2007-08-16 07:30:00 CEST
2007-08-16 07:30:00 CEST
REGULATED INFORMATION
Marimekko - Quarterly report
BRISK GROWTH IN EXPORTS CONTINUES, SALES IN FINLAND FALL SLIGHTLY
MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 30 JUNE 2007
BRISK GROWTH IN EXPORTS CONTINUES, SALES IN FINLAND FALL SLIGHTLY
In the January-June period of 2007, the Marimekko Group's net sales rose by 3%
to EUR 33.9 million (EUR 32.9 million). Net sales in Finland decreased by 2%,
while exports and income from international operations rose by 20%. Operating
profit fell by 13% to EUR 3.1 million (EUR 3.6 million). Profit after taxes
amounted to EUR 2.3 million (EUR 2.6 million). Earnings per share were EUR 0.29
(EUR 0.33).
The trend in net sales and earnings for the first half of the year was weaker
than expected due to slowed sales in Finland. However, the Group's full-year
growth estimate remains unchanged, as the Group racks up its strongest earnings
and net sales growth in the last two quarters of the financial year. This
estimate is based on a favourable growth outlook for exports and a solid order
book, whose deliveries will be made during the second half of the year.
Growth in the Marimekko Group's full-year net sales for 2007 is forecast to stay
at the same level as in 2006. Profitability is estimated to remain good,
although slightly weaker than in the previous year.
NET SALES
April-June
In the April-June period of 2007, the Marimekko Group's net sales rose by 1.5%
to EUR 16,997 thousand (EUR 16,751 thousand). Net sales in Finland fell by 1.2%
to EUR 12,834 thousand (EUR 12,993 thousand). Exports and income from
international operations increased by 10.8% and totalled EUR 4,163 thousand (EUR
3,758 thousand). Five Marimekko concept stores were opened abroad during the
corresponding period of 2006 and their opening purchases significantly increased
sales during the comparison period.
January-June
In the January-June period of 2007, the Marimekko Group's net sales rose by 3.0%
to EUR 33,909 thousand (EUR 32,925 thousand). Net sales in Finland fell by 2.4%
to EUR 24,443 thousand (EUR 25,037 thousand). Exports and income from
international operations increased by 20.0% and totalled EUR 9,466 thousand
(EUR 7,888 thousand). Growth was good in almost all export markets. The
proportion of the Group's net sales accounted for by exports and income from
international operations increased to 27.9% (24.0%).
The breakdown of the Group's net sales by product line was as follows: clothing,
44.5%, interior decoration, 40.8%, and bags, 14.7%. Net sales by market area
were: Finland, 72.1%, the other Nordic countries, 11.4%, the rest of Europe,
7.1%, North America, 5.1%, and other countries (Japan and other regions outside
Europe and North America), 4.3%.
In the January-June period of 2007, sales in Marimekko's own retail shops in
Finland rose by 2.1% (3.1%). Sales to retailers in Finland fell by 5.8% (-1.3%).
This fall was primarily due to a reduction in certain retailers' promotional
purchases.
MARKET SITUATION
Strong growth in the world economy has continued in 2007. The briskest growth
has been seen in Asia. Growth in Europe has picked up noticeably on the
corresponding period of the previous year. The economic outlook in the United
States has weakened slightly. Growth in Finland during the first half of the
year has been faster than expected. Consumers' confidence in their own finances
has remained strong and maintained a high level of consumption demand. In the
January-June period of 2007, retail sales in Finland were up by 7.5% on the
corresponding period of the previous year (Statistics Finland, Retail trade
quick estimate 2007, June). In the January-May period of 2007, retail sales of
clothing increased by 1.9% in Finland (Association of Textile and Footwear
Importers and Wholesalers). Sales of womenswear rose by 3.1% and menswear by
0.9%. Sales of childrenswear fell by 0.7%. Sales of bags increased by 8.8%.
Exports of textile products (SITC 65) rose by 5% and imports by 2%. Exports of
clothing (SITC 84) increased by 7% and imports by 3% (National Board of Customs,
monthly review, May 2007).
REVIEWS BY BUSINESS UNIT
Clothing
In the January-June period of 2007, net sales of clothing decreased by 1.2% to
EUR 15,102 thousand (EUR 15,279 thousand). The fall was due to slowed sales in
Finland. However, brisk growth in exports continued everywhere except the market
area referred to as "other countries", which saw a fall in sales. The most
notable sales growth was seen in the United States and the market area referred
to as “the rest of Europe”. Exports and income from international operations
accounted for 22.8% of net sales of clothing.
