2009-08-18 08:00:00 CEST
2009-08-18 08:00:10 CEST
REGULATED INFORMATION
Tiimari Oyj Abp - Interim report (Q1 and Q3)
Interim report 1-6/2009
TIIMARI PLC Interim report August 18, 2009 at 9.00 INTERIM REPORT Q2/2009 For the second quarter: - Net sales fell by 3% and were EUR 15.6 million (16.1) - Gross profit continued to rise and was EUR 9.8 million (9.1) - EBITDA was EUR -1.8 million (-1.2) - Operating profit was EUR -2.7 million (-2.0) - Earnings per share were EUR -0.23 (-0.18) - The company arranged a directed emission to strengthen the company's balance sheet and shareholders'equity. The net increase in equity, after the issue costs, was EUR 6.1 million. Highlights for the first half of 2009: - Net sales fell by 8% and were EUR 31.3 million (33.9). The weakening of exchange rates was responsible for around EUR 1.0 million of this fall. - Gross profit increased and was EUR 19.4 million (18.5) - EBITDA was EUR -4.4 million (-1.8). EBITDA for the comparison period included a gain of EUR 0.9 million on the sale of fixed assets - Operating profit was EUR -6.1 million (-3.3). Excluding non-recurring items, the comparison figure would have been EUR -4.2 million. - Earnings per share were EUR -0.59 (-0.38) Future outlook: - The Board estimates that the planned and effected actions to increase profitability and strengthen the financial position will enable the company to increase operative profitability despite the decline in the general economic climate. The reductions in inventory and capital expenditure compared to last year will increase the cash flows from operating and investment activities. The operative cash flow before taxes and financing items is expected to be clearly positive in 2009. COMMENTS OF THE MANAGING DIRECTOR Managing Director of Tiimari, Hannu Krook: "The beginning of the year was disappointing in terms of sales. Our profit improvement programme has gone according to plan in respect of operating costs, capital tied to current assets and fixed asset investments. The effect of these measures on the result shall be more pronounced as from the third quarter. Our focus is to develop the competitiveness of the Tiimari Finland and Gallerix brands further. During the autumn, we will launch various new product groups supporting our retail business - it is also part of our strategy to improve the visibility of branded products in our range. Restricting investments and improving inventory turnover will increase the operating cash flow and reduce the gearing by the end of the financial year compared to last year. " GROUP FINANCIAL RESULTS Group net sales fell by 8% and were EUR 31.3 million (33.9). The sales for Easter, Tiimari's second most important season, were down on last year by around 6%, but they clearly exceeded expectations based on the average trend at the start of the year. Currency exchange-rate changes in the Swedish, Polish and Norwegian currencies reduced net sales by about EUR 1.0 million relative to the comparison period. Tiimari's business is very seasonal, and the majority of both sales and profits accrue during the last quarter of the financial year. Group operating profit was EUR -6.1 million (-3.3). Operating profit for the comparison period included a one-off gain of EUR 0.9 million on the sale of fixed assets. Net financial expenses during the period under review amounted to EUR 1.7 million (1.5). The result before taxes was EUR -7.8 million (-4.8), and the result after taxes was EUR -7.6 million (-3.9). Earnings per share were EUR -0.59 (-0.38). OPERATING SEGMENTS TIIMARI This segment comprises all the Tiimari-concept stores in Finland and abroad. Net sales for the review period fell by 9% and were EUR 25.2 million (27.7). The number of stores operated by the company was 199 (181), of which 168 (156) were in Finland. The operating profit for this segment was EUR -3.9 million (-2.6). The addition of 18 new stores significantly increased the rental and salary costs compared to the corresponding period in the previous year. It takes between six and eighteen months for a new store to grow to full profitability depending on the market area, and abroad the development is slower than in the home market. In most markets, the overall result since the start of the year has been negative due to the seasonality of demand. Tiimari's product categories were conceptualised in order to further strengthen our position as an arts & crafts and party shop. We will furthermore be strong in cards, gift packaging and office and school supplies. In order to boost sales, new product groups have been sought, which would raise customer numbers and increase the size of individual purchases and would sell evenly throughout the year. New product groups will arrive for sale in the autumn. Gallerix's interior-decoration products were added to the ranges of the largest of Tiimari's stores in Finland. The control of product flows and management of product groups were developed. In addition, the number of product titles in inventory will be reduced significantly. Capital expenditure for the segment was EUR 0.6 million (1.4) and was mainly related to the opening of new stores in Finland. GALLERIX The Gallerix segment comprises the Gallerix concept stores in Sweden and Finland. The number of stores operated by the company was 6 (2) in Finland and 14 (10) in Sweden. In Sweden most of the business is based on franchising, and there were 78 (81) stores run on this basis. Net sales for Gallerix were EUR 5.7 million (5.7). When calculated with unchanged exchange rates, the sales would have been about 15% higher. Operating profit was EUR -1.0 million (-0.8). The rental and personnel costs for the new stores caused an increase in Gallerix's structural costs and the volume of business in Finland has not yet risen to a profitable level. Capital expenditure for the segment was EUR 0.2 million (0.2) and was mainly related to the opening of new stores. TIIMORE Weak market conditions