TIIMARI OYJ ABP STOCK EXCHANGE RELEASE 19 March 2008
TIIMARI OYJ ABP FINANCIAL STATEMENTS REVIEW 1 JANUARY - 31 DECEMBER 2007
TIIMARI RECORDS STRONG TURNOVER AND PROFIT PERFORMANCE IN THE FINAL QUARTER, THE
RESULT OF THE ENTIRE YEAR REMAINING SLIGHTLY BELOW EXPECTATIONS DUE TO HEAVY
EXPANSION
KEY FIGURES OF OPERATIONS ON REVIEW PERIOD 1 JANUARY - 31 DECEMBER 2007:
- Turnover MEUR 74.6 (MEUR 32.8)
- Earnings before interest, taxes, depreciation and amortization (EBITDA) MEUR
6.7 (MEUR 6.9). The result of financial year 2007 includes a MEUR 1.4 (MEUR 1.2)
acquisition cost depreciation of inventories.
- Result after tax MEUR 3.2 (MEUR 4.8)
- Earnings per share MEUR 0.32 (MEUR 0.70)
- In November, Tiimari acquired Gallerix International AB which was successfully
integrated into the business.
- Tiimari Retail turnover and earnings as planned
- Tiimore Oy turnover and earnings below expectations
- The company had a strong operative cash flow
- The Board of Directors proposes to the Annual General Meeting a dividend
payment of EUR 0.16 (EUR 0.15) per share.
KEY FIGURES OF OPERATIONS IN THE FINAL QUARTER
- Turnover MEUR 31.3 (MEUR 30.0)
- Earnings before interest, taxes, depreciation and amortization (EBITDA) MEUR
7.4 (MEUR 6.6)
- Result after tax MEUR 7.1 (MEUR 4.5)
- Earnings per share MEUR 0.72 (MEUR 0.58)
STATEMENT OF THE MANAGING DIRECTOR
Tiimari continued developing both its domestic and foreign retail operations.
During the year under review, a total of seventeen (17) stores were renewed in
Finland according to the implemented concept. The renewal process cut down the
sales of the group as a whole, several stores being closed during the renewal,
but the sales of the stores reflecting the new concept evolved better than
before, as was expected. In addition, four (4) new stores were opened in
Finland.
To ensure efficient retail operations across various markets, a Handbook of
Retail Activities, a Handbook of Chain Operations and an e-learning solution
i.e. the Experiential training centre were introduced to expedite and support
familiarisation with the retail concept.
Tiimari continued its strong international growth through the acquisition of
Swedish retail chain Gallerix in 2007. Additionally, Tiimari signed the lease
for opening the first store in St. Petersburg and opened two new stores in
Poland; in Gliwice in June and in Bialystok in November. The concerted effort on
business locations during 2007 will be seen as a sustained strong expansion
through the six (6) new agreements on Polish business locations that were
finalised for 2008. The new stores will bring the total number of stores in
Poland up to ten (10). Tiimari is currently negotiating on several business
locations in Poland for 2009 as well. As a result of the strong focus on
business locations, Tiimari also identified future business locations in St.
Petersburg and Moscow. When finalised, these agreements will ascertain the
expansion into Russia.
Tiimari group acquired the Swedish retail chain Gallerix under a transaction
signed on 1 November 2007. The Gallerix chain operates mainly on the franchising
principle. The purchase price of the entire share capital of Gallerix
International AB was MEUR 7.3. Gallerix was consolidated with Tiimari as of 1
November 2007.
Gallerix is the leading Swedish retail chain specialising in wall decoration
items, gift wrapping items and cards. At the end of the financial year, the
company had 92 stores in Sweden and one in Finland.
Taken as a whole, I am satisfied with our performance in 2007. Measures
implemented during the year create a solid foundation for 2008 across our
business.
TIIMARI RETAIL
Turnover of the Tiimari Retail segment for the period 1 January -
31 December 2007 was MEUR 72.6 and the earnings totalled MEUR 3.0.
A web shop operating under the Tiimari retail concept was opened in December
2007. The assortment is complemented continuously to cover all the product
groups offered in stores. The web shop was complemented with entity-oriented
idea presentation as well as forums for craft hobbyists, home decorators and
"True Men".