Interior decoration
Net sales of interior decoration products rose by 5.4% to EUR 13,827 thousand
(EUR 13,124 thousand). Sales in Finland rose slightly. Growth was good in all
export markets except the market area referred to as “other countries”, where
sales fell. The briskest increases in sales were seen in the market areas
referred to as “other Nordic countries” and “the rest of Europe”. Exports and
income from international operations accounted for 31.9% of net sales of
interior decoration products.
Bags
Net sales of bags increased by 10.1% to EUR 4,980 thousand (EUR 4,522 thousand).
In Finland, sales grew slightly. A good growth rate was maintained in exports
with a brisk increase in sales in all markets. Exports and income from
international operations accounted for 32.3% of net sales of bags.
Business gifts and contract sales
Sales of business gifts and contract sales fell by 15.5%.
Exports and international operations
Buoyant growth in the Group's exports and income from international operations
continued in the January-June period of 2007. Net sales rose by 20.0% to EUR
9,466 thousand (EUR 7,888 thousand). Growth was vigorous in almost all markets.
The major export countries were Sweden, the United States, Japan, Denmark,
Germany, Norway and Great Britain.
Sales growth remained good in the market area referred to as "other Nordic
countries". Net sales rose by 16.1% to EUR 3,865 thousand (EUR 3,328 thousand).
Sales increased in all product lines. Growth was fastest in Norway and Denmark.
Sales picked up noticeably on the comparison period in the market area referred
to as "the rest of Europe". Net sales rose by 41.1% to EUR 2,424 thousand (EUR
1,718 thousand). Sales increased vigorously in all product lines. Especially
favourable growth was seen in Germany, Great Britain, Italy and Switzerland. A
retailer-established Marimekko concept store opened in Graz, Austria at the end
of June 2007.
Growth was extremely brisk in North America and all product lines showed a
significant improvement in sales. Net sales rose by 33.0% to EUR 1,713 thousand
(EUR 1,288 thousand). The greatest increase was seen in sales of clothing and
bags. The Marimekko concept stores opened in 2006 were partly responsible for
this boost. At the end of the review period, there were a total of four
retailer-established Marimekko concept stores in the United States. The newest
one was opened in May 2007 in Silver Spring, metropolitan Washington DC.
Net sales decreased by 5.8% to EUR 1,464 thousand (EUR 1,554 thousand) in the
market area referred to as "other countries". Licensing operations ceased in
Japan at the end of 2006, which reduced sales of interior decoration products
and was partly responsible for the overall decline in net sales. Clothing sales
were also down on the corresponding period of the previous year; then sales were
significantly boosted by the opening purchases of three Japanese concept stores.
At the end of June, there were a total of eight Marimekko concept stores in
Japan. The newest one opened in Yokohama in March 2007.
Licensing
Royalty earnings from sales of licensed products were up on the corresponding
period of the previous year. Growth was good in Finland and the Netherlands,
while royalty earnings in the United States contracted noticeably. Earnings from
licensed products were also significantly reduced as licensing operations in
Japan ceased at the end of 2006.
Production
The production volume of the Herttoniemi textile printing factory increased by
6% on the comparison period. Production volumes at the factories in Kitee and
Sulkava remained at the same level as in the corresponding period of the
previous year.
EARNINGS
April-June
In the April-June period of 2007, the Group's operating profit fell by 23.4% on
the comparison period and totalled EUR 1,643 thousand (EUR 2,144 thousand). The
operating result was weakened by slower than expected sales in Finland and
increased fixed costs. Earnings per share were EUR 0.15 (EUR 0.20).
January-June
In the January-June period of 2007, the Group's operating profit fell by 12.7%
to EUR 3,140 thousand (EUR 3,596 thousand). Operating profit as a percentage of
net sales amounted to 9.3% (11.0%). The Group's marketing expenses for the
period totalled EUR 2,067 thousand (EUR 2,003 thousand), representing 6.1%
(6.1%) of net sales.
