end of the period
under review. In Sweden, a major part of the operations in the Gallerix segment
is based on franchising contracts, and there are 70 (76) shops operating on a
franchising principle. The gross margin improved to EUR 1.3 million (1.2),
equalling 40.1% (36.8%).
Gallerix segment EBITDA in the first quarter was EUR -0.06 million (-0.08) and
in the whole year 2010 EUR 0.1 million.
The operating profit grew to EUR -0.246 million (-0.261), or -7.3% (-8.2). The
segment investments totalled EUR 0.03 million (0.0).
OTHERS
Other operations include common expenses for the Group and senior management
(Board of Directors, Managing Director and Chief Financial Officer). All
business management related operations and personnel were allocated in the
segments during the review period. The operating profit grew and was EUR -0.2
million (-0.6). No internal management fees were charged during the review
period.
IMPAIRMENT TESTING
The units which contain goodwill are tested annually for potential impairment.
Testing during the year in not justified because of the seasonality of the
business, particularly Christmas season. As announced on 14 February 2011, in
the fourth quarter of 2010 Tiimari recorded a goodwill impairment in the
Tiimari business operations amounting to EUR 6.9 million with no effect on the
cash flow. The reporting structure used in monitoring the Group's business
operations has not changed in 2010 and 2011. Units generating cash flow and
containing goodwill are Tiimari and Gallerix.
MANAGEMENT, SHOP NETWORK AND PERSONNEL EXPENSES
The influence of cost savings could be seen particularly in other fixed costs
which amounted to EUR 1.5 million in the review period (2010/1-3: EUR 1.9
million, and 2009/1-3: EUR 2.1 million). The personnel expenses for the Group
declined 5.3% in comparison with the corresponding period in the previous year
and were EUR 4.9 million (5.2). Shop rental expenses remained at the level of
the previous year's corresponding period, amounting to EUR 3.6 million (3.6).
In the corresponding period in 2009 these expenses were EUR 3.8 million.
INVESTMENTS
Investment restrictions in fixed assets continued and capital expenditure
during the review period totalled EUR 0.048 million (0.101), which equals 0.35%
(0.62) of revenue.
INVENTORY
Inventory totalled EUR 15.1 million and grew by EUR 0.7 million from the
beginning of the financial year, but was EUR 0.4 million less than in the
comparison period (15.5)despite that at the end of the period under review in
the stock were seasonal products purchased for Easter season. Measures are
still being taken in order to improve inventory turnover levels by clarifying
the product offering and by developing purchase management.
CHANGES IN GROUP STRUCTURE
There were no changes in Group structure during the review period. During the
first half of the comparison year 2010 the Tiimari segment withdrew from
Russia, Norway and Poland and closed all Tiimari shops in Sweden. In addition,
in the same period in Finland all but one Gallerix shops were closed.
BALANCE SHEET, FINANCIAL POSITION AND CASH FLOW
The net working capital for the Group was EUR 4.5 million. The net working
capital at the end of the comparison period was EUR 7.7 million and EUR -1.6
million at the end of the 2010 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 financial year. The
inventory levels were EUR 15.1 million (15.5 at the end of the comparison
period).
Short-term receivables amounted to EUR 3.4 million, after falling by EUR 0.8
million since the beginning of the financial year (4.2). Short-term
non-interest bearing liabilities amounted to EUR 14.0 million, after falling by
EUR 6.2 million since the beginning of the financial year (20.2). Both trade
payables and value added tax liabilities decreased from the beginning of the
financial year.
Non-current assets totalled EUR 45.3 million (54.1), a decrease of EUR 0.4
million from the beginning of the review period. An explanation for the
decrease in non-current assets is that, as announced on 14 February 2011, in
the fourth quarter of 2010 Tiimari recorded a goodwill impairment in the
Tiimari business operations amounting to EUR 6.9 million with no effect on the
cash flow.
