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2010-05-06 08:00:00 CEST 2010-05-06 08:00:04 CEST REGULATED INFORMATION Marimekko - Interim report (Q1 and Q3)MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 31 MARCH 2010Marimekko Corporation INTERIM REPORT 6 May 2010 at 9 a.m. MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 31 MARCH 2010 In the January-March period of 2010, the Marimekko Group's net sales fell slightly; operating result improved markedly. Net sales fell by 2% to EUR 16.0 million (EUR 16.3 million). Operating result increased to EUR 1.2 million (EUR -0.02 million). Profit after taxes for the period was EUR 0.9 million (EUR 0.01 million) and earnings per share were EUR 0.12 (EUR 0.00). The full-year estimate for 2010 remains unchanged: the Group's net sales and operating profit are expected to be approximately at the same level as in 2009. 1-3/ 1-3/ Change, 1-12/ 2010 2009 % 2009 Net sales, EUR 1,000 16,008 16,263 -1.6 72,473 Operating result, EUR 1,000 1,223 -21 6,291 Profit before taxes, EUR 1,000 1,233 13 6,354 Profit for the period, EUR 1,000 928 13 4,701 Earnings per share, EUR 0.12 0.00 0.59 Equity per share, EUR 4.07 3.92 3.96 Cash flow from operating activities EUR 1,000 -1,961 -447 9,941 Return on equity (ROE), % 11.5 0.17 14.8 Return on investment (ROI), % 15.1 0.03 20.1 Equity ratio, % 78.8 80.3 77.7 Mika Ihamuotila, President and CEO: ”Development in the first quarter was encouraging. The slight fall in our net sales was attributable to an extensive price-led promotion organised in the comparison period in Finland to reduce inventories. Average sales margin improved, and the measures taken in 2009 to enhance operational efficiency proved effective. Consequently, the operating result for the first quarter of 2010 improved noticeably from the previous year, albeit this was partly due to the fact that marketing costs for the period were substantially lower than the year before. Wholesale sales in Finland showed a positive trend. Some signs of recovery were also evident abroad; in the market areas referred to as “the other Nordic countries” and “the rest of Europe”, sales grew well. We expect market conditions to remain relatively challenging during the remainder of the year. Nevertheless, we will continue our long-term investment in product development and building our international distribution network. Many of our new products, such as the glassware launched in Milan in April, have had a warm reception. I am pleased that we have found a more consistent operating model that will underpin the Marimekko brand in different distribution channels. We are now ready to take even bolder steps on the road to international growth.” 2010 calendar Marimekko Corporation's interim report for the January-June period of 2010 will be published on Thursday 12 August at 9 am, and the interim report for the January-September period on Thursday 4 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 Piia Pakarinen Tel. +358 9 758 7293 Fax +358 9 755 3051 E-mail: piia.pakarinen@marimekko.fi DISTRIBUTION: NASDAQ OMX Helsinki Ltd Principal media Marimekko's web site: 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 about 40 countries. Products with Marimekko designs are also manufactured under licence in various countries. In 2009, the company's net sales amounted to EUR 72.5 million, of which international sales accounted for 27.3%. The Group employs about 370 people. The company's share is quoted on NASDAQ OMX Helsinki Ltd. MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 31 MARCH 2010 MARKET SITUATION The recovery speed of Europe's economy has been slower than in the United States or Japan, not to mention the rest of Asia. The recovery of Finland's economy has continued sluggishly, but confidence in the Finnish economy has not diminished. The overall economic outlook is positive compared to the current poor situation. (Confederation of Finnish Industries EK: Economic Review, 12 April 2010). From January to March 2010, the value of retail sales in Finland rose by 2.3% (Statistics Finland: Retail trade quick estimate, March 2010). In the January-February period of 2010, retail sales of clothing (excluding sportswear) grew by 1.2% (Textile and Fashion Industries TMA). Sales of womenswear fell by 1.6%, while sales of menswear rose by 4.4%, and