At the end of the financial year, Tiimari had a total of 180 own stores, the
number at the end of 2006 being 179. The increase in the number of stores to the
previous year occurred in the final quarter. In 2008, Tiimari will open six new
stores in Poland. Tiimari is actively exploring the possibilities for opening
new stores reflecting both concepts also in the other geographical markets, such
as in Russia.
Number of stores
31.12.2007 31.12.2006
Finland 157 155
Estonia 14 16
Latvia 4 4
Norway 1 1
Poland 4 2
Sweden 0 1
Own stores 180 179
Franchise stores
Finland 4 6
Sweden 9 10
Tiimari stores, total 193 195
Gallerix stores
Finland 1
Sweden 5
Own stores 6
Franchise stores
Sweden 87
Gallerix stores, total 93
Tiimari Retail
Stores, total 286 195
A central part of Tiimari's strategy is to increase the number of stores and to
optimise their location and size in square metres.
Falling within the Tiimari business segment, the acquisition of Gallerix will
provide Tiimari with measurable franchising expertise, solid knowledge of the
Swedish markets and the opportunity to establish a more extensive clientele.
The integration will also intensify the opportunities for domestic business
growth. The group will become an increasingly favourable partner to shopping
centres and other store facility leaseholders through the combined appeal of two
vibrant concepts. The combination of these strong concepts will strengthen
Tiimari's position also when obtaining new business facilities in the Baltic
countries, Poland and in Russia.
The Gallerix retail concept fits the Finnish market well, as mainly individual
specialised stores and home decoration departments of department stores are
currently focusing on the increasingly popular wall furnishing and decoration
trend. Tiimari is therefore planning to convert and open several stores under
the Gallerix concept during the current year.
TIIMORE
Turnover of the Tiimore segment for the period 1 January - 31 December 2007 was
MEUR 2.0 and the earnings totalled MEUR -0.6.
Business gift merchandiser Leo Longlife Design Oy, owned by Tiimari group,
changed its name to Tiimore Oy as of 23 August 2007. The change of name became
actual after the product assortment and operations model of the company were
changed and expanded substantially. During the review period, Tiimore was set up
with a new strategy which is based on a business gift department store concept.
Previously consisting mainly of Leo Longlife Design products, the assortment is
expanded by utilising the purchasing and logistics expertise of Tiimari Retail
Oyj. In addition to using traditional sales representatives, a web shop was
opened in the end of August.
Measures for implementing the outlined strategy and improving the financial
performance included negotiations for closing down the Kokkola production unit
and liquidating the production property and fixed assets.
FINANCIAL RESULT
Figures of the comparative period include Tiimari business operations during the
period 9 October - 31 December 2006, rendering the figures of the current review
period not directly comparable with those of the previous financial year.
The consolidated turnover of Tiimari for the financial year was MEUR 74.6 (MEUR
32.8). Earnings before interest, taxes, depreciation and amortization (EBITDA)
was MEUR 6.7 (MEUR 6.9). EBITDA of the financial year includes MEUR 1.4 of
inventory write-offs that are related to acquisitions of the Tiimari business.
After tax, the earnings of the financial year were MEUR 3.2 (MEUR 4.8). Earnings
per share were EUR 0.32 (0.70).
The result of the financial year was weighed down by non-recurring expenses
related to the acquisition of Gallerix as well as the start-up expenses of the
Russian business.
Profit development of business gift merchandiser Tiimore Oy was approx. MEUR 1
(1) weaker than expected due to delays in the implementation of the new business
strategy and unprofitable factory operations. Tiimore launched employer-employee
negotiations on the Kokkola factory in December 2007. The negotiations were
concluded in February 2008, and the factory and the entire equipment were sold
during the first quarter in 2008.
Turnover of the final quarter was MEUR 31.1 (MEUR 30.0), earnings before
interest, taxes, depreciation and amortisation (EBITDA) being MEUR 7.4 (MEUR
6.6). The result of the financial period was MEUR 7.1 (MEUR 4.5) in the final
quarter. Earnings per share were EUR 0.72 (0.58). The company entered a total of
MEUR 1.3 of tax claims in the final quarter, and the recognition is expected to
continue in 2008.
