2009-05-13 08:00:00 CEST
2009-05-13 08:00:24 CEST
REGULATED INFORMATION
Marimekko - Interim report (Q1 and Q3)
MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 31 MARCH 2009
Marimekko Corporation INTERIM REPORT
13 May 2009 at 9 a.m.
MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 31 MARCH 2009
In the January-March period of 2009, the Marimekko Group's net sales fell by 13%
to EUR 16.3 million (EUR 18.6 million). Operating result decreased to EUR -0.02
million (EUR 1.8 million). Profit after taxes for the financial period was EUR
0.01 million (EUR 1.4 million) and earnings per share were EUR 0.00 (EUR 0.17).
The earlier estimate for the financial year 2009 has been reduced. According to
the current estimate, the Marimekko Group's net sales are forecast to decrease
in 2009 by about 10% from the year 2008 and operating result is expected to
decline distinctly.
1-3/ 1-3/ Change, 1-12/
2009 2008 % 2008
Net sales, EUR 1,000 16,263 18,594 -12.5 81,107
Exports and income from
international operations,
% of net sales 33.1 34.3 27.0
Operating result, EUR 1,000 -21 1,824 -101.2 9,956
Profit before taxes,
EUR 1,000 13 1,847 -99.3 9,964
Profit for the period, EUR 1,000 13 1,375 -99.1 7,378
Earnings per share, EUR 0.00 0.17 -99.1 0.92
Equity per share, EUR 3.92 3.83 2.5 3.92
Return on equity (ROE), % 0.17 18.3 24.2
Return on investment (ROI), % 0.03 24.3 32.3
Equity ratio, % 80.3 77.7 78.7
Mika Ihamuotila, President and CEO:
“The first quarter of the year 2009 was extremely challenging for Marimekko due
to the difficult market situation. The Group's net sales declined and profit
fell significantly. The sharp decline in consumer demand was reflected in sales
both in Finland and abroad. The fall was particularly strong in sales to
domestic and foreign retailers. Also, there were no one-off items similar to
those recognised during the corresponding period of the previous year. In
Marimekko-owned retail shops, we managed to increase our sales even more than
expected due to various marketing actions. Strong growth also continued in our
important export area, Japan, where sales were boosted by the opening of new
concept stores.
In addition to a considerable decline in sales, increased personnel expenses and
other operating expenses, most of which were higher-than-usual marketing costs
for new collections, had a negative impact on earnings for the period.
The outlook continues to be extremely uncertain since there are no clear signs
of improvement in market conditions on the horizon. During this year, we will
review the company's cost structure and improve the efficiency of our
operations. Despite the difficult market situation, Marimekko will continue
investing in product development and internationalisation.”
2009 calendar
Marimekko Corporation's interim report for the January-June period of 2009 will
be published on Thursday 13 August at 9 am, and the interim report for the
January-September period on Thursday 5 November at 9 am.
For additional information, contact:
Mika Ihamuotila, President and CEO, 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
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Principal media
Marimekko's website www.marimekko.com
Marimekko, established in 1951, is a leading Finnish textile and clothing design
company renowned for its original prints and colours. The company designs and
manufactures high-quality clothing, interior decoration textiles, bags and other
accessories. Marimekko products are sold in over 40 countries. Products with
Marimekko designs are also manufactured under licence in various countries. In
2008, the company's net sales amounted to EUR 81.1 million. Exports and
international operations accounted for 27.0% of the Group's net sales. The Group
employs about 410 people. The company's share is quoted on the NASDAQ OMX
Helsinki Ltd.
MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 31 MARCH 2009
NET SALES
In the January-March period of 2009, the Marimekko Group's net sales decreased
by 12.5% to EUR 16,263 thousand (EUR 18,594 thousand). Net sales in Finland fell
by 11.0% to EUR 10,874 thousand (EUR 12,222 thousand). Exports and income from
international operations decreased by 15.4% and totalled EUR 5,389 thousand (EUR
6,372 thousand). Exports and income from international operations accounted for
33.1% (34.3%) of the Group's net sales. The fall in net sales was largely due to
a slowdown in demand caused by weak market conditions. Wholesale sales both in
Finland and abroad were especially affected by the slowdown. The difference
compared to the previous year was also increased by one-off orders for
promotions during the corresponding period of 2008.