The Group's depreciation amounted to EUR 655 thousand (EUR 549 thousand), or
1.9% (1.7%) of net sales. Net financial expenses totalled EUR 4 thousand (EUR 40
thousand), representing 0.0% (0.1%) of net sales.
The Group's profit before taxes fell by 11.8% to EUR 3,136 thousand (EUR 3,556
thousand). Profit after taxes decreased by 11.9% to EUR 2,319 thousand (EUR
2,631 thousand), or 6.8% (8.0%) of net sales. Earnings per share were EUR 0.29
(EUR 0.33).
Earnings for the period under review were weakened by slower than expected sales
in Finland and increased fixed costs.
INVESTMENTS
The Group's gross investments amounted to EUR 1,024 thousand (EUR 1,202
thousand), representing 3.0% (3.6%) of net sales. The major investments focused
on production equipment renewal at the Herttoniemi textile printing factory and
the construction of new premises for Marimekko's Joensuu shop.
EQUITY RATIO AND FINANCING
Equity ratio was 62.9% at the end of the period (62.2% on 30 June 2006, 70.5% on
31 December 2006). The ratio of interest-bearing liabilities minus financial
assets to shareholders' equity (gearing) was 9.9%, while it was 11.6% at the
same time in the previous year (-11.7% on 31 December 2006).
At the end of the period, the Group's interest-bearing liabilities amounted to
EUR 5,712 thousand (EUR 5,740 thousand). The Group's financing from operations
was EUR 2,974 thousand (EUR 3,180 thousand) and its financial assets amounted to
EUR 3,343 thousand (EUR 3,233 thousand).
SHARES AND SHARE PRICE TREND
At the end of the review period, the company's fully paid-up share capital, as
recorded in the Trade Register, amounted to EUR 8,040,000 and the number of
shares totalled 8,040,000. The accounting countervalue of a share is one (1)
euro.
According to the book-entry register, the company had 5,266 registered
shareholders at the end of the period. 17.4% of the shares were registered in a
nominee's name and 2.3% were in foreign ownership. The number of shares owned
either directly or indirectly by members of the Board of Directors and the
president of the company was 1,610,200, representing 20.0% of the total votes
conferred by the company's shares.
At the end of the review period, the Board of Directors had no valid
authorisations to carry out a share issue or issue of convertible bonds or bonds
with warrants, or to acquire or dispose of the company's shares.
During the January-June period of 2007, a total of 1,271,020 Marimekko shares
were traded, representing 15.8% of the shares outstanding. The total value of
share turnover was EUR 19,958,658. In the review period, the lowest price of the
Marimekko share was EUR 14.00, the highest was EUR 17.00 and the average price
was EUR 15.70. At the end of the review period, the share price was EUR 14.70.
On 30 June 2007, the company's market capitalisation was EUR 118,188,000 (EUR
115,052,400 on 30 June 2006, EUR 117,786,000 on 31 December 2006).
Flagging notifications
Morgan Stanley & Co International Plc's share of Marimekko Corporation's share
capital and voting rights rose to 5.08%, or 408,689 shares, as a result of a
transaction made on 12 April 2007; and then fell to 4.77%, or 383,689 shares, as
a result of a transaction made on 20 April 2007.
Grantham, Mayo, Van Otterloo & Co. LLC's share of Marimekko Corporation's share
capital and voting rights fell to 4.75%, or 382,200 shares, as a result of a
transaction made on 27 June 2007.
Largest shareholders according to the book-entry register on 31 July 2007
Percentage of holding and votes
1. Workidea Oy 20.00
2. Varma Mutual Employment
Pension Insurance Company 4.34
3. ODIN Forvaltning AS 2.53
4. Säästöpankki Kotimaa 2.09
5. Evli Nordic Dividend 1.62
6. Nordea Nordic Small Cap Fund 1.33
7. Evli Select 1.18
8. Nordea Life Assurance Finland Ltd 1.13
9. Neste Oil Eläkesäätiö 1.12
10. Nordea Stable Return Fund 1.04
11. Nordea Pro Finland Fund 0.86
12. SEB Gyllenberg Small Firm 0.73
13. Ilmarinen Mutual Pension
Insurance Company 0.70
14. Foundation for Economic Education 0.62
15. Miettinen Kari Veikko Sakari 0.60
Total 39.89
Nominee-registered 17.94
Others 42.17
100.00
PERSONNEL
During the period under review, the number of Group personnel averaged 402
(392). At the end of June, the Group employed 400 (396) people, of whom 17 (12)
worked abroad. Kirsi Räikkönen was appointed the Group's marketing and
development director as of 16 April 2007, when she also became a member of the
management group.