BALANCE, FINANCIAL SITUATION AND INVESTMENTS
On 31 December 2007, the total balance of Tiimari group was MEUR 97.4 (MEUR
99.1). The company has a solid financial situation. Interest-bearing net
liabilities decreased despite the active investment trend totalling MEUR 31.2
(MEUR 34.1). The solvency ratio was 40.8% (36.2%) and the net gearing 78.5%
(95.1%). Seasonal fluctuations have a considerable impact on the company's
financial situation, but, the company nevertheless managed to reduce its stock
during the financial year, considering the increase in inventories due to the
acquisition of Gallerix. The value of inventories was further increased by the
unexceptionally early occurrence of Easter in 2008, which brought the purchasing
forward to the end of year 2007.
During the period under review, Tiimari made investments amounting to MEUR 10.8,
the most considerable of all being the acquisition of the MEUR 7.3 share capital
of Gallerix. The other investments were made mainly in the retail store network.
HUMAN RESOURCES
On 31 December 2007, the Company employed 729 (685) persons, the average
personnel count of the financial year being 634(184) individuals. The majority
of employees worked for Tiimari Retail Oyj. On 31 December 2007, the parent
company employed 12 (4) people, the average number of employees for the
financial year being 3 persons.
GROUP STRUCTURE
Tiimari Plc group consists of the parent company Tiimari Plc, directly or
indirectly entirely owned companies Gallerix International AB (Uppsala),
Gallerix Sverige AB (Uppsala), Oy Gallerix Finland Ab (Helsinki), Maritii Oy
(Helsinki), Tiimari Retail Oyj (Lahti), Tiimari Sweden AB (Stockholm), Tiimari
Baltic AS (Tallinn), Tiimari Latvia SIA (Riga), Tiimari Norway AS (Oslo),
Tiimari Polska SP Z.O.O (Warsaw), Tiimore Oy (Helsinki) and Tuotesampo Oy
(Tuotesampo Oy has no operations). The group also includes the joint-stock
property company Osuuskunnantie 30 (Helsinki), which is a 10% subsidiary of
Tiimari Plc and a 90% subsidiary of Tiimore Oy. This joint-stock property
company has sold its real estate holdings and all on-site buildings.
SHARE CAPITAL
At the end of the review period, the registered share capital of Tiimari Plc
totalled EUR 7,686,200, representing an aggregate number of 10,311,070 voting
rights. The Company had a total of 2,596 shareholders.
At the end of the review period, the number of own shares held by the company
was 11,850. The number of shares corresponds to that held at the beginning of
the period. The nominal value of shares held by the Company was MEUR 0.01 and
the proportion of share capital and voting rights was 0.11 %.
DEVELOPMENTS AFTER THE REVIEW PERIOD
On 18 February 2008, Gallerix International AB, subsidiary of Tiimari Plc,
concluded the employer-employee negotiations concerning the group's overlapping
purchasing and administrative functions. The overlap pertained to 14 employees
whose employments were terminated. This streamlining is estimated to yield a
benefit of KEUR 400 per year, of which approximately KEUR 200 is projected to
realise in 2008. The remaining KEUR 600 of the MEUR 1 in total synergies
revealed at the time of acquisition will be realised within two years from the
acquisition through an increased contribution margin enabled by the integration
of the purchasing function with that of Maritii Oy.
On 19 February 2008, Tiimari Plc subsidiary Tiimore Oy concluded the
employer-employee negotiations on the Kokkola unit by deciding to close down the
unit, which is in line with the new business strategy. The decision affected
11 employees whose employments were terminated. The closing down of the factory
will bring savings of approximately KEUR 500 per year, of which approximately
KEUR 180 are estimated to realise during the current financial year.
The first Russian store was opened in the North Mall shopping centre in St.
Petersburg on 25 February 2008.
The fifth Polish store was opened in Poznan on 4 March 2008.
On 13 March 2008, Tiimari Plc subsidiary Tiimore Oy sold its factory property in
Kokkola as well as all the related fixed assets. The property was purchased by
Kokkolan Terästalo Oy, and the fixed assets by Fineweld Oy. The total purchase
price of the property and fixed assets was MEUR 1.1, which will yield a profit
of approximately KEUR 900.
The Board of Directors proposes to pay a dividend of EUR 0.16 per share.
Distributable funds of the parent company totalled EUR 7,881,113.55 at the end
of the financial year.
The invitation to the Annual General Meeting will be published separately.
The Annual General Meeting will convene on 4 April 2009 at 9.00 in Hotel Marski
in Mannerheimintie 10, Helsinki. The invitation to the AGM is published on
Tuesday 18 March.
FUTURE PROSPECTS
Tiimari's 2008 turnover is expected to grow both organically and as a result of
the acquisition of Gallerix. The profit before tax is expected to exceed the
2007 figure.