The breakdown of the Group's net sales by product line was as follows: clothing
43.5%; interior decoration 38.1%; and bags 18.4%. Net sales by market area were:
Finland, 66.9%; the other Nordic countries, 10.4%; the rest of Europe, 8.0%;
North America, 4.4%; and other countries (Japan and other regions outside Europe
and North America), 10.3%.
In the January-March period of 2009, the sales from Marimekko's own retail shops
increased by 8.9% (-3.8%). Sales to retailers in Finland decreased by 24.9%
(+5.5%). The strong decline in sales from the comparison period was partly due
to significant one-off orders for promotions recognised in the first quarter of
2008.
MARKET SITUATION
In the first quarter of 2009, the economic recession deepened and market demand
fell considerably. The value of retail sales in Finland decreased by 3.6% from
the corresponding period in 2008 (Statistics Finland: Retail trade quick
estimate, March 2009). Retail sales of clothing (excluding sportswear) declined
by 0.9% (Textile and Fashion Industries TMA). Sales of womenswear were at the
level of the comparison period, sales of menswear decreased by 4.1%, and sales
of childrenswear increased by 0.1%. Sales of bags declined by 0.4%. In the
January-February period of 2009, exports of clothing (SITC 84) decreased by 16%,
while imports remained at the previous year's level. Exports of textiles (SITC
65) fell by 32%; imports increased by 1%. (National Board of Customs, monthly
review, February 2009).
According to Statistics Finland, consumer confidence in the economy has
recovered somewhat. Expectations regarding the Finnish economy and employment in
particular remain weak but confidence in personal finances and saving
opportunities has improved slightly (Statistics Finland: Consumer Barometer,
April 2009).
REVIEWS BY BUSINESS UNIT
Clothing
In the January-March period of 2009, net sales of clothing decreased by 9.7% to
EUR 7,078 thousand (EUR 7,838 thousand). Sales in Finland declined somewhat.
Sales abroad fell significantly in all areas except Japan, where strong growth
continued. The positive trend in Japanese sales was boosted by new concept
stores. Exports and income from international operations accounted for 29.4% of
net sales of clothing.
Interior decoration
Net sales of interior decoration products decreased by 18.5% to EUR 6,185
thousand (EUR 7,588 thousand). In Japan, strong growth continued. Sales in other
export countries and Finland fell considerably. Exports and income from
international operations accounted for 35.2% of net sales of interior decoration
products.
Bags
Net sales of bags decreased by 5.3% to EUR 3,000 thousand (EUR 3,168 thousand).
Sales in Japan continued to grow vigorously. Good growth also continued in the
market area referred to as “the rest of Europe”. Sales in other export markets
and Finland declined substantially. Exports and income from international
operations accounted for 37.6% of the net sales of bags.
Business-to-business sales
Business-to-business sales fell by 40.3%. The decrease was partly due to
significant one-off orders for promotions recognised in the first quarter of
2008.
Exports and international operations
In the January-March period of 2009, Marimekko's exports and income from
international operations decreased by 15.4% and totalled EUR 5,389 thousand (EUR
6,372 thousand). In Japan, strong growth continued, while in other countries
where consumer demand declined sharply, sales fell significantly.
In the market area referred to as “the other Nordic countries”, sales in all
product lines decreased. Net sales declined to EUR 1,698 thousand, which was
36.0% less than the previous year (EUR 2,654 thousand). In addition to a
decrease in sales volumes, the weakening in the value of the Swedish krona
contributed to the fall in net sales (approx. 20%).
In the market area referred to as “the rest of Europe”, net sales decreased by
16.6% to EUR 1,302 thousand (EUR 1,562 thousand). Sales of bags continued to
grow well, while sales of interior decoration products and clothing declined
considerably.
In North America, sales in all product lines decreased sharply. Net sales
declined by 34.2% to EUR 722 thousand (EUR 1,098 thousand).
In the market area referred to as "other countries", net sales rose by 57.6%
from the comparison period and totalled EUR 1,667 thousand (EUR 1,058 thousand).
