2008-08-18 10:00:00 CEST
2008-08-18 10:00:00 CEST
REGULATED INFORMATION
Tiimari Oyj Abp - Interim report (Q1 and Q3)
Tiimari's net sales for the first half of the year increased
TIIMARI PLC INTERIM REPORT 18, AUGUST 2008 at 11.00 TIIMARI OYJ ABP INTERIM REPORT 1 JANUARY - 30 JUNE 2008 (Unaudited) TIIMARI'S NET SALES FOR THE FIRST HALF OF THE YEAR INCREASED KEY FIGURES FOR THE PERIOD Net sales for the first half of the year grew by 19% and totalled MEUR 33,9 (28.5) and MEUR 16,1 (13.9) for the second quarter. Operating Profit for the first half of the year was MEUR -3.3 (-1.4) and MEUR -2.0 (-1.0) for the second quarter. Earnings per share for the first half of the year were EUR -0.38 (-0.28). The average number of employees for the review period was 670 (592). Tiimari has continued its expansion, and investments in new stores have been made especially in Russia's St. Petersburg and Poland. Capital expenditure for the first half of the year was MEUR 1,7 (0,5). KRISTINA ILLI, MANAGING DIRECTOR: “The business development during the first quarter of the current year was as expected. Net sales growth enhanced by Gallerix acquisition and activities abroad was 16%. Net sales growth was especially strong in June. Renewal of the Tiimari retail chain stores continued. Seven stores in the Helsinki metropolitan area were renewed during the period. The renewal project is still under way, and an additional four have been renewed after the period. In Finland, one new Tiimari store was opened and two were closed. In Poland, one new store, the fifth in the country, was added, and the sixth has been opened after the period under review. By the end of the year, four additional stores will be opened in Poland to increase the number of the stores in Poland to ten. In Russia, preparations were made to open more stores. At the beginning of the third quarter, one new store was opened in Russia, and two more will be added by the end of the quarter. In addition, the company continued to prospect for new business locations in select markets to secure future growth. On 28 April 2008, Tiimari signed a Letter of Intent to acquire franchise business activities under the Tiimari concept in Sweden. From Roponen Detaljisthandel AB. The Letter of Intent covers all the Tiimari concept stores in Sweden, the net sales of which totalled approximately MEUR 3 in 2007. Upon closing, the purchase price is settled against Tiimari's receivables from Roponen Detaljisthandel AB. The transaction when completed is not expected to have material impact on the 2008 result. Realisation of synergies estimated in connection with the acquisition of retail chain Gallerix continued as planned. Gallerix number of personnel has been reduced according to plan, and the effects of the reductions on the profitability will first be seen in the last quarter of the year. In addition, the utilisation of supplier relations in purchasing functions was commenced, and the first effects of the utilisation on the earnings of the company are anticipated in the last quarter of the year. The operating profit for the second quarter was still weighed down by the overlapping expenses, which will have a similar impact on the third quarter as well. By the end of the current year, the number of Gallerix stores will be close to ten in Finland. The operating profit of the Tiimore business gift store did not meet expectations in the second quarter of the year. The expenses related to the closure of the Kokkola factory still weighed down earnings in the second quarter and will have a similar impact on the third quarter as well, but not any longer in the last quarter. However, the prospects for the third quarter are positive, and we expect the profitability development for the end of the year to meet expectations. During the review period, a working capital reduction program was commenced. The reduction of working capital will have a material impact on the company's financial situation in the future. In the period, the company continued its transition from an outsourced financial management system to an internal solution. The transition will be completed by the end of the third quarter of the year. The change will result in savings, beginning from the last quarter of the year. Tiimari invests in developing its business and the Management Group was strengthened with a Marketing and Communications Director, a Financial Director, Tiimari Retail Managing Director and a Treasury Director.” ”Tiimari business is defensive in nature, traditionally economic fluctuations have not had any material effect on the operations. We believe in a positive future development, indications of which can already be seen in a positive sales development in June.""I would like to emphasise that Tiimari Group's business is strongly Q4-oriented with most of the earnings accruing during the last quarter". BUSINESS OPERATIONS TIIMARI RETAIL Tiimari Retail's net sales for the first half of the year grew by 22% and were MEUR 33.4 (27.3), and operating profit totalled MEUR -3.4 (-1.3) or -10% (-4,6) of net sales. Net sales for the second quarter were MEUR 15.8 (13.2), and operating profit totalled MEUR -1,7 (-0,9). The deterioration of the operating profit was due to negative operating profit derived from Gallerix and the new markets during the first half of the year and the regular revaluation procedure applied in Finland to inventory values during the last 12 months. The amount of revaluation was MEUR 1.3 (0,0). The total capital expenditure for the segment, MEUR 1.6 (0,5), consisted mostly of the expenses related to the opening of stores in Poland and Russia and store renewals in Finland. Of the net sales for the segment, MEUR 25.2 (25.2) were generated in Finland, covering 75% (92) of the sales of the segment. MEUR 25.1 of the sales of the segment in Finland came from Tiimari stores and MEUR 0.1 from Gallerix stores. Overseas net sales increased to MEUR 8.1 (2.2). The business of international business units developed as planned, except for Russia, where business started slower than planned. Net sales for the operations under the Gallerix concept, which was acquired