Due to the seasonal nature of business operations, the amount of net
liabilities increased. Interest-bearing net liabilities totalled EUR 35.9
million (33.0), increasing by EUR 9.9 million from the beginning of the
financial year. The equity ratio was 12.2% (29.5% at end of the comparison
period and 18.9% at the end of the 2010 financial year), and net gearing was
440.1% (143.9% at the end of the comparison period and 208.5% at the end of the
2010 financial year). In the last quarter of 2010, the equity ratio was
undermined by operational losses and a goodwill impairment in the Tiimari
business operations amounting to EUR 6.9 million that decreased the
shareholders' equity by having an impact on the results but had no effect on
the cash flow.
The Group has ensured the continuity of debt financing with the Standstill
agreement, signed on 30 December 2010 for the period ending 30 December 2011.
The company's financing covenants related to EBITDA are not applied during the
Standstill agreement period between 30 December 2010 and 30 December 2011. The
company issued on 30 December 2010 a convertible capital loan amounting to EUR
3 million and received the capital on January 2011, which solidifies the
financial position and liquidity of the Group in the first quarter. Despite of
the Standstill agreement and issued convertible capital loan, the Group's
financial position continues to be very challenging as the first quarter
revenue is lagging behind the previous year's figures. The Group explores
options to secure long-term financing, as announced previously. Sales during
the fourth quarter have a decisive effect on the Group's cash flow and
financial position on an annual level.
Shareholders' equity per share was EUR 0.50 (1.39).
Operational cash flow was EUR -10.4 million (-10.4). The negative cash flow was
affected by the decrease in short-term non-interest bearing liabilities by EUR
6.1 million (7.1) and the non-profitability of operations in the review period.
The short-term liabilities decreased due to payments of trade and other
payables related to regular Christmas sales. The total investments for the
Group were EUR 0.048 million (0.101).
PERSONNEL
The average number of personnel in the Group during the review period was 521
(602). The numbers have been altered to reflect the share of full-time
employees. The majority of the shop personnel are part-time employees. Tiimari
Retail Ltd is the biggest employer in the Group, employing 424 (453) persons.
SHARES AND SHARE CAPITAL
Tiimari shares are listed on the NASDAQ OMX Helsinki Plc stock exchange. As at
31 March 2011, the share price was EUR 0.46 (1.22), and the market value of the
company was EUR 7.6 million (20.1). The share capital of the company was EUR
7,686,200 at the end of the review period, and the number of shares was
16,474,755. At the end of the review period, the company does not hold any of
its own shares.
ANNUAL GENERAL MEETING - 30 MARCH 2011 (Stock Exchange Release 30 March 2011
www.tiimari.com)
The Annual General Meeting of Tiimari Plc approved the financial statements for
2010 and discharged the Board members and the Managing Director from liability.
In accordance with the Board's proposal, the Meeting decided that the loss for
the financial year, EUR 10,978,164.90, shall be booked as retained earnings and
that no dividend is to be distributed.
The Board composition was decided as five members. Hannu Ryöppönen, Sven-Olof
Kulldorff, Juha Mikkonen, Alexander Rosenlew and Sissi Silván were elected to
the Board.
It was decided that the members of the Board shall receive the following
remunerations:
- the chairman of the Board will receive EUR 2,400 a month
- the vice chairman of the Board will receive EUR 1,800 a month
- other members of the Board will receive EUR 1,200 a month
- for the meetings of the Board committees, a separate sum of EUR 100 per
meeting shall be paid
Travel and accommodation costs are paid in accordance with the company's
expenses remuneration policies.
KPMG Ltd was elected to continue as the Group Auditor. KPMG Ltd named Sixten
Nyman, APA, to continue as the auditor with primary responsibility. It was
decided that the auditor's remuneration be paid against the auditor's invoice
and according to the principles approved by the Audit Committee.
In accordance with the Board's proposal, the Annual General Meeting authorised
the Board to decide on a maximum issue of 5,000,000 shares and/or releasing
special rights to shares (including share options) in one or several tranches
in accordance with Chapter 10, Section 1 of the Finnish Limited Liability
Companies Act. This authorisation supersedes previous share-issue
authorisations and is valid until the next Annual General Meeting or 30 June
2012 if this is earlier.
