2009-05-12 07:30:00 CEST
2009-05-12 07:30:08 CEST
REGULATED INFORMATION
Tiimari Oyj Abp - Interim report (Q1 and Q3)
Tiimari Plc's Intermediary report
TIIMARI PLC Interim report 12, May 2009 at 8.30 TIIMARI PLC'S INTERMEDIARY REPORT DECREASED SALES AT 15,6 MILLION EURO, BUT IMPROVED MARGIN LEVEL First quarter highlights: - Net sales decreased by 12% to MEUR 15.6 (17.7), the changes in currency exchange rates resulted in a EUR 0.6 million decrease in net sales - Gross margin at EUR 9.6 million (9.4) was higher than during the comparison period regardless of decrease in sales because of the improved margin per cent - EBITDA stood at MEUR -2.8 (-0.6). EBITDA of the comparison period included gain of MEUR 0.9 on the sale of fixed assets. - Operating profit amounted to MEUR -3.4 (-1.3), without one-off items the comparison figure would have been EUR -2.2 million - Earnings per share totalled EUR -0.37 (-0.20). - After the review period, the company arranged a directed share issue of EUR 6million to strengthen the company's balance sheet and financial position. Tiimari's President Hannu Krook: “The first quarter was disappointing in terms of sales. However, some signs of revival are already visible, as the Easter and May Day sales were considerably stronger than the figures at the beginning of the year. The results of the newly launched profit improvement programme have not been translated into the result thus far, but measures are being implemented as planned and the impacts will become visible during the following periods. Our focus is now on developing Tiimari and Gallerix concepts. We are now concentrating particularly on sales promotion measures, and developing retail operations will be our key focus area over the next few months. We will invest in and pursue sales growth by integrating Gallerix' product portfolio in the Tiimari concept. Actions reducing working capital include a major effort targeted on inventory values." GROUP FINANCIALS Consolidated net sales decreased by 12% to MEUR 15.6 (17.7). Easter is the second most important season for Tiimari. In 2009, Easter sales took place three weeks later than during the comparison year, which had a significant impact on the development of net sales and accrual of earnings during the period under review. The total Easter sales was 6 per cent less than last years and thus the development was considerably better than during the first quarter so far. Currency exchange rate changes in the Swedish, Polish and Norwegian currencies reduced net sales by about EUR 0.6 million during the period. The business is very seasonal and the major part of both sales and profits accrue during the last quarter of the financial year. Consolidated operating profit stood at MEUR -3.4 (-1.3). The operating profit of the comparison period included a non-recurring gain on the sale of fixed assets in the amount of MEUR 0.89 Net financial expenses during the period under review amounted to MEUR 0.8 (0.8). Result before and after taxes totalled at MEUR -4.3(-2.1) and MEUR 4.2 (-2.0), respectively. Earnings per share totalled EUR -0.37 (0.20). OPERATING SEGMENTS TIIMARI Tiimari -segment is concised of the Tiimari-concept shops in Finland and abroad. The segment sales for the quarter decreased 13 per cent and was EUR 12.5 million (14.4). The own shops numbered 206 (182) and 167 of them were in Finland (157). The slowness of sales was due to both the general slowness in demand and the in comparison to last year - three weeks later start of the Easter season. The general economic development in Tiimari's foreign market areas was poor during the first quarter. The four shops in Russia were closed during the review period and the business in St. Petersburg ceased. The segment operating profit was EUR -2.6 million (-1.7). The profits were deteriorated mainly due to reduced sales. It takes from half a year to one and a half years for a shop to grow to full profitability and the development abroad is slower than in the home market. The segments capital expenditure was EUR 0.4 million (0.5) and was mainly related to openings of new shops. GALLERIX Gallerix-segment is concised of the Gallerix -concept shops in Sweden and Finland. The own shops numbered 7 (2) in Finland and 14 (5) in Sweden. In Sweden most of the business is based on franchising and there are 79 (87) shops run by franchisees. Gallerix net sales were EUR 3.0 million (3.2). Calculated with unchanged exchange rates the sales would have been about EUR 0.4 million higher. The operating profit was EUR -0.4 million (-0.2). New shop openings weighed down the profitability numbers. The segments capital expenditure was EUR 0.2 million (0.1) and was mainly related to openings of new shops. TIIMORE The weak economic climate reflected strongly in Tiimore's business gift sales as customers began to economise. Tiimore's net sales amounted to MEUR 0.2 (0.2), the operating profit totalling MEUR ‑0.1 (0.4). The operating profit for the comparison period included MEUR 0.9 in non-recurring items resulting from the the gain on sale of the property. Adjusted operating profit for first quarter 2008 was EUR -0.5 million. PROFIT IMPROVEMENT PROGRAMME At the beginning of the period under review, the company announced a MEUR 8.0 profit improvement programme covering savings in person hours and marketing and administrative expenses as well as measures designed for an increased contribution margin. Furthermore, the cash flow improvement programme included the objective of reducing inventories and restricting investment. The profit improvement programme was set in motion as planned. Price adjustments and reduction of logistics expenses improved the gross margin of the first quarter. The gross margin percent was about 8 percentage points higher than during the respective period last year. The capital expenditure during the period totalled EUR 0.6 million (0.6). The total capital