RISK MANAGEMENT AND MAJOR RISKS
The major risks to Marimekko's business operations have been detailed in the
company's 2006 Annual Report. No change in these risks occurred during the
period under review.
ANNUAL GENERAL MEETING
Marimekko Corporation's Annual General Meeting, held on 12 April 2007, adopted
the company's accounts for 2006 and approved the Board of Directors' proposal
for payment of a dividend for 2006 of EUR 0.65 per share, totalling EUR
5,226,000.00. The record date was 17 April 2007 and the dividend payout date 24
April 2007.
The Annual General Meeting resolved that the Board of Directors shall consist of
three members. Mr Matti Kavetvuo, M.Sc. (Eng.), B.Sc. (Econ.), and Mrs Kirsti
Paakkanen, President, were re-elected and Mrs Tarja Pääkkönen, Ph.D. (Eng.,
Business Strategies), was elected as a new member of the Board of Directors
until the end of the next Annual General Meeting. At its organisation meeting
held after the Annual General Meeting, the Board of Directors elected Matti
Kavetvuo as Chairman of the Board.
The Annual General Meeting also decided that Nexia Tilintarkastus Oy, Authorised
Public Accountants, will continue as regular auditor, with Mr Seppo Tervo,
Authorised Public Accountant, as chief auditor, and Mr Matti Hartikainen,
Authorised Public Accountant, as deputy auditor of the company.
OUTLOOK FOR THE REMAINDER OF 2007
Strong growth in the world economy is forecast to continue. The fastest growth
is expected in Asia. The business climate outlook has also improved
significantly in the EU and economic growth is expected to accelerate. In the
United States, economic uncertainty has increased and growth is expected to slow
slightly. In Finland, the continuing boom in industry and strong consumption
demand support buoyant growth (Confederation of Finnish Industries/Business
cycle barometer/May 2007). Based on the business climate outlook and market
situation, growth in the Marimekko Group's net sales in 2007 is estimated to
remain at the same level as in 2006. Profitability is forecast to remain good,
although slightly weaker than in the previous year.
The Group racks up its strongest earnings and net sales growth in the last two
quarters of the financial year. The estimate of the improved trend for the
remainder of the year is based on a favourable growth outlook for exports and a
solid order book, whose deliveries will be made during the second half of the
year.
Helsinki, 16 August 2007
MARIMEKKO CORPORATION
Board of Directors
The company's interim report for the January-September period of 2007 will be
published on 31 October.
For additional information, contact:
Kirsti Paakkanen, President, tel. +358 9 758 71
Thomas Ekström, CFO, tel. +358 9 758 7261
MARIMEKKO CORPORATION
Group Communications
Marja Korkeela
Tel. +358 9 758 7238
Fax +358 9 759 1676
Email: marja.korkeela@marimekko.fi
APPENDICES TO THE INTERIM REPORT
Consolidated income statement
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in shareholders' equity
Key indicators
Consolidated net sales by market area and product line
Segment information
Quarterly trend in net sales and earnings
The information presented in this interim report has not been audited.
Marimekko's stock exchange releases are available on the company's website at
www.marimekko.com under Investors/Stock Exchange Releases.
DISTRIBUTION: Helsinki Stock Exchange
Principal media
Marimekko's website www.marimekko.com
---------------
APPENDICES
This interim report has been prepared in accordance with IAS 34: Interim
Financial Reporting. The same accounting policy has been applied as in the 2006
financial statements. In addition the following new or amended standards and
interpretations have been adopted as from 1 January 2007:
IFRS 7 Financial Instruments: Disclosures. The Group estimates that the adoption
of this standard primarily affects the scope of the notes to the annual
financial statements.
IAS 1 (amended) Presentation of Financial Statements: Capital Disclosures. The
amendment does not affect this interim report.
IFRIC 9 Reassessment of Embedded Derivatives. The application of the
interpretation does not affect this interim report.
IFRIC 10 Interim Financial Reporting and Impairment. The application of the
interpretation does not affect this interim report.