The Annual General Meeting, in accordance with the Board's proposal, decided to
change Section 9 in the company's Articles of Association to the following:
“The notice of the Annual General Meeting shall be published on the Company's
website three (3) months at the earliest and three (3) weeks at the latest
prior to the Meeting, although always a minimum of nine (9) days prior to the
record date of the Meeting as defined in Chapter 4, Section 2, Subsection 2 of
the Finnish Limited Liability Companies Act. The Board of Directors can also
decide to publish the notice by other means. In order for the shareholders to
be entitled to participate in the Meeting, they are required to register for
the Meeting on the date specified in the notice at the latest, which can be ten
(10) days prior to the Meeting at the earliest.”
ORGANISATION OF THE BOARD OF DIRECTORS (Stock Exchange Release, 30 March 2011
www.tiimari.com)
In its organisation meeting held after the Annual General meeting, the Board
elected Hannu Ryöppönen as its chairman and Juha Mikkonen as its vice chairman.
Hannu Ryöppönen was elected chairman of the Appointment and Remuneration
Committee of the Board and Alexander Rosenlew and Juha Mikkonen were elected
members of this committee. Juha Mikkonen was elected chairman of the Audit
Committee and Hannu Ryöppönen and Sissi Silván were elected members.
MANAGEMENT
The size of the Management Group decreased as two Management Group members left
Tiimari: Sirpa Kosunen, Logistics Manager, in March 2011 and Tarja
Nikkarikoski, IT Director, in April 2011.
Mikko Saikko (b. 1971) was appointed Senior Vice President in ICT and Business
Development for Tiimari Retail Ltd's 1 April 2011. Saikko has previously worked
at Suomen Lähikauppa Ltd in a variety of business management and development
positions, most recently responsible for managing the pricing and product
management processes. Saikko holds a M.Sc. in Social Sciences. Saikko is a
member of Tiimari's Management Group.
BUSINESS-RELATED RISKS AND UNCERTAINTIES
The Group's revenue and results development is affected by several
uncertainties related to the business operations. The main risks relate to the
following factors:
-- The Group has ensured the continuity of debt financing with the Standstill
agreement, signed on 30 December 2010 for the period ending 30 December
2011. Despite of the Standstill agreement and financial arrangements
carried out in yearly 2011, the Group's financial position continues to be
very challenging. The Group explores options to secure long-term financing,
as announced previously. Failure to maintain adequate liquidity and
refinancing risk management may jeopardize the continuity of business.
-- the costs associated with acquiring capital are difficult to predict
-- the success of the management in the measures taken to develop operations
and improve profitability: renewal of the product offering and elimination
of non-profitable operations
-- the actual sales can differ greatly from the forecast as can the
periodisation of the seasonal operative cash flow accrual and their impact
on the company's financial position, loan covenants and on the
predictability of both cash flow and results
-- the development of foreign exchange rates for goods purchased outside the
euro currency area and the gross margin received from the sales of these
goods
-- the choice of business premises in the long term
-- the availability of seasonal products and the functionality of the supply
chain
-- the general development of salaries, rents and transport expenses
-- sensitivity to changes in various factors in the valuation of goodwill and
the Tiimari and Gallerix brands
-- general changes in interest rates
-- The company is involved as a defendant and a plaintiff in certain ongoing
property and rental agreement-related disputes as well as in one other
contract termination-related dispute. The Financial Statement does not
include any significant reservations for these because according to the
management's assessment the company does not have any compensation
liabilities. Nor have the claims presented by the company been recognised
in the Financial Statement.
The operational risks and uncertainties of the company have been presented in
more detail in the 2010 financial statements and no significant changes in
risks have occurred since.
EVENTS AFTER THE PERIOD UNDER REVIEW
The April's sales release is published at the same time with this Interim
Report. In this Interim Report references are made to the April's sales
release.
Board of Directors
Tiimari Plc
Further information:
Managing Director Hannu Krook, +358 (0)3 812911, hannu.krook@tiimari.fi
Chief Financial Officer Kai Järvikare, +358 (0)44 7129475,
kai.jarvikare@tiimari.fi
Distribution: NASDAQ OMX Helsinki
important news media
www.tiimari.com
Tiimari Plc is a listed company. The group consists of two retail shop
concepts: Tiimari and Gallerix. These two concepts do business in five
countries within the Baltic Sea region and there are altogether nearly 300
shops. All concepts belong to the forerunners of their market segment.