expenditure during 2009 will be less than during 2008. The level of inventories was EUR 22.9 million, representing a decrease of EUR 0.5 million over the turn of the financial year and a decrease of EUR 3.3 million over the comparison period (26.2). FINANCING AND CASHFLOW The net working capital was EUR 13.9 million. The net working capital at the close of the comparison period was EUR 21.1 million and EUR 10.7 million at the end of 2008. The inventory value amounted to EUR 22.9 million and decreased EUR 0.5 million from the beginning of the period. Current receivables amounted to EUR 5.0 million and increased EUR 0.7 from the beginning of the period and current debt decreased by EUR 3.0 million to EUR 14.0 million respectively. The on-going working capital project proceeds as planned and has been extended to cover even Gallerix activities. Non-current assets totalled EUR 57.8 million (61.9). Interest-bearing debt totalled EUR 40.8 million (41.1) and was increased with EUR 6.7 since the beginning of the period. Equity to assets was 30% (39% at end of the comparison period and 35% at the beginning of the fiscal year) and net gearing was 149% (103% at the end of the comparison period and 105% at the beginning of the fiscal year). The Board of Directors resolved after the end of the review period that the company undertake a directed issue. The equity increase amounted to EUR 6.0 million. The cash flow from operations was EUR -6.4 million (-8.1). The cash flow was negative due to the negative profits and the decrease in current non-interest-bearing debt. The capital expenditure amounted to EUR 0.6 million (0.6). They were mainly related to new shop openings. PERSONNEL The average number of personnel totalled 695 (611) and the number at the close of the period was 692 (575). Most of the personnel were employed by Tiimari -segment in Finland. TIIMARI SHARE Tiimari share is listed in Nasdaq OMX Helsinki Ltd. The share price was EUR 1.10 (4.40) and market value EUR 12.4 million (45.4). The share capital was EUR 7,686,200 at end of the review period and the number of shares totalled 11,311,070. After the end of the review period on April 23, 2009 the Board of Directors resolved - by virtue of the authorization granted by the Annual General Meeting - to undertake a directed issue. 5,175,535 shares were subscribed in the issue and paid for and registered by the end of April. After the directed issue and nullification of own shares the number of shares totalled 16,486,605 and the share capital amounted EUR 7,686,200. TREASURY SHARES (Stock exchange release April 29, 2009 www.tiimari.com) At the end of the review period the company possessed 11,850 treasury shares. The shares construed 0,1 per cent of the share capital and votes. The Board of Directors resolved to annul the shares on April 23 and the decision was registered on April 29. The annulment had no effect on the share capital of the company. EVENTS AFTER THE REVIEW PERIOD ANNUAL GENERAL MEETING 2009 (Stock exchange release April 7, 2009 www.tiimari.com) Annual General Meeting approved the financial statements for 2008 on April 7, 2009 and the members of the Board and the President were discharged from liability for the financial year 2008. The meeting decided in accordance with the Board proposal to not to distribute a dividend and the loss for the financial year 1,585,287.88 to be booked in the accumulated profits account. It was decided that the number of Board members be six. Peter Seligson, Arja Hautanen, Sven-Olof Kulldorff, Juha Mikkonen, Alexander Rosenlew and Hannu Ryöppönen were elected to the Board of Directors. KPMG Oy Ab was elected auditor and they nominated Mr. Sixten Nyman as responsible auditor. The Annual General Meeting authorized the Board to decide on issuing a maximum of 5,655,535 shares through a share issue and/ or by granting stock options and/or other special rights entitling to shares, pursuant to chapter 10, section 1 of Finland's Limited Liability Companies Act, in one or more batches. The Board may decide to issue either new shares or existing shares possibly held by the company. The maximum share amount of the proposed authorization is equivalent to 50% of all company shares at the time of convening the Annual General Meeting. The authorization repeals the corresponding previous authorizations and is effective until the Annual General Meeting of 2010, although not beyond June 30, 2010 ORGANIZATION OF THE BOARD OF DIRECTORS (Stock exchange release April 7, 2009 www.tiimari.com) Convening after the Annual General Meeting, the Board elected Peter Seligson its chairman and Hannu Ryöppönen as its vice-chairman. The Board appointed Peter Seligson chairman of the Nomination and Compensation Committee and its other members Alexander Rosenlew and Arja Hautanen. The Board appointed Hannu Ryöppönen chairman of the Audit Committee and its other members Juha Mikkonen and Peter Seligson. After the Annual General Meeting M.Sc econ Hannu Krook (44), appointed as the new President of the Company January 19, 2009, assumed his position as the Company President. DIRECTED ISSUE (Stock exchange releases April 20, 24 and 30, 2009 www.tiimari.com) The Board of Directors of Tiimari Plc (the ”Company”) has on April 23, 2009 resolved - by virtue of the authorization granted by the Annual General Meeting on April 7, 2009 - to issue 5,175,535 new shares (“Shares”). The offered amount was increased from the amount previously announced by 20,000 shares because of the overbooking. The Board of Directors set the Subscription Price for the Shares at EUR 1,25 based on the outcome in the book-building procedure and also decided on the final terms and conditions of the directed issue. The pre-emptive subscription rights of the shareholders are deviated from since the purpose of the share issue is to strengthen the balance sheet structure and the financial position of the Company in a way