reflected strongly in Tiimore's business-gift sales as customers economised on their sales-promotion costs. Tiimore's net sales amounted to EUR 0.4 million (0.6), the operating profit totalling EUR ‑0.2 million (0.2). The operating profit for the comparison period included EUR 0.9 million in non-recurring income resulting from the sale of the Kokkola property. So, the adjusted operating profit for the comparison period was EUR -0.7 million. The streamlining of Tiimore's operations led to a clear reduction in costs, but this was not sufficient, in a situation of poor demand, to turn the result into a profitable one. No significant investment was made in this segment. PROFIT-IMPROVEMENT PROGRAMME At the beginning of the review period, the company announced a EUR 8 million profit-improvement programme covering savings in man hours, marketing and administrative expenses as well as measures aimed at increasing the margin. Furthermore, the cash-flow improvement programme aimed to reduce current assets and restrict investment. The profit-improvement programme was set in motion as planned in terms of cost saving actions. The euro-denominated margin improvements dependent on the level of sales were, as a result of weak sales, smaller than expected, but both the gross-margin percentage and the gross margin were higher than for the comparison period. Marketing costs were EUR 0.4 million lower than for the comparison period. Savings in man hours were brought about, and they reduced costs arising from the use of temporary employees. Store-related workforce costs fell in Finland by around 5% from the comparison period and during the second quarter, store-related savings were almost 8%. The Russian stores were closed during the review period, and at the end of this period only tax refund claims remained for the operations in Russia. Agreement has been reached on the closure of Norway's only store at the beginning of September. Repatriation of the financial management saved EUR 0.3 million in costs during the start of the year. Capital expenditure during the review period totalled EUR 0.8 million (1.7). The level of current assets was EUR 21.7 million, representing a decrease of EUR 1.7 million from the start of the financial year and a decrease of EUR 4.2 million from the comparison period (26.1). BALANCE SHEET, FINANCIAL POSITION AND CASH FLOW Net working capital for the group was EUR 14.4 million. Net working capital at the end of the comparison period was EUR 21.1 million and EUR 10.7 million at the end of 2008. 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. Current assets amounted to EUR 21.7 million (26.1) and decreased EUR 1.7 million from the beginning of the review period. Current receivables amounted to EUR 3.4 million (4.8), after falling by EUR 0.9 million since the beginning of the financial year. Current liabilities decreased by EUR 6.2 million to EUR 10.8 million (9.9) over the same period. The working-capital rationalisation programme has progressed according to plan. Increased turnover of current assets is sought across the whole group. It is believed that the measures implemented will reduce the level of current assets by EUR 4.0 million by the end of the current financial year, as planned. Non-current assets totalled EUR 57.2 million (63.0). Interest-bearing liabilities totalled EUR 37.8 million (44.4), increasing by EUR 3.7 million from the beginning of the financial year. The equity ratio (equity to assets) was 35% (36% at end of the comparison period and 35% at the beginning of the financial year), and net gearing was 126% (127% at the end of the comparison period and 105% at the beginning of the financial year). The company's financial position remained strained. A directed share issue has been arranged in order to improve the balance sheet and financial position of the company. The resulting increase in equity amounted to EUR 6.1 million after a deduction of EUR 0.4 million in issue costs. This was recorded in its entirety in the invested unrestricted equity fund. EUR 4.4 million from the proceeds was used for the repayment of interest-bearing debt. Shareholder's equity per share was 1.75 euros (3.30). The cash flow from operations was EUR -9.8 million (-10.0). The cash flow was negative because the business made losses and also because of the decrease in current non-interest-bearing liabilities. Group capital expenditure amounted to EUR 0.8 million (1.7). This mainly related to expansion of the store network in existing market areas. PERSONNEL The average number of group personnel in the period was 677 (670) and at the end of the period was 733 (663). Most of the personnel were employed by the Tiimari segment in Finland. The opening of new stores was responsible for the growth in staff numbers. SHARES AND SHARE CAPITAL Tiimari shares are listed on the NASDAQ OMX Helsinki plc stock exchange. As at 30 June 2009, the share price was EUR 1.30 (3.91) and the market value of the company was EUR 21.4 million (40.3). 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. During the quarter, the Board of Directors resolved - by virtue of authorization granted by the Annual General Meeting - to arrange a directed share issue. 