2010-08-04 07:30:00 CEST
2010-08-04 07:30:02 CEST
REGULATED INFORMATION
Martela Oyj - Interim report (Q1 and Q3)
MARTELA CORPORATION INTERIM REPORT, 1 JANUARY - 30 JUNE 2010
MARTELA CORPORATION INTERIM REPORT 4 August 2010, 8.30 a.m.
MARTELA CORPORATION INTERIM REPORT, 1 JANUARY - 30 JUNE 2010
Consolidated revenue for January-June amounted to EUR 48.3 million (45.3), a
year-on-year increase of 6.6 per cent. Revenue for the second quarter increased
to EUR 25.7 million (21.3), a year-on-year increase of 21.0 per cent. Operating
profit in January-June was EUR -1.6 million (-0.8). Cash flow from operating
activities in January-June came to EUR -2.2 million (7.1). The equity ratio was
54.4 per cent (55.7) and the gearing ratio was -19.7 per cent (-26.4).
Under a deal concluded on 23 June 2010, Martela Corporation acquired Pa-Ri
Materia Oy's used furniture business, which has been operating under the name
Martela Poistomyynti. With the deal, the Martela Poistomyynti outlets in the
Helsinki area and Tampere area to be transferred to Martela. Martela is planning
to expand its recycled furniture business to other parts of Finland, too. The
revenue of the Pa-Ri Materia Oy business acquired by Martela was about EUR 3.1
million in 2009.
Key figures
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| | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 |
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| EUR million | 2010 | 2009 | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
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| Net revenue | 25.7 | 21.3 | 48.3 | 45.3 | 95.3 |
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| Change in revenue % | 21.0 | -36.2 | 6.6 | -34.8 | -32.5 |
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| Operating profit excluding | -0.5 | -0.7 | -1.6 | -0.8 | 0.8 |
| non-recurring items | | | | | |
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| Operating profit % | -2.0 | -3.3 | -3.3 | -1.7 | 0.8 |
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| Return on investment, % | | | -8.1 | -2.9 | 2.3 |
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| Return on equity, % | | | -10.0 | -4.9 | 0.4 |
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| Equity to asset ratio, % | | | 54.4 | 55.7 | 57.4 |
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| Gearing, % | | | -19.7 | -26.4 | -33.9 |
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| Earnings per share, eur | | | -0.38 | -0.19 | 0.03 |
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| Earnings per share (diluted), | | | -0.38 | -0.19 | 0.03 |
| eur | | | | | |
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| Average staff | | | 584 | 645 | 636 |
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| Revenue/employee (EUR 1.000) | | | 82.7 | 70.2 | 149.9 |
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Accounting policies
This interim report has been prepared in accordance with the IAS 34 Interim
Financial Reporting standard, as approved by the EU. The calculation principles
observed in the interim report are the same as in the 2009 financial statements.
Market
There were fewer new starts in office construction in 2009 than in the previous
year, and fewer building permits were granted.
Group structure
There were no changes in the Group structure during the review period or the
comparison period.
Segment reporting
The segments presented in the interim report comply with the company's segment
division. The comparison period figures have also been rendered in the same way.
The business segments are based on the Group's internal organisational structure
and internal financial reporting.
Sales between segments are reported as part of the segments' revenue. The
segments' results are their operating profits, because tax items and financial
items are not allocated to the segments. The Group's assets and liabilities are
not allocated or monitored by segment in the internal financial reporting.
Revenue and the operating result are as recorded in the consolidated financial
statements.
Business Unit Finland is responsible for sales, marketing, service production
and manufacturing in Finland. Martela has an extensive sales and service network
covering the whole of Finland, with a total of 24 sales centres. The Business
Unit's logistics centre is in Nummela.
Business Unit Sweden and Norway is responsible for sales in Sweden and Norway,
handled through about 70 dealers. In addition, the Business Unit has its own
sales and showroom facilities at three locations: Stockholm and Bodafors in
Sweden and Oslo in Norway. The Business Unit's logistics centre and order
handling are also located in Bodafors.
