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2010-11-05 07:30:00 CET 2010-11-05 07:30:04 CET REGULATED INFORMATION Tiimari Oyj Abp - Interim report (Q1 and Q3)Tiimari Plc Interim Report 1-9/2010TIIMARI PLC Interim Report 5 November 2010 at 08.30 INTERIM REPORT TIIMARI'S SALES UNCHANGED, NON-RECURRING ITEMS WEAKENED EARNINGS Highlights for the quarter: - Revenue for continuing markets was EUR 15.3 million (15.9), down 3.6% compared to last year - EBITDA for continuing markets was EUR -2.7 million (-1.4) - EBIT for continuing markets was EUR -3.4 million (-2.2) - Earnings per share was EUR -0.24 (-0.22) Highlights for the financial year: - Revenue for continuing markets remained at EUR 45.0 million (45.0) - EBITDA for continuing markets was EUR -6.3 million (-4.5) - EBIT for continuing markets was EUR -8.6 million (-6.8) - Earnings per share was EUR -0.65 (-0.78) Non-recurring expense items totalled EUR 2.95 million: - Tiimari segment non-recurring expense items totalled EUR 2.35 million - Gallerix segment non-recurring expense items totalled EUR 0.6 million All figures are unaudited. GROUP KEY FIGURES -------------------------------------------------------------------------------- | eur 1000 | 7-9/2010 | 7-9/2009 | 1-9/2010 | 1-9/2009 | 1-12/2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 15 382 | 16 857 | 45 866 | 47 748 | 80 113 | -------------------------------------------------------------------------------- | Operating profit | -3 620 | -2 860 | -9 352 | -8 764 | -7 516 | -------------------------------------------------------------------------------- | Earnings per share, | -0,24 | -0,24 | -0,65 | -0,82 | -0,73 | | EUR | | | | | | -------------------------------------------------------------------------------- TIIMARI AND INDUSTRY OUTLOOK FOR 2010 Forecasting consumer demand development is challenging. The general economic climate is not expected to revive quickly, but the consumer demand is expected to increase slightly during the current financial year in the Swedish and Finnish markets. No demand increase is forecasted in the Baltic market during the estimate period. The board of directors at Tiimari keep the outlook unchanged and the Board estimates, that by focusing on the profitable core operations and improving its product offering the Company has the capability to improve operational profitability (EBITDA excluding non-recurring items) and achieve a clearly positive operational cash flow (operative cash flow before financing items and taxes) in 2010. COMMENTS OF THE MANAGING DIRECTOR Tiimari Managing Director Hannu Krook: “Focus on the best selling products, continuous management of the amount of products items as well as rationalisation of the shop network and improvement of shop profitability have been our focus points during 2010. Our investments have been allocated to improving operational efficiency. Investments have been made in improving inventory, product assortment management and payment traffic as well as a new product offering. This year we have financed our operations by releasing working capital as well as normal seasonal financing without additional shareholder funding, which totalled approximately EUR 11 million last year. A broad profit improvement program and operational rationalisation has been executed in the Tiimari Group. The inventory levels have been reduced permanently by over EUR 8 million and in the shops space has been allocated to a new product offering. The negative volume development due to price increases has diminished the effect of price increases and purchase price on the gross margin. To turn the negative volume development we reduced the selling price of 640 basic assortment products on 19th October 2010, as part of our new pricing structure where we moved from so called high-low pricing to permanently affordable prices. The results from the new product offering and the launch of the party product category will be visible with a slight delay in customer traffic and sales development.” CONCEPT AND SEASONAL CHANGES 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 product. 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 a large volume. The Tiimari chain was established in Lahti in 1975. Gallerix operates nearly 100 shops in Sweden, of which 11 are own shops. The rest operate according to a franchising principle. Gallerix specialises in paintings, frames and framing, small decoration articles, gift wrapping and cards. The core of the concept is cosiness, enticiveness, humour and sense of excitement. The Gallerix chain was established in Uppsala in 1974. In the Tiimari Group the product purchase operations and sales operations in the shops operate in close cooperation. It is central 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 tangent product offerings. Due to the Tiimari concepts the seasonal changes in the operations have traditionally been strong. The fourth quarter contributes about 40% of the annual revenue. The additional 60% is accumulated evenly during the first three quarters approximately 20% per quarter. During the spring the quarterly results are significantly affected by the Easter holiday sales occurring either during the first or the second quarter. The summer holiday period is traditionally docile in terms of revenue. Historically, the result for the first three quarter has 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. GROUP REVENUE AND PROFIT DEVELOPMENT The Group revenue during the review period declined by 3.9% and was EUR 45.9 million (47.7). The comparable revenue for continuing operations remained stable at EUR 45.0 million (45.0). The operation of the Tiimari Group is very seasonal and a majority of the revenue and result is accumulated during the last quarter. The gross margin for the review period was EUR 26.1 million (28.9) and declined from the comparison period. The inventory difference of EUR 1.0 million caused by the transition into continuous inventory checks explains the decline in gross margin. In addition, the measures to reduce inventory levels as well as the renewal of the product offering have had an adverse effect on the gross margin especially during the third quarter, but simultaneously the measures have released the tied up capital according to plan. The gross margin % was 57% (60%). The Group operating profit for the review period was EUR -9.4 million (-8.8). The net financing expenses were EUR 1.6 million (2.5) and the third quarter net financing expenses were EUR 0.6 million (0.8). The profit before tax was EUR -10.9 million (-11.2). The earnings per share were EUR -0.65 (-0.82). OPERATING SEGMENTS TIIMARI The Tiimari segment comprises the Tiimari concept shops in Finland and the Baltic states. The segment revenue for the review period declined 5.2% and was EUR 36.8 million (38.9). The decline is fully explained by the so called inactive markets. Tiimari withdrew during the first half of 2010 from Poland, Russia, Norway and Sweden and these have been included in the so called inactive markets. Tiimari had 185 (205) own shops at the end of the review period, of which 166 (168) are in Finland. The segment operating profit