5,175,535 shares were issued, paid for and registered by the end of April. TREASURY SHARES (Stock Exchange Release, 29 April 2009 www.tiimari.com) On 23 April, the company cancelled the 11,850 treasury shares that it possessed. The shares were cancelled without reducing the share capital. At the end of the review period, the company did not possess any treasury shares. ANNUAL GENERAL MEETING - 7 APRIL 2009 (Stock Exchange Release 7 April 2009 www.tiimari.com) The Annual General Meeting of Tiimari plc approved the financial statements for 2008 and the members of the Board and the Managing Director were discharged from liability. The meeting decided that the loss for the financial year, EUR 1,585,287.88, would be posted to accumulated retained earnings and that a dividend would not be issued. It was decided that the number of Board members would be six. Peter Seligson, Arja Hautanen, Sven-Olof Kulldorff, Juha Mikkonen, Alexander Rosenlew and Hannu Ryöppönen were elected to the Board of Directors. Chartered Accountants KPMG Oy Ab were elected to continue as auditors and they nominated Sixten Nyman (Chartered Accountant) as Principal Auditor. The Annual General Meeting authorized the Board to decide on issuing a maximum of 5,655,535 shares, in one or more tranches, via a share issue and/or by granting special rights to shares (including share options), as specified in chapter 10, section 1 of the Finnish Limited Liability Companies Act. The Board may decide to issue either new shares or existing shares held by the company. The maximum amount of the proposed authorization is equivalent to 50% of all company shares at the time of convening the Annual General Meeting. The authorisation may be used for financing and implementing potential acquisitions or other arrangements, for consolidating the company's balance sheet and financial situation, for implementing loyalty-and incentive-based compensation schemes for new members of the Board, management and other personnel or for any other purposes determined by the Board of Directors. Within the framework of the loyalty- and incentive-based compensation scheme, a maximum of 500,000 option rights may be granted in total to new members of the Board and to the new Managing Director of the company. This authorization supersedes previous share-issue authorizations and is effective until the next Annual General Meeting or 30 June 2010 if this is earlier. ORGANISING OF THE BOARD OF DIRECTORS (Stock Exchange Release, 7 April 2009 www.tiimari.com ) The Board elected Peter Seligson as its chairman and Hannu Ryöppönen as its vice-chairman. The Board appointed Peter Seligson chairman of the Nomination and Compensation Committee and Alexander Rosenlew and Arja Hautanen as its other members. The Board appointed Hannu Ryöppönen chairman of the Audit Committee and Juha Mikkonen and Peter Seligson as its other members. DIRECTED SHARE ISSUE (Stock Exchange Release, 20 April, 24 April and 30 April 2009 www.tiimari.com ) On 23 April 2009, the Board of Directors decided to apply its authority to issue shares. On the basis of the directed share issue , 5,175,535 new shares were issued, which corresponds to around 45.8% of all of the company's shares before the share issue. The share issue price was EUR 1.25 and after the deduction of share issue costs, accumulated funds of EUR 6.1 million were posted to the company's invested unrestricted equity fund. The pre-emptive subscription rights of the shareholders have been deviated from since the purpose of the share issue is to strengthen the balance sheet and the shareholder's equity of the company, in a way that is as quick and as cost effective as possible taking the instability of the stock market into consideration. The shares were listed on 25 May. OPTION RIGHTS (Stock Exchange Release, 24 April 2009 www.tiimari.com) The Board of Directors of Tiimari plc announced on 23 April 2009 that it will grant a total of 480,000 option rights, entitling the issue of up to 480,000 new shares in the company. Option rights were granted to the new managing director of the Company and to the new members of the Board. The options are granted as a part of the loyalty and incentive scheme. The former option schemes for Tiimari plc have now become void. MANAGEMENT Hannu Krook (M.Sc. Economics), took up the role of Managing Director of Tiimari plc on 7 April. Markku Breider (MBA) was appointed a member of Tiimari's management group and Director of Retail Chain Operations on 3 June. SHORT-TERM RISKS AND UNCERTAINTIES The global economic downturn is affecting consumer purchase behaviour and purchasing power in all of Tiimari's market areas. The economic recession and the resulting fall in demand has had and continues to have an impact on Tiimari's sales and profitability. Heightened competition creates pressure to adjust sales prices but is, at the same time, also expected to have a positive influence on purchase prices. Furthermore, unfavourable changes in purchase prices and exchange rates between the euro and currencies relevant to the business could weaken Tiimari's operating profit and its financial position. Tiimari's management has responded to the weakening demand, for example by rationalising the management of goods streams, adjusting the number of personnel in various areas, boosting marketing activities to increase the number of customers and the sum of purchases per customer in established stores and in new stores, closing down unprofitable stores, reviewing pricing and by pursuing increased efficiency of the Group in general. Furthermore, the Company has also launched a major profit-improvement programme in order to achieve its financial goals. Additionally, the Company has decided to focus its investment on the expansion and increased profitability of existing business operations. If the measures launched and already implemented should fail to bring the expected result, this might have a negative impact both on the Company's earnings for the current financial period and on its financial position. The company's operational risks and factors of uncertainty have been explained in more detail in the 2008 financial statements and no significant changes have occurred since. OUTLOOK To encourage growth in sales and numbers of customers, various new product groups shall be added to Tiimari's product range in the autumn. Tiimari's EUR 8 million profit-improvement programme was set in motion, as planned. The effects of the programme are expected to be reflected in both the company's profitability and the cash flows from operations, particularly from the third quarter onwards. The shareholders' equity of the company was increased by EUR 6.1 million, as the share issue resolved on 23 April 2009 was implemented. The company has used EUR 4.4 million of these funds to pay off its interest-bearing loans. The Board of Directors estimates that the planned and affected measures for increased profitability and strengthened financial position shall enable the company to improve operational profitability - despite the general decline in the economic climate. The reductions in inventory and capital expenditue compared to last year will increase the cash flows from operating and investment activities. The operative cash flow before taxes and financing items is expected to be clearly positive in 2009. 