Business Unit Poland is responsible for the sales and distribution of Martela
products in Poland and eastern Central Europe. Sales in Poland are organized via
the sales network maintained by the Business Unit. The company has altogether 7
sales centres in Poland. The Business Unit's principal export countries are
Ukraine, Hungary, the Czech Republic and Slovakia, in each of which sales are
handled by established dealers. Business Unit Poland is based in Warsaw, where
it has its logistics centre and administration.
Revenue
Consolidated revenue for January-June amounted to EUR 48.3 million (45.3), a
year-on-year increase of 6.6 per cent. The revenue of Business Unit Sweden and
Norway was up by 3.2 per cent, while that of Business Unit Poland was down by
28.2 per cent, calculated in local currencies. The overall effect of exchange
rate movements on consolidated revenue was approximately +3 percentage points.
Second-quarter revenue rose to EUR 25.7 million (21.3), a year-on-year increase
of 21.0 per cent.
Revenue by segment
EUR million
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| | Business | Business | Business | Other | Total |
| | unit | unit | unit | segments | |
| | Finland | Sweden & | Poland | | |
| | | Norway | | | |
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| 1.1.2010-30.6.2010 | | | | | |
--------------------------------------------------------------------------------
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| External Revenue | 32.3 | 8.9 | 3.3 | 3.8 | 48.3 |
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| Internal Revenue | 0.0 | 0.6 | 0.0 | 7.4 | 8.0 |
--------------------------------------------------------------------------------
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| Total 2010 | 32.3 | 9.5 | 3.3 | 11.2 | |
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| 1.1.2009-30.6.2009 | | | | | |
--------------------------------------------------------------------------------
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| External Revenue | 30.9 | 7.8 | 4.1 | 2.5 | 45.3 |
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| Internal Revenue | 0.0 | 0.1 | 0.0 | 8.1 | 8.2 |
--------------------------------------------------------------------------------
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| Total 2009 | 30.9 | 7.9 | 4.1 | 10.6 | |
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| External revenue | 4.6 | 13.1 | -19.3 | 54.3 | 6.6 |
| change % | | | | | |
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Other Segments includes P.O. Korhonen Oy, Kidex Oy and Business Unit
International, which is responsible for export markets.
Change in external revenue and percentage of consolidated revenue
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| | 1-6 | 1-6 | | | 1-12 | |
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| EUR million | 2010 | 2009 | Change | Percenta | 2009 | Percentag |
| | | | % | ge | | e |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Business unit | 32.3 | 30.9 | 4.6 | 66.9 % | 63.9 | 67.0% |
| Finland | | | | | | |
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| Business unit | 8.9 | 7.8 | 13.1 | 18.3 % | 15.8 | 16.6 % |
| Sweden & Norway | | | | | | |
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| Business unit | 3.3 | 4.1 | -19.3 | 6.9 % | 9.5 | 9.9 % |
| Poland | | | | | | |
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| Other segments | 3.8 | 2.5 | 54.3 | 7.9 % | 6.2 | 6.5 % |
--------------------------------------------------------------------------------
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| Total | 48.3 | 45.3 | 6.6 | 100.0 % | 95.3 | 100.0 % |
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Consolidated result
Operating profit for the first half-year was EUR -1.6 million (-0.8). The result
does not include non-recurring items (2009 and 2010). Second-quarter operating
profit was EUR -0.5 million (-0.7).
Profit before taxes was EUR -1.7 million (-0.9), and profit after taxes was EUR
-1.5 million (-0.8).
Operating profit excluding non-recurring items was -3.3 per cent of
revenue
(-1.7).
Operating profit by segment
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| | 1-6 | 1-6 | 1-12 |
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| EUR million | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
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| Business Unit Finland | 0.8 | 2.0 | 3.9 |
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| Business Unit Sweden & Norway | -0.4 | -0.7 | -1.0 |
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| Business Unit Poland | -0.9 | -0.3 | -0.7 |
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| Other Segments | -0.2 | -0.3 | -1.0 |
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| Other | -0.9 | -1.5 | -0.4 |
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| Total | -1.6 | -0.8 | 0.8 |
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Other Segments includes P.O. Korhonen Oy, Kidex Oy and Business Unit
International, which is responsible for export markets. The item ‘Others'
includes non-allocated Group functions and non-recurring sales gains and losses.
