Tiimari Oyj Abp - Company Announcement

Tiimari: PRELIMINARY INFORMATION ON 2010 RESULTS - GOODWILL IMPAIRMENT IN TIIMARI BUSINESS OPERATIONS

Tiimari: PRELIMINARY INFORMATION ON 2010 RESULTS - GOODWILL IMPAIRMENT IN
TIIMARI BUSINESS OPERATIONS 

The issued full-year outlook for 2010 remains unchanged. The company had
estimated that it has the potential to improve operational profitability
(EBITDA before non-recurring and to have clearly positive operational cash flow
(operating cash flow before financial items and taxes) in 2010. 

Tiimari's result in 2010 will be better than year before but weaker than
expected as a result of the weaker 2010 Christmas Sales than the year before.
The January sales trend was below expectations as well, in Finland in
particular, as reported on 8th February 2011 which is challenging the company's
financial position. As announced on 30 December 2011 Standstill Agreement, the
company will take steps to identify the structural and financial options needed
to strengthen its balance sheet by an accelerated schedule during the first
part of 2011. 

Tiimari Plc will recognize an impairment loss on goodwill in the Tiimari
business operations for the fourth quarter of 2010. According to the
preliminary calculations the impairment loss is about EUR 7 million. Thereafter
the goodwill of Tiimari business will be about EUR 23,8 million. The recognized
impairment loss will not have a direct effect on the cash flow of the Group.
Cash flow from operations is positive. Operative profitability (EBITDA before
non-recurring items) is better than year ago. All numbers in this stock
exchange release are unaudited. 

Tiimari Plc will publish January-December 2010 Financial Statements on 7 March
2011. 

Hannu Krook
Managing Director
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 44 7129475, email kai.jarvikare@tiimari.fi



Distribution: NASDAQ OMX Helsinki
important news media



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.