2010-08-12 08:00:00 CEST
2010-08-12 08:00:05 CEST
REGULATED INFORMATION
Marimekko - Interim report (Q1 and Q3)
MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 30 JUNE 2010
Marimekko Corporation INTERIM REPORT
12 August 2010 at 9.00 a.m.
MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 30 JUNE 2010
In the January-June period of 2010, the Marimekko Group's net sales fell
slightly; operating profit improved markedly. Net sales fell by 1.6% to EUR 31.8
million (EUR 32.3 million). Operating profit increased to EUR 1.8 million (EUR
1.0 million). Profit after taxes for the period was EUR 1.4 million (EUR 0.8
million) and earnings per share were EUR 0.17 (EUR 0.10). 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.
1-6/ 1-6/ Change, 1-12/
2010 2009 % 2009
Net sales, EUR 1,000 31,755 32,262 -1.6 72,473
Operating profit, EUR 1,000 1,811 1,037 74.6 6,291
Profit before taxes,
EUR 1,000 1,836 1,084 69.4 6,354
Profit for the period,
EUR 1,000 1,363 802 70.0 4,701
Earnings per share, EUR 0.17 0.10 0.59
Equity per share, EUR 3.68 3.47 6.1 3.96
Cash flow from operating
activities, EUR 1,000 -964 1,274 9,941
Return on equity (ROE), % 8.9 5.4 14.8
Return on investment (ROI), % 11.8 7.3 20.1
Equity ratio, % 78.9 77.8 77.7
Mika Ihamuotila, President and CEO:
”The trend in Marimekko's profitability in the first half of the year was quite
positive. Operating profit improved by 74.6%, reaching EUR 1.8 million. I am
pleased to note that the measures taken in 2009 to enhance operational
efficiency and the continuous efforts to improve our business operations are
proving effective. The Group's net sales fell by 1.6%. This decrease was
primarily attributable to an extensive price-led promotion organised in Finland
in the first quarter of 2009 to reduce inventories. There were signs of a
pick-up in sales in the retailer-owned concept stores in Finland.
I have great confidence in the development of Marimekko's business and so we are
going to invest more and more in creating the necessary preconditions for future
growth. Our focus will be on developing the product selection and opening new
stores and distribution channels in the United States, Northern Europe and East
Asia. The effect of these investments is reflected in the second quarter
results, and they will continue to have an impact on the Group's earnings for
the remainder of the year.”
2010 calendar
Marimekko Corporation's interim report for the January-September period of 2010
will be published on Thursday 4 November 2010 at 9 a.m.
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 - 30 JUNE 2010
MARKET SITUATION
During the first half of the year, the Finnish economy has rebounded to a level
approaching long-term averages and recovery is expected to continue through the
rest of the year. The global economy is also expected to recover in the short
term. The situation in the retail sector has improved in the early part of the
summer, but is still weaker than normal.(Confederation of Finnish Industries EK:
Business Tendency Survey, August 2010) From January to June 2010, the value of
retail sales in Finland rose by 1.9% (Statistics Finland: Retail trade turnover
2010, June, quick estimate). In the January-May period of 2010, retail sales of
clothing (excluding sportswear) grew by 3.3% (Textile and Fashion Industries
TMA). Sales of womenswear rose by 1.8%, sales of menswear by 6.4%, and sales of
childrenswear by 3.9%. Sales of bags decreased by 0.4%. From January to May
2010, exports and imports of clothing (SITC 84) both fell by 5%; exports of
textiles (SITC 65) declined by 11%, while imports increased by 9% (National
Board of Customs, monthly review, May 2010).
NET SALES
April-June
In the April-June period of 2010, the Marimekko Group's net sales fell by 1.6%
to EUR 15,747 thousand (EUR 15,999 thousand). The decrease was attributable to a
decline in international sales; these fell by 11.2% to EUR 4,334 thousand (EUR
4,883 thousand). Net sales in Finland increased by 2.7% to EUR 11,413 thousand
(EUR 11,116 thousand).