The growth was entirely generated in Japan, where sales of all product lines
increased vigorously. The opening of three new concept stores - one each in
Niigata, Matsuyama and Kokura - accelerated growth. At the end of the review
period, there were a total of eighteen Marimekko concept stores and
shop-in-shops in Japan.
Licensing
Royalty earnings from sales of licensed products grew substantially during the
period. The increase was strongest in the United States. New licensing contracts
partly contributed to the growth in royalty earnings.
Production and sourcing
In the January-March period of 2009, the production volume of the Herttoniemi
textile printing factory decreased by 42%. This was mostly due to reduction of
inventories and collections. At the Kitee and Sulkava factories, the company
managed to maintain production at the same level as in the corresponding period
of the previous year. Subcontracting was decreased concerning certain products,
and production was transferred to the Kitee and Sulkava factories.
EARNINGS
In the January-March period of 2009, the Group's operating result decreased by
101.2% to EUR -21 thousand (EUR 1,824 thousand). Operating result as a
percentage of net sales was -0.1% (9.8%). Marketing expenses for the period grew
by 45.5% and totalled EUR 1,104 thousand (EUR 759 thousand), representing 6.8%
(4.1%) of the Group's net sales.
The Group's depreciation amounted to EUR 350 thousand (EUR 392 thousand),
representing 2.2% (1.8%) of net sales. Net financial income totalled EUR 34
thousand (EUR 23 thousand), or 0.2% (0.1%) of net sales.
Profit for the period after taxes decreased by 99.1% to EUR 13 thousand (EUR
1,375 thousand), representing 0.1% (7.4%) of net sales. Earnings per share were
EUR 0.00 (EUR 0.17).
Earnings for the period were weakened by a considerable decline in sales,
increased personnel expenses and other operating expenses, a significant part of
which were higher-than-usual marketing costs for new collections launched during
the period. Full-year marketing expenses will remain at the 2008 level.
INVESTMENTS
The Group's gross investments amounted to EUR 188 thousand (EUR 137 thousand),
representing 1.2% (0.7%) of net sales. The majority of investments were made in
the refurbishment of shops, as well as in furniture purchases and renovation of
the Herttoniemi property.
EQUITY RATIO AND FINANCING
The equity ratio of the Group was 80.3% at the end of the period (77.7% on 31
March 2008, 78.7% on 31 December 2008). The ratio of interest-bearing
liabilities minus financial assets to shareholders' equity (gearing) was -16.8%,
while it was -7.5% at the end of the corresponding period in the previous year
(-18.8% on 31 December 2008).
At the end of the period, the Group's financial liabilities amounted to EUR 185
thousand (EUR 841 thousand). The Group's financial assets at the end of the
period were EUR 5,478 thousand (EUR 3,163 thousand).
SHARES AND SHARE PRICE TREND
Share capital
At the end of the 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.
Shareholdings
According to the book-entry register, Marimekko had 6,526 (5,680) shareholders
at the end of the period. A total of 14.8% of the shares were registered in a
nominee's name and 15.8% were in foreign ownership. At the end of the period,
the number of shares owned either directly or indirectly by members of the Board
of Directors and the President of the company was 1,088,399, representing 13.5%
of the total share capital and of the votes conferred by the company's shares.
The largest shareholders according to the book-entry register on 31 March 2009
Number of Percentage of
shares and votes holding and votes
1. Muotitila Ltd 1,045,200 13.00
2. Fautor S.P.R.L. 850,377 10.58
3. ODIN Forvaltning AS 413,253 5.14
4. Varma Mutual Employment
Pension Insurance Company 385,920 4.80
5. Ilmarinen Mutual
Pension Insurance Company 265,419 3.30
6. Veritas Pension Insurance
Company Ltd. 220,000 2.74
7. Evli Select Fund 130,054 1.62
8. Sairanen, Seppo 71,379 0.89
9. Nacawi Ab 60,300 0.75
10. Foundation for
Economic Education 50,000 0.62
11. Scanmagnetics Oy 40,000 0.50
12. Mutual Fund Nordea Nordic
Small Cap 39,275 0.49
13. Mutual Fund Tapiola Finland 35,000 0.44
14. Fromond, Elsa 32,200 0.40
15. Westerberg, Olof 30,000 0.37
Total 3,668,377 45.64
Nominee-registered 1,188,506 14.78
Others 3,183,117 39.58
Total 8,040,000 100.00
Flaggings
The share of Workidea Oy, a company controlled by Kirsti Paakkanen, of Marimekko
Corporation's share capital and voting rights decreased to 0.00%, or 0 shares,
as a result of a transaction concluded on 8 January 2009.