Financial position
The Group's financial position is strong. At the end of June, interest-bearing
liabilities were EUR 7.2 million (9.7), and net liabilities were EUR -5.7
million (-8.1). The gearing ratio was -19.7 per cent (-26.4) and the equity
ratio was 54.4 per cent (55.7). Net financing costs amounted to EUR -0.1 million
(-0.2).
Cash flow from operating activities in January-June came to EUR -2.2 million
(7.1).
The balance sheet total at the end of June was EUR 53.2 million (55.6).
Capital expenditure
The Group's gross capital expenditure for January-June was EUR 1.3 million
(1.1). The capital expenditure mainly concerned production replacements and IT
investments.
Personnel
The Group employed an average of 584 (645) persons, a year-on-year decrease of
9.5 per cent.
Average personnel by region
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| | 1-6 | 1-6 | 1-12 |
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| | 2010 | 2009 | 2009 |
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| Finland | 438 | 491 | 479 |
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| Scandinavia | 54 | 63 | 62 |
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| Poland | 89 | 91 | 94 |
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| Russia | 3 | 0 | 1 |
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| Group total | 584 | 645 | 636 |
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Related party transactions
Martela Group's related parties are the Managing Director, the members of the
Board of Directors, and the Group Management Team. The fees paid to the Board
Chairman and collectively to the members of the Board in the first six months of
the year totalled EUR 15,000 (15,000) and EUR 34,000 (30,000), respectively.
Board membership fees are not paid to those members employed by the company.
The total salaries, fees and other benefits paid to Martela Corporation's
Managing Director in January-June came to EUR 93,000 (93,000). In addition, a
total of EUR 28,000 (28,000) was paid in share bonuses. The total salaries, fees
and other benefits paid to the Group Management Team (excl. the Managing
Director's salary) for January-June totalled EUR 494,000 (416,000). In addition,
a total of EUR 131,000 (133,000) was paid in share bonuses.
Product development and Martela's collection
Product development and the management of Martela's collection are the
responsibility of two Group-level organisations. Brand & Product Portfolio is
responsible for management of the collection and brand, and Product Development
and Marketing is responsible for the development of innovative products and the
Group's marketing communications.
The first half of 2010 saw the launch of some interesting new products. A larger
James+ chair was added to the James task chair range. The versatile range of
adjustments possible with this task chair, which is designed by Iiro Viljanen,
enhance the wellbeing of the chair's user. The MyBox desk and the Book space
divider/shelf, previously presented as concepts, are now in production. These
new products share the characteristics of versatility and new and innovative
thinking. The MyBox desk, designed by Iiro Viljanen, has a lid that can be
closed to protect the work items on the desk, with the lid's upper surface at
the same time serving as a fresh desk top that can be used for a meeting, for
example. Designed by Pekka Toivola, Book combines the characteristics of a space
divider and a storage unit in a new way. The overall look and scope can be
easily varied by combining the elements in various ways.
In Finland, the service product range was expanded at the beginning of the year
with an innovative addition to the services available for office premises. This
consisted of a new system for keeping track of office furniture for inventory
and other purposes. The system is based on radio frequency identification (RFID)
and is a unique way of managing office property. The new system has been very
well received by our customers.
Shares
During January-June, 535,720 (455,921) of the company's A shares were traded on
the NASDAQ OMX Helsinki Ltd exchange, corresponding to 15.1 per cent (12.8) of
all A shares.
The value of trading turnover was EUR 4.0 million (3.0), and the share price was
EUR 7.13 at the beginning of the year and EUR 6.63 at the end of the second
quarter. During January-June the share price was EUR 8.60 at its highest and EUR
6.53 at its lowest. At the end of June, equity per share was EUR 7.11 (7.59).