sales of childrenswear by 6.3%. Sales of bags decreased by 7.0%. From January to February 2010, exports of clothing (SITC 84) fell by 15% and imports by 17%; exports of textiles (SITC 65) declined by 8% and imports by 5% (National Board of Customs, monthly review, February 2010). NET SALES In the January-March period of 2010, the Marimekko Group's net sales decreased by 1.6% to EUR 16,008 thousand (EUR 16,263 thousand). Net sales in Finland fell by 6.3% to EUR 10,185 thousand (EUR 10,874 thousand). The decrease was attributable to an extensive price-led promotion organised in the comparison period in Finland to reduce inventories. International sales rose by 8.1% to EUR 5,823 thousand (EUR 5,389 thousand), which represented 36.4% (33.1%) of the Group's net sales. The breakdown of the Group's net sales by product line was as follows: clothing 45.1%, interior decoration 39.3%, and bags 15.6%. Net sales by market area were: Finland 63.6%, the other Nordic countries 12.4%, the rest of Europe 9.0%, North America 4.6%, and other countries (Japan and other regions outside Europe and North America) 10.4%. REVIEWS BY BUSINESS UNIT Clothing In the January-March period of 2010, net sales of clothing increased by 1.9% to EUR 7,216 thousand (EUR 7,078 thousand). Sales in Finland decreased slightly. Sales abroad rose in all markets except North America. In Japan, clothing sales grew vigorously. International sales accounted for 33.5% of net sales of clothing. Interior decoration Net sales of interior decoration products increased by 1.7% to EUR 6,289 thousand (EUR 6,185 thousand). Sales grew well in North America and the market areas referred to as “the rest of Europe” and “the other Nordic countries”. Sales in Finland decreased slightly. Sales in Japan also declined somewhat; the fall was largely due to the opening of new concept stores and the deliveries of their initial inventories in the corresponding period of the previous year. International sales accounted for 37.8% of net sales of interior decoration products. Bags Net sales of bags fell by 16.6% to EUR 2,503 thousand (EUR 3,000 thousand). Sales declined in all market areas. International sales accounted for 41.3% of net sales of bags. Sales in Finland In the January-March period of 2010, Marimekko's retail sales, i.e. sales by Marimekko's own retail shops in Finland, declined by 15.1%. Domestic wholesale sales increased by 4.9%. Both retail and wholesale sales in Finland were adversely affected by the extensive price-led promotion organised in the comparison period in Finland to reduce inventories. Business-to-business sales are included in domestic wholesale sales figures and will no longer be reported separately. International sales In the January-March period of 2010, Marimekko's international sales (previously “exports and international operations”) showed tentative signs of recovery. Sales increased by 8.1% to EUR 5,823 thousand (EUR 5,389 thousand). In the market area referred to as "the other Nordic countries", net sales were up 17.0% on the comparison period, totalling EUR 1,986 thousand (EUR 1,698 thousand). The rise in the value of the Swedish krona contributed to the increase in net sales. In the market area referred to as "the rest of Europe", sales rose to EUR 1,443 thousand, which was 10.8% up on the previous year (EUR 1,302 thousand). Net sales in North America increased by 1.4% to EUR 732 thousand (EUR 722 thousand). In the market area referred to as "other countries", net sales fell by 0.3% to EUR 1,662 thousand (EUR 1,667 thousand). Licensing Royalty earnings from sales of licensed products increased significantly during the period under review. The growth was generated by a one-off collaboration in Japan. Royalty earnings grew somewhat in Finland and fell slightly in the United States. Production During the January-March period of 2010, the output of the Herttoniemi textile printing factory increased by 19%. The production volume of the Sulkava factory remained at the same level as in the corresponding period of the previous year. The output of the Kitee factory declined as a result of the changes to the production structure and the personnel reductions implemented in 2009. EARNINGS In the January-March period of 2010, the Group's operating result increased to EUR 1,233 thousand (EUR -21 thousand). Operating result