Authorisations
At the end of the review period, the Board of Directors had no valid
authorisations to carry out share issues or issue convertible bonds or bonds
with warrants, or to acquire or surrender Marimekko shares.
Share trading
During the review period, a total of 956,171 Marimekko shares were traded,
representing 11.9% of the shares outstanding. The total value of Marimekko's
share turnover was EUR 8,556,206. The lowest price of the Marimekko share was
EUR 7.50, the highest was EUR 10.00, and the average price was EUR 8.50. At the
end of the review period, the final price of the share was EUR 8.20. The
company's market capitalisation on 31 March 2009 was EUR 65,928,000 (EUR
121,806,000 on 31 March 2008, EUR 67,134,000 on 31 December 2008).
PERSONNEL
During the January-March period of 2009, the number of employees averaged 411
(413). At the end of the period, the Group employed 407 (412) people, of whom 14
(17) worked abroad.
CHANGES IN THE COMPANY'S MANAGEMENT
Kirsi Räikkönen, the Group's Marketing Director and member of the Management
Group, resigned from the company on 28 February 2009. As of 1 March 2009, the
composition of the company's Management Group is as follows: Mika Ihamuotila as
Chairman with members Thomas Ekström (finance and administration), Marja
Korkeela (Group communications and investor relations), Päivi Lonka (exports and
licensing sales), Mervi Metsänen-Kalliovaara (domestic wholesale,
business-to-business sales, sales development), Niina Nenonen (clothing and
accessories), Piia Rossi (company-owned retail stores) and Helinä Uotila
(production, purchases, and interior decoration).
RISK MANAGEMENT AND MAJOR RISKS
The Marimekko Group's risk management is based on the risk management policy
confirmed by the company's Board of Directors. The policy defines the
principles, objectives and responsibilities of risk management, as well as the
organisation and supervision of the risk management process. The Board of
Directors also monitors the implementation of the Group's risk management. Risk
reporting is part of the company's regular, continuous business reporting.
Marimekko's risk management policy and the major risks to the company's business
operations have been detailed in the 2008 Annual Report and Financial
Statements.
The main risks for Marimekko's business are associated with general economic
development and the consequent increased uncertainty of the operating
environment. The decline in consumption demand has negatively affected the
development of sales on all markets and increased uncertainty in the company's
growth and profit development. In addition, possible economic difficulties
experienced by customers and cooperation partners may increase the Group's
economic risks, which are related to customers' liquidity and availability of
products. During the review period, no significant changes have occurred in
credit losses or customers' paying behaviour.
Operational risk management emphasises ensuring core competence related to
business development and product design as well as management of processes
pertaining to key activities.
In order to manage the risks, the monitoring of business activities and costs
has been made more effective.
RESEARCH AND DEVELOPMENT
Marimekko's product planning and development costs arise from the design of
collections. Design costs are recorded in expenses.
THE ENVIRONMENT, HEALTH AND SAFETY
Responsibility for the environment and nature is an integral aspect of
Marimekko's business. In environmental matters, the company's business
supervision is largely based on legislation and other regulations. The framework
for Marimekko's social responsibility reporting is provided by the G3 guidelines
of the Global Reporting Initiative (GRI). Detailed information on environmental
issues and their reporting can be found in the 2008 Annual Report.
MARIMEKKO-OWNED RETAIL SHOP AND SUBSIDIARY IN THE UNITED KINGDOM
At the end of March 2009, Marimekko established a subsidiary in the UK,
Marimekko UK Ltd, to administer the operations of the Marimekko store in London.
The store was acquired from Skandium Ltd on 1 April 2009.