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 is a publicly listed company. The Group consists of two retail store brands: Tiimari and Gallerix. These two chains operate in seven countries in the Baltic Sea region, with a total of nearly 300 retail outlets. Each of the Group's retail businesses is among the market leaders in its own sector. The Group also includes Tiimore Oy, which specialises in corporate gifts and sales promotion solutions. BASIS OF PREPARATION This Interim Report was prepared in accordance with the IAS 34 standard. The interim consolidated financial statements were prepared applying the same accounting policies and methods of computation, as in the financial statements for 2008. 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 1.1.2009: IAS I, Presentation of financial statements, which has changed the presentation of the income statement and changes in shareholder's equity, application of standard affects presentation of group's interim report. Other applied standard changes do 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. Inventory valuation is based on regular devaluation as follows: 30 months 25%, 36 months 25% and 42 months 50% 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. -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | | | | | | | STATEMENT | | | | | | -------------------------------------------------------------------------------- | | 4-6/2009 | 4-6/2008| 1-6/2009 | 1-6/2008 | 1-12/2008 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 15 637 | 16 090 | 31 286 | 33 866 | 85 644 | -------------------------------------------------------------------------------- | Cost of goods sold | -5 820 | -7 027 | -11 875 | -15 372 | -34 348 | -------------------------------------------------------------------------------- | Gross profit | 9 817 | 9 063 | 19 411 | 18 494 | 51 296 | -------------------------------------------------------------------------------- | Gross profit, % | 63 % | 56 % | 62 % | 55 % | 60 % | -------------------------------------------------------------------------------- | Other operating | 261 | 77 | 438 | 1 013 | 1 402 | | income | | | | | | -------------------------------------------------------------------------------- | Employee | | | | | | -------------------------------------------------------------------------------- | benefit costs | -5 344 | -4 557 | -10 690 | -9 104 | -19 876 | -------------------------------------------------------------------------------- | Depreciation | -862 | -808 | -1 677 | -1 478 | -3 622 | -------------------------------------------------------------------------------- | Goodwill impairment | 0 | 0 | 0 | 0 | -5 000 | -------------------------------------------------------------------------------- | Other operating | -6 548 | -5 734 | -13 581 | -12 181 | -30 093 | | expenses | | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | -2 677 | -1 959 | -6 098 | -3 256 | -5 893 | -------------------------------------------------------------------------------- | Operating profit, % | -17 % | -12 % | -19 % | -10 % | -7 % | -------------------------------------------------------------------------------- | Financial income | 35 | | 132 | 73 | 160 | -------------------------------------------------------------------------------- | Financial expenses | -886 | -860 | -1 830 | -1 619 | -4 276 | -------------------------------------------------------------------------------- | Net financial income | -850 | -787 | -1 697 | -1 546 | -4 116 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INCOME BEFORE TAXES | -3 526 | -2 746 | -7 795 | -4 802 | -10 009 | -------------------------------------------------------------------------------- | Taxes | 89 | 889 | 147 | 896 | 80 | -------------------------------------------------------------------------------- | NET INCOME FOR THE | -3 437 | -1 857 | -7 648 | -3 906 | -9 929 | | PERIOD | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity holders of | -3 437 | -1 857 | -7 648 | -3 906 | -9 929 | | the company | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | | | | | | -------------------------------------------------------------------------------- | for profit | | | | | | | attributable | | | | | | -------------------------------------------------------------------------------- | to the equity holders of the | | | | | | Company | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share, | -0,23| -0,18 | -0,59 | -0,38 | -0,94 | | EUR | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Diluted earnings per | -0,23| -0,18 | -0,59 | -0,38 | -0,94 | | share, EUR | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF COMPREHENSIVE | | | | | INCOME | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET INCOME FOR THE | -3 437 | -1 857 | -7 648 | -3 906 | -9 929 | | PERIOD | | | | | | -------------------------------------------------------------------------------- | Translation | -59 | -38 | -19 | 0 | -726 | | diffrences | | | | | | -------------------------------------------------------------------------------- | Other | 0 | 13 | 0 | 0 | -21 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Comprehensive income | -3 496 | -1 895 | -7 667 | -3 906 | -10 676 | | for the period net | | | | | | | of tax | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Comprehensive income for the period attributable to: | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity holders of | -3 496 | -1 895 | -7 667 | -3 906 | -10 676 | | the company | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF FINANCIAL POSITION | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 30.6.2009 | 30.6.2008 | 31.12.