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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 2009Marimekko 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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