that is financially efficient and less time-consuming and taking the instability of the financial market into consideration. A total of 5,175,535 Shares are being issued by the Company and they represent approximately 45,8 per cent of the shares in the Company prior to the issue. The Board of Directors accepted the subscriptions and resolved on the allocation of the new shares to the subscribers. A total of 2,631,036 Shares were allocated to Company's related parties who as has been earlier informed had indicated their intention to subscribe shares for at least 3 million euro. The shares entitle to shareholders' rights in the Company as from the registration of the Shares. Application will be made for admission of the Shares in the Company to listing on the Nasdaq OMX Helsinki when the Prospectus required for the admission of the Shares has been approved by the Financial Supervisory Authority. It is expected that the admission will become effective and that the dealings will commence in the Share on or about May 14, 2009. OPTION RIGHTS (Stock exchange release April 24, 2009 www.tiimari.com) Tiimari Plc (“Tiimari” or the “Company”) Board of Directors announces that based on the authorization granted by the Annual General Meeting on April 7, 2009 it will grant a total number of 480,000 option-rights entitling to 480,000 new shares in the company. Option-rights were granted to the new President of the Company who commenced in his position as the Company President on April 7, 2009 and to the new members of the Board elected at the Annual General Meeting. The options are granted as a part of the loyalty and incentive scheme. FINANCING ARRANGEMENTS The company has amortized its long-term loans with EUR 1 million and its short-term loans with EUR 1,9 million after the close of the review period. EUR 6 million of loans are booked in current debt as the company broke loan covenants at the end of the period, the company has since renegotiated the loan. The company is also re-negotiating its current short-term loans and the negotiations are expected to be finalized by end of May. SHORT-TERM RISKS AND UNCERTAINTIES The global economic downturn influences consumer purchase behaviour and purchasing power in all Tiimari's markets. The economic recession and the resulting fall in demand has had and continues to have an impact on the Company's sales and profitability. Heightened competition creates pressure to adjust sales prices but is, at the same time, also expected to have a positive influence on the development of purchase prices. Furthermore, changes in purchase prices and exchange rates between the business-relevant currencies and the euro, which may have a negative effect on the Company, could encumber the Company's operating profit and weaken its financial position. Tiimari's management has responded to the weakening demand e.g. by rationalising material flow management processes and adjusting the number of personnel in various duties, by intensifying marketing activities to increase the number of customers and the sum of one-time purchases in well-established and new stores, by closing down unprofitable stores, reviewing pricing and by pursuing increased efficiency of the Group in general. Furthermore, the Company has also launched a major profit improvement programme in order to achieve its financial goals. Additionally, the Company has decided to focus its investment mainly on the expansion and increased profitability of existing business operations. If the launched and implemented measures should fail to bring the expected result, this might have a negative impact both on the Company's earnings for the current financial period and the Company's financial position. PROSPECTS Tiimari's business has traditionally not been sensitive to economic fluctuations as compared with many other market operators. The economic situation of Tiimari's market areas is experiencing a downturn and the demand has weakened. This is expected to have a greater impact on Tiimari's performance than before. The company is able to respond to the more extensive impact of the weakened consumer demand by pulling out from Russia for the time being and by focusing strictly on improving the profitability of the existing core business. The Group's MEUR 8.0 profit improvement programme was set in motion as planned. The effects of the programme are expected to be reflected both on the company's profitability and the cash flows from operations most strongly after the second and, particularly after the third quarter. The Shareholders' Equity of the company was increased with about EUR 6 million as the directed issue resolved on April 23, 2009 was carried through. The company has used EUR 1 million of the funds to amortize its long-term loans and EUR 1,9 million to amortize its short-term loans. The Board of Directors estimates that the above-mentioned measures for increased profitability and strengthened balance sheet shall enable the company - despite the weakening general economic climate - to improve significantly the profitability of its operations and to generate clearly positive cash flows from operations during 2009. Board of Directors Tiimari Plc Further information: CEO Hannu Krook tel. + 358 (0)3 812911, e-mail hannu.krook@tiimari.fi Distribution: NASDAQ OMX Helsinki important news media www.tiimari.com Tiimari Plc is a listed company. The group consists of three retail shop concepts: Tiimari, Gallerix and Paperazzi. These three concepts do business in eight countries within the Baltic Sea region and there are altogether nearly 300 shops. All three concepts belong to the forerunners of their market segment. In the corporation there is also a company called Tiimore Oy which specializes in corporate gifts and sales promotion solutions. BASIS OF PREPARATION This Interim Report was prepared in accordance with the IFRS recognition and measurement principles, although