FINANCIAL STATEMENT IN BRIEF AND NOTES TO THE FINANCIAL STATEMENT, 1 JANUARY
2011-31 MARCH 2011
Basis of preparation
This Interim Report was prepared in accordance with the IFRS accounting
standards, but in the preparation all IAS 34 standard requirements have not
been fulfilled. As of the beginning of the financial year, the company has
implemented new or revised IFRS standards and IFRIC interpretations, as
described in the financial statements of 2010. The implementation of these new
and revised standards and interpretations does not have an impact on the
figures reported. Otherwise, the same accounting principles and calculation
methods as in the previous annual financial statements have been applied.
The preparation of a financial statements in accordance with IFRS requires
Tiimari's management to use estimates and assumptions that affect amounts of
assets and liabilities at the time of the preparation as well as amounts of
income and expenses in the financial period. Inventory valuation is based on
regular stocktaking which is the foundation for the management of the goods
flow process. As a general rule, shops do not order goods directly but their
inventories are replenished automatically through the logistics system.
Time-based mechanical devaluations (30 months 25%, 36 months 50% and 42 months
100%) were abandoned at the end of the previous year as we moved into
comprehensive product life cycle management in a systematic goods flow process.
Specific write-offs are made, when necessary.
Furthermore, discretion is needed in the application of financial statement
accounting principles. Estimates and assumptions are based on knowledge at the
time of the Interim Report and consequently include risks and uncertainties.
actual results may differ from the estimates and assumptions made. The figures
in the income statement and the balance sheet are for the entire Group. The sum
of individual figures may deviate from the presented total figures as the
figures in this document have been rounded. This Interim Report is unaudited.
CONSOLIDATED INCOME STATEMENT
EUR 1 000 1-3/2011 1-3/2010 Change % 1-12/2010
SALES 13 528 16 242 -17 75 797
Cost of goods sold -6 887 -7 287 -5 -31 963
Gross profit 6 641 8 955 -26 43 834
Gross profit, % 49 % 55 % -6 58 %
Other operating income 562 456 23 961
Employee
benefit costs -4 931 -5 207 -5 -20 544
Depreciation -512 -745 -31 -3 124
Goodwill impairment 0 0 0 -6 918
Other operating expenses -6 573 -6 701 -2 -26 822
------------------------------------------
OPERATING PROFIT -4 813 -3 240 -49 -12 613
Operating profit, % -36 % -20 % -16 -17 %
Financial income 617 99 523 266
Financial expenses -621 -594 5 -2 499
------------------------------------------
Net financial income -4 -495 -99 -2 233
0
INCOME BEFORE TAXES -4 817 -3 735 -29 -14 845
Taxes 13 41 -68 192
NET INCOME FOR THE PERIOD -4 804 -3 694 -30 -14 653
------------------------------------------
Equity holders of the company -4 804 -3 694 -30 -14 653
Earnings per share
for profit attributable
to the equity holders of the Company
Total -0,29 -0,22 -30 -0,89
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
NET INCOME FOR THE PERIOD -4 804 -3 694 -30 -14 653
Translation diffrences 19 270 656
Comprehensive income
for the period net of tax -4 785 -3 424 -40 -13 997
------------------------------------------
Comprehensive income for the period attributable to:
Equity holders of the company -4 785 -3 424 -13 997
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR 1 000
31.3.2011 31.3.2010 31.12.2010
ASSETS