in the second half of 2007, were MEUR 5.7, of which MEUR 5.6 was generated in Sweden. The business of both the concepts under the segment is very seasonal, and a major share of the net sales is generated in the fourth quarter, which also affects accumulation of earnings. In 2007, 38% of the net sales for the year were generated during the first half of the year. Integration of the operations of Gallerix International AB, which was acquired in late 2007, with the Tiimari Retail operations has progressed according to plans. At the beginning of the year, the co-operative negotiations in Sweden concerning the rationalisation of purchasing and administrative functions were completed. This resulted in the reduction of personnel by 14 employees. The harmonisation of purchasing operations and information systems is to be completed in the autumn. When the acquisition was made, the company projected the integration and rationalisation of operations to generate MEUR 0.4 of annual savings for the group. We estimate that the projected annual savings can be achieved with the actions already taken and with those to be completed during the autumn. In addition Tiimari expects to achieve, by the end of the next fiscal year, total savings of MEUR 0.6 through the harmonisation of sourcing and the utilisation of Maritii Oy's logistics operations. At the end of the review period, Tiimari Retail had a total of 181 (176) stores operated by the company. In Finland, stores were closed in Rauma and Imatra, but replacements for those will be opened in the autumn. In addition, a new store has been opened in Kauniainen, and the Tammisto Tiimari store has been accompanied with a new Gallerix store. The first store in Russia was opened in St. Petersburg and a new store in Poland, in Poznan. In Sweden, four franchise stores under the Gallerix concept were transferred to the group. In April, the Haapajärvi franchise store in Finland was acquired for a price of MEUR 0.07. A central part of Tiimari's strategy is to increase the number of stores and to optimise their location and sales space. The acquisition of the Gallerix concept created new opportunities for increasing business, as the Tiimari and Gallerix concepts support each other. Tiimari Retail will become an increasingly lucrative partner for shopping centres and other store facility leaseholders through the combined appeal of two vibrant concepts. The combination of the concepts also strengthens the prerequisites for growth in the Baltic area, Poland and Russia. Number of stores -------------------------------------------------------------------------------- | | 06/2008 | 06/2007 | -------------------------------------------------------------------------------- | Finland | 156 | 154 | -------------------------------------------------------------------------------- | Estonia | 14 | 14 | -------------------------------------------------------------------------------- | Latvia | 4 | 4 | -------------------------------------------------------------------------------- | Norway | 1 | 1 | -------------------------------------------------------------------------------- | Poland | 5 | 3 | -------------------------------------------------------------------------------- | Russia | 1 | 0 | -------------------------------------------------------------------------------- | Stores operated by the company, total | 181 | 176 | -------------------------------------------------------------------------------- | Franchise stores | | | -------------------------------------------------------------------------------- | Finland | 4 | 6 | -------------------------------------------------------------------------------- | Sweden | 9 | 10 | -------------------------------------------------------------------------------- | Tiimari stores, total | 194 | 192 | -------------------------------------------------------------------------------- | Gallerix stores | | | -------------------------------------------------------------------------------- | Finland | 2 | | -------------------------------------------------------------------------------- | Sweden | 10 | | -------------------------------------------------------------------------------- | Stores operated by the company, total | 12 | | -------------------------------------------------------------------------------- | Franchise stores | | | -------------------------------------------------------------------------------- | Sweden | 81 | | -------------------------------------------------------------------------------- | Gallerix stores, total | 93 | | -------------------------------------------------------------------------------- | Tiimari Retail stores, total | 287 | 192 | -------------------------------------------------------------------------------- At the end of the period under review, the number of employees was 630 (458). TIIMORE Net sales for the Tiimore segment for the first six months of the year were MEUR 0.6 (1.2) and operating profit MEUR 0.2 (-0.1). Net sales for the second quarter of the year were MEUR 0.3 (0.7) and operating profit MEUR -0.2 (0,0). In accordance with the strategy for Tiimore, the Kokkola unit was closed and the premises were sold during the first quarter. The sales price for the premises was MEUR 1.1. The gain on the sale, approximately MEUR 0.9, is included in the operating profit. Expenses related to the closing of the business affected profitability during the first half of the year and will have a similar impact during the third quarter and it has led to decreased operating profit of the segment. During the first half of the year, Tiimore has invested on the development of sales and marketing, as well as on the reconstruction of the organisation of the company. The segment did not have any notable capital expenditure in the period. At the end of the review period, the number of employees of the segment was 18 (37). TIIMARI GROUP NET SALES AND PROFITS Tiimari Group's net sales for the first half of the year grew by 19% and were MEUR 33.9 (28.5). EBITDA was MEUR -1.8 (-0.3) and operating profit MEUR -3.3 (-1.4). Net sales for the second quarter of the year were MEUR 