all requirements of the IAS 34 standard have not been followed. The interim consolidated financial statements were prepared applying the same accounting policies and methods of computation as in the financial statements for 2008. Financial figures presented in this document are not audited. All figures in the accounts have been rounded and consequently the sum of individual figures may deviate from the presented total figure. The figures in the tables are presented in thousands of euros. Use of Estimates: The preparation of financial statements in accordance with IFRS requires the management to use estimates and assumptions that affect reported amounts of assets and liabilities on the balance sheet, disclosure of contingent assets and liabilities and the amount of income and expenses. Although the estimates are based on the management's best knowledge of current events and actions, actual results may ultimately differ from the estimates used. The use of estimates affects the valuation of inventory, deferred tax assets, depreciation times of non-current assets and valuation of receivables. Inventory valuation is based on regular devaluation as follows: 30 months 25%, 36 months 25% and 42 months 50% and specific write-offs as needed. Tiimari's business is characterised by seasonality with the net sales being generated largely during the final quarter. Regular goodwill impairment testing is thus carried out at the end of the financial period. Goodwill shall be tested earlier during the year in case of an indication of significant changes to the expected cash flows of a cash-generating unit arising from occurrences in business operations or in the operating environment. Adoption of new and changed standards as from January 1, 2009: - IAS 1, Presentation of the financial statements (changed). The standard affects the presentation of financial statements in the quarterly report. - IAS 23, Borrowing costs (changed). The standard requires that borrowing costs attributable to the acquisition of certain assets be included in their acquisition costs. The change does not materially affect the financial statements for the review period as Tiimari does not have long-term investment projects that would give rise to respective financing costs. Tiimari Plc has adopted the IFRS 8 standard (Operating Segments) as of 1 January 2008. Segment reporting in this intermediary report has been made in accordance with the segment definition in annual closing 2008 and the figures for the comparison period have been revised accordingly. The new and changed standards and interpretations do not have a material affect in the report. CONSOLIDATED INCOME STATEMENT -------------------------------------------------------------------------------- | EUR 1,000 | 1-3/2009 | 1-3/2008 | 1-12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SALES | 15 649 | 17 776 | 85 644 | -------------------------------------------------------------------------------- | Cost of goods sold | -6 055 | -8 345 | -34 348 | -------------------------------------------------------------------------------- | Gross profit | 9 594 | 9 431 | 51 296 | -------------------------------------------------------------------------------- | Gross profit, % | 61 % | 53 % | 60 % | -------------------------------------------------------------------------------- | Other operating income | 177 | 936 | 1 402 | -------------------------------------------------------------------------------- | Employee benefit costs | -5 346 | -4 547 | -19 876 | -------------------------------------------------------------------------------- | Depreciation | -815 | -670 | -3 622 | -------------------------------------------------------------------------------- | Goodwill impairment | 0 | 0 | -5 000 | -------------------------------------------------------------------------------- | Other operating expenses | -7 033 | -6 447 | -30 093 | -------------------------------------------------------------------------------- | OPERATING PROFIT | -3 421 | -1 297 | -5 893 | -------------------------------------------------------------------------------- | Operating profit, % | -22 % | -7 % | -7 % | -------------------------------------------------------------------------------- | Financial income | 97 | | 160 | -------------------------------------------------------------------------------- | Financial expenses | -944 | -759 | -4 276 | -------------------------------------------------------------------------------- | Net financial income | -847 | -759 | -4 116 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INCOME BEFORE TAXES | -4 269 | -2 056 | -10 009 | -------------------------------------------------------------------------------- | Taxes | 58 | 7 | 80 | -------------------------------------------------------------------------------- | NET INCOME FOR THE PERIOD | -4 211 | -2 049 | -9 929 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity holders of the company | -4 211 | -2 049 | -9 929 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share for profit attributable | | | -------------------------------------------------------------------------------- | to the equity holders of the Company | | | -------------------------------------------------------------------------------- | Basic earnings per share, EUR | -0,37 | -0,20 | -0,94 | -------------------------------------------------------------------------------- | Diluted earnings per share, EUR | -0,37 | -0,20 | -0,94 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET INCOME FOR THE PERIOD | -4 211 | -2 049 | -9 929 | -------------------------------------------------------------------------------- | Translation diffrences | 40 | 38 | -726 | -------------------------------------------------------------------------------- | Other | 0 | -13 | -21 | -------------------------------------------------------------------------------- | Comprehensive income for the period | -4 171 | -2 011 | -10 676 | | net of tax | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Comprehensive income for the period attributable to: | | -------------------------------------------------------------------------------- | Equity holders of the company | -4 171 | -2 011 | -10 676 | -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION -------------------------------------------------------------------------------- | EUR 1,000 | 31.3.2009 | 31.3.2008 | 31.12.