Goodwill 25 884 32 630 25 877
Other intangible assets 15 213 16 611 15 496
Tangible assets 4 108 4 709 4 275
Other financial assets 104 104 104
Receivables 5 37 5
Deferred tax assets 29 29 29
Total non-current assets 45 343 54 118 45 785
Inventories 15 087 15 515 14 435
Trade and other receivables 3 403 3 706 4 168
Cash and bank 2 912 4 521 1 626
Total current assets 21 402 23 742 20 229
TOTAL ASSETS 66 745 77 860 66 013
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity attributable to equity holders of parent company
Share capital 7 686 7 686 7 686
Distributable equity fund 23 011 23 010 23 011
Translation differences 12 -393 -7
Retained earnings -22 553 -7 351 -18 229
TOTAL SHAREHOLDERS' EQUITY 8 156 22 952 12 461
LIABILITIES
Deferred tax liabilities 5 724 5 848 5 740
Interest-bearing liabilities 18 418 22 155 15 859
Provisions 31 31 31
Total non-current liabilities 24 172 28 034 21 630
Interest bearing liabilities 20 392 15 395 11 743
Account payable and other payable 14 025 11 479 20 180
Total current liabilities 34 417 26 874 31 923
TOTAL LIABILITIES 58 589 54 908 53 553
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 66 745 77 860 66 013
Consolidated Statement of Cash Flows, EUR 1 000
1-3/11 1-3/10 1-12/10
Cash flow from operations
Profit/loss for financial period -4 804 -3 694 -14 653
Adjustments:
Depreciation and impairment 512 745 10 043
Gain (+) and loss (-) on sale of fixed assets 1 7
Financial income and expenses 31 497 2 247
Taxes -13 -41 -192
Other adjustments -19 77
Change in working capital:
Change in inventories -648 -377 834
Change in short-term receivables 806 -216 472
Change in short term liabilities -6 111 -7 090 501
Interest paid -336 -128 -1 018
Interest income received 616 6 13
Other financing expenses paid -320 -28 -782
Taxes paid -82 -53 -8
Net cash flow from operations -10 369 -10 378 -2 459
Cash flow from investment activities
Investments in
tangible and intangible assets -48 -101 -665
Capital gains from tangible and intangible assets 2
Repayment of loan receivables -202
Income on sale of investments 1
Net cash flow from investments -48 -101 -864
Cash flow from financing activities
Long-term loans, increase 3 000
Long-term loans, decrease
Short-term loans, net change 8 663 12 000 2 133
Payment of lease liabilities -33 -58 -241
Net cash flow from financing 11 630 11 942 1 892
Change in liquid assets 1 213 1 464 -1 431
Liquid assets, beginning of review period 1 626 3 024 3 024
Effect of exchange rate changes on liquid assets 73 33 34
Liquid assets, end of review period 2 912 4 521 1 626
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR 1 000
Attributable to the equity holders of the company
Share Distributable Translation Retained Total
capital equity fund differences earnings
Shareholders' 7 686 23 010 -663 -3 667 26 366
equity 1.1.2010
Comprehensive
income
for the period 270 -3 694 -3 424
Share based 10 10
payments
Equity on 31.3.2010 7 686 23 010 -393 -7 351 22 952
Shareholders' 7 686 23 011 -7 -18 229 12 461
equity 1.1.2011
Comprehensive
income
for the period 19 -4 804 -4 785
Equity portion of 472 472
convertible loan
Share based 8 8
payments
Equity on 31.3.2011 7 686 23 011 12 -22 553 8 156
SEGMENT INFORMATION
NET SALES
EUR 1 000 2011 2010 2010
1-3 1-3 1-12
Tiimari 10 194 13 048 61 924
Gallerix 3 366 3 198 13 914
Other operations 0 82 376
Eliminations -32 -87 -416
Group 13 528 16 242 75 797
EBITDA
EUR 1 000 2011 2010 2010
1-3 1-3 1-12
Tiimari -4 014 -1 828 -1 330
Gallerix -60 -75 135
Muut toiminnot -227 -592 -1 376
Konserni -4 301 -2 494 -2 571
OPERATING PROFIT