SHORT-TERM RISKS AND UNCERTAINTIES
The most significant challenges to Tiimari business operations are caused by
changes in the overall consumer demand and in the competitive environment and,
with regard to international markets, the availability of good business
locations. Tiimari is currently focusing heavily on developing both its stores
and marketing activities. The company is seeking growth in the number of
visitors and the amount of purchases per visitor, as well as developing its
international operations. Managing the potential growth requires investments in
administration, new locations, internationalisation and recruiting more staff.
Tiimari strives to prepare for changes in the consumer demand and the
competition environment by knowing the consumer, constantly developing the
company concept, and by implementing new and innovative business solutions.
FINANCIAL RISK MANAGEMENT
Normal business operations of the group are exposed to several financial risks.
The group's risk management strategy is designed to minimise the detrimental
effect of changes in the financial markets to the consolidated profit. The Board
of Directors approves the group's risk management policy while the finance
division is responsible for its implementation. The group's finance division
identifies and assess the risks and provides appropriate hedging instruments.
The main financial risks are currency risks, interest-rate risks, credit risks
and liquidity risks. The group has an established risk management policy
governing the development of financial risk management as well as the
implementation of hedging transactions. The group is able to manage risks
through currency forward contracts, foreign currency loans and interest-rate
swaps.
This Financial Statements Review is prepared in accordance with the principles
of the International Financial Reporting Standards (IFRS) but not in full
compliance with IAS34. This Financial Statements Review is prepared according to
the same principles as Tiimari's 2006 Annual Financial Statement.
The Financial Statements Review is unaudited. The company adopted the IFRS7 and
IAS1 standards and interpretations during the year under review.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
EUR 1,000 2007 2006 2007 2006
10-12 10-12 1-12 1-12
Continued operations
TURNOVER 31,292 30,040 74,570 32,819
Other operating income 176 338 347 346
Change in inventories -760 -8,912 -1 ,269 -8,992
Materials and supplies -11,330 -6,466 -28,206 -7,667
Work benefit and reward expenses -4,594 -3,990 -15,708 -4,717
Depreciation -757 -769 -2,402 -871
Other operating costs -7,388 -4,435 -23,003 -4,900
Operating profit/loss 6,639 5,806 4,329 6,018
Financial income and expenses -773 -1,030 -2,747 -793
Profit/loss before taxes 5,866 4,776 1,582 5,225
Taxes 1,277 -266 1,580 -396
Profit/loss for the review period
from continued operations 7,143 4,510 3,162 4,829
Discontinued operations
Profit for the financial year
from discontinued operations 0 -5 0 1,460
Profit/loss for the financial period 7,143 4,505 3,162 6,289
Parent company shareholders'
profit earnings
per share
Undiluted earnings per share
Continued operations 0,72 0,58 0,32 0,70
Discontinued operations 0,03 0,21
Diluted earnings per share
are the same as
undiluted earnings
CONSOLIDATED BALANCE SHEET
31.12.07 31.12.06
ASSETS
Goodwill 37,385 35,392
Other intangible assets 19,760 15,387
Tangible assets 4,650 9,890
Investment properties 0 0
Other financing resources 114 114
Receivables 100 134
Deferred tax assets 30 0
Total non-current assets 62,039 60,917
Inventories 25,473 25,206
Trade and other receivables 6,877 3,852
Liquid assets 2,852 8,323
Total current assets 35,202 37,381
Non-current assets
held for sale 124 830
TOTAL ASSETS 97,365 99,128
SHAREHOLDERS' EQUITY AND LIABILITIES
Parent company's shareholders'
equity
TOTAL SHAREHOLDERS' EQUITY 39,667 35,891
LIABILITIES
Deferred tax liabilities 6,692 6,552
Interest-bearing liabilities 28,220 20,835
Provisions 23 45
Total non-current liabilities 34,935 27,432
Interest-bearing liabilities 5,787 21,080
Provisions 8 0
Accounts payable and other payables 16,968 14,040
Current tax 0 165
Total current liabilities 22,763 35,285
Liabilities related to non-current
assets held for sale 0 520
TOTAL LIABILITIES 57,698 63,237
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 97,365 99,128
CALCULATION OF CHANGES TO THE GROUP'S SHAREHOLDERS' EQUITY
Parent company's shareholders' equity
Calculation of changes to shareholders' equity 1.1.-31.12.2007
Invested
free
Own Current
Share equity Own value Accumulated
Own equity equity fund shares fund Transl. diff. profits Tot.