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Goodwill | 33 292 | 37 497 | 33 287 | -------------------------------------------------------------------------------- | Other intangible assets | 18 259 | 19 441 | 18 950 | -------------------------------------------------------------------------------- | Tangible assets | 5 456 | 4 916 | 5 616 | -------------------------------------------------------------------------------- | Other financial assets | 105 | 105 | 105 | -------------------------------------------------------------------------------- | Receivables | 29 | 72 | 115 | -------------------------------------------------------------------------------- | Deferred tax assets | 29 | 920 | 0 | -------------------------------------------------------------------------------- | Total non-current assets | 57 168 | 62 951 | 58 073 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Inventories | 21 737 | 26 139 | 23 409 | -------------------------------------------------------------------------------- | Trade and other receivables | 3 387 | 4 788 | 4 255 | -------------------------------------------------------------------------------- | Cash and bank | 1 394 | 1 045 | 2 188 | -------------------------------------------------------------------------------- | Total current assets | 26 518 | 31 972 | 29 852 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 83 686 | 94 923 | 87 925 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity attributable to the equity holders | | | | of the parent company | | | -------------------------------------------------------------------------------- | Share capital | 7 686 | 7 686 | 7 686 | -------------------------------------------------------------------------------- | Own shares | 0 | -55 | -55 | -------------------------------------------------------------------------------- | Distributable equity fund | 23 022 | | 16 921 | -------------------------------------------------------------------------------- | Translation differences | -964 | | -945 | -------------------------------------------------------------------------------- | Retained earnings | -867 | | 6 836 | -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' EQUITY | 28 877 | 34 066 | 30 443 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 6 160 | 6 621 | 6 330 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 20 739 | 27 960 | 12 297 | -------------------------------------------------------------------------------- | Provisions | 31 | 23 | 31 | -------------------------------------------------------------------------------- | Total non-current liabilities | 26 930 | 34 604 | 18 658 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest bearing liabilities | 17 101 | 16 397 | 21 864 | -------------------------------------------------------------------------------- | Account payable and other payable | 10 778 | 9 856 | 16 960 | -------------------------------------------------------------------------------- | Total current liabilities | 27 879 | 26 253 | 38 824 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 54 809 | 60 857 | 57 482 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' EQUITY AND | 83 686 | 94 923 | 87 925 | | LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated Statement of Cash Flows | | | -------------------------------------------------------------------------------- | eur 1000 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 1-6/2009 | 1-6/2008 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operations | | | | -------------------------------------------------------------------------------- | Profit/loss for financial period | -7 648 | -3 906 | -9 929 | -------------------------------------------------------------------------------- | Adjustments: | | | | -------------------------------------------------------------------------------- | | Depreciation and impairment | 1677 | 1478 | 8 622 | -------------------------------------------------------------------------------- | | Gain (+) and loss (-) on sale of | -76,6 | -885 | -690 | | | fixed assets | | | | -------------------------------------------------------------------------------- | | Financial income and expenses | 1697,1 | 1546 | 4 116 | -------------------------------------------------------------------------------- | | Taxes | -147,1 | -896 | -80 | -------------------------------------------------------------------------------- | | Other adjustments | 0 | 0 | 173 | -------------------------------------------------------------------------------- | Change in working capital: | | | | -------------------------------------------------------------------------------- | | Change in short-term receivables | 824 | 2 331 | 2 732 | -------------------------------------------------------------------------------- | | Change in inventories | 1 696 | -666 | 2 799 | -------------------------------------------------------------------------------- | | Change in short term liabilities | -5 986 | -7 192 | -2 026 | -------------------------------------------------------------------------------- | Interest paid | -1285,4 | -1518 | -3 104 | -------------------------------------------------------------------------------- | Interest income received | 6,4 | 69,2 | 58 | -------------------------------------------------------------------------------- | Other financing expenses paid | -419 | 0 | -347 | -------------------------------------------------------------------------------- | Taxes paid | -143,4 | -359,6 | -387 | -------------------------------------------------------------------------------- | Net cash flow from operations | -9 806 | -9 998 | 1 937 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investment