EUR 1 000 2011 2010 2010
1-3 1-3 1-12
Tiimari -4 322 -2 367 -10 435
Gallerix -246 -261 -724
Other operations -245 -613 -1 455
Group -4 813 -3 240 -12 613
DEPRECIATION AND GOODWILL IMPAIRMENT
EUR 1 000 2011 2010 2010
1-3 1-3 1-12
Tiimari 308 539 9 105
Gallerix 186 186 859
Other operations 18 21 79
Group 512 746 10 042
CAPITAL EXPENDITURE
EUR 1 000 2011 2010 2010
1-3 1-3 1-12
Tiimari 22 101 622
Gallerix 25 0 33
Other operations 0 0 10
Group 48 101 665
NET SALES BY GEOGRAPHICAL AREA
EUR 1 000 2011 2010 2009
1-3 1-3 1-12
Finland 9 554 12 170 58 384
Sweden 3 398 3 413 14 258
Other countries 577 659 3 156
Group 13 528 16 242 75 797
INTANGIBLE ASSETS
EUR 1 000 31.3.2011 31.3.2010 31.12.2010
Book value at 1 January 41 373 49 401 49 402
Changes in exchange rates 18 343 777
Additions 184
Depreciation and impairment -294 -503 -8 879
Disposals and intra-balance sheet transfer -111
Book value at the end of period 41 097 49 241 41 373
TANGIBLE ASSETS
EUR 1 000 31.3.2011 31.3.2010 31.12.2010
Book value at 1 January 4 275 4 904 4 904
Changes in exchange rates 2 -48 262
Additions 48 101 481
Depreciation and impairment -217 -248 -1 131
Disposals and intra-balance sheet transfer -241
Book value at the end of period 4 108 4 709 4 275
KEY FINANCIAL FIGURES
2011 2010 2010
1-3 1-3 1-12
Net sales 13 528 16 242 75 797
EBITDA -4 301 -2 495 -2 571
Operating profit -4 813 -3 240 -12 613
Profit/loss for the financial period -4 804 -3 694 -14 653
Earnings per share, EUR -0,29 -0,22 -0,89
Shareholders' equity per share, EUR 0,50 1,39 0,76
Solvency ratio 12,2 % 29,5 % 18,9 %
Gearing 440,1 % 143,9 % 208,5 %
Net working capital 4 465 7 742 -1 551
Operating cash flow -10 302 -10 279 -1 429
Net Interest-bearing liabilities 35 898 33 029 25 976
Balance sheet total 66 745 77 860 66 013
Average number of shares (pcs) 16 475 16 475 16 475
CONTINGENT LIABILITIES
31.3.2011 31.3.2010 31.12.2010
Loans from financial institutions
against the following securities 20 295 21 500 11 632
Corporate mortgages 31 137 31 137 31 137
Pledged shares 1 476 1 476 1 476
Other own liabilities
Bank quarantees 2 895 2 843 2 891
Other liabilities 5 5 5
Leasing liabilities
Due within one year 64 45 80
Due after one year 44 58 48
OTHER RENT LIABILITIES
Due within one year 15 112 14 041 15 534
Due after one year 23 160 24 353 26 182
RELATED PARTY TRANSACTIONS (EUR 1 000) Q1 2011 Q1 2010 1-12 2010
Managing Director remuneration 56 56 231
Board remuneration 27 26 107
Interest paid on capital loan (paid 31 March 2011 for period 1 Apr 2010 - 31 Mar
2011)
Hannu Krook 5
Hannu Ryöppönen 5
Sven-Olof Kulldorff 5
Virala Oy Ab (Atine Group Oy parent company) 216
Assetman Oy 38
Baltiska Handels A.B. 19
Total 288
MAJOR SHAREHOLDERS Shares Shares %
Major shareholders 31 March 2011
Atine Group Oy 3 293 000 19,99
Assetman Oy 1 740 645 10,57
Varma Mutual Pension Insurance Company 828 912 5,03
Primate Oy 764 800 4,64
Baltiska Handels A.B. 716 483 4,35
Aktia Capital Fund 600 000 3,64
Kargol Oy Ab 580 000 3,52
Vessilä Oy Ab 544 731 3,31
Cumasa Oy 407 625 2,47
Etera Mutual Pension Insurance Company 210 000 1,27
CALCULATION OF KEY FINANCIAL RATIOS
Gross margin = Revenue - materials and supplies *)
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 /
otal assets - prepayments received
Gearing ratio % = Interest-bearing liabilities - cash and cash equivalents * 100
/
Shareholders' equity
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
*) In Gallerix franchising activities further charged rental payments
are reduced from gross margin.
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