1.1.2007
Own equity 7,686 11,558 -55 0 -27 16,729 35,891
Transl. difference conversion -213 -213
Profit/loss for the financial period 3,162 3,162
Total recognised profit
and loss -213 3,162 2,959
Distribution of dividend -1,477 -1,477
Share issue 2 270 2,270
Equity-settled
share-based payments 6 6
Other items 28 28
Own equity 7,686 13,828 -55 0 -240 18,438 39,667
31.12.2007
Calculation of changes to shareholders' equity 1.1.-31.12.2006
Invested
free
Own Current
Share equity Own value Accumulated
Own equity equity fund shares fund Transl. diff. profits Tot.
1.1.2006
Own equity 6,600 0 -119 -6 0 13,773 20,248
Net expenses recognised
directly in SH equity 6 3 9
Transl. difference conversion -27 -27
Profit/loss for the financial period 6,289 6,289
Total recognised profit
and loss for the
period 6,292 6,271
Issue
of own shares 64 64
Distribution of dividend -3,300 -3,300
Share issue 1,086 11,558 12,644
Equity-settled
Share-based
payments 7 7
Other items -43 -43
Own equity 7,686 11,558 -55 0 -27 16,729 35,891
31.12.2006
CASH FLOW STATEMENT
1-12/07 1-12/06
Consolidated statements of cash flows
Cash flows from operations
Profit/loss for financial period 3,162 6,289
Adjustments:
Depreciation and decrease in value 2,402 871
Financial income and expenses 2,747 793
Taxes -1,580 435
Other adjustments 1,756 -361
Change in working capital:
Change in short-term receivables -4,252 -102
Change in inventories 164 9,308
Change in short-term liabilities 1,888 -1,180
Interests paid -3,080 -3,548
Interest income received 193 305
Taxes paid 173 -145
Net cash flow from operations 3,573 12,665
Cash flows from investment activities
Investments in tangible and intangible
assets -2,697 -51
Acquisitions of subsidiary companies
net of cash acquired -4,645 -22,325
Capital gains from
tangible and intangible assets 8,530 1,494
Repayment on other receivables 0 0
Repayments on loan receivables -650 2
Additional purchase price -1,500 0
Net cash flow from investments -962 -20,880
Cash flows from financing activities
Share issue 0 12,644
Long-term loans, increase 12,229 13,859
Long-term loans, decrease -5,098 -34,836
Purchase and issue of own shares 64 64
Short-term loans, increase 7,060 32,974
Short-term loans, decrease -20,792 -20,617
Repayments on short-term loans 0 0
Dividends paid -1,477 -3,286
NEt cash flow from financing -8,078 802
Change in financial resources -5,465 -7,413
Liquid assets January 1, 2007 8,323 15,736
Effects of exchange rate changes on financial resources -6 0
Liquid assets December 31, 2007 2,852 8,323
SEGMENT-SPECIFIC FIGURES
SEGMENT-SPECIFIC FIGURES
The primary segment-specific reporting of Tiimari group is by business segment.
The portrayed segments represent the internal group structure and the structure
of internal financial reporting. The segments of the group are Tiimari and
Tiimore businesses. The previous name of the Tiimore segment is Leo Longlife
Design Oy.