Treasury shares
The company did not purchase any Martela shares in January-June. On 30 June
2010, Martela owned a total of 67,700 Martela A shares, purchased at an average
price of EUR 10.65. Martela's holding of treasury shares corresponds to 1.6 per
cent of all shares and 0.4 per cent of all votes.
Acquisition of shares for the share-based incentive scheme and the management of
the scheme have been outsourced to an external service provider, Evli Alexander
Management Oy. These shares were entered under equity in the consolidated
financial statements for 2009. On 30 June 2010, 57,625 shares under the
incentive scheme were still undistributed.
2010 Annual General Meeting
The Annual General Meeting of Martela Corporation was held on Tuesday 16 March
2010. The meeting approved the financial statements for 2009 and discharged the
members of the Board of Directors and the Managing Director from liability. The
AGM decided, in accordance with the Board of Directors' proposal, to distribute
a dividend of EUR 0.45 per share.
Heikki Ala-Ilkka, Tapio Hakakari, Jori Keckman, Heikki Martela, Pekka Martela,
Jaakko Palsanen and new member Pinja Metsäranta were elected as members of the
Board of Directors. KPMG Oy Ab, Authorised Public Accountants, was elected as
the company's auditor.
The AGM also approved the Board of Directors' proposals, detailed in the meeting
notice, to authorise the Board to acquire and/or dispose of Martela shares. The
AGM decided, in accordance with the Board of Directors' proposal, to amend the
company's Articles of Association (with respect to delivery of the meeting
notice).
The new Board of Directors convened after the Annual General Meeting and elected
Heikki Ala-Ilkka as Chairman and Pekka Martela as Vice Chairman.
Short-term risks
The greatest risk to profit performance is related to the continuation of
general economic uncertainty and the consequent effects on the overall demand
for office furniture.
More information on risks is given in the company's annual report.
Outlook for 2010
Low demand will have an effect on the company's revenue and operating profit in
2010. The company will continue to review its cost structure and to improve the
efficiency of its operations.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1000)
2010 2009 2010 2009 2009
1-6 1-6 4-6 4-6 1-12
Revenue 48.290 45.283 25.727 21.264 95.349
Other operating income 0.149 0.388 0.077 0.257 0.746
Employee benefits expenses -13.591 -13.914 -7.167 -6.766 -25.988
Operating expenses -35.078 -31.032 -18.475 -14.728 -66.206
Depreciation and impairment -1.370 -1.485 -0.684 -0.727 -3.109
Operating profit/loss -1.600 -0.760 -0.522 -0.700 0.793
Financial income and expenses -0.109 -0.188 -0.069 -0.078 -0.365
Profit/loss before taxes -1.709 -0.948 -0.591 -0.778 0.427
Income tax 0.197 0.164 0.064 0.215 -0.291
Profit/loss for the period -1.512 -0.784 -0.527 -0.563 0.137
Other comprehensive income
Translation differences 0.130 -0.082 -0.004 0.072 0.077
Total comprehensive income -1.382 -0.866 -0.531 -0.491 0.214
Basic earnings per share, eur -0.38 -0.19 -0.13 -0.14 0.03
Diluted earnings per share, eur -0.38 -0.19 -0.13 -0.14 0.03
Allocation of net profit for
the period:
To equity holders of the parent -1.512 -0.784 -0.527 -0.563 0.137
Allocation of total comprehensive
income
To equity holders of the parent -1.382 -0.866 -0.531 -0.491 0.214
GROUP BALANCE SHEET (EUR 1000) 30.6.2010 31.12.2009 30.06.2009
ASSETS
Non-current assets
Intangible assets 1.188 0.716 0.796
Tangible assets 11.366 11.862 12.210
Investments 0.034 0.038 0.039
Deferred tax assets 0.348 0.262 0.294
Pension receivables 0.197 0.197 0.072
Investment properties 0.600 0.600 0.600
Total 13.733 13.675 14.011
Current assets
Inventories 9.274 9.408 11.437
Receivables 17.383 13.210 12.423
Financial assets at fair value 1.094 1.094 1.073
through profit and loss
Cash and cash equivalents 11.718 18.211 16.658
Total 39.470 41.923 41.591