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Goodwill | 33 270 | 37 493 | 33 287 | -------------------------------------------------------------------------------- | Other intangible assets | 18 627 | 19 351 | 18 950 | -------------------------------------------------------------------------------- | Tangible assets | 5 739 | 4 785 | 5 616 | -------------------------------------------------------------------------------- | Other financial assets | 105 | 114 | 105 | -------------------------------------------------------------------------------- | Receivables | 29 | 81 | 115 | -------------------------------------------------------------------------------- | Deferred tax assets | 1 | 32 | 0 | -------------------------------------------------------------------------------- | Total non-current assets | 57 771 | 61 856 | 58 073 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Inventories | 22 893 | 26 160 | 23 409 | -------------------------------------------------------------------------------- | Trade and other receivables | 4 995 | 5 853 | 4 255 | -------------------------------------------------------------------------------- | Cash and bank | 1 670 | 2 480 | 2 188 | -------------------------------------------------------------------------------- | Total current assets | 29 558 | 34 493 | 29 852 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 87 329 | 96 349 | 87 925 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Emoyrityksen omistajille kuuluva oma | | | | | pääoma | | | | -------------------------------------------------------------------------------- | Share capital | 7 686 | 7 686 | 7 686 | -------------------------------------------------------------------------------- | Own shares | -55 | -55 | -55 | -------------------------------------------------------------------------------- | Distributable equity fund | 16 921 | | 16 921 | -------------------------------------------------------------------------------- | Translation differences | -905 | | -945 | -------------------------------------------------------------------------------- | Retained earnings | 2 627 | | 6 836 | -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' EQUITY | 26 273 | 37 643 | 30 443 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 6 234 | 6 681 | 6 330 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 12 280 | 28 080 | 12 297 | -------------------------------------------------------------------------------- | Provisions | 31 | 23 | 31 | -------------------------------------------------------------------------------- | Total non-current liabilities | 18 545 | 34 784 | 18 658 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest bearing liabilities | 28 555 | 13 056 | 21 864 | -------------------------------------------------------------------------------- | Account payable and other payable | 13 957 | 10 866 | 16 960 | -------------------------------------------------------------------------------- | Total current liabilities | 42 511 | 23 922 | 38 824 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 61 056 | 58 706 | 57 482 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' EQUITY AND | 87 329 | 96 349 | 87 925 | | LIABILITIES | | | | -------------------------------------------------------------------------------- CONSILIDATED STATEMENT OF CASH FLOWS -------------------------------------------------------------------------------- | EUR 1,000 | Q1 2009 | Q1 2008 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operations | | | | -------------------------------------------------------------------------------- | Profit/loss for financial period | -4211 | -2049 | -9 929 | -------------------------------------------------------------------------------- | Adjustments: | | | | -------------------------------------------------------------------------------- | | Depreciation and impairment | 815 | 670 | 8 622 | -------------------------------------------------------------------------------- | | Gain (+) and loss (-) on sale of fixed | 0 | -893 | -690 | | | assets | | | | -------------------------------------------------------------------------------- | | Financial income and expenses | 844 | 759 | 4 116 | -------------------------------------------------------------------------------- | | Taxes | -58 | 7 | -80 | -------------------------------------------------------------------------------- | | Other adjustments | -38 | 0 | 173 | -------------------------------------------------------------------------------- | Change in working capital: | | | | -------------------------------------------------------------------------------- | | Change in short-term receivables | 541 | 1150 | 2 732 | -------------------------------------------------------------------------------- | | Change in inventories | -756 | -687 | 2 799 | -------------------------------------------------------------------------------- | | Change in short term liabilities | -2570 | -6716 | -2 026 | -------------------------------------------------------------------------------- | Interest paid | -678 | -174 | -3 104 | -------------------------------------------------------------------------------- | Interest income received | 1 | 24 | 58 | -------------------------------------------------------------------------------- | Other financing expenses paid | -226 | 0 | -347 | -------------------------------------------------------------------------------- | Taxes paid | -64 | -142 | -387 | -------------------------------------------------------------------------------- | Net cash flow from operations | -6397 | -8065 | 1 937 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investment activities | | | | -------------------------------------------------------------------------------- | | Acquisition of subsidiary companies | | | | -------------------------------------------------------------------------------- | | net cash of acquired | 0 | 0 | -736 | -------------------------------------------------------------------------------- | | Investments in | | | | -------------------------------------------------------------------------------- | | tangible and intangible assets | -599 | -565 | -4 505 | -------------------------------------------------------------------------------- | | Capital gains from tangible and | 0 | 1100 | 985 | | | intangible assets | | | | -------------------------------------------------------------------------------- | | Repayment of loan receivables | 0 | 19 | 65 | -------------------------------------------------------------------------------- | Net cash flow from investments | -599 | 554 | -4 191 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing activities | | | | -------------------------------------------------------------------------------- | | Proceeds from share issue | 0 | 0 | 3 100 | -------------------------------------------------------------------------------- | | Long-term loans, increase | 0 | 0 | 0 | -------------------------------------------------------------------------------- | | Long-term loans, decrease | 0 | -160 | -2 000 | -------------------------------------------------------------------------------- | | Short-term loans, net change | 6492 | 7295 | 2 325 | -------------------------------------------------------------------------------- | | Dividends paid | 0 | 0 | -1 648 | -------------------------------------------------------------------------------- | Net cash flow from financing | 6492 | 7135 | 1 777 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in liquid assets | -503 | -376 | -477 | -------------------------------------------------------------------------------- | | Liquid assets, beginning of review | 2 188 | 2852 | 2 852 | | | perios | | | | -------------------------------------------------------------------------------- | | Effect of exchange rate changes on | -15 | 4 | -187 | | | liquid assets | | | | -------------------------------------------------------------------------------- | | Liquid assets, end of review period | 1670 | 2480 | 2 188 | -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF CHANGES IN EQUITY -------------------------------------------------------------------------------- | EUR 1,000 | -------------------------------------------------------------------------------- | Attributable to the equity holders of the company | Total | | | equity | -------------------------------------------------------------------------------- | | Share | Distri | Own | Trans | Retained | Total | | | | capit | -butab | share | latio | earnings | | | | | al | le | s | n | | | | | | | equity | | diffe | | | | | | | fund | | rence | | | | | | | | | s | | | | -------------------------------------------------------------------------------- | Shareholder | 7 686 | 13 828 | -55 | -240 | 18 448 | 39 667 | 39 667 | | s' equity | | | | | | | | | 1.1.2008 | | | | | | | | -------------------------------------------------------------------------------- | Comprehensi | | | | | | | | | ve income | | | | | | | | -------------------------------------------------------------------------------- | for the | | | | 38 | -2 049 | -2 011 | -2 011 | | period | | | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | 0 | 0 | 0 | | paid | | | | | | | | -------------------------------------------------------------------------------- | Share issue | | 0 | | | | 0 | 0 | -------------------------------------------------------------------------------- | Other items | | | | | -13 | -13 | -13 | -------------------------------------------------------------------------------- | Equity on | 7 686 | 13 828 | -55 | -202 | 16 386 | 37 643 | 37 643 | | 31.3.2008 | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | -------------------------------------------------------------------------------- | Shareholder | 7 686 | 16 921 | -55 | -945 | 6 836 | 30 443 | 30 443 | | s' equity | | | | | | | | | 1.1.2009 | | | | | | | | -------------------------------------------------------------------------------- | Comprehensi | | | | | | | | | ve income | | | | | | | | -------------------------------------------------------------------------------- | for the | | | | 40 | -4 211 | -4 171 | -4 171 | | period | | | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | 0 | 0 | 0 | | paid | | | | | | | | -------------------------------------------------------------------------------- | Share issue | | | | | | 0 | 0 | -------------------------------------------------------------------------------- | Other items | | | | | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Equity on | 7 686 | 16 921 | -55 | -905 | 2 625 | 26 273 | 26 273 | | 31.3.2009 | | | | | | | | -------------------------------------------------------------------------------- SEGMENT INFORMATION NET SALES -------------------------------------------------------------------------------- | EUR 1,000 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | 1-3 | 1-3 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | 12 473 | 14 410 | 70 926 | -------------------------------------------------------------------------------- | Gallerix | 2 967 | 3 207 | 13 624 | -------------------------------------------------------------------------------- | Tiimore | 208 | 223 | 1 094 | -------------------------------------------------------------------------------- | Other operations | 400 | 646 | 1 223 | -------------------------------------------------------------------------------- | Eliminations | -400 | -710 | -1 223 | -------------------------------------------------------------------------------- | Group | 15 648 | 17 776 | 85 644 | -------------------------------------------------------------------------------- OPERATING PROFIT -------------------------------------------------------------------------------- | EUR 1,000 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | 1-3 | 1-3 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | -2 579 | -1 673 | -3 602 | -------------------------------------------------------------------------------- | Gallerix | -435 | -151 | -526 | -------------------------------------------------------------------------------- | Tiimore | -112 | 430 | -287 | -------------------------------------------------------------------------------- | Other operations | -294 | 97 | -1 478 | -------------------------------------------------------------------------------- | Group | -3 420 | -1 297 | -5 893 | -------------------------------------------------------------------------------- DEPRECIATION AND GOODWILL IMPAIRMENT -------------------------------------------------------------------------------- | EUR 1,000 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | 1-3 | 1-3 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | 608 | 552 | 7 669 | -------------------------------------------------------------------------------- | Gallerix | 186 | 90 | 791 | -------------------------------------------------------------------------------- | Tiimore | 5 | 23 | 107 | -------------------------------------------------------------------------------- | Other operations | 16 | 5 | 55 | -------------------------------------------------------------------------------- | Group | 815 | 670 | 8 622 | -------------------------------------------------------------------------------- CAPITAL EXPENDITURE -------------------------------------------------------------------------------- | EUR 1,000 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | 1-3 | 1-3 | 1-12 | -------------------------------------------------------------------------------- | Tiimari | 392 | 478 | 4 205 | -------------------------------------------------------------------------------- | Gallerix | 189 | 50 | 747 | -------------------------------------------------------------------------------- | Tiimore | 0 | 0 | 2 | -------------------------------------------------------------------------------- | Other operations | 4 | 37 | 286 | -------------------------------------------------------------------------------- | Group | 585 | 565 | 5 240 | -------------------------------------------------------------------------------- NET SALES BY GEOGRAPHICAL AREA -------------------------------------------------------------------------------- | EUR 1,000 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | 1-3 | 1-3 | 1-12 | -------------------------------------------------------------------------------- | Sweden | 11 414 | 13 140 | 64 990 | -------------------------------------------------------------------------------- | Finland | 3 178 | 3 367 | 14 317 | -------------------------------------------------------------------------------- | Other operations | 1 057 | 1 269 | 6 337 | -------------------------------------------------------------------------------- | Group | 15 648 | 17 776 | 85 644 | -------------------------------------------------------------------------------- INTANGIBLE ASSETS -------------------------------------------------------------------------------- | EUR 1,000 | 31.3.2009 | 31.3.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | Book value at 1 January | 52 237 | 57 145 | 57 145 | -------------------------------------------------------------------------------- | Changes in exchange rates | -74 | 0 | -294 | -------------------------------------------------------------------------------- | Additions | 218 | 154 | 2 000 | -------------------------------------------------------------------------------- | Depreciation and impairment | -491 | -380 | -6 598 | -------------------------------------------------------------------------------- | Disposals and intra-balance sheet | 0 | -75 | -16 | | transfer | | | | -------------------------------------------------------------------------------- | Book value at the end of period | 51 891 | 56 844 | 52 237 | -------------------------------------------------------------------------------- TANGIBLE ASSETS -------------------------------------------------------------------------------- | EUR 1,000 | 31.3.2009 | 31.3.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | Book value at 1 January | 5 616 | 4 650 | 4 650 | -------------------------------------------------------------------------------- | Changes in exchange rates | 80 | 14 | -56 | -------------------------------------------------------------------------------- | Additions | 367 | 411 | 3 677 | -------------------------------------------------------------------------------- | Depreciation and impairment | -324 | -290 | -2 024 | -------------------------------------------------------------------------------- | Disposals and intra-balance sheet | 0 | 0 | -631 | | transfer | | | | -------------------------------------------------------------------------------- | Book value at the end of period | 5 739 | 4 785 | 5 616 | -------------------------------------------------------------------------------- KEY FINANCIAL FIGURES -------------------------------------------------------------------------------- | | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | 1-3 | 1-3 | 1-12 | -------------------------------------------------------------------------------- | Net sales | 15 649 | 17 776 | 85 644 | -------------------------------------------------------------------------------- | Operating profut / loss | -3 421 | -1 297 | -5 893 | -------------------------------------------------------------------------------- | Profit/loss