Turnover by segment
EUR 1,000 2007 2006 2007 2006
0-12 10-12 1-12 1-12
Turnover
Tiimari business operations 30,655 27,478 72,570 27,478
Tiimore business operations 638 643 2,000 1,622
Other operations 0 1,919 0 3,719
Total 31,293 30,040 74,570 32,819
Profit/loss
Tiimari business operations 6,448 6,717 4,489 6,717
Tiimore business operations -247 -202 -572 -385
Other operations 1,122 -709 1,096 -314
Total 7,323 5,806 5,013 6,018
Assets and liabilities by segment 31.12.07 31.12.06
Assets by segment EUR 1,000
Tiimari business operations 89,880 88,716
Tiimore business operations 4,202 3,660
Unaligned assets 8,709 11,584
Elimination -5,426 -4,832
Total 97,365 99,128
Liabilities by segment EUR 1,000
Tiimari business operations 11,625 15,101
Tiimore business operations 735 357
Unaligned liabilities 52,240 53,224
Elimination -6,902 -5,445
Total 57,698 63,237
CONTINGENT LIABILITIES 2007 2006
Financial institution loans against
the following securities 20,527 24,617
Real estate mortgages 2,361 8,029
Corporate mortgages 31,137 31,137
Pledged shares 1,476 1,476
Other own liabilities:
Irrevocable letters of credit 0 292
Bank guarantees 1,927 690
Other liabilities 413 13
Leasing liabilities
Due within one year 30 0
Due after one year 21 0
OTHER TENANCY LIABILITIES
Due within one year 12,108 7,595
Due after one year 17,814 9,541
GROUP INVESTMENTS AND DEPRECIATIONS EUR 1 000
2007 2006
1-12 1-12
Gross investments 10,803 150
Depreciations 7,329 859
CHANGES TO GROUP'S FINANCIAL INSTITUTION LOANS
2007 2006
Increase 19,288 46,833
Decrease -27,389 -55,451
Changes in total -8,101 -8,618
Calculation of the purchase price of Gallerix in accordance with IFRS3:
SEK 1,000 MEUR Write-off period
Purchase price 66,939.10 7.29
SH eq.at the time of acquisition, IFRS 18,353.30 2.00
Allocated difference 48,585.80 5.29
Company logo 13,748.40 1.50 not written off
Tenancy rights 22,325.00 2.43 5 years
Franchise agreements 4,953.00 0.54 8 years
Deferred tax liabilities 28% -11,487.40 -1.25
Goodwill 19,046.80 2.07
KEY INDICATORS
1-12/07 1-12/06
Turnover 74,570 32,819
Operating profit/loss 4,329 6,018
Profit/loss for the financial period 3,162 4,829
Earnings per share, EUR 0.32 0.91
Earnings per share, continued operations EUR 0.32 0.70
SH equity per share, EUR 3.85 3.64
SH equity per share, diluted, EUR 3.85 3.64
Solvency ratio 40.75% 6.20%
Gearing (level of indebtedness) 78.54% 95.05%
Balance sheet total 97,365 99,128
Average number of shares (1 share) 9,908,680 6,864,386
Interest-bearing net liabilities 31,155 34,113
CALCULATION OF KEY INDICATORS
Earnings/share (EPS), EUR=
(Earnings before extraordinary items - taxes) / Avg. number of shares adjusted
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)
Level of indebtedness (gearing)=
(Interest-bearing liabilities-cash at bank) * 100/SH equity
Interest-bearing net liabilities
Interest-bearing liabilities - cash at bank
SHAREHOLDERS
On 31 December 2007, Tiimari Plc had a total of 2,596 shareholders.
Major shareholders, 30 June 2007
% of shares
Shares and voting rights
Atine Group Oy 2,114,364 20.5
Assetman Oy 1,100,000 10.7
Baltiska Handels A.B. 455,224 4.4
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 Oyj, administrative reg. 339,409 3.3
Pohjola Insurance Company 202,092 2.0
Troll Capital Oy 160,600 1.5
Edgar Holding Ab 154,440 1.5
Suomen Kauppayhtiöt Oy 125,000 1.2
AB Arapten 3858 110,314 1.1
Sonesson Thomas 110,314 1.1
Tapiola Suomi Mutual Fund 103,602 1.0
Arvo Finland Value Mutual Fund 100,000 1.0
Moneda Consulting Oy 87,500 0.8
Nordea Bank Finland Plc 66,100 0.6
Syrjänen Jaakko 61,875 0.6
Illi Kristina 60,000 0.6
EQ Pankki Oy 50,000 0.5
Turpeinen Urho 50,000 0.5
Ab Arapten 3861 44,126 0.4
Sonesson Peter 44,126 0.4
Jyväsjärvi Juha 35,000 0.3
Lamy Oy 32,625 0.3
All the future estimates and forecasts made here are based on the company's
current vision of the market and economical developments. Actual events and
results may differ considerably.
Tiimari result for the first quarter in 2008 will be published on 19 May 2008.
Kristina Illi
Managing Director
Distribution: Helsinki Stock Exchange
Key media
www.tiimari.com
Further information: Managing Director Kristina Illi, tel. +358 (0)400 408 889
Tiimari records strong turnover and profit performance in the final quarter, the result of the entire year remaining slightly below expectations due to heavy expansion
| Source: Tiimari Oyj Abp