Total assets 53.203 55.598 55.602
EQUITY AND LIABILITIES
Equity
Share capital 7.000 7.000 7.000
Share premium account 1.116 1.116 1.116
Other reserves 0.117 0.117 0.117
Translation differences -0.279 -0.409 -0.568
Retained earnings 21.346 24.672 23.751
Treasury shares -1.212 -1.200 -1.200
Share-based incentives 0.576 0.466 0.371
Total 28.664 31.762 30.587
Non-current liabilities
Interest-bearing liabilities 2.699 3.518 6.875
Deferred tax liability 1.033 1.305 1.201
Total 3.732 4.823 8.076
Current liabilities
Interest-bearing 4.456 5.008 2.796
Non-interest bearing 16.351 14.006 14.143
Total 20.807 19.014 16.939
Total liabilities 24.539 23.837 25.015
Equity and liabilities, total 53.203 55.598 55.602
STATEMENT OF CHANGES IN EQUITY (EUR 1000)
Equity attributable to equity holders of the parent
Share Share Other Trans. Retained Treasury Total
capital premium reserves diff. earnings shares
account and share-
based inc.
01.01.2009 7.000 1.116 0.117 -0.486 27.605 -1.610 33.742
Tot.compr.income -0.082 -0.784 -0.866
Dividends -2.390 -2.390
Share-based inc. -0.309 0.410 0.101
30.06.2009 7.000 1.116 0.117 -0.568 24.122 -1.200 30.587
1.1.2010 7.000 1.116 0.117 -0.409 25.138 -1.200 31.762
Tot.compr. income 0.130 -1.512 -1.382
Dividends -1.814 -1.814
Share-based inc. 0.110 -0.012 0.098
30.06.2010 7.000 1.116 0.117 -0.279 21.922 -1.212 28.664
CONSOLIDATED CASH FLOW STATEMENT (EUR 1000)
2010 2009 2009
1-6 1-6 1-12
Cash flows from operating activities
Cash flow from sales 45.251 55.913 104.678
Cash flow from other operating income 0.109 0.247 0.489
Payments on operating costs -47.042 -47.115 -92.273
Net cash from operating activities
before financial items and taxes -1.682 9.046 12.894
Interest paid -0.169 -0.313 -0.516
Interest received 0.023 0.135 0.166
Other financial items 0.005 0.013 -0.002
Taxes paid -0.411 -1.780 -1.780
Net cash from operating activities (A) -2.235 7.100 10.762
Cash flows from investing activities
Capital expenditure on tangible and
intangible assets -1.205 -0.894 -1.663
Proceeds from sale of tangible and
intangible assets 0.118 0.853 1.004
Net cash used in investing activities (B) -1.086 -0.042 -0.659
Cash flows from financing activities
Proceeds from short-term loans 0.000 0.006 0.008
Repayments of short-term loans -0.352 -0.408 -0.781
Repayments of long-term loans -1.136 -1.136 -2.273
Dividends paid and other profit distribution -1.813 -2.389 -2.390
Net cash used in financial activities (C) -3.302 -3.927 -5.436
Change in cash and
cash equivalents (A+B+C) -6.623 3.131 4.667
(+ increase, - decrease)
Cash and cash equivalents at the beginning of
period 19.304 14.620 14.620
Translation differences 0.131 -0.020 0.017
Cash and cash equivalents at the end of period 12.812 17.731 19.304
SEGMENT REPORTING (EUR 1 000)
Segment revenue 2010 2009 2010 2009 2009
1-6 1-6 4-6 4-6 1-12
Business unit Finland
external 32.289 30.855 17.197 13.725 63.898
internal 0.000 0.000 0.000 0.000 0.000
Business unit Sweden and Norway
external 8.855 7.826 4.829 3.484 15.834
internal 0.648 0.143 0.349 0.099 0.457
Business Unit Poland
external 3.332 4.131 1.765 2.516 9.465
internal 0.000 0.020 0.000 0.012 0.015
Other segments
external 3.814 2.471 1.936 1.539 6.151
internal 7.365 8.119 3.759 3.880 16.464
Total external revenue 48.290 45.283 25.727 21.264 95.348
Segment operating profit/loss 2010 2009 2010 2009 2009
1-6 1-6 4-6 4-6 1-12
Business Unit Finland 0.771 1.977 0.586 0.342 3.854
Business Unit Sweden and Norway -0.426 -0.725 -0.125 -0.514 -0.966
Business Unit Poland -0.887 -0.271 -0.476 0.009 -0.668
Other segments -0.153 -0.248 0.084 -0.084 -0.985
Other -0.905 -1.493 -0.591 -0.453 -0.442
Total operating profit/loss -1.600 -0.760 -0.522 -0.700 0.793
Other segments include P.O. Korhonen Oy, Kidex Oy and Business Unit
International. which is responsible for export markets. The item “Other”
includes non-allocated Group functions and non-recurring sales gains and
losses.