16.1 (13.9). EBITDA was MEUR -1.2 (-0.4) and operating profit MEUR -2.0 (-1.0). The acquired Gallerix business increased the group's net sales for the period by MEUR 5.7 and operating profit by MEUR -0.6. A total of MEUR 0.2 of depreciation related to the acquisition is included in the operating profit. Net financial expenses for the period were MEUR 1.5 (1.3) and were affected by both the increase in interest rates and the financing of the acquisition of Gallerix. During the review period an avoir fiscal tax receivable for MEUR 0.8 was booked. Taxes are based on estimated efficient tax rate per company. The profit for the period under review was MEUR -3.9 (-2.7), and the result for the second quarter of the year was MEUR -1.9 (-1.5). Earnings per share for the review period totalled EUR -0.38 (-0.28). BALANCE SHEET, FINANCIAL POSITION AND CASH FLOW Net working capital was MEUR 21.1 (MEUR 15.4 at the end of 2007). Inventories were at the same level as in the beginning of the year, and total trade receivables decreased slightly. Current non-interest-bearing trade liabilities decreased by MEUR 7.1 from the beginning of the year. In Finland, the company launched a program to improve working capital efficiency, the primary goal of which is an increased level of inventory turnover. The reduction of working capital will have a material impact on the company's financial situation in the future. Long-term assets totalled MEUR 63.0 (62.0 at the end of 2007). Solvency ratio was 35.9% (40.6 at the end of 2007) and net gearing 127.1 (78.5 at the end of 2007). Key financial figures were especially weighed down by the seasonality of the group's business. In the period under review, total interest-bearing liabilities increased by MEUR 10.4, and loan drawals were used for both working capital and the expansion of business. The cash-flow from operations was MEUR -10.0 (-8.0). The main revenue inflow takes place during the fourth quarter. SHORT-TERM RISKS AND UNCERTAINTIES The most significant factors causing uncertainty for Tiimari business operations are caused by changes in the overall consumer demand and in the competitive environment, as well as the development of demand in the company's new market areas. Our success in obtaining good business locations will have a major effect on the development of both sales and earnings. Other remarkable risks are the development of purchasing expenses and the reliability of the supply chain. Tiimari strives to prepare for changes in consumer demand by knowing the consumer, by constantly developing the company concept, and by implementing new and innovative business solutions. PERSONNEL In the period under review, the average number of employees for the group was 670 (592), and the number of personnel at the end of the period was 663 (496). The increase in personnel is mainly due to the Gallerix acquisition and opening of new shops. SHARE CAPITAL AND OWN SHARES Tiimari's share capital on 30 June 2008 was EUR 7,686,200. The number of shares and the voting rights related thereto was 10,311,070. During the review period, the Board of Directors did not use its authorisations for share issues. Tiimari Oyj Abp has had two stock option schemes. The scheme for 2005 has been closed because its terms were not met. In the stock option scheme for 2006, a total of 200,000 shares can be subscribed for, and the subscription period commences on 1 September 2009. At the end of the review period, the number of treasury shares held by the company was 11,850. The number of shares has not changed since the beginning of the review period. The shares held by the company account for 0.11% of share capital and voting rights. SHARE PRICES The Tiimari share is quoted on the OMX Nordic Exchange in Helsinki on the small cap list. At the end of the review period, the price of Tiimari's share was EUR 3.91 (4.87 on 31 December 2007). The market value of the share capital was MEUR 40.3 (50.2 on 31 December 2007). The number of shareholders at the end of the period was 2,554 (2,596 on 31 December 2007). NOTICE PURSUANT TO THE FINNISH SECURITIES MARKETS ACT, CHAPTER 2, SECTION 10 REGARDING CHANGE IN OWNERSHIP Tiimari Oyj Abp has received information to the effect that Baltiska Handels A.B. has on 25 May 2008 purchased 13,284 Tiimari shares. With the shares acquired by Baltiska Handels A.B., the company's holdings (515,767 shares and voting rights) of Tiimari Oyj Abp exceeded one-twentieth (1/20) or 5.002% of Tiimari Oyj Abp share capital and voting rights. TIIMARI ANNUAL GENERAL MEETING 2008 Tiimari Plc Annual General Meeting held on 4 April 2008 approved the 2007 financial statements. The Annual General Meeting decided that a dividend of EUR 0.16 per share or a total of 1,647,875.20 be paid. The reconciliation date for dividend distribution was 9 April 2008, and the dividend was paid on 17 April 2008. The Annual General Meeting discharged the Board of Directors and the CEO from liability for the financial year 2007. It was decided that the Board of Directors shall consist of seven members, and members elected to the Board are Arja Hautanen, Erik Helin, Teppo Kauppila, Kirsti Lindberg-Repo, Juha Mikkonen, Alexander Rosenlew and Peter Seligson. KPMG Oy Ab was selected as the company auditor, which in turn appointed the Authorised Public Accountant Sixten Nyman as the principal auditor. Under a decision by the Annual General Meeting, the Board of Directors was authorised to decide on assigning an aggregate maximum of 1,000,000 new shares in the form of a share issue or special rights (including stock options) entitling to shares pursuant to Chapter 10, Section 1 of the Finnish Companies Act in one or more tranches. The Board of Directors may decide to issue either new shares or the company's treasury shares that may be in the company's possession. The proposed maximum amount of the authorisation represents approximately 9.7% of all company shares on the date on which the invitation to the Annual General Meeting was published. The authorisation is used for financing and implementing potential acquisitions or other arrangements, consolidating the company's balance