for the financial period | -4 211 | -2 049 | -9 929 | -------------------------------------------------------------------------------- | Earnings per share, EUR | -0,37 | -0,20 | -0,94 | -------------------------------------------------------------------------------- | Shareholders' equity per share, EUR | 2,32 | 3,65 | 2,69 | -------------------------------------------------------------------------------- | Solvency ratio | 30 % | 39 % | 35 % | -------------------------------------------------------------------------------- | Gearing | 149 % | 103 % | 105 % | -------------------------------------------------------------------------------- | Balance sheet total | 87 329 | 96 349 | 87 925 | -------------------------------------------------------------------------------- | Average number of shares (pcs) | 11 311 | 10 311 | 10 561 | -------------------------------------------------------------------------------- | Net Interest-bearing liabilities | 39 165 | 38 656 | 31 973 | -------------------------------------------------------------------------------- CONTINGENT LIABILITIES -------------------------------------------------------------------------------- | | 31.3.2009 | 31.3.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | Loans from financial institutions | | | | -------------------------------------------------------------------------------- | against the following securities | 28 767 | 27 815 | 14 724 | -------------------------------------------------------------------------------- | Real estate mortgages | 1 000 | 1 000 | 1 062 | -------------------------------------------------------------------------------- | Corporate mortgages | 31 137 | 31 137 | 31 137 | -------------------------------------------------------------------------------- | Pledged shares | 1 476 | 1 476 | 1 476 | -------------------------------------------------------------------------------- | Other own liabilities | | | | -------------------------------------------------------------------------------- | Bank quarantees | 2 114 | 1 645 | 1 914 | -------------------------------------------------------------------------------- | Othet liabilities | 8 | 413 | 405 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Leasing liabilities | | | | -------------------------------------------------------------------------------- | Due within one year | 88 | 30 | 90 | -------------------------------------------------------------------------------- | Due after one year | 127 | 10 | 131 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | OTHER RENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Due within one year | 12 630 | 11 904 | 9 858 | -------------------------------------------------------------------------------- | Due after one year | 11 505 | 16 822 | 14 380 | -------------------------------------------------------------------------------- RELATED PARTY TRANSACTIONS -------------------------------------------------------------------------------- | EUR 1,000 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | 1-3 | 1-3 | 1-12 | -------------------------------------------------------------------------------- | CEO salaries and benefits | 56 | 51 | 225 | -------------------------------------------------------------------------------- | Board of directors fees and | 29 | 29 | 117 | | benefits | | | | -------------------------------------------------------------------------------- CALCULATION OF KEY INDICATORS Gross margin = Sales + Cost of goods sold EBITDA = Operating profit + depreciations and amortizations Earnings per share (EPS), EUR= (Earnings before extraordinary items - taxes) / Average number of shares for the share issue Shareholders' equity/share, EUR= Shareholders' equity / Number of shares at the end of the review period Solvency ratio-% = Shareholders' equity*100 / (Balance sheet total-advance payments received) Gearing= (Interest-bearing liabilities - cash and bank) * 100 / SH equity Quick ratio = Short term receivables + cash and bank *100 / Current liabilities Net interest-bearing liabilities = Interest-bearing liabilities - cash and bank MAJOR SHAREHOLDERS Major shareholders 31.3.2009 -------------------------------------------------------------------------------- | | Shares | Shares% | -------------------------------------------------------------------------------- | ATINE GROUP OY | 2 540 298 | 22,46 | -------------------------------------------------------------------------------- | ASSETMAN OY | 1 180 645 | 10,44 | -------------------------------------------------------------------------------- | KESKINÄINEN TYÖELÄKEVAKUUTUSYHTIÖ VARMA | 697 580 | 6,17 | -------------------------------------------------------------------------------- | BALTISKA HANDELS A.B. | 516 483 | 4,57 | -------------------------------------------------------------------------------- | KESKINÄINEN ELÄKEVAKUUTUSYHTIÖ ILMARINEN | 451 781 | 3,99 | -------------------------------------------------------------------------------- | CUMASA OY | 407 625 | 3,60 | -------------------------------------------------------------------------------- | NORDEA PANKKI SUOMI OYJ (Adm. reg.) | 332 379 | 2,94 | -------------------------------------------------------------------------------- | ETERA KESKINÄINEN ELÄKEVAKUUTUSYHTIÖ | 140 000 | 1,24 | -------------------------------------------------------------------------------- | ERIKOISSIJOIT.RAH. EVLI WEALTH MANAGER | 139 277 | 1,23 | -------------------------------------------------------------------------------- | SUOMEN KAUPPAYHTIÖT OY | 135 800 | 1,20 | -------------------------------------------------------------------------------- | DANSKE BANK AS HELSINKI BRANCH | 122 100 | 1,08 | -------------------------------------------------------------------------------- Further information: CEO Hannu Krook, tel +358 3 812 911
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