during the beginning of the year was EUR -7.2 million (-6.4). The total result during the first three quarters has traditionally been negative due to the strong seasonality of demand. The decline in operating profit was caused by EUR 2.35 million non-recurring items. There was a EUR 1.0 million non-recurring charge on materials and services related to the introduction of continuous inventory method. Non-recurring charges of EUR 0.8 million were recorded on staff costs related to staff reductions and product mix changes as well as EUR 0.55 million on other operating expenses related to store network restructuring and real estate.The third quarter seasonal discounted sales to reduce inventory tails and the amount of product item amounts were also more aggressive than previously. The fixed expenses for the review period were lower than during the comparison period due to measures executed in the profit improvement program. The union agreement compliant salary expense increases as well as raises in rent amounts increased rent and personnel expenses compared to last year. The current shop network serves as a base for revenue improvement and profitability improvement, as the demand revives. For new shops to break even it takes from half a year to a full year depending on the market area. The development of foreign shops is slower than for domestic shops. Tiimari started operations in Lithuania only in the end of 2009. The demand in the Baltic markets declined significantly compared to last year and profitability decreased. The Tiimari product categories were conceptualised to further strengthen our position as a hobby and craft and party shop. In the future, Tiimari will also be strong in cards, gift wrapping as well as school and office supplies. The aim in product offering and renewal of product categories is to increase customer traffic, the level of individual purchases and level out the seasonal fluctuation in sales. The management of product flows and product assortment management have been developed and the amount of stock keeping units has been reduced by five percent. The segment investments during the review period were EUR 0.5 million (0.6) and were allocated mainly to previously agreed shop openings. GALLERIX A major part of the operations in the Gallerix segment are based on franchising contracts. In Sweden, there were 11 own shops (11) and 75 (78) shops operating under the franchising principle during the end of the review period. In Finland, there was 1 own shop (4). The Gallerix segment revenue for the review period was EUR 9.1 million (9.0), an increase by 0.7%. The operating profit was EUR -1.0 million (-1.1). Gallerix's net sales in local currency amounted to SEK 87.6 million (SEK 96.4 million) and EBIT to SEK -9.3 million (SEK -11.3 million). Reorganisations were done within the segment, which resulted in EUR 0.6 million non-recurring expenses. Product category management was developed further in order to increase the share of Gallerix in franchisee purchases and improve franchisee profitability. Segment investments totalled EUR 0.03 million (0.21). OTHERS Other operations include common expenses for the Group and the senior management. All business management related operations and personnel were allocated in the segments during the review period. No internal management fees were charged during the review period. PROFIT-IMPROVEMENT PROGRAMME Management, shop network and personnel expenses As a result of the cooperation negotiations held in Finland and Sweden during the beginning of the financial year personnel changes in the group management were executed, several shops were closed down and more efficient labour hour recommendations were initiated. The labour hours are in the future primarily managed based on the customer numbers. The personnel expenses for the Group declined during the first half of the year by 9.5%, one part relating to the closing down of certain business operations. The personnel expenses for the continuing markets declined during the first half of the year by 4.4%. Investments Investment restrictions in fixed assets continued and capital expenditure during the review period totalled EUR 0.5 million (0.8), which equals 1.1% (1.7) of revenue. Inventory Inventory totalled EUR 17.5 million and grew by EUR 2.5 million from the beginning of the year, but was EUR 3.3 million less than in the comparison period (20.8). The decrease is partly explained by the EUR 1.0 million inventory difference caused by the transition into continuous inventory checks. Measures are still taken in the stride to improve inventory turnover levels by clarifying the product offering and by developing purchase management. Changes in group structure As previously announced withdrawals have been made from non-profitable markets. During the first half of the year Tiimari withdrew from Russia, Norway and Poland and closed all Tiimari shop in Sweden and all but one Gallerix shops in Finland. The aforementioned and the subsidiary of Gallerix Sweden, Fröken Väs, which was sold in April, are considered so called inactive markets. Of these only one Gallerix shop remained at the end of the review period. These are not reported as so called continuing markets, but they are reported as continuing operations as long as the legal entity is part of the group structure. No significant expenses are expected to occur from the so called inactive markets in the future. BALANCE SHEET, FINANCIAL POSITION AND CASH FLOW The Group's cash position remains tight and is dependent on the November and December sales success. The net working capital for the Group was EUR 7.5 million. The net working capital for the comparison period was EUR 13.2 million and EUR 0.3 million at the end of the 2009 financial year. The net working capital is affected by the seasonal fluctuations in the operations, so that there is an increase during the year and a reduction by the end of the fiscal year. The inventory levels were EUR 17.5 million (20.8 at the end of the comparison period). Short-term receivables totalled EUR 3.4 million (3.9). Short-term non-interest bearing liabilities totalled EUR 13.4 million (11.5). An increase in the inventory turnover levels is still strived for in the Group. Long-term assets totalled EUR 53.2 million (56.8). Interest-bearing liabilities totalled EUR 41.0 million (40.3) and grew by EUR 15.4 million from the beginning of the year. Equity ratio was 21.3% (30.3% in the end of the comparison period and 34.6 in the end of 2009.) Operational cash flow was EUR -15.1 million (-11.5). The cash flow was unhelpfully affected by the non-profitability of operations and assisted by the increase in short-term liabilities and a decrease in short-term receivables. The total investments for the Group were EUR 0.5 million (0.8). The investments were allocated mainly to developing the shop network in the current market areas. PERSONNEL The average number of group personnel in the current period was 582(709). The numbers have been altered to reflect the share of full-time employees. The majority of the personnel are part-time employees. The division of personnel per country