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2007 2006 2007 2006 2006
NET SALES 16,997 16,751 33,909 32,925 71,424
Other operating
income 17 16 35 34 60
Increase or decrease
in inventories of
completed and
unfinished products 67 -1,221 924 314 -33
Raw materials and
consumables 9,073 7,815 14,045 13,383 27,868
Employee benefit
expenses 4,194 3,823 8,240 7,619 15,407
Depreciation and
impairment 333 291 655 549 1,158
Other operating
expenses 1,838 1,473 8,788 8,126 16,154
OPERATING PROFIT 1,643 2,144 3,140 3,596 10,864
Financial income 36 24 82 54 124
Financial expenses -56 -54 -86 -94 -192
-20 -30 -4 -40 -68
PROFIT BEFORE TAXES 1,623 2,114 3,136 3,556 10,796
Income taxes 428 544 817 925 2,806
NET PROFIT FOR
THE PERIOD 1,195 1,560 2,319 2,631 7,990
Distribution
To equity holders of
the parent company 1,195 1,560 2,319 2,631 7,990
Earnings per share
calculated on the
profit attributable
to equity holders of
the parent
company, EUR 0.15 0.20 0.29 0.33 1.00
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 30.6.2007 30.6.2006 31.12.2006
ASSETS
NON-CURRENT ASSET
Tangible assets 10,402 9,292 9,992
Intangible assets 306 403 348
Available-for-sale
investments 20 20 20
10,728 9,715 10,360
CURRENT ASSETS
Inventories 17,422 16,095 16,304
Trade and other
receivables 6,022 5,279 5,717
Tax receivables 627 343 -
Cash and cash equivalents 3,343 3,233 5,789
27,414 24,950 27,810
ASSETS, TOTAL 38,142 34,665 38,170
SHAREHOLDERS' EQUITY
AND LIABILITIES
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT COMPANY
Share capital 8,040 8,040 8,040
Retained earnings 15,958 13,505 18,861
Shareholders' equity, total 23,998 21,545 26,901
NON-CURRENT LIABILITIES
Deferred tax liabilities 637 549 614
Interest-bearing liabilities 841 1,371 841
1,478 1,920 1,455
CURRENT LIABILITIES
Trade and other payables 7,795 6,831 7,803
Tax liabilities 210
Interest-bearing liabilities 4,871 4,369 1,801
12,666 11,200 9,814
Liabilities, total 14,144 13,120 11,269
SHAREHOLDERS' EQUITY AND
LIABILITIES, TOTAL 38,142 34,665 38,170
The Group has no liabilities resulting from derivative contracts, and there are
no outstanding guarantees or any other contingent liabilities which have been
granted on behalf of the management of the company or its shareholders.
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) 1-6/2007 1-6/2006 1-12/2006
CASH FLOW FROM OPERATING
ACTIVITIES
Net profit for the period 2,319 2,631 7,990
Adjustments
Depreciation and impairment 655 549 1,158
Financial income and expenses -4 -40 -68
Taxes 817 925 2,806
Cash flow before change
in working capital 3,795 4,145 12,022
Change in working capital -1,490 -2,378 -2,069
Cash flow from operating
activities before
financial items and taxes 2,305 1,767 9,953
Paid interest and payments
on other financial expenses -83 -77 -194
Interest received 105 57 101
Taxes paid -1,592 -1,603 -2,958
CASH FLOW FROM
OPERATING ACTIVITIES 735 144 6,902
CASH FLOW FROM
INVESTING ACTIVITIES
Investments in tangible
and intangible assets -1,024 -1,202 -2,301
CASH FLOW FROM
INVESTING ACTIVITIES -1,024 -1,202 -2,301
CASH FLOW FROM
FINANCING ACTIVITIES
Short-term loans drawn 4,000 3,000 3,000
Short-term loans repaid -400 -500 -3,100
Long-term loans repaid -471 -471 -946
Finance leasing debts paid -60 -27 -55
Dividends paid -5,226 -5,226 -5,226
CASH FLOW FROM
FINANCING ACTIVITIES -2,157 -3,224 -6,327
Change in cash and