MAJOR EVENTS AFTER THE CLOSE OF THE REVIEW PERIOD
Decisions of the Annual General Meeting
Marimekko Corporation's Annual General Meeting, held on 8 April 2009, adopted
the company's financial statements for 2008 and discharged the President and
members of the Board from liability. The Annual General Meeting approved the
Board of Directors' proposal for a dividend payment of EUR 0.55 per share for
the 2008 financial year, totalling EUR 4,422,000.00. The dividend payout record
date was 15 April 2009, and the dividend payout date 22 April 2009.
The Annual General Meeting confirmed that the company's Board of Directors shall
have five (5) members. Ami Hasan, Mika Ihamuotila, Joakim Karske, Pekka Lundmark
and Tarja Pääkkönen were re-elected to the Board of Directors. The term of
office for the Board runs until the end of the next Annual General Meeting. At
its organisation meeting held after the Annual General Meeting, the Board of
Directors elected Pekka Lundmark as Chairman and Mika Ihamuotila as Vice
Chairman of the Board.
The Annual General Meeting re-elected PricewaterhouseCoopers Oy, Authorised
Public Accountants, as the company's regular auditor, with Kim Karhu, Authorised
Public Accountant, as chief auditor. It was decided that the auditors' fee would
be paid as per invoice.
Amendment of the Articles of Association
The Annual General Meeting approved the Board of Directors' proposal to amend
the Articles 3, 4, 5, 6, 8, 9, 11, 12 and 13 of Marimekko Corporation's Articles
of Association. The amendments have been detailed in the Notice of the Annual
General Meeting published on 16 March 2009. The Articles of Association approved
at the Annual General Meeting are appended to the stock exchange release dated 8
April 2009.
Flaggings
As a result of a transaction made on 8 April 2009, Barclays Capital Securities
Limited's share of Marimekko Corporation's share capital and voting rights rose
to 6.09%, or 490,00 shares; and then fell to 0.00%, or 0 shares, as a result of
a transaction made on 14 April 2009.
OUTLOOK FOR THE REMAINDER OF 2009
Marimekko Corporation operates in a field where economic trends affect its
business activities. The majority of the Group's net sales come from Finland. In
recent years, however, exports have increasingly been driving Marimekko's net
sales growth. A significant part of the growth has been attributable to the
acquisition of new customers and the opening of concept stores. In 2008, the
Group's earnings and growth in net sales were largely attributable to
significant individual promotional deliveries in Finland and one-off income from
sales of licensed products.
In the first quarter of 2009, Marimekko's net sales decreased and profit fell
considerably due to a sharp decline in demand caused by the economic recession.
The weak market situation continues and there are not yet any signs of a quick
recovery. According to the company's current knowledge, there will neither be
similar significant one-off items to improve net sales and profit in the
financial year as there were in 2008. For the above reasons, the company's
previous estimate, according to which the Group's net sales for the 2009
financial year were expected to decrease by 5-10% and operating profit to
decline considerably, has been reduced. The company's current estimate, based on
the market outlook, business development in the early part of the year and the
expense structure of the company, is that the Group's net sales in the financial
year 2009 will decrease by about 10% and the operating result will decline
distinctly compared with 2008.
Helsinki, 13 May 2009
MARIMEKKO CORPORATION
Board of Directors
Information presented in the Interim Report has not been audited.
APPENDICES
Accounting principles
Consolidated income statement and comprehensive 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
Accounting principles
This interim report has been prepared in accordance with IAS 34:
Interim Financial Reporting and applying the same accounting policy as for the
2008 financial statements. In addition, on 1 January 2009 the Group adopted the
following new or amended standards published by the IASB in 2008:
IAS 1 standard (amended)
In accordance with the amended IAS 1 standard, Marimekko Corporation presents
both the consolidated and comprehensive consolidated income statements.
IFRS 8
The operational segment reported by the Marimekko Group is the Marimekko
business.