activities | | | -------------------------------------------------------------------------------- | | Acquisition of subsidiary companies | | | -------------------------------------------------------------------------------- | | net cash of acquired | 0 | 0 | -736 | -------------------------------------------------------------------------------- | | Investments in | | | | -------------------------------------------------------------------------------- | | tangible and intangible assets | -767,7 | -1652 | -4 505 | -------------------------------------------------------------------------------- | | Capital gains from tangible and | 0 | 1 111 | 985 | | | intangible assets | | | | -------------------------------------------------------------------------------- | | Repayment of loan receivables | 0 | 28 | 65 | -------------------------------------------------------------------------------- | Net cash flow from investments | -767,7 | -513 | -4 191 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing activities | | | | -------------------------------------------------------------------------------- | | Proceeds from share issue | 6101 | 0 | 3 100 | -------------------------------------------------------------------------------- | | Long-term loans, increase | 3500 | 0 | 0 | -------------------------------------------------------------------------------- | | Long-term loans, decrease | -1000 | -322 | -2 000 | -------------------------------------------------------------------------------- | | Short-term loans, net change | 1 176 | 10 677 | 2 325 | -------------------------------------------------------------------------------- | | Dividends paid | 0 | -1648 | -1 648 | -------------------------------------------------------------------------------- | Net cash flow from financing | 9 777 | 8 707 | 1 777 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in liquid assets | -796 | -1 804 | -477 | -------------------------------------------------------------------------------- | | Liquid assets, beginning of review | 2 188 | 2 852 | 2 852 | | | perios | | | | -------------------------------------------------------------------------------- | | Effect of exchange rate changes on | 2 | -2 | -187 | | | liquid assets | | | | -------------------------------------------------------------------------------- | | Liquid assets, end of review period | 1 394 | 1 046 | 2 188 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to the equity holders of the company | -------------------------------------------------------------------------------- | | Share | Distri-but | Own | Translat | Retain | Total | | | capital | able | share | ion | ed | | | | | equity | s | differen | earnin | | | | | fund | | ces | gs | | -------------------------------------------------------------------------------- | Shareholders' | 7 686 | 13 821 | -55 | -219 | 18 434 | 39 667 | | equity 1.1.2008 | | | | | | | -------------------------------------------------------------------------------- | Comprehensive income | | | | | | -------------------------------------------------------------------------------- | for the period | | | | -31 | -3 906 | 0 | -------------------------------------------------------------------------------- | Dividends paid | | | | | -1 648 | -1 648 | -------------------------------------------------------------------------------- | Share issue | | 0 | | | | 0 | -------------------------------------------------------------------------------- | Other items | | | | | -16 | -16 | -------------------------------------------------------------------------------- | Equity on | 7 686 | 13 821 | -55 | -250 | 12 864 | 38 003 | | 30.6.2008 | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | Shareholders' | 7 686 | 16 921 | -55 | -945 | 6 836 | 30 443 | | equity 1.1.2009 | | | | | | | -------------------------------------------------------------------------------- | Comprehensive | | | | | | | | income | | | | | | | -------------------------------------------------------------------------------- | for the period | | | | -19 | -7 648 | 0 | -------------------------------------------------------------------------------- | Dividends paid | | | | | 0 | 0 | -------------------------------------------------------------------------------- | Share issue | | | | | | 6 101 | -------------------------------------------------------------------------------- | Other items | | | | | -55 | 0 | -------------------------------------------------------------------------------- | Equity on | 7 686 | 23 022 | 0 | -964 | -867 | 36 544 | | 30.6.2009 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SEGMENT INFORMATION | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | REVENUE | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1.000 euroa | 2009 | 2008 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | 12 690 | 13 277 | 25 163 | 27 687 | 70 926 | -------------------------------------------------------------------------------- | Gallerix | 2 774 | 2 532 | 5 741 | 5 739 | 13 624 | -------------------------------------------------------------------------------- | Tiimore | 211 | 330 | 419 | 553 | 1 094 | -------------------------------------------------------------------------------- | Other operations | 0 | 987 | 400 | 1 633 | 1 223 | -------------------------------------------------------------------------------- | Eliminations | -37 | -1 036 | -437 | -1 746 | -1 223 | -------------------------------------------------------------------------------- | Group | 15 638 | 16 090 | 31 286 | 33 866 | 85 644 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1.000 euroa | 2009 | 2008 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | -1 299 | -944 | -3 878 | -2 617 | -3 602 | -------------------------------------------------------------------------------- | Gallerix | -532 | -612 | -967 | -763 | -526 | -------------------------------------------------------------------------------- | Tiimore | -59 | -196 | -171 | 234 | -287 | -------------------------------------------------------------------------------- | Other operations | -788 | -207 | -1 082 | -110 | -1 478 | -------------------------------------------------------------------------------- | Group | -2 678 | -1 959 | -6 098 | -3 256 | -5 893 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | DEPRECIATION AND GOODWILL IMPAIRMENT | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1.000 euroa | 2009 | 2008 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | 611 | 500 | 1 219 | 1 052 | 7 669 | -------------------------------------------------------------------------------- | Gallerix | 200 | 284 | 386 | 374 | 791 | -------------------------------------------------------------------------------- | Tiimore | 26 | 19 | 31 | 42 | 107 | -------------------------------------------------------------------------------- | Other operations | 25 | 5 | 41 | 10 | 55 | -------------------------------------------------------------------------------- | Group | 861 | 808 | 1 676 | 1 478 | 8 622 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CAPITAL EXPENDITURE | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1.000 euroa | 2009 | 2008 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | 139 | 893 | 567 | 1 371 | 4 205 | -------------------------------------------------------------------------------- | Gallerix | 20 | 122 | 187 | 172 | 747 | -------------------------------------------------------------------------------- | Tiimore | 0 | 88 | 0 | 88 | 2 | -------------------------------------------------------------------------------- | Other operations | 10 | 0 | 14 | 37 | 286 | -------------------------------------------------------------------------------- | Group | 169 | 1 103 | 768 | 1 668 | 5 240 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | REVENUE BY GEOGRAPHICAL AREA | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1.000 euroa | 2009 | 2008 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Finland | 11 638 | 12 633 | 23 051 | 25 773 | 64 990 | -------------------------------------------------------------------------------- | Sweden | 3 035 | 2 244 | 6 212 | 5 611 | 14 317 | -------------------------------------------------------------------------------- | ROW | 966 | 1 213 | 2 023 | 2 482 | 6 337 | -------------------------------------------------------------------------------- | Group | 15 638 | 16 090 | 31 286 | 33 866 | 85 644 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INTANGIBLE ASSETS | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1.000 euroa | | | 30.6.2009 | 30.6.2008 | 31.12.2008| | | | | | | | -------------------------------------------------------------------------------- | Book value at 1 | | | 52 237 | 57 145 | 57 145 | | January | | | | | | -------------------------------------------------------------------------------- | Changes in exchange | | | 41 | -6 | -294 | | rates | | | | | | -------------------------------------------------------------------------------- | Additions | | | 322 | 868 | 2 000 | -------------------------------------------------------------------------------- | Depreciation and | | | -1 045 | -1 069 | -6 598 | | impairment | | | | | | -------------------------------------------------------------------------------- | Disposals and | | | -4 | 0 | -16 | | intra-balance sheet | | | | | | | transfer | | | | | | -------------------------------------------------------------------------------- | Book value at the | | | 51 551 | 56 938 | 52 237 | | end of period | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | TANGIBLE ASSETS | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1.000 euroa | | | 31.3.2009 | 31.3.2008 | 31.12.2008| | | | | | | | -------------------------------------------------------------------------------- | Book value at 1 | | | 5 616 | 4 650 | 4 650 | | January | | | | | | -------------------------------------------------------------------------------- | Changes in exchange | | | -29 | 4 | -56 | | rates | | | | | | -------------------------------------------------------------------------------- | Additions | | | 508 | 888 | 3 677 | -------------------------------------------------------------------------------- | Depreciation and | | | -632 | -409 | -2 024 | | impairment | | | | | | -------------------------------------------------------------------------------- | Disposals and | | | -8 | -217 | -631 | | intra-balance sheet | | | | | | | transfer | | | | | | -------------------------------------------------------------------------------- | Book value at the | | | 5 456 | 4 916 | 5 616 | | end of period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FINANCIAL | | | | | | | FIGURES | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 2009 | 2008 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Net sales | 15 637 | 16 090 | 31 286 | 33 866 | 85 644 | -------------------------------------------------------------------------------- | EBITDA | -1 816 | -1 151 | -4 422 | -1 778 | 2 729 | -------------------------------------------------------------------------------- | Operating profit | -2 677 | -1 959 | -6 098 | -3 256 | -5 893 | -------------------------------------------------------------------------------- | Profit/loss for the | -3 437 | -1 857 | -7 648 | -3 906 | -9 929 | | financial period | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | -0,23 | -0,18 | -0,59 | -0,38 | -0,94 | | EUR | | | | | | -------------------------------------------------------------------------------- | Shareholders' equity | | | 1,75 | 3,30 | 2,69 | | per share, EUR | | | | | | -------------------------------------------------------------------------------- | Solvency ratio | | | 34,5 % | 35,9 % | 34,6 % | -------------------------------------------------------------------------------- | Gearing | | | 126,2 % | 127,1 % | 105,0 % | -------------------------------------------------------------------------------- | Net working capital | | | 14 346 | 21 071 | 10 704 | -------------------------------------------------------------------------------- | Operating cash flow | | | -8 656 | -8 957 | 993 | -------------------------------------------------------------------------------- | Net Interest-bearing | | | 36 446 | 43 312 | 31 973 | | liabilities | | | | | | -------------------------------------------------------------------------------- | Balance sheet total | | | 83 686 | 94 923 | 87 925 | -------------------------------------------------------------------------------- | Average number of | 14 750 | 10 311 | 13 025 | 10 311 | 10 561 | | shares (pcs) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONTINGENT LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 30.6.2009 | 30.6.