cash equivalents -2,446 -4,282 -1,726
Cash and cash equivalents
at the beginning of the period 5,789 7,515 7,515
Cash and cash equivalents
at the end of the period 3,343 3,233 5,789
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Equity attributable to equity holders of the parent company
(EUR 1,000) Transla- Share-
tion Fair value holders'
Share differ- and other Retained equity,
capital ences reserves earnings total
Adjusted
shareholders'
equity
1 Jan. 2006 8,040 16,097 24,137
Net profit for
the period 2,631
Dividends paid -5,226
Shareholders'
equity
30 June 2006 8,040 3 13,505 21,545
Equity attributable to equity holders of the parent company
(EUR 1,000) Transla- Share-
tion Fair value holders'
Share differ- and other Retained equity,
capital ences reserves earnings total
Adjusted share-
holders' equity
1 Jan. 2007 8,040 18,861 26,901
Net profit for
the period 2,319
Dividends paid -5,226
Shareholders'
equity
30 June 2007 8,040 4 15,958 23,998
KEY INDICATORS
1-6/ 1-6/ Change, % 1-12/
2007 2006 2006
Earnings per
share, EUR 0.29 0.33 -11.9 1.00
Equity per share, EUR 2.98 2.68 11.4 3.35
Share of exports and
international operations,
% of net sales 27.9 24.0 24.6
Return on equity
(ROE), % 18.2 23.0 31.3
Return on
investment (ROI), % 21.8 26.5 38.2
Equity ratio, % 62.9 62.2 70.5
Gross investments,
EUR 1,000 1,024 1,202 -14.8 2,455
Gross investments,
% of net sales 3.0 3.5 3.4
Contingent liabilities,
EUR 1,000 14,990 15,594 -3.7 14,513
Average personnel 402 392 2.6 393
Personnel at the end
of the period 400 396 1.1 396
Number of shares
at the end of
the period (1,000) 8,040 8,040 8,040
Number of shares
outstanding
average (1,000) 8,040 8,040 8,040
NET SALES BY MARKET AREA AND PRODUCT LINE
BY MARKET AREA, APRIL-JUNE
(EUR 1,000) 4-6/2007 4-6/2006 Change, %
Finland 12,834 12,993 -1.2
Other Nordic countries 1,796 1,548 16.0
Rest of Europe 861 759 13.5
North America 814 649 25.5
Other countries 692 802 -13.7
TOTAL 16,997 16,751 1.5
BY PRODUCT LINE, APRIL-JUNE
(EUR 1,000) 4-6/2007 4-6/2006 Change, %
Clothing 7,395 7,673 -3.6
Interior decoration 7,029 6,515 7.9
Bags 2,574 2,563 0.4
TOTAL 16,997 16,751 1.5
BY MARKET AREA, JANUARY-JUNE
(EUR 1,000) 1-6/2007 1-6/2006 Change, % 1-12/2006
Finland 24,443 25,037 -2.4 53,826
Other Nordic countries 3,865 3,328 16.1 7,373
Rest of Europe 2,424 1,718 41.1 3,655
North America 1,713 1,288 33.0 3,410
Other countries 1,464 1,554 -5.8 3,160
TOTAL 33,909 32,925 3.0 71,424
BY PRODUCT LINE, JANUARY-JUNE
(EUR 1,000) 1-6/2007 1-6/2006 Change, % 1-12/2006
Clothing 15,102 15,279 -1.2 30,309
Interior decoration 13,827 13,124 5.4 30,716
Bags 4,980 4,522 10.1 10,399
TOTAL 33,909 32,925 3.0 71,424
SEGMENT INFORMATION
(EUR 1,000) 1-6/2007 1-6/2006 1-12/2006
Net sales
Finland 24,443 25,037 53,826
Other countries 9,466 7,888 17,598
Total 33,909 32,925 71,424
Assets
Finland 37,962 34,389 36,662
Other countries 1,663 1,646 2,228
Eliminations -1,483 -1,370 -720
Total 38,142 34,665 38,170
Investments
Finland 972 1,132 2,365
Other countries 52 70 90
Total 1,024 1,202 2,455
QUARTERLY TREND IN NET SALES AND EARNINGS
(EUR 1,000) II/2007 I/2007 IV/2006 III/2006
Net sales 16,997 16,912 20,142 18,357
Operating profit 1,643 1,497 3,776 3,492
Earnings per share, EUR 0.15 0.14 0.35 0.32
(EUR 1,000) II/2006 I/2006
Net sales 16,751 16,174
Operating profit 2,144 1,452
Earnings per share, EUR 0.20 0.13
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