TANGIBLE ASSETS 1.1-30.6.2010
Land Buildings Machinery Other Work in
areas & equipment tangibles progress
Acquisitions 0.000 0.039 0.453 0.000 0.198
Decreases 0.000 -0.073 -0.005 0.000 0.000
TANGIBLE ASSETS 1.1-30.6.2009
Land Buildings Machinery Other Work in
areas & equipment tangibles progress
Acquisitions 0.000 0.084 0.670 0.060 0.014
Decreases -0.023 -0.687 0.000 0.000 0.000
RELATED PARTY AND SHARE-BASED INCENTIVE PROGRAMME
The CEO and the group's management and some key-persons are included in a long-
term incentive scheme, extending from 2010 to the end of 2012.
KEY FIGURES/RATIOS
2010 2009 2009
1-6 1-6 1-12
Operating profit/loss -1.600 -0.760 0.793
- in relation to revenue -3.3 -1.7 0.8
Profit/loss before taxes -1.709 -0.948 0.427
- in relation to revenue -3.5 -2.1 0.4
Profit/loss for the period -1.512 -0.784 0.137
- in relation to revenue -3.1 -1.7 0.1
Basic earnings per share, eur -0.38 -0.19 0.03
Diluted earnings per share, eur -0.38 -0.19 0.03
Equity/share, eur 7.11 7.59 7.88
Equity ratio 54.4 55.7 57.4
Return on equity * -10.0 -4.9 0.4
Return on investment * -8.1 -2.9 2.3
Interest-bearing net-debt, eur million -5.7 -8.1 -10.8
Gearing ratio -19.7 -26.4 -33.9
Capital expenditure, eur million 1.3 1.1 2.2
- in relation to revenue, % 2.7 2.3 2.3
Personnel at the end of period 590 645 606
Average personnel 584 645 636
Revenue/employee, eur thousand 82.7 70.2 149.9
Key figures are calculated according to formulae as presented in Annual Report
2009.
* When calculating return on equity and return on investment the profit/loss for
the period has been multiplied in interim reports.
CONTINGENT LIABILITIES
30.6.2010 31.12.2009 30.6.2009
Mortgages and shares pledged 14.704 14.480 14.329
Other commitments 0.256 0.256 0.347
RENTAL COMMITMENTS 7.299 7.971 7.757
DEVELOPMENT OF SHARE PRICE 2010 2009 2009
1-6 1-6 1-12
Share price at the end of period, EUR 6.63 7.30 7.13
Highest price, EUR 8.60 7.84 8.00
Lowest price, EUR 6.53 5.21 5.21
Average price, EUR 7.54 6.67 6.98
This interim report has not been audited
Martela Oyj
Board of Directors
Heikki Martela
Managing Director
For more information, please contact
Heikki Martela, Managing Director, tel. +358 50 502 4711
Mats Danielsson, Finance Director, tel. +358 50 394 8575
Distribution
NASDAQ OMX Helsinki
Main news media
www.martela.com
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