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | Loans from financial institutions | | | | -------------------------------------------------------------------------------- | against the following securities | 26 006 | 27 815 | 14 724 | -------------------------------------------------------------------------------- | Real estate mortgages | 0 | 1 000 | 1 062 | -------------------------------------------------------------------------------- | Corporate mortgages | 31 137 | 31 137 | 31 137 | -------------------------------------------------------------------------------- | Pledged shares | 1 476 | 1 476 | 1 476 | -------------------------------------------------------------------------------- | Other own liabilities | | | | -------------------------------------------------------------------------------- | Bank quarantees | 2 459 | 1 645 | 1 914 | -------------------------------------------------------------------------------- | Othet liabilities | 8 | 413 | 405 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Leasing liabilities | | | | -------------------------------------------------------------------------------- | Due within one year | 282 | 30 | 90 | -------------------------------------------------------------------------------- | Due after one year | 227 | 10 | 131 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OTHER RENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Due within one year | 12 630 | 11 904 | 9 858 | -------------------------------------------------------------------------------- | Due after one year | 11 505 | 16 822 | 14 380 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RELATED PARTY TRANSACTIONS (EUR 1000) | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | CEO salaries and benefits | 192 | 128 | 225 | -------------------------------------------------------------------------------- | Board of directors fees and benefits | 55 | 59 | 117 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kristiina Illi left her position as Tiimari CEO 7.4.2009 and her total | -------------------------------------------------------------------------------- | compensation for 2009 is 218 thousand euros. | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | The CEO and new members of the Board, Mr. Ryöppönen and Mr. Kulldorff | -------------------------------------------------------------------------------- | have received company share options. | | | -------------------------------------------------------------------------------- | The members of the Board and the CEO subscribed company shares in the spring | -------------------------------------------------------------------------------- | share emission, either personally or through companies where they excercise | | control. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EVENTS AFTER REVIEW PERIOD | | | -------------------------------------------------------------------------------- | The company has no significant events after review period. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | WRITE-DOWN OF INVENTORY | | | -------------------------------------------------------------------------------- | In addition to the company's inventory valuation policies, | -------------------------------------------------------------------------------- | no non-recurring write-downs have been made. | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | MAJOR SHAREHOLDERS | Shares | Shares % | -------------------------------------------------------------------------------- | Major shareholders 30.6.2009 | | | -------------------------------------------------------------------------------- | Atine Group Oy | 3 292 198 | 19,98 % | -------------------------------------------------------------------------------- | Assetman Oy | 1 740 645 | 10,57 % | -------------------------------------------------------------------------------- | Varma Mutual Pension Insurance Company | 1 012 172 | 6,14 % | -------------------------------------------------------------------------------- | Primate Oy | 825 000 | 5,01 % | -------------------------------------------------------------------------------- | Ilmarinen Mutual Pension Insurance Company | 789 221 | 4,79 % | -------------------------------------------------------------------------------- | Baltiska Handels A.B. | 716 483 | 4,35 % | -------------------------------------------------------------------------------- | Aktia Capital Fund | 600 000 | 3,64 % | -------------------------------------------------------------------------------- | Cumasa Oy | 407 625 | 2,47 % | -------------------------------------------------------------------------------- | Nordea Pankki Suomi Oyj (Administrative reg.) | 331 179 | 2,01 % | -------------------------------------------------------------------------------- | Arvo Finland Value Fund | 300 000 | 1,82 % | -------------------------------------------------------------------------------- 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 / 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 Further information: Managing Director, Hannu Krook - tel. +358 (0)3 812911, email: hannu.krook@tiimari.fi
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