is a follows: Finland 456 (463) employees, Sweden 40 (57), Estonia 53 (69), Latvia 24 (28), Lithuania 8 (8) and others 0 (83). SHARES AND SHARE CAPITAL Tiimari shares are listed on the NASDAQ OMX Helsinki Plc stock exchange. As at 30th September 2010, the share price was EUR 1.28 (1.40) and the market value of the company was EUR 21.1 million (23.1). The share capital of the company was EUR 7.686.200 at the end of the current period and the number of shares was 16,474,755. OWN SHARES At the end of the review period the Company does not hold any own shares. ANNUAL GENERAL MEETING - 30 MARCH 2010 (Stock Exchange Release 30 March 2010 www.tiimari.com) The Annual General Meeting of Tiimari Plc approved the financial statements for 2009 and discharged the board members and the Managing Director from liability. The Meeting decided, that the loss for the period -12.565.636,92 shall be booked as retained earnings and no divided is to be distributed. The board composition was decided as six members. Hannu Ryöppönen, Sven-Olof Kulldorff, Juha Mikkonen, Markku Pelkonen, Alexander Rosenlew were re-elected and Sissi Silván was elected as a new member. KPMG Ltd. was elected to continue as Group Auditor and named Sixten Nyman APA as auditor with main responsibility. The Meeting authorised the Board to decide on purchasing a maximum of 500.000 treasury shares at market price to be used in a manner decided by the Board. The authorisation can be utilised in potential corporate acquisitions or other business development related arrangements, for execution of commitment or incentive programs for management or other personnel or other purposes decided by the Board. ORGANISING OF THE BOARD OF DIRECTORS (Stock Exchange Release 30 March 2010 www.tiimari.com) The Board elected Hannu Ryöppönen as its chairman and Juha Mikkonen as its vice-chairman. The Board appointed Hannu Ryöppönen chairman of the Nomination and Compensation Committee and Alexander Rosenlew and Juha Mikkonen as its other members. The Board appointed Juha Mikkonen chairman of the Audit Committee and Hannu Ryöppönen and Sissi Silván as its other members. MANAGEMENT During the review period on 26th July 2010 Kai Järvikare commenced as Chief Financial Officer for Tiimari Plc and 23rd August 2010 Memme Ilmakunnas was appointed Purchasing Director for Tiimari Plc. SHORT-TERM RISKS AND UNCERTAINTIES The global recession has affected consumer purchasing behaviour and purchasing power across all Tiimari market areas. The decline in demand has affected sales and profitability. The increase in competition has created pressure for sales price checks, but it is also expected to have a positive effect on the development of purchase prices. Potential disadvantageous changes in purchasing prices as well as in foreign exchange rates relevant to business operations could, should they occur, decrease Tiimari operations result and financial position. The Tiimari management has reacted to the decline in demand by increasing efficiency in material flow management, adjusting personnel amounts, increasing efficiency in marketing operations to grow customer traffic and individual purchases, seizing non-profitable shop locations, monitoring pricing and generally increasing the effectiveness of group operations. An extensive profit improvement programme is currently ongoing in the Company and as part of the program investments have been allocated to grow current business operations and improve its profitability. Should the ongoing and already executed measures not reach the desired effect, this could have a negative effect on the Company's result and financial position. The operational risks and uncertainties of the Company have been presented in more detail in the 2009 financial statements and no significant changes have occurred since. CHANGES IN OPERATIONAL STRUCTURE AND FOCUSING ON CORE OPERATIONS The most important goals for 2010 set by the Board have been profitability improvement, improving operational cash flow and reducing net interest bearing liabilities. The most important measures to reach the goals are focusing on the profitable core operations, closing non-profitable operations and sharpening the attractiveness of both Tiimari and Gallerix concepts and increasing inventory turnover as well as increasing efficiency in the cost structure of the shop network. According to plan, Tiimari has withdrawn from the non-profitable markets in Russia, Norway and Poland and the non-profitable Tiimari operations in Sweden were closed during the first half of 2010. In addition, in Finland two out of three Gallerix have been closed and in Sweden Fröken Väs AB operations were sold during the first half of 2010. Board of Directors Tiimari plc Further information: Managing Director Hannu Krook tel. + 358 (0)3 812911, e-mail hannu.krook@tiimari.fi Chief Financial Officer Kai Järvikare tel. +358 (0)44 7129475, email kai.jarvikare@tiimari.fi Distribution: NASDAQ OMX Helsinki Main source of information www.tiimari.com Tiimari Plc shares are listed at Nasdaq OMX Helsinki Plc. The Group comprises two retail shop concepts, Tiimari and Gallerix. The concepts operate nearly 300 shops in five countries within the Baltic Sea region. Both concepts belong to the forerunners within their business segments. -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | | | | | | | STATEMENT | | | | | | | | | | | | | -------------------------------------------------------------------------------- | eur 1000 | 7-9/10 | 7-9/09 | 1-9/10 | 1-9/09 | 1-12/09 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONTINUING OPERATIONS | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | REVENUE | 15 382 | 16 857 | 45 866 | 47 748 | 80 113 | -------------------------------------------------------------------------------- | Material and services | -7 262 | -7 215 | -19 785 | -18 884 | -34 601 | -------------------------------------------------------------------------------- | Gross margin | 8 120 | 9 642 | 26 081 | 28 864 | 45 512 | -------------------------------------------------------------------------------- | Gross margin-% | 53 | 57 | 57 | 60 | 57 | -------------------------------------------------------------------------------- | Other operating income | 248 | 501 | 1 184 | 1 331 | 1 824 | -------------------------------------------------------------------------------- | Gain on disposal of | 0 | 0 | 0 | 0 | 0 | | discontinued operations and | | | | | | | revaluation to fair value | | | | | | -------------------------------------------------------------------------------- | Tiimari total personnel | -4 365 | -5 084 | -14 506 | -15 560 | -21 765 | | expenses | | | | | | -------------------------------------------------------------------------------- | Depreciation and | -739 | -850 | -2 351 | -2 496 | -3 507 | | amortisation | | | | | | -------------------------------------------------------------------------------- | Impairment | | | | | -614 | -------------------------------------------------------------------------------- | Impairment on goodwill | | | -52 | | -882 | -------------------------------------------------------------------------------- | Other