as a percentage of net sales was 7.6% (-0.1%). Marketing expenses for the period amounted to EUR 666 thousand (EUR 1,104 thousand), representing 4.2% (6.8%) of the Group's net sales. Earnings for the period were improved by an increase in average sales margin as well as a reduction in fixed costs, achieved through operational efficiency enhancements. The fact that marketing costs for the period were approximately EUR 400 thousand lower than the year before also contributed to the increase in earnings. Full-year marketing expenses will be at the same level as in 2009. The Group's depreciation amounted to EUR 357 thousand (EUR 350 thousand), representing 2.2% (2.2%) of net sales. Net financial income totalled EUR 10 thousand (EUR 34 thousand), or 0.1% (0.2%) of net sales. Profit for the period after taxes stood at EUR 928 thousand (EUR 13 thousand), representing 5.8% (0.1%) of net sales. Earnings per share were EUR 0.12 (EUR 0.00). INVESTMENTS The Group's gross investments amounted to EUR 275 thousand (EUR 188 thousand), representing 1.7% (1.2%) of net sales. The majority of investments were directed at acquisitions and updates of computer software. EQUITY RATIO AND FINANCING The Group's equity ratio was 78.8% at the end of the period (80.3% on 31 March 2009, 77.7% on 31 December 2009). The ratio of interest-bearing liabilities minus financial assets to shareholders' equity (gearing) was -24.5%, while it was -16.8% at the end of the corresponding period in the previous year (-32.2% on 31 December 2009). At the end of the period, the Group's financial liabilities stood at EUR 0 (EUR 185 thousand). The Group's financial assets at the end of the period amounted to EUR 8,009 thousand (EUR 5,478 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 6,778 (6,526) shareholders at the end of the period. Of the shares, 13.6% were registered in a nominee's name and 15.9% 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 1,086,440, 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 2010 Number of Percentage shares and of holding votes and votes 1. Muotitila Ltd 1,045,200 13.00 2. Semerca Investment Ltd 850,377 10.58 3. ODIN Finland 403,704 5.02 4. Varma Mutual Employment Pension Insurance Company 385,920 4.80 5. Nordea Nordic Small Cap Fund 288,594 3.59 6. Ilmarinen Mutual Pension Insurance Company 265,419 3.30 7. Veritas Pension Insurance Company 220,000 2.74 8. Sairanen Seppo 71,379 0.89 9. Mutual Fund Tapiola Finland 58,555 0.73 10. Foundation for Economic Education 50,000 0.62 11. Scanmagnetics Oy 40,000 0.50 12. Haapanala Auvo 35,000 0.43 13. Westerberg Olof 33,600 0.42 14. Fromond Elsa 32,200 0.40 15. Karvonen Eero 27,900 0.34 Total 3,807,848 47.36 Nominee-registered 1,090,224 13.56 Others 3,141,928 39.08 Total 8,040,000 100.00 Flaggings SEB Asset Management S.A.'s share of Marimekko Corporation's share capital and voting rights rose to 5.13%, or 412,259 shares, as a result of a transaction concluded on 5 February 2010. 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 482,796 Marimekko shares were traded, representing 6.0% of the shares outstanding. The total value of Marimekko's share turnover was EUR 5,259,915. The lowest price of the Marimekko share was EUR 10.00, the highest was EUR 11.89, and the average price was EUR 10.67. At the end of the review period, the final price of the share was EUR 11.89. The company's market capitalisation on 31 March 2010 was EUR 95,595,600 (EUR 65,928,000 on 31 March 2009, EUR 82,812,000 on 31 December 2009). PERSONNEL During the January-March period of 2010, the number of employees averaged 371 (411). At the end of the period, the Group employed 370 (407) people, of whom 18 (14) worked abroad. RISK MANAGEMENT AND MAJOR RISKS No changes have occurred in the common risk factors since the review presented in the report of the Board of Directors on 2 February 2010. The particular risks in the near future are associated with the development of consumers' purchasing behaviour. The management and monitoring of change and ensuring sufficient core expertise are emphasised in risk management. 