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2011-08-05 08:45:00 CEST 2011-08-05 08:45:05 CEST REGULATED INFORMATION Tiimari Oyj Abp - Company AnnouncementTIIMARI LOWERS OUTLOOK FOR 2011TIIMARI PLC Stock Exchange Release 5.8.2011 at 9.45 AM TIIMARI LOWERS OUTLOOK FOR 2011 Tiimari anticipated in Q1 interim report published 6 May 2011 that during 2011, the declining trend in Tiimari's revenue, reported on a monthly basis, will cease and that Tiimari's EBITDA for the entire year 2011 will be positive (2010: EUR -1.3 million). The revenue of Gallerix is forecast to grow and its EBITDA is anticipated to be positive and better than in 2010 (2010: EUR 0.1 million). The current view is that we estimate that during 2011, the declining trend in Tiimari's revenue, reported on a monthly basis, will cease and that Tiimari's EBITDA for the entire year 2011 will be negative (2010: EUR -1.3 million) and lower than in 2010. The revenue of Gallerix is forecast to grow and its EBITDA is anticipated to be positive and better than in 2010 (2010: EUR 0.1 million). The current view for 2011 is based on the Tiimari chain's continuing weak financial performance during Q2/2011 as well as to non-recurring cost items and items affecting EBITDA. Non-recurring items related to Tiimari's updated store strategy include EUR 0.7 million rent liabilities and EUR 0.2 million extra depreciation of outdated store fixtures in fixed assets. These items do not have cash-flow impact in Q2. The rent liabilities will have a minor monthly effect on the company's cash flow starting Q3/2011. Tiimari Q2 interim report will be published on 12 August 2011. Board of Directors Tiimari Plc For more information: Niila Rajala, President and CEO, +358 (0) 3 812 911, niila.rajala @ tiimari.fi Chief Financial Officer Kai Järvikare, +358 (0) 44 7129475, kai.jarvikare @ tiimari.fi distribution: NASDAQ OMX Helsinki Principal media www.tiimari.com Tiimari Plc is a listed company. The group consists of two retail shop concepts: Tiimari and Gallerix. These two concepts do business in five countries within the Baltic Sea region and there are altogether nearly 300 shops. All concepts belong to the forerunners of their market segment. |
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