operating expenses | -6 833 | -7 069 | -19 708 | -20 903 | -28 084 | -------------------------------------------------------------------------------- | OPERATING PROFIT | -3 620 | -2 860 | -9 352 | -8 764 | -7 516 | -------------------------------------------------------------------------------- | Operating profit % | -24 | -17 | -20 | -18 | -9 | -------------------------------------------------------------------------------- | Financing income | 28 | -87 | 214 | 46 | 47 | -------------------------------------------------------------------------------- | Financing expenses | -605 | -680 | -1 767 | -2 510 | -3 181 | -------------------------------------------------------------------------------- | Net financing expenses | -577 | -767 | -1 553 | -2 464 | -3 134 | -------------------------------------------------------------------------------- | PROFIT/LOSS BEFORE TAX | -4 198 | -3 627 | -10 905 | -11 228 | -10 650 | -------------------------------------------------------------------------------- | Tax on income from | 164 | -8 | 251 | 139 | 535 | | operations | | | | | | -------------------------------------------------------------------------------- | PROFIT/LOSS FOR THE PERIOD, | -4 034 | -3 635 | -10 654 | -11 089 | -10 115 | | CONTINUING OPERATIONS | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | DISCONTINUING OPERATIONS | | | | | | -------------------------------------------------------------------------------- | Profit/loss for the period, | | -393 | | -587 | -674 | | discontinuing operations | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT/LOSS FOR THE PERIOD | -4 034 | -4 027 | -10 654 | -11 675 | -10 789 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit / loss for the period | | | | | | | attributable to: | | | | | | -------------------------------------------------------------------------------- | Shareholders' of the parent | -4 034 | -4 027 | -10 654 | -11 675 | -10 789 | | company | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | | | | | | | calculated on profit | | | | | | | attributable to equity | | | | | | | holders | | | | | | -------------------------------------------------------------------------------- | of the parent company: | | | | | | -------------------------------------------------------------------------------- | Continuing operations | | | | | | -------------------------------------------------------------------------------- | EPS undiluted and diluted | -0,24 | -0,22 | -0,65 | -0,78 | -0,69 | | (EUR) | | | | | | -------------------------------------------------------------------------------- | Discontinuing operations | | | | | | -------------------------------------------------------------------------------- | EPS undiluted and diluted | | -0,02 | | -0,04 | -0,05 | | (EUR) | | | | | | -------------------------------------------------------------------------------- | EPS, total undiluted and | -0,24 | -0,24 | -0,65 | -0,82 | -0,73 | | diluted (EUR) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF | | | | | | | COMPREHENSIVE INCOME | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET INCOME FOR THE PERIOD | -4 034 | -4 027 | -10 654 | -11 675 | -10 789 | -------------------------------------------------------------------------------- | Translation diffrences | 191 | 401 | 544 | 382 | 282 | -------------------------------------------------------------------------------- | Other | | | | | | -------------------------------------------------------------------------------- | Comprehensive income for the | -3 843 | -3 626 | -10 110 | -11 293 | -10 507 | | period net of tax | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Comprehensive income for the | | | | | | | period attributable to: | | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | -3 843 | -3 626 | -10 110 | -11 293 | -10 507 | | company | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF FINANCIAL | | | | | POSITION | | | | -------------------------------------------------------------------------------- | eur 1 000 | | | | -------------------------------------------------------------------------------- | | 30.9.2010| 30.9.2009| 31.12.2009| | | | | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Goodwill | 32 702 | 33 444 | 32 525 | -------------------------------------------------------------------------------- | Intangible assets | 15 803 | 17 902 | 16 876 | -------------------------------------------------------------------------------- | Property, plan, equipment | 4 529 | 5 274 | 4 904 | -------------------------------------------------------------------------------- | Available-for-sale investments | 105 | 101 | 104 | -------------------------------------------------------------------------------- | Non-current Receivables | 0 | 0 | 5 | -------------------------------------------------------------------------------- | Non-current trade and other receivables | 0 | 30 | 30 | -------------------------------------------------------------------------------- | Other non-current Investments | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Deferred tax asset | 29 | 29 | 29 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 53 167 | 56 779 | 54 472 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Inventories | 17 499 | 20 773 | 15 044 | -------------------------------------------------------------------------------- | Trade receivables and other recivables | 3 426 | 3 923 | 3 395 | -------------------------------------------------------------------------------- | Tax Receivable, income tax | 0 | 0 | 59 | -------------------------------------------------------------------------------- | Cash and bank | 2 301 | 1 791 | 3 024 | -------------------------------------------------------------------------------- | CURRENT ASSETS | 23 226 | 26 487 | 21 523 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | 76 392 | 83 267 | 75 994 | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Shareholder's equity attributable to | | | | | parent company shareholders | | | | -------------------------------------------------------------------------------- | Share capital | 7 686 | 7 686 | 7 686 | -------------------------------------------------------------------------------- | Fair value reserve and other reserves | 23 011 | 23 011 | 23 011 | -------------------------------------------------------------------------------- | Translation differences | -119 | -563 | -663 | -------------------------------------------------------------------------------- | Retained earnings | -14 290 | -4 864 | -3 667 | -------------------------------------------------------------------------------- | EQUITY | 16 288 | 25 271 | 26 366 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 5 678 | 6 208 | 5 834 | -------------------------------------------------------------------------------- | Non-current liabilities, interest-bearing | 22 194 | 21 998 | 22 203 | -------------------------------------------------------------------------------- | Non-current provisions | 31 | 31 | 31 | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 27 903 | 28 237 | 28 067 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current interest-bearing liabilities | 18 812 | 18 312 | 3 398 | -------------------------------------------------------------------------------- | Trade Payables and Other Liabilities | 13 389 | 11 447 | 18 103 | -------------------------------------------------------------------------------- | Tax liability, income tax | 0 | 0 | 60 | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 32 201 | 29 759 | 21 561 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 60 104 | 57 996 | 49 628 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | 76 392 | 83 267 | 75 994 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated Statement of Cash Flows | | | | -------------------------------------------------------------------------------- | eur 1 000 | | 1-9/2010| 1-9/2009| 1-12/2009| | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operations | | | | -------------------------------------------------------------------------------- | Profit/loss for financial period | -10 654 | -11 672 | -10 790 | -------------------------------------------------------------------------------- | Adjustments: | | | | -------------------------------------------------------------------------------- | | Depreciation and | 2 403 | 2 624 | 5 003 | | | impairment | | | | -------------------------------------------------------------------------------- | | Gain (+) and loss (-) | 0 | 0 | -542 | | | on sale of fixed assets | | | | -------------------------------------------------------------------------------- | | Financial income and | 1 554 | 2 464 | 3 135 | | | expenses | | | | -------------------------------------------------------------------------------- | | Taxes | -251 | -148 | -544 | -------------------------------------------------------------------------------- | | Other adjustments | 39 | -14 | 41 | -------------------------------------------------------------------------------- | Change in working capital: | | | | -------------------------------------------------------------------------------- | | Change in inventories | -2 260 | 2 772 | 8 476 | -------------------------------------------------------------------------------- | | Change in short-term | 464 | 577 | 772 | | | receivables | | | | -------------------------------------------------------------------------------- | | Change in short term | -5 491 | -6 053 | 1 002 | | | liabilities | | | | -------------------------------------------------------------------------------- | Interest paid | -611 | -1 380 | -2 191 | -------------------------------------------------------------------------------- | Dividends received | 5 | 3 | 0 | -------------------------------------------------------------------------------- | Interest income received | 7 | 6 | 22 | -------------------------------------------------------------------------------- | Other financing expenses paid | -273 | -548 | -706 | -------------------------------------------------------------------------------- | Taxes paid | -59 | -98 | 85 | -------------------------------------------------------------------------------- | Net cash flow from operations | -15 127 | -11 467 | 3 764 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investment activities | | | | -------------------------------------------------------------------------------- | Investments in | | | | -------------------------------------------------------------------------------- | tangible and intangible assets | -512 | -936 | -1251 | -------------------------------------------------------------------------------- | Capital gains from tangible and intangible | 1 | -28 | 520 | | assets | | | | -------------------------------------------------------------------------------- | Acquisition of subsidiary companies | | 9 | | -------------------------------------------------------------------------------- | Loans granted | -202 | -4 | 0 | -------------------------------------------------------------------------------- | Repayment of loan receivables | 0 | 0 | -52 | -------------------------------------------------------------------------------- | Income on sale of investments | 0 | 0 | 1 | -------------------------------------------------------------------------------- | Addition/deduction of | | | -48 | | | cash equivalents | | | | | -------------------------------------------------------------------------------- | Net cash flow from investments | -713 | -1 007| -782 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing activities | | | | -------------------------------------------------------------------------------- | Proceeds from share issue | 0 | 6 089 | 6 089 | -------------------------------------------------------------------------------- | Proceed from short-term borrowings | 8 000 | 10 026 | | -------------------------------------------------------------------------------- | Repayment of short-term borrowings | 9 | -7 769 | | -------------------------------------------------------------------------------- | Long-term loans, increase | 0 | 4 770 | 8 480 | -------------------------------------------------------------------------------- | Long-term loans, decrease | 0 | -1 000 | -1 000 | -------------------------------------------------------------------------------- | Short-term loans, net change | 7 500 | 175 | -15 342 | -------------------------------------------------------------------------------- | Payment of lease liabilities | -193 | -78 | -421 | -------------------------------------------------------------------------------- | Dividends paid | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Net cash flow from financing | 15 316 | 12 213 | -2 193 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in liquid assets | -524 | -261 | 789 | -------------------------------------------------------------------------------- | Liquid assets, beginning of review period | 3 024 | 2 188 | 2 188 | -------------------------------------------------------------------------------- | Effect of exchange rate changes on liquid | -198 | -136 | 48 | | assets | | | | -------------------------------------------------------------------------------- | Liquid assets, end of review period | 2 302 | 1 791 | 3 024 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | | | | -------------------------------------------------------------------------------- | eur 1 000 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to the equity holders of the company | -------------------------------------------------------------------------------- | | Share | Distribut | Own | Translat | Retaine | Total | | | capit | able | shar | ion | d | | | | al | equity | es | differen | earning | | | | | fund | | ces | s | | -------------------------------------------------------------------------------- | Shareholders' | 7 686 | 16 921 | -55 | -945 | 6 836 | 30 443 | | equity 1.1.2009 | | | | | | | -------------------------------------------------------------------------------- | Comprehensive | | | | | | | | income | | | | | | | -------------------------------------------------------------------------------- | for the period | | | | 382 | -11 675 | -11 293 | -------------------------------------------------------------------------------- | Share based | | | | | 30 | 30 | | payments | | | | | | | -------------------------------------------------------------------------------- | Share issue | | 6 089 | | | | 6 089 | -------------------------------------------------------------------------------- | Other items | | | 55 | | -55 | 0 | -------------------------------------------------------------------------------- | Equity on | 7 686 | 23 010 | 0 | -563 | -4 864 | 25 271 | | 30.9.2009 | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | Shareholders' | 7 686 | 23 011 | 0 | -663 | -3 667 | 26 366 | | equity 1.1.2010 | | | | | | | -------------------------------------------------------------------------------- | Comprehensive | | | | | | | | income | | | | | | | -------------------------------------------------------------------------------- | for the period | | | | 544 | -10 654 | -10 110 | -------------------------------------------------------------------------------- | Share based | | | | | 31 | 31 | | payments | | | | | | | -------------------------------------------------------------------------------- | Equity on | 7 686 | 23 011 | 0 | -119 | -14 290 | 16 287 | | 30.9.2010 | | | | | | | -------------------------------------------------------------------------------- BASIS OF PREPARATION This Interim Report was prepared in accordance with IAS 34 standard requirements. The interim consolidated financial statements were prepared applying the same accounting policies and methods of computation, as in the financial statements for 2009. Financial figures presented in this document are not audited. All figures in the accounts have been rounded and consequently the sum of individual figures may deviate from the presented total figure. The figures in the tables are presented in thousands of euro. The application of changed or new standards (IFRS) starting 1.1.2010: IAS 3R, Business combinations IAS 27, Consolidated and separate financial statements IAS 39, Financial instruments: recognition and measurement The implemented standard changes did not have a significant impact on the interim report. Use of Estimates: The preparation of financial statements in accordance with IFRS requires the management to use estimates and assumptions that affect reported amounts of assets and liabilities on the balance sheet, disclosure of contingent assets and liabilities and the amount of income and expenses. Although the estimates are based on the management's best knowledge of current events and actions, actual results may ultimately differ from the estimates used. The use of estimates affects the valuation of inventory, deferred tax assets, depreciation times of non-current assets and valuation of receivables. Additionally, the estimates affect the valuation of goodwill and brands. Inventory valuation is based on regular devaluation as follows: 30 months 25 %, 36 months 50 % and 42 months 100 % and specific write-offs as needed. Tiimari's business is characterised by seasonality with the net sales being generated largely during the final quarter. Regular goodwill impairment testing is thus carried out at the end of the financial period. Goodwill shall be tested earlier during the year in case of an indication of significant changes to the expected cash flows of a cash-generating unit arising from occurrences in business operations or in the operating environment. Gross profit and gross profit margin % Gross profit is revenue less cost of goods sold and franchise leases. During the outsourced finance department the material and services included expenses from hired staff and franchise leases were reported in other operating expenses. These items have been corrected in the results of the review period according to the instructions on the calculation of gross profit. -------------------------------------------------------------------------------- | SEGMENT INFORMATION | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | eur 1 000 | 2010 | 2009 | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | 12 540 | 13 702 | 36 840 | 38 863 | 66 903 | -------------------------------------------------------------------------------- | Gallerix | 2 877 | 3 261 | 9 066 | 9 002 | 13 396 | -------------------------------------------------------------------------------- | Other operations | 47 | 0 | 356 | 400 | 400 | -------------------------------------------------------------------------------- | Eliminations | -82 | -106 | -396 | -517 | -586 | -------------------------------------------------------------------------------- | Group | 15 382 | 16 857 | 45 866 | 47 748 | 80 113 | -------------------------------------------------------------------------------- | Active markets | 15 323 | 15 898 | 45 073 | 45 045 | 75 973 | -------------------------------------------------------------------------------- | Inactive markets | 59 | 959 | 793 | 2 703 | 4 140 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | eur 1 000 | 2010 | 2009 | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | -2 869 | -2 478 | -7 240 | -6 355 | -4 945 | -------------------------------------------------------------------------------- | Gallerix | -473 | -91 | -962 | -1 058 | -755 | -------------------------------------------------------------------------------- | Other operations | -279 | -290 | -1 150 | -1 350 | -1 816 | -------------------------------------------------------------------------------- | Group | -3 621 | -2 860 | -9 352 | -8 764 | -7 516 | -------------------------------------------------------------------------------- | Active markets | -3 445 | -2 194 | -8 605 | -6 817 | -4 576 | -------------------------------------------------------------------------------- | Inactive markets | -176 | -666 | -747 | -1 947 | -2 940 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | DEPRECIATION AND GOODWILL | | | | | | IMPAIRMENT | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | eur 1 000 | 2010 | 2009 | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | 570 | 625 | 1 660 | 1 844 | 4 111 | -------------------------------------------------------------------------------- | Gallerix | 189 | 205 | 669 | 590 | 807 | -------------------------------------------------------------------------------- | Other operations | 32 | 21 | 74 | 62 | 85 | -------------------------------------------------------------------------------- | Group | 791 | 850 | 2 403 | 2 496 | 5 003 | -------------------------------------------------------------------------------- | Active markets | 782 | 793 | 2 262 | 2 323 | 3 372 | -------------------------------------------------------------------------------- | Inactive markets | 9 | 57 | 141 | 173 | 1 631 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CAPITAL EXPENDITURE | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | eur 1 000 | 2010 | 2009 | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | 206 | 173 | 475 | 595 | 1 076 | -------------------------------------------------------------------------------- | Gallerix | 30 | 8 | 32 | 206 | 161 | -------------------------------------------------------------------------------- | Other operations | 0 | 0 | 10 | 14 | 14 | -------------------------------------------------------------------------------- | Group | 236 | 181 | 517 | 815 | 1 251 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES BY | | | | | | | GEOGRAPHICAL AREA | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | eur 1 000 | 2010 | 2009 | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 | -------------------------------------------------------------------------------- | Finland | 11 827 | 12 271 | 34 559 | 34 927 | 60 767 | -------------------------------------------------------------------------------- | Sweden | 2 874 | 3 520 | 9 371 | 9 732 | 14 578 |-------------------------------------------------------------------------------- | ROW | 681 | 1 066 | 1 936 | 3 089 | 4 768 | -------------------------------------------------------------------------------- | Group | 15 382 | 16 857 | 45 866 | 47 748 | 80 113 | -------------------------------------------------------------------------------- | Active markets | 15 323 | 15 898 | 45 073 | 45 045 | 75 973 | -------------------------------------------------------------------------------- | Inactive markets | 59 | 959 | 793 | 2 703 | 4 140 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INTANGIBLE ASSETS | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | eur 1 000 | | | 30.9.10 | 30.9.09 | 31.12.09 | | | | | | | | -------------------------------------------------------------------------------- | Book value at 1 | | | 49 401 | 52 237 | 52 237 | | January | | | | | | -------------------------------------------------------------------------------- | Changes in exchange | | | 585 | 321 | 310 | | rates | | | | | | -------------------------------------------------------------------------------- | Additions | | | 134 | 383 | 504 | -------------------------------------------------------------------------------- | Depreciation and | | | -1 615 | -1 531 | -3 550 | | impairment | | | | | | -------------------------------------------------------------------------------- | Disposals and | | | 0 | -64 | -100 | | intra-balance sheet | | | | | | | transfer | | | | | | -------------------------------------------------------------------------------- | Book value at the end | | | 48 505 | 51 346 | 49 401 | | of period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TANGIBLE ASSETS | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | eur 1 000 | | | 30.9.10 | 30.9.09 | 31.12.09 | | | | | | | | -------------------------------------------------------------------------------- | Book value at 1 | | | 4 904 | 5 616 | 5 616 | | January | | | | | | -------------------------------------------------------------------------------- | Changes in exchange | | | 50 | 107 | 14 | | rates | | | | | | -------------------------------------------------------------------------------- | Additions | | | 373 | 691 | 765 | -------------------------------------------------------------------------------- | Depreciation and | | | -788 | -965 | -1 480 | | impairment | | | | | | -------------------------------------------------------------------------------- | Disposals and | | | -10 | -175 | -12 | | intra-balance sheet | | | | | | | transfer | | | | | | -------------------------------------------------------------------------------- | Book value at the end | | | 4 529 | 5 274 | 4 904 | | of period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FINANCIAL FIGURES | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 2010 | 2009 | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 | -------------------------------------------------------------------------------- | Net sales | 15 382 | 16 857 | 45 866 | 47 748 | 80 113 | -------------------------------------------------------------------------------- | EBITDA | -2 829 | -2 010 | -6 949 | -6 268 | -3 127 | -------------------------------------------------------------------------------- | Operating profit | -3 620 | -2 860 | -9 352 | -8 764 | -7 516 | -------------------------------------------------------------------------------- | Profit/loss for the | -4 034 | -3 635 | -10 654 | -11 089 | -10 115 | | financial period | | | | | | -------------------------------------------------------------------------------- | Profit/loss, | 0 | -393 | 0 | -587 | -674 | | discontinued | | | | | | | operations | | | | | | -------------------------------------------------------------------------------- | Earnings per share | -0,24 | -0,22 | -0,65 | -0,78 | -0,69 | | continuing operations, | | | | | | | EUR | | | | | | -------------------------------------------------------------------------------- | Earnings per share | | -0,02 | | -0,04 | -0,05 | | discontinued | | | | | | | operations, EUR | | | | | | -------------------------------------------------------------------------------- | Earnings per share | -0,24 | -0,24 | -0,65 | -0,82 | -0,74 | | total, EUR | | | | | | -------------------------------------------------------------------------------- | Shareholders' equity | | | 0,99 | 1,53 | 1,60 | | per share, EUR | | | | | | -------------------------------------------------------------------------------- | Solvency ratio | | | 21,3 % | 30,3 % | 34,7 % | -------------------------------------------------------------------------------- | Gearing | | | 237,6 % | 152,4 % | 85,6 % | -------------------------------------------------------------------------------- | Net working capital | | | 7 536 | 13 249 | 336 | -------------------------------------------------------------------------------- | Operating cash flow | | | -13 558 | -14 634 | -4 953 | -------------------------------------------------------------------------------- | Net Interest-bearing | | | 38 705 | 38 519 | 22 577 | | liabilities | | | | | | -------------------------------------------------------------------------------- | Balance sheet total | | | 76 392 | 83 267 | 75 994 | -------------------------------------------------------------------------------- | Average number of | 16 475 | 16 475 | 16 475 | 14 173 | 14 749 | | shares (pcs) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-recurring | Tiimari-se | Gallerix-se | Group | Group | Group | | items | gment | gment | | | | -------------------------------------------------------------------------------- | MEUR | 1-9/2010 | 1-9/2010 | 1-9/2010| 1-9/2009| 1-12/2009| | | | | | | | -------------------------------------------------------------------------------- | Other operating | 0,0 | 0,0 | 0,0 | 0,0 | 0,5 | | income | | | | | | -------------------------------------------------------------------------------- | Materials and | -1,0 | 0,0 | -1,0 | 0,0 | -2,8 | | Services | | | | | | -------------------------------------------------------------------------------- | Personnel expenses | -0,8 | -0,1 | -0,9 | 0,0 | -0,2 | -------------------------------------------------------------------------------- | Other operating | -0,55 | -0,5 | -1,05 | 0,0 | -0,5 | | expenses | | | | | | -------------------------------------------------------------------------------- | Non-recurring | -2,35 | -0,6 | -2,95 | 0,0 | -3,1 | | expenses | | | | | | -------------------------------------------------------------------------------- | Non-Cash-Flow | -1,0 | 0,0 | -1,0 | 0,0 | -2,8 | | Items | | | | | | -------------------------------------------------------------------------------- | Cash-Flow Items | -1,35 | -0,6 | -1,95 | 0,0 | -0,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONTINGENT LIABILITIES | 30.9.2010 | 30.9.2009 | 31.12.2009 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Loans from financial institutions | | | | -------------------------------------------------------------------------------- | against the following securities | 25 000 | 27 125 | 9 500 | -------------------------------------------------------------------------------- | Real estate mortgages | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Corporate mortgages | 31 137 | 31 137 | 31 137 | -------------------------------------------------------------------------------- | Pledged shares | 0 | 0 | 1 476 | -------------------------------------------------------------------------------- | Other own liabilities | | | | -------------------------------------------------------------------------------- | Bank quarantees | 2 758 | 2 603 | 2 821 | -------------------------------------------------------------------------------- | Other liabilities | 5 | 8 | 5 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Leasing liabilities | | | | -------------------------------------------------------------------------------- | Due within one year | 55 | 48 | 133 | -------------------------------------------------------------------------------- | Due after one year | 38 | 108 | 115 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | OTHER RENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Due within one year | 13 822 | 13 161 | 12 147 | -------------------------------------------------------------------------------- | Due after one year | 18 814 | 18 735 | 13 687 | -------------------------------------------------------------------------------- As part of the profit-improvement programme rent negotiations were held and contract lengths were extended. This increases the amount of liabilities. -------------------------------------------------------------------------------- | NOMINAL AMOUNTS OF DERIVATIVES | 30.9.2010 | 30.9.2009 | 31.12.2009 | -------------------------------------------------------------------------------- | Forward exchange contracts | 177 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | MARKET VALUE VS. NOMINAL AMOUNTS OF | 30.9.2010 | 30.9.2009 | 31.12.2009 | | DERIVATIVES | | | | -------------------------------------------------------------------------------- | Forward exchange contracts | -13 | 0 | 0 | -------------------------------------------------------------------------------- Foreign exchange contracts have been valued at market value on reporting day. Tiimari does not apply hedge accounting and the effect of the derivatives has been booked directly in the income statement. -------------------------------------------------------------------------------- | RELATED PARTY TRANSACTIONS (EUR 1 | Q3 2010 | Q3 2009 | 1-12 2009 | | 000) | | | | -------------------------------------------------------------------------------- | Managing Director remuneration | 176 | 330 | 444 | -------------------------------------------------------------------------------- | Board remuneration | 80 | 81 | 112 | -------------------------------------------------------------------------------- | Management Group remuneration | 431 | 456 | 606 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest paid on capital loan (paid 31 March for period 26 Oct | | | 09 - 31 Mar 10 | | -------------------------------------------------------------------------------- | Hannu Krook | 3 | | | -------------------------------------------------------------------------------- | Hannu Ryöppönen | 3 | | | -------------------------------------------------------------------------------- | Sven-Olof Kulldorff | 3 | | | -------------------------------------------------------------------------------- | Virala Oy Ab (Atine Group Oy parent | 103 | | | | company) | | | | -------------------------------------------------------------------------------- | Assetman Oy | 18 | | | -------------------------------------------------------------------------------- | Baltiska Handels A.B. | 9 | | | -------------------------------------------------------------------------------- | Total | 138 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | MAJOR SHAREHOLDERS | Shares | Shares % | | -------------------------------------------------------------------------------- | Major shareholders 30.9.2010 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Atine Group Oy | 3 293 000 | 19,99 | | -------------------------------------------------------------------------------- | Assetman Oy | 1 740 645 | 10,57 | | -------------------------------------------------------------------------------- | Varma Mutual Pension Insurance | 828 912 | 5,03 | | | Company | | | | -------------------------------------------------------------------------------- | Primate Oy | 825 000 | 5,01 | | -------------------------------------------------------------------------------- | Ilmarinen Mutual Pension Insurance | 789 221 | 4,79 | | | Company | | | | -------------------------------------------------------------------------------- | Baltiska Handels A.B. | 716 483 | 4,35 | | -------------------------------------------------------------------------------- | Sijoitusrahasto Aktia Capital | 600 000 | 3,64 | | -------------------------------------------------------------------------------- | Vessilä Oy Ab | 536 881 | 3,26 | | -------------------------------------------------------------------------------- | Kargol Oy Ab | 531 589 | 3,23 | | -------------------------------------------------------------------------------- | Cumasa Oy | 407 625 | 2,47 | | -------------------------------------------------------------------------------- CALCULATION OF KEY FINANCIAL RATIOS Gross profit = Revenue - materials and services Gross profit margin-% = Gross profit / revenue * 100 EBITDA = Operating profit + depreciation and amortisation Earnings/share (EPS), EUR = Earnings before tax - income taxes / issue-adjusted average number of shares for the fiscal year Shareholders' equity / share, EUR = equity attributable to the equity holders of the parent company / issue-adjusted number of shares at the end of the fiscal year Equity ratio % = Shareholders' equity * 100 / Total assets - prepayments received Gearing ratio % = Interest-bearing liabilities - cash and cash equivalents * 100 / Shareholders' equity Quick ratio = Short-term receivables + cash and cash equivalents * 100 / Short-term liabilities Interest-bearing net liabilities = Interest-bearing liabilities - cash and cash equivalents Net working capital = inventory + short-term non-interest-bearing receivables - short-term non-interest-bearing liabilities Operating cashflow = EBITDA - increase in net working capital - capital expenditure Further information: Managing Director Hannu Krook tel. + 358 (0)3 812911, e-mail: hannu.krook@tiimari.fi Chief Financial Officer Kai Järvikare tel. +358 (0)44 7129475, email: kai.jarvikare@tiimari.fi |
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