FORMULAS FOR THE KEY FIGURES
Earnings per share (EPS), EUR:
(Profit before extraordinary items - taxes (excl. of taxes on extraordinary
items)) / Number of shares (average for the financial period)
Equity per share, EUR:
Shareholders' equity / Number of shares, 31 March
Return on equity (ROE), %:
(Profit before extraordinary items - taxes (excl. of taxes on extraordinary
items)) X 100 / Shareholders' equity (average for the financial period)
Return on investment (ROI), %: (Profit before extraordinary items + interest and other financial expenses) X
100 / (Balance sheet total - non-interest-bearing liabilities (average for the
financial period))
Equity ratio, %:
Shareholders' equity X 100 / (Balance sheet total - advances received)
Gearing, %:
Interest-bearing net debt X 100 / Shareholders' equity
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 1-3/ 1-3/ Change, 1-12/
2009 2008 % 2008
NET SALES 16,263 18,594 -12.5 81,107
Other operating income 23 10 130.0 244
Increase or decrease
in inventories of
completed and
unfinished products 194 1,861 -89.6 185
Raw materials and
consumables 6,809 9,217 -26.1 33,597
Employee benefit expenses 4,535 4,422 2.6 18,287
Depreciation 350 329 6.4 1,324
Other operating expenses 4,807 4,673 2.9 18,372
OPERATING LOSS/PROFIT -21 1,824 -101.1 9,956
Financial income 24 53 -54.7 205
Financial expenses 10 -30 -133.3 -197
34 23 47.8 8
PROFIT BEFORE TAXES 13 1,847 -99.3 9,964
Income taxes - 472 -100.0 2,586
NET INCOME FOR THE PERIOD 13 1,375 -99.1 7,378
Distribution of net income
to equity holders of
the parent company 13 1,375 7,378
Basic and diluted
earnings per share
calculated on the
profit attributable
to equity holders of
the parent company, EUR 0.00 0.17 0.92
COMPREHENSIVE CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 1-3/ 1-3/ 1-12/
2009 2008 2008
Net income for the period 13 1,375 7,378
Other comprehensive income
Change in translation
difference -4 - -5
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD 9 1,375 7,373
Distribution of net income
to equity holders of
the parent company 9 1,375 7,373
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 31.3.2009 31.3.2008 31.12.2008
ASSETS
NON-CURRENT ASSETS
Tangible assets 9,811 9,761 9,948
Intangible assets 434 415 458
Available-for-sale
financial assets 20 20 20
10,265 10,196 10,426
CURRENT ASSETS
Inventories 16,735 19,076 17,286
Trade and other receivables 6,618 7,162 6,109
Current tax assets 268 220 268
Cash and cash equivalents 5,478 3,163 6,112
29,099 29,621 29,775
ASSETS, TOTAL 39,364 39,817 40,201
SHAREHOLDERS' EQUITY
AND LIABILITIES
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT COMPANY
Share capital 8,040 8,040 8,040
Translation differences -6 3 -2
Retained earnings 23,517 22,727 23,504
Shareholders' equity, total 31,551 30,770 31,542
NON-CURRENT LIABILITIES
Deferred tax liabilities 705 705 705
Financial liabilities - 185 -
705 890 705
CURRENT LIABILITIES
Trade and other payables 6,905 7,483 7,751
Current tax liabilities 18 18 18
Financial liabilities 185 656 185
7,108 8,157 7,954
Liabilities, total 7,813 9,047 8,659
SHAREHOLDERS' EQUITY AND
LIABILITIES, TOTAL 39,364 39,817 40,201
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) 1-3/ 1-3/ 1-12/
2009 2008 2008
CASH FLOW FROM OPERATING ACTIVITIES
Net profit for the period 13 1,376 7,378
Adjustments
Depreciation according to plan 350 329 1,324
Financial income and expenses -35 -23 -8
Taxes - 472 2,586
Cash flow before change
in working capital 328 2,154 11,280