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. Environmental, health and safety issues are reported in the 2009 Annual Report. The framework for reporting is provided by the G3 guidelines of the Global Reporting Initiative (GRI). MAJOR EVENTS AFTER THE CLOSE OF THE REVIEW PERIOD Decisions of the Annual General Meeting Marimekko Corporation's Annual General Meeting, held on 15 April 2010, adopted the company's financial statements for 2009 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 0.45 per share for the 2009 financial year, totalling EUR 3,618,000.00. The dividend payout record date was 20 April 2010, and the dividend payout date 27 April 2010. 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 Board is chaired by Pekka Lundmark and vice-chaired by Mika Ihamuotila. The term of office for the Board runs until the end of the next Annual General Meeting. The Annual General Meeting re-elected PricewaterhouseCoopers Oy, Authorised Public Accountants, as the company's auditor, with Kim Karhu, Authorised Public Accountant, as chief auditor. It was decided that the auditor's fee would be paid as per invoice. Amendment of the Articles of Association The Annual General Meeting approved the Board of Directors' proposal for amendment of Article 9 of the Articles of Association. The amendment was detailed in the Notice of the Annual General Meeting published on 17 March 2010. Flaggings SEB Asset Management S.A.'s share of Marimekko Corporation's share capital and voting rights fell to 0.00%, or 0 shares, as a result of a share loan arrangement on 15 April 2010, and then reverted to 5.13%, or 412,259 shares, at the termination of the share loan on 28 April 2010. The combined share of the entities managed by Credit Suisse Group AG in Marimekko Corporation's share capital and voting rights rose to 5.60%, or 450,000 shares, as a result of a transaction made on 20 April 2010. After the transaction, Credit Suisse Securities (Europe) Ltd held 400,000 Marimekko shares and Credit Suisse Securities (USA) LLC 50,000 shares. The combined share of the above-mentioned entities managed by Credit Suisse Group AG in Marimekko Corporation's share capital and voting rights fell below 5.00% as a result of a transaction made on 23 April 2010. OUTLOOK FOR THE REMAINDER OF 2010 Marimekko Corporation operates in a field where economic trends affect its business activities. Net sales declined slightly in the first quarter of 2010, while earnings improved noticeably. Market conditions are expected to remain relatively challenging in the rest of the year. The majority of the Group's net sales are generated in Finland. In recent years, however, exports have increasingly been driving Marimekko's net sales growth. During the current year, Marimekko's exports are estimated to grow slightly. In 2009, the Group's net sales and earnings included significant revenues generated from individual promotions. This year, similar revenues that increase net sales and improve earnings are estimated to be lower. Furthermore, earnings will be burdened by additional investments that the company has decided to focus on developing its international distribution network. The full-year estimate for 2010 remains unchanged: the Group's net sales and operating profit are expected to be approximately at the same level as in 2009. Helsinki, 6 May 2010 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 was prepared in accordance with IAS 34: Interim Financial Reporting. The same accounting principles were applied as in the 2009 financial statements. 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/ 2010 2009 % 2009 NET SALES 16,008 16,263 -1.6 72,473 Other operating income 7 23 -69.6 41 Increase or decrease in inventories of completed and unfinished products 1,517 194 -2,135 Raw materials and consumables 7,490 6,809 10.0 26,890 Employee-benefit expenses 4,216 4,535 -7.0 18,202 Depreciation 357 350 2.0 1,394 Other operating expenses 4,246 4,807 -11.7 17,602 OPERATING PROFIT/LOSS 1,223 -21 6,291 Financial income -2 24 -108.3 86 Financial expenses 12 10 20.0 -23 10 34 -70.6 63 PROFIT BEFORE TAXES 1,233 13 6,354 Income taxes 305 - 1,653 NET INCOME FOR THE PERIOD 928 13 4,701 Distribution of net income to equity holders of the parent company 928 13 4,701 Basic and diluted earnings per share calculated on the profit attributable to equity holders of the parent company, EUR 0.12 0.00 0.59 COMPREHENSIVE CONSOLIDATED INCOME STATEMENT (EUR 1,000) 1-3/ 1-3/ 1-12/ 2010 2009 2009 Net income for the period 928 13 4,701 Other comprehensive income Change in translation difference - -4 4 COMPREHENSIVE INCOME FOR THE PERIOD 928 9 4,705 Distribution of net income to equity holders of the parent company 928 9 4,705 CONSOLIDATED BALANCE SHEET (EUR 1,000) 31.3.2010 31.3.2009 31.12.2009 ASSETS NON-CURRENT ASSETS Tangible assets 9,553 9,811 9,805 Intangible assets 578 434 409 Available-for-sale financial assets 20 20 20 10,151 10,265 10,234 CURRENT ASSETS Inventories 16,162 16,735 15,229 Trade and other receivables 7,247 6,618 5,241 Current tax assets 18 268 18 Cash and cash equivalents 8,009 5,478 10,245 31,436 29,099 30,733 ASSETS, TOTAL 41,587 39,364 40,967 SHAREHOLDERS' EQUITY AND LIABILITIES EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT COMPANY Share capital 8,040 8,040 8,040 Translation differences 2 -6 2 Retained earnings 24,711 23,517 23,783 Shareholders' equity, total 32,753 31,551 31,825 NON-CURRENT LIABILITIES Deferred tax liabilities 693 705 683 CURRENT LIABILITIES Trade and other payables 7,557 6,905 7,874 Current tax liabilities 584 18 585 Financial liabilities - 185 - 8,141 7,108 8,459 Liabilities, total 8,834 7,813 9,142 SHAREHOLDERS' EQUITY AND LIABILITIES,TOTAL 41,587 39,364 40,967 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/ 2010 2009 2009 CASH FLOW FROM OPERATING ACTIVITIES Net profit for the period 928 13 4,701 Adjustments Depreciation according to plan 357 350 1,394 Financial income and expenses -10 -35 -63 Taxes 305 - 1,653 Cash flow before change in working capital 1,580 328 7,685 Change in working capital -2,905 -179 2,997 Increase (-) / decrease (+) in current non-interest-bearing trade receivables -1,664 122 834 Increase (-) / decrease (+) in inventories -933 551 2,055 Increase (-) / decrease (+) in current non-interest-bearing liabilities -308 -852 108 Cash flow from operating activities before financial items and taxes -1,325 149 10,682 Paid interest and payments on other financial expenses 12 11 -24 Interest received -2 56 120 Taxes paid -646 -663 -837 CASH FLOW FROM OPERATING ACTIVITIES -1,961 -447 9,941 CASH FLOW FROM INVESTING ACTIVITIES Investments in tangible and intangible assets -275 -188 -1,202 CASH FLOW FROM INVESTING ACTIVITIES -275 -188 -1,202 CASH FLOW FROM FINANCING ACTIVITIES Short-term loans repaid - - -185 Dividends paid - - -4,422 CASH FLOW FROM FINANCING ACTIVITIES - - -4,607 Change in cash and cash equivalents -2,236 -635 4,133 Cash and cash equivalents at the beginning of the period 10,245 6,112 6,112 Cash and cash equivalents at the end of the period 8,009 5,478 10,245 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. 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 Shareholders' equity 1 Jan. 2010 8,040 2 23,783 31,825 Comprehensive income for the period - 928 928 Dividends paid - - Shareholders' equity 31 March 2010 8,040 2 24,711 32,753 KEY INDICATORS 1-3/ 1-3/ Change, 1-12/ 2010 2009 % 2009 Earnings per share, EUR 0.12 0.00 0.59 Equity per share, EUR 4.07 3.92 3.8 3.96 Return on equity (ROE), % 11.5 0.17 14.8 Return on investment (ROI), % 15.1 0.03 20.1 Equity ratio, % 78.8 80.3 77.7 Gearing, % -24.5 -16.8 -32.2 Gross investments, EUR 1,000 275 188 1,202 Gross investments, % of net sales 1.7 1.2 1.7 Contingent liabilities EUR 1,000 10,645 18,056 -41.0 11,306 Average personnel 371 411 -9.7 400 Personnel at the end of the period 370 407 -9.2 370 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) 1-3/2010 1-3/2009 Change, % 1-12/2009 Finland 10,185 10,874 -6.3 52,711 Other Nordic countries 1,986 1,698 17.0 7,042 Rest of Europe 1,443 1,302 10.8 4,821 North America 732 722 1.4 3,003 Other countries 1,662 1,667 -0.3 4,896 TOTAL 16,008 16,263 -1.6 72,473 NET SALES BY PRODUCT LINE (EUR 1,000) 1-3/2010 1-3/2009 Change, % 1-12/2009 Clothing 7,216 7,078 1.9 27,466 Interior decoration 6,289 6,185 1.7 32,687 Bags 2,503 3,000 -16.6 12,320 TOTAL 16,008 16,263 -1.6 72,473 SEGMENT INFORMATION (EUR 1,000) 1-3/2010 1-3/2009 Change, % 1-12/2009 Marimekko business Net sales 16,008 16,263 -1.6 72,473 Operating result 1,223 -21 6,291 Assets 41,587 39,364 5.6 40,967 QUARTERLY TREND IN NET SALES AND EARNINGS (EUR 1,000) 1-3/ 10-12/ 7-9/ 4-6/ 2010 2009 2009 2009 Net sales 16,008 20,719 19,492 15,999 Operating result 1,223 2,353 2,901 1,058 Earnings per share, EUR 0.12 0.22 0.27 0.10 (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 |
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