TIIMARI PLC
Stock Exchange Release 27 January 2012 at 13.50
During 2011 and in the beginning of 2012 Tiimari has investigated the option to
sell the Gallerix business in Sweden. In an arrangement, which came into force
today on January 27, 2012, Gallerix International AB and its owned subsidiaries
Gallerix Sweden AB and Gallerix Skärholmen AB have been sold to the operative
management as well as the intercompany receivables and liabilities between
Tiimari and the sold Gallerix companies have been paid.
As a result of the arrangement a non-recurring expense of EUR 4.5 million is
recorded in Tiimari Groups result for 2011. The arrangements net cash flow
effect to the Tiimari Group is about EUR 1.6 million, which is planned to be
used for repayment of interest-bearing liabilities and for development of
Tiimari business. As a result of the arrangement the net working capital will
be reduced by about EUR 1 million and assets and liabilities about EUR 10
million.
Due to the share transaction the Gallerix segment will be reported as
discontinued operations in the financial statements 2011.
The arrangement is expected to improve Tiimari Groups opportunities and
resources to focus on the development of the Tiimari business in Finland and
Baltic countries. The arrangement is not otherwise expected to have any
significant impact on Tiimari Groups operative business or personnel.
Gallerix segments sales in year 2011 were EUR 17.4 million (preliminary). On
September 30, 2011 the Gallerix chain consisted a total of 83 retail shops in
Sweden and Gallerix Sweden ABs average number of employees was 80 (January, 1
September, 30, 2011).
The following table shows Tiimari Groups segment information to illustrate the
financial effects of the arrangement. The information is based on the companys
unaudited Interim Report for the reporting period of January, 1 September,
30, 2011.
SEGMENT INFORMATION
NET SALES
EUR 1 000 2011 2010 2010
1-9 1-9 1-12
Tiimari 34 142 36 840 61 924
Gallerix 10 738 9 066 13 914
Other operations 0 356 376
Eliminations -54 -396 -416
Group 44 825 45 866 75 797
EBITDA
EUR 1 000 2011 2010 2010
1-9 1-9 1-12
Tiimari -10 476 -5 580 -1 330
Gallerix -677 -293 135
Other operations -737 -1 076 -1 376
Group -11 891 -6 949 -2 571
OPERATING PROFIT
EUR 1 000 2011 2010 2010
1-9 1-9 1-12
Tiimari -11 556 -7 240 -10 435
Gallerix -1 246 -962 -724
Other operations -789 -1 150 -1 455
Group -13 592 -9 352 -12 613
DEPRECIATION AND GOODWILL IMPAIRMENT
EUR 1 000 2011 2010 2010
1-9 1-9 1-12
Tiimari 1 080 1 660 9 105
Gallerix 569 669 859
Other operations 52 74 79
Group 1 701 2 403 10 042
CAPITAL EXPENDITURE
EUR 1 000 2011 2010 2010
1-9 1-9 1-12
Tiimari 104 475 622
Gallerix 138 32 33
Other operations 0 10 10
Group 242 517 665
Board of Directors
Tiimari Plc
Further information:
CEO, Niila Rajala, +358 (0)3 812911, niila.rajala@tiimari.fi
CFO, Jarmo Kanervo, +358 (0)3 812911, jarmo.kanervo@tiimari.fi
Distribution:
NASDAQ OMX Helsinki
important news media
www.tiimari.com
Tiimari Plc is a listed company. The Group consists of two retail store
concepts: Tiimari and Gallerix. The concepts operate around 300 shops in five
countries around the Baltic Sea region. Both concepts are forerunners in their
respective fields.