Change in working capital -179 -3,764 -629
Increase (-) / decrease (+) in current
non-interest-bearing trade receivables 122 -1,660 -574
Increase (-) / decrease (+) in
inventories 551 -797 995
Increase (-) / decrease (+) in
current non-interest-bearing
liabilities -852 -1,307 -1,050
Cash flow from operating activities
before financial items and taxes 149 -1,610 10,651
Paid interest and payments on
other financial expenses 11 -20 -200
Interest received 56 83 201
Taxes paid -663 -472 -2,616
CASH FLOW FROM OPERATING ACTIVITIES -447 -2,019 8,036
CASH FLOW FROM INVESTING ACTIVITIES
Investments in tangible
and intangible assets -188 -137 -1,362
CASH FLOW FROM INVESTING ACTIVITIES -188 -137 -1,362
CASH FLOW FROM FINANCING ACTIVITIES
Short-term loans drawn - - 4,600
Short-term loans repaid - -950 -5,550
Long-term loans repaid - - -655
Dividends paid - - -5,226
CASH FLOW FROM FINANCING ACTIVITIES - -950 -6,831
Change in cash and cash equivalents -635 -3,106 -157
Cash and cash equivalents
at the beginning of the period 6,112 6,269 6,269
Cash and cash equivalents
at the end of the period 5,478 3,163 6,112
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(EUR 1,000)
Equity attributable to equity holders of the parent company
Shareholders'
Share Translation Retained equity,
capital differences earnings total
Shareholders'
equity
1 Jan. 2008 8,040 3 21,352 29,395
Comprehensive
income for the
period 1,375 1,375
Dividends paid - -
Shareholders'
equity
31 March 2008 8,040 3 22,727 30,770
Shareholders'
equity
1 Jan. 2009 8,040 -2 23,504 31,542
Comprehensive
income for the
period -4 13 9
Dividends paid - -
Shareholders'
equity
31 March 2009 8,040 -6 23,517 31,551
KEY INDICATORS
1-3/ 1-3/ Change, 1-12/
2009 2008 % 2008
Earnings per share, EUR 0.00 0.17 -99.1 0.92
Equity per share, EUR 3.92 3.83 2.5 3.92
Share of exports and
international operations,
% of net sales 33.1 34.3 27.0
Return on equity (ROE), % 0.17 18.3 24.2
Return on investment (ROI), % 0.03 24.3 32.3
Equity ratio, % 80.3 77.7 78.7
Gearing, % -16.8 -7.5 -18.8
Gross investments, EUR 1,000 188 137 1,362
Gross investments,
% of net sales 1.2 0.7 1.7
Contingent liabilities,
EUR 1,000 18,056 17,388 17,861
Average personnel 411 413 -0.5 411
Personnel at the end of
the period 407 412 -1.2 414
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
(EUR 1,000) 1-3/ 1-3/ Change, 1-12/
2009 2008 % 2008
Finland 10,874 12,222 -11.0 59,175
Other Nordic countries 1,698 2,654 -36.0 9,423
Rest of Europe 1,302 1,562 -16.6 4,700
North America 722 1,098 -34.2 3,994
Other countries 1,667 1,058 57.6 3,815
TOTAL 16,263 18,594 -12.5 81,107
NET SALES BY PRODUCT LINE
(EUR 1,000) 1-3/ 1-3/ Change, 1-12/
2009 2008 % 2008
Clothing 7,078 7,838 -9.7 29,898
Interior decoration 6,185 7,588 -18.5 37,747
Bags 3,000 3,168 -5.3 13,462
TOTAL 16,263 18,594 -12.5 81,107
SEGMENT INFORMATION
(EUR 1,000) 1-3/2009 1-3/2008 Change, % 1-12/2008
Marimekko business
Net sales 16,263 18,594 -12.5 81,107
Assets 39,364 39,817 -1.1 0,201
Investments 188 137 37.2 1,362
QUARTERLY TREND IN NET SALES AND EARNINGS
(EUR 1,000) 1-3/ 10-12/ 7-9/ 4-6/
2009 2008 2008 2008
Net sales 16,263 22,061 21,913 18,539
Operating result -21 1,845 3,747 2,540
Earnings per share, EUR 0.00 0.17 0.35 0.23
(EUR 1,000) 1-3/ 10-12/ 7-9/ 4-6/
2008 2007 2007 2007
Net sales 18,594 22,656 20,699 16,997
Operating result 1,824 3,382 3,965 1,643
Earnings per share, EUR 0.17 0.31 0.36 0.15
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