sheet and financial situation, for implementing staff engagement and incentive compensation systems or for any other purposes determined by the Board of Directors. The authorisation covers the right of the Board of Directors to decide on any and all terms and conditions of share issues and the issuing of special rights pursuant to Chapter 10, Section 1 of the Finnish Companies Act, including the right to identify the beneficiaries of shares or of special rights entitling to shares and to determine the amount of consideration. The authorisation shall thus entitle the Board of Directors to directed issues of shares or special rights i.e. to a deviation from the shareholders' pre-emptive right subject to the provisions of the applicable law. The authorisation revokes all previous authorisations and remains in force until the next Annual General Meeting. ORGANISATION MEETING OF THE BOARD OF DIRECTORS In its organisation meeting, the Board of Directors elected Peter Seligson as the Chairman. Juha Mikkonen was elected as the chairman of the Audit Committee with Teppo Kauppila and Peter Seligson as committee members. The Board of Directors elected Peter Seligson to chair the Nominating and Compensation committee and appointed Alexander Rosenlew and Arja Hautanen as committee members. CHANGES IN GROUP MANAGEMENT Anne Söderholm, with a degree of M.Sc. Economics, joined Tiimari as the Marketing and Communications Director and a member of the Management Group of Tiimari on 28 May 2008. The group's Financial Director Veli-Pekka Kahanpää left the company on 16 June 2008. B.Sc. Economics Maija Elenius joined the group as the Financial Director and a member of the Management Group on 23 June 2008. M.Sc. Economics Tiina Kuusisto was appointed as the Managing Director of Tiimari Retail Oy and a member of the Management Group on 2 June 2008. She will assume her duties in the autumn. EVENTS AFTER THE PERIOD UNDER REVIEW In July, new stores were opened in Poznan, Poland, and St. Petersburg, Russia. M.Sc. Economics Ville Tervola was appointed as the Financing Director of Tiimari Oyj Abp and a member of the Management Group on 11 August 2008. He will assume his duties in the last quarter of the year. PROSPECTS The nature of the main business of Tiimari group is defensive, and it has traditionally not been sensitive to economical fluctuations. The company's net sales for the third quarter have so far developed as planned. With regard to the international markets, new business locations will be opened in Poland and Russia this year. The modernisation of the Finnish retail store network to reflect the renewed visual concept will continue according to plan. The company estimates the 2008 net sales to grow at the same rate as during the first half of the year. Earnings before taxes are expected to improve compared to the 2007 figures. However, the whole year profitability will be affected by Tiimari's investments in expansion, the increase in general economic uncertainty and the seasonality of the business leading to the majority of profits accruing during the last quarter as in earlier years. Tiimari Plc will publish its third quarter report on November 11. 2008. Kristina Illi CEO Tiimari Plc CONSOLIDATED PROFIT AND LOSS ACCOUNT -------------------------------------------------------------------------------- | EUR 1.000 | 2008 | 2007 | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- | | 04-06 | 04-06 | 01-06 | 01-06 | 1-12 | -------------------------------------------------------------------------------- | Net Sales | 16.090 | 13.854 | 33.866 | 28.474 | 74.570 | -------------------------------------------------------------------------------- | Other operating income | 77 | -18 | 1.013 | 162 | 347 | -------------------------------------------------------------------------------- | Change in inventory | 2 | -380 | 595 | -861 | -1.269 | -------------------------------------------------------------------------------- | Materials | -6.055 | -5.015 | -14.036 | -10.011 | -28.206 | -------------------------------------------------------------------------------- | Employee benefit costs | -4.557 | -3.646 | -9.104 | -7.595 | -15.708 | -------------------------------------------------------------------------------- | Depreciation | -808 | -517 | -1.478 | -1.111 | -2.402 | -------------------------------------------------------------------------------- | Other operating expenses | -6.708 | -5.239 | -14.112 | -10.454 | -23.003 | -------------------------------------------------------------------------------- | Operating profit / loss | -1.959 | -961 | -3.256 | -1.396 | 4.329 | -------------------------------------------------------------------------------- | Financial income and | -787 | -668 | -1.546 | -1 340 | -2.747 | | expenses | | | | | | -------------------------------------------------------------------------------- | Profit / loss before taxes | -2.746 | -1.629 | -4.802 | -2.736 | 1.582 | -------------------------------------------------------------------------------- | Taxes | 889 | 120 | 896 | 0 | 1.580 | -------------------------------------------------------------------------------- | Profit / loss for the | -1.857 | -1.509 | -3.906 | -2.736 | 3.162 | | review period | | | | | | -------------------------------------------------------------------------------- | Parent company's | -0,18 | -0,15 | -0,38 | -0,28 | 0,32 | | shareholders' | | | | | | | profit, earnings per share | | | | | | -------------------------------------------------------------------------------- | Adjusted diluted earnings | | | | | | | per share correspond to the | | | | | | | undiluted earnings | | | | | | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- | ASSETS | 30.06.2008 | 30.06.2007 | 31.12.2007 | -------------------------------------------------------------------------------- | Goodwill | 37.497 | 32.987 | 37.385 | -------------------------------------------------------------------------------- | Other intangible assets | 19.441 | 14.999 | 19.760 | -------------------------------------------------------------------------------- | Tangible assets | 4.916 | 3.428 | 4.650 | -------------------------------------------------------------------------------- | Other financial assets | 105 | 114 | 114 | -------------------------------------------------------------------------------- | Receivables | 72 | 84 | 100 | -------------------------------------------------------------------------------- | Deferred tax receivables | 920 | 1.450 | 30 | -------------------------------------------------------------------------------- | Total non-current assets | 62.951 | 53.062 | 62.039 | -------------------------------------------------------------------------------- | Inventories | 26.139 | 24.479 | 25.473 | -------------------------------------------------------------------------------- | Trade and other receivables | 4.788 | 3.929 | 6.877 | -------------------------------------------------------------------------------- | Liquid assets | 1.045 | 1.250 | 2.852 | -------------------------------------------------------------------------------- | Total current assets | 31 972 | 29.658 | 35.202 | -------------------------------------------------------------------------------- | Non- current assets | 0 | 0 | 124 | | available for sales | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | 94.923 | 82.720 | 97.365 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' s EQUITY AND | | | | | LIABILITIES | | | | -------------------------------------------------------------------------------- | Parent company's shareholders' | | | | | equity | | | | -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' EQUITY | 34.066 | 31.723 | 39.667 | -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 6.621 | 5.524 | 6.692 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 27.960 | 18.102 | 28.220 | -------------------------------------------------------------------------------- | Provisions | 23 | 27 | 23 | -------------------------------------------------------------------------------- | Total non-current liabilities | 34.604 | 23.653 | 34.935 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest bearing liabilities | 16.397 | 20.004 | 5.787 | -------------------------------------------------------------------------------- | Provisions | 8 | 22 | 8 | -------------------------------------------------------------------------------- | Accounts payable and other | 9.848 | 7.318 | 16.968 | | payables | | | | -------------------------------------------------------------------------------- | Tax liabilities | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Total current liabilities | 26 253 | 27.344 | 22.763 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 60.857 | 50.997 | 57.698 | -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' EQUITY AND | 94.923 | 82.720 | 97.365 | | LIABILITIES | | | |-------------------------------------------------------------------------------- CALCULATION OF CHANGES TO SHAREHOLDERS' EQUITY -------------------------------------------------------------------------------- | SHAREHOLDERS | Share | Distributa | Own | Translatio | Retained | Total | | EQUITY | capita | ble | shares | n | earnings | | | | l | equity | | difference | | | | | | fund | | s | | | -------------------------------------------------------------------------------- | 1.1.2008 | 7.686 | 13.821 | -55 | -219 | 18.434 | 39.667 | -------------------------------------------------------------------------------- | Translation | | | | -31 | | -31 | | differences | | | | | | | -------------------------------------------------------------------------------- | Net income | | | | | -3.906 | -3.906 | | for the | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | Total | | | | -31 | -3.906 | -3.937 | | recognised | | | | | | | | income and | | | | | | | | expenses | | | | | | | | for the | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | -1.648 | -1.648 | | paid | | | | | | | -------------------------------------------------------------------------------- | Other | | | | | -16 | -16 | | changes | | | | | | | -------------------------------------------------------------------------------- | 30.06.2008 | 7.686 | 13.821 | -55 | -250 | 12.864 | 34.066 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS | Share | Distributa | Own | Translatio | Retained | Total | | EQUITY | capita | ble | shares | n | earnings | | | | l | equity | | difference | | | | | | fund | | s | | | -------------------------------------------------------------------------------- | 1.1.2007 | 7.686 | 11.558 | -55 | -27 | 16.729 | 35.891 | -------------------------------------------------------------------------------- | Translation | | | | 39 | | 39 | | differences | | | | | | | -------------------------------------------------------------------------------- | Net income | | | | | -2.736 | -2.736 | | for the | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | Total | | | | 39 | -2.736 | -2.697 | | recognised | | | | | | | | income and | | | | | | | | expenses | | | | | | | | for the | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | -1.477 | -1.477 | | paid | | | | | | | -------------------------------------------------------------------------------- | Other | | | | | 6 | 6 | | changes | | | | | | | -------------------------------------------------------------------------------- | 30.06.2007 | 7.686 | 11.558 | -55 | 12 | 12.522 | 31.723 | -------------------------------------------------------------------------------- CASH FLOW STATEMENT -------------------------------------------------------------------------------- | Cash flow from operations | 1-6/08 | 1-6/07 | 1-12/07 | -------------------------------------------------------------------------------- | Profit/loss for financial period | -3.906 | -2.736 | 3.162 | -------------------------------------------------------------------------------- | Adjustments: | | | | -------------------------------------------------------------------------------- | Depreciation and impairment | 1.478 | 1.110 | 2.402 | -------------------------------------------------------------------------------- | Financial income and expenses | 1.547 | 1.339 | 2.747 | -------------------------------------------------------------------------------- | Taxes | -896 | 0 | -1.580 | -------------------------------------------------------------------------------- | Other adjustments | -885 | -144 | 1.757 | -------------------------------------------------------------------------------- | Change in working capital: | | | | -------------------------------------------------------------------------------- | Change in short-term receivables | 2.331 | -227 | -2.540 | -------------------------------------------------------------------------------- | Change in inventories | -666 | 726 | 164 | -------------------------------------------------------------------------------- | Change in short-term liabilities | -7.192 | -6.706 | 1.888 | -------------------------------------------------------------------------------- | Interest paid | -1.518 | -1.406 | -3.079 | -------------------------------------------------------------------------------- | Interest income received | 69 | 70 | 193 | -------------------------------------------------------------------------------- | Taxes paid | -360 | -56 | 173 | -------------------------------------------------------------------------------- | Net cash flow from operations | -9.998 | -8.030 | 5.287 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investment activities | | | | -------------------------------------------------------------------------------- | Investments in tangible and | -1.652 | -478 | -2.697 | | intangible assets | | | | -------------------------------------------------------------------------------- | Acquisition of subsidiary companies | 0 | 0 | -4.645 | | net cash of acquired | | | | -------------------------------------------------------------------------------- | Capital gains | 1.111 | 6.680 | 6.818 | | from tangible and intangible assets | | | | -------------------------------------------------------------------------------- | Repayment of loan receivables | 28 | 50 | -650 | -------------------------------------------------------------------------------- | Additional purchase price paid | 0 | -1.500 | -1.500 | -------------------------------------------------------------------------------- | Net cash from investments | -513 | 4.752 | -2.674 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing activities | | | | -------------------------------------------------------------------------------- | Long-term loans, increase | 0 | 6.500 | 12.229 | -------------------------------------------------------------------------------- | Long-term loans, decrease | -322 | -2.819 | -5.098 | -------------------------------------------------------------------------------- | Short-term loans, increase | 11.677 | 2.993 | 7.060 | -------------------------------------------------------------------------------- | Short-term loans, decrease | -1.000 | -8.994 | -20.792 | -------------------------------------------------------------------------------- | Dividends paid | -1.648 | -1.475 | -1.477 | -------------------------------------------------------------------------------- | Net cash flow from financing | 8.707 | -3.795 | -8.078 | -------------------------------------------------------------------------------- | Change in liquid assets | -1.805 | -7.073 | -5.465 | -------------------------------------------------------------------------------- | Liquid assets, beginning of review | 2.852 | 8.323 | 8.323 | | period | | | | -------------------------------------------------------------------------------- | Effects of exchange rate changes | -2 | 0 | -6 | | on liquid assets | | | | -------------------------------------------------------------------------------- | Liquid assets, end of review period | 1.045 | 1.250 | 2.852 | -------------------------------------------------------------------------------- This interim financial report is prepared in accordance with IAS 34 (Interim Financial Reporting) using the same accounting policies and methods of computation as in the annual financial statements for 2007. All figures in the accounts have been rounded and consequently the sum of individual figures can deviate from the presented sum figure. Tiimari Plc has adopted IFRS 8 (Operating Segments) as of January 1, 2008. This will impact on disclosure information. Use of estimates: The preparation of the financial statements in accordance with IFRS requires management to make estimates and assumptions that affect the valuation of the reported assets and liabilities and other information, such as contingent liabilities and the recognition of income and expenses in the income statement. Although the estimates are based on the management's best knowledge of current events and actions, actual results may differ from the estimates. Amended and new International Financial Reporting Standards (IFRS) as of 1 January 2008: - IFRIC 11 IFRS 2 - Group Treasury Share Transactions - IFRIC 12 Service Concession Agreements - IFRIC 13 Customer Loyalty Programmes - IFRIC 14 IAS 19 - The Limit on Defined Benefit Asset, Minimum Funding Requirements and their Interaction The adoption of the new and revised standards and interpretations has no material effect on the interim financial report. SEGMENT-SPECIFIC FIGURES NET SALES BY SEGMENT -------------------------------------------------------------------------------- | EUR 1,000 | 2008 | 2007 | 2008 | 2007 | 2007 | | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | 15.783 | 13.175 | 33.378 | 27.325 | 72.641 | -------------------------------------------------------------------------------- | Tiimore | 330 | 701 | 553 | 1.190 | 2.040 | -------------------------------------------------------------------------------- | Other | 777 | 72 | 1.633 | 169 | 506 | -------------------------------------------------------------------------------- | Internal | -800 | -93 | -1.698 | -209 | -616 | -------------------------------------------------------------------------------- | Group | 16.090 | 13.854 | 33.866 | 28.474 | 74.570 | -------------------------------------------------------------------------------- OPERATING PROFIT BY SEGMENT -------------------------------------------------------------------------------- | EUR 1,000 | 2008 | 2007 | 2008 | 2007 | 2007 | | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | -1.709 | -945 | -3.379 | -1.256 | 5.894 | -------------------------------------------------------------------------------- | Tiimore | -197 | 5 | 234 | -56 | -572 | -------------------------------------------------------------------------------- | Other | -53 | -21 | -110 | -84 | -993 | -------------------------------------------------------------------------------- | Group | -1.959 | -961 | -3.256 | -1.396 | 4.329 | -------------------------------------------------------------------------------- Segment information has been updated because of structural changes as from 1.1.2008. DEPRECIATION BY SEGMENT -------------------------------------------------------------------------------- | EUR 1,000 | 2008 | 2007 | 2008 | 2007 | 2007 | | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | 608 | 350 | 1.096 | 750 | 1.685 | -------------------------------------------------------------------------------- | Tiimore | 19 | 14 | 42 | 28 | 75 | -------------------------------------------------------------------------------- | Other | 181 | 153 | 340 | 333 | 643 | -------------------------------------------------------------------------------- | Group | 808 | 517 | 1.478 | 1.111 | 2.402 | -------------------------------------------------------------------------------- CAPITAL EXPENDITURE BY SEGMENT -------------------------------------------------------------------------------- | EUR 1,000 | 2008 | 2007 | 2008 | 2007 | 2007 | | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | 1.092 | 288 | 1.580 | 465 | 10.492 | -------------------------------------------------------------------------------- | Tiimore | 11 | 0 | 88 | 0 | 225 | -------------------------------------------------------------------------------- | Other | 0 | 0 | 0 | 0 | 86 | -------------------------------------------------------------------------------- | Group | 1.103 | 288 | 1.668 | 465 | 10.803 | -------------------------------------------------------------------------------- NET SALES: BY GEOGRAPHICAL AREA -------------------------------------------------------------------------------- | EUR 1,000 | 2008 | 2007 | 2008 | 2007 | 2007 | | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Finland | 12.435 | 12.800 | 25.773 | 26.312 | 66.431 | -------------------------------------------------------------------------------- | Other countries | 3.654 | 1.054 | 8.093 | 2.162 | 8.138 | -------------------------------------------------------------------------------- | Group | 16.090 | 13.854 | 33.866 | 28.474 | 74.570 | -------------------------------------------------------------------------------- INTANGIBLE ASSETS -------------------------------------------------------------------------------- | EUR 1,000 | 06/2008 | 06/2007 | 12/2007 | -------------------------------------------------------------------------------- | Book value, Jan. 1 | 57.145 | 50.779 | 50.779 | -------------------------------------------------------------------------------- | Currency translation | -6 | | -1 | | adjustment | | | | -------------------------------------------------------------------------------- | Capital expenditure | 868 | 393 | 7.842 | -------------------------------------------------------------------------------- | Amortization and impairment | -1.069 | -717 | -1.579 | -------------------------------------------------------------------------------- | Disposals and transfers | 0 | -2.469 | 104 | -------------------------------------------------------------------------------- | BOOK VALUE AT THE END OF | 56.938 | 47.986 | 57.145 | | PERIOD | | | | -------------------------------------------------------------------------------- TANGIBLE ASSETS -------------------------------------------------------------------------------- | EUR 1,000 | 06/2008 | 06/2007 | 12/2007 | -------------------------------------------------------------------------------- | Book value, Jan. 1 | 4.650 | 9.890 | 9.890 | -------------------------------------------------------------------------------- | Currency translation | 4 | | 5 | | adjustment | | | | -------------------------------------------------------------------------------- | Capital expenditure | 888 | 72 | 1.923 | -------------------------------------------------------------------------------- | Depreciation and impairment | -409 | -394 | -823 | -------------------------------------------------------------------------------- | Disposals and transfers | -217 | -6.140 | -6.345 | -------------------------------------------------------------------------------- | BOOK VALUE AT THE END OF | 4.916 | 3.428 | 4.650 | | PERIOD | | | | -------------------------------------------------------------------------------- CONTINGENT LIABILITIES -------------------------------------------------------------------------------- | | 30.6.2008 | 30.6.2007 | 31.12.2007 | -------------------------------------------------------------------------------- | Financial institution loans | 31.153 | 25.013 | 20.527 | | against | | | | | the following securities | | | | -------------------------------------------------------------------------------- | Real estate mortgages | 1.000 | 2.361 | 2.361 | -------------------------------------------------------------------------------- | Corporate mortgages | 31.137 | 31.137 | 31.137 | -------------------------------------------------------------------------------- | Pledged shares | 1.476 | 1.476 | 1.476 | -------------------------------------------------------------------------------- | Other own liabilities: | | | | -------------------------------------------------------------------------------- | Bank quarantees | 1.384 | 941 | 1.927 | -------------------------------------------------------------------------------- | Other liabilities | 408 | 13 | 413 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Leasing liabilities | | | | -------------------------------------------------------------------------------- | Due within one year | 21 | 8 | 30 | -------------------------------------------------------------------------------- | Due after one year | 8 | 11 | 21 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OTHER RENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Due within one year | 9.331 | 10.782 | 12.108 | -------------------------------------------------------------------------------- | Due after one year | 16.454 | 5.376 | 17.814 | -------------------------------------------------------------------------------- GROUP INVESTMENTS AND DEPRECIATIONS EUR 1,000 -------------------------------------------------------------------------------- | | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- | | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Gross investments | 1.668 | 465 | 10.803 | -------------------------------------------------------------------------------- | Depreciations | 217 | 7.224 | 7.329 | -------------------------------------------------------------------------------- CHANGES TO GROUP'S FINANCIAL INSTITUTION LOANS -------------------------------------------------------------------------------- | | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- | | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Increase | 11.693 | 9.493 | 19.288 | -------------------------------------------------------------------------------- | Decrease | -1.342 | -11.814 | -27.389 | -------------------------------------------------------------------------------- | Total changes | 10.351 | -2.321 | -8.101 | -------------------------------------------------------------------------------- EXPORT FROM FINLAND -------------------------------------------------------------------------------- | | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- | | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | | 900 | 500 | 1.400 | -------------------------------------------------------------------------------- KEY FINANCIAL FIGURES -------------------------------------------------------------------------------- | | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- | | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | Net sales | 33.866 | 28.474 | 74.570 | -------------------------------------------------------------------------------- | Operating profit / loss | -3.256 | -1.396 | 4.329 | -------------------------------------------------------------------------------- | Profit/loss for the financial period | -3.906 | -2.736 | 3.162 | -------------------------------------------------------------------------------- | Earnings per share, EUR | -0,38 | -0,28 | 0,32 | -------------------------------------------------------------------------------- | Shareholders' equity per share, EUR | 3,30 | 3,22 | 3,85 | -------------------------------------------------------------------------------- | Shareholders' equity per share | 3,30 | 3,22 | 3,85 | | (diluted),EUR | | | | -------------------------------------------------------------------------------- | Solvency ratio | 35,89% | 38,35 % | 40,75 % | -------------------------------------------------------------------------------- | Gearing | 127,14 % | 116,18 % | 78,54 % | -------------------------------------------------------------------------------- | Balance sheet total | 94.923 | 82.720 | 97.365 | -------------------------------------------------------------------------------- | Average number of shares (pcs) | 10.311.07 | 9.847.750 | 9.908.680 | | | 0 | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 43.312 | 36.856 | 31.155 | -------------------------------------------------------------------------------- CALCULATION OF KEY FINANCIAL FIGURES Earnings per share (EPS), EUR= (Earnings before taxes-taxes) / Adjusted average number of shares Shareholders' equity per share, EUR= Shareholders' equity / Number of shares at the end of the period Solvency ratio-%= (Shareholders' equity*100) / (Balance sheet total - advances received) Gearing= (Interest-bearing liabilities - cash in bank) * 100/Shareholders' equity Interest-bearing net liabilities Interest-bearing liabilities - cash in bank SHAREHOLDERS Major shareholders, 30.6.2008 -------------------------------------------------------------------------------- | | Shares | % shares | | | | and voting | | | | rights | -------------------------------------------------------------------------------- | Atine Group Oy | 2.134.664 | 20,7 | -------------------------------------------------------------------------------- | Assetman Oy | 1.100.000 | 10,7 | -------------------------------------------------------------------------------- | Baltiska Handels A.B. | 516.483 | 5,0 | -------------------------------------------------------------------------------- | Cumasa Oy | 407.625 | 4,0 | -------------------------------------------------------------------------------- | Varma Mutual Pension Insurance Company | 375.000 | 3,6 | -------------------------------------------------------------------------------- | Ilmarinen Mutual Pension Insurance Company | 351.781 | 3,4 | -------------------------------------------------------------------------------- | Nordea Bank Finland Plc (admistrative reg.) | 343.934 | 3,3 | -------------------------------------------------------------------------------- | Troll Capital Oy | 196.500 | 1,9 | -------------------------------------------------------------------------------- | Edgar Holding AB | 154.440 | 1,5 | -------------------------------------------------------------------------------- | Suomen Kauppayhtiöt Oy | 125.000 | 1,2 | -------------------------------------------------------------------------------- | Nordea Bank Finland Plc | 122.100 | 1,2 | -------------------------------------------------------------------------------- | Sonesson Thomas | 110.314 | 1,1 | -------------------------------------------------------------------------------- | Thomas Sonesson Konsult AB | 110.314 | 1,1 | -------------------------------------------------------------------------------- | Tapiola Suomi Mutual Fund | 103.602 | 1,0 | -------------------------------------------------------------------------------- | Arvo Finland Value Mutual Fund | 100.000 | 1,0 | -------------------------------------------------------------------------------- Further information: CEO Kristina Illi, tel +358 (0) 400 408 889
© 2024 Nasdaq, Inc. All Rights Reserved |