January-June
In the January-June period of 2010, the Marimekko Group's net sales decreased by
1.6% to EUR 31,755 thousand (EUR 32,262 thousand). Net sales in Finland fell by
1.8% to EUR 21,598 thousand (EUR 21,990 thousand). The decline was primarily
attributable to an extensive price-led promotion organised in the first quarter
of 2009 to reduce inventories. International sales decreased by 1.1% to EUR
10,157 thousand (EUR 10,272 thousand), which represented 32.0% (31.8%) of the
Group's net sales.
The breakdown of the Group's net sales by product line was as follows: clothing
40.8%, interior decoration 42.9%, and bags 16.3%. Net sales by market area were:
Finland 68.0%, the other Nordic countries 10.8%, the rest of Europe 7.7%, North
America 5.1%, and other countries (Japan and other regions outside Europe and
North America) 8.4%.
REVIEWS BY BUSINESS UNIT
Clothing
In the January-June period of 2010, net sales of clothing fell by 4.6% to EUR
12,942 thousand (EUR 13,560 thousand). In Finland and the market area referred
to as "the rest of Europe", sales decreased slightly. Sales in other markets
grew somewhat. International sales accounted for 26.4% of net sales of clothing.
Interior decoration
Net sales of interior decoration products increased by 5.3% to EUR 13,625
thousand (EUR 12,938 thousand). Sales growth was encouraging in the market area
referred to as "the rest of Europe"; sales also increased somewhat in Finland,
the other Nordic countries and North America. Sales in Japan declined slightly.
International sales accounted for 37.1% of net sales of interior decoration
products.
Bags
Net sales of bags fell by 10.0% to EUR 5,188 thousand (EUR 5,764 thousand).
Sales declined in all market areas. International sales accounted for 32.5% of
net sales of bags.
Sales in Finland
In the January-June period of 2010, Marimekko's retail sales, i.e. sales by
Marimekko's own retail shops in Finland, declined by 5.7%. Domestic wholesale
sales increased by 3.0%. Both retail and wholesale sales in Finland were
adversely affected by the extensive price-led promotion organised in the first
quarter of 2009 to reduce inventories.
International sales
In the January-June period of 2010, Marimekko's international sales (previously "exports and international operations") decreased by 1.1% to EUR 10,157 thousand
(EUR 10,272 thousand). In the market area referred to as "the other Nordic
countries", net sales were up 4.4% on the comparison period, totalling EUR 3,434
thousand (EUR 3,288 thousand). The rise in the value of the Swedish krona
contributed to the increase in net sales. Sales in North America increased by
3.1% to EUR 1,611 thousand (EUR 1,563 thousand). In the market area referred to
as "other countries", net sales fell by 9.8% from the previous year to EUR 2,664
thousand (EUR 2,952 thousand). The decline was due to the opening of new concept
stores and the deliveries of their initial inventories in the first quarter of
2009 as well as a decrease in sales of bags in the second quarter of the current
year. In the market area referred to as "the rest of Europe", net sales were
down 0.9% to EUR 2,448 thousand (EUR 2,469 thousand).
Licensing
Royalty earnings from sales of licensed products increased significantly during
the period.
Production
In the January-June period of 2010, the output of the Herttoniemi textile
printing factory increased by 14%. The production volume of the Sulkava factory
decreased somewhat compared with the corresponding period of the previous year.
The output of the Kitee factory declined substantially as a result of changes to
the production structure implemented in 2009.
EARNINGS
April-June
In the April-June period of 2010, the Group's operating profit declined by 44.4%
from the comparison period to EUR 588 thousand (EUR 1,058 thousand). Earnings
per share were EUR 0.05 (EUR 0.10). The difference in relation to the comparison
period is attributable to investments in product development and building up the
company's international distribution network.
January-June
In the January-June period of 2010, the Group's operating profit increased by
74.6% to EUR 1,811 thousand (EUR 1,037 thousand). Operating profit as a
percentage of net sales was 5.7% (3.2%). Marketing expenses for the period
amounted to EUR 1,365 thousand (EUR 1,724 thousand), representing 4.3% (5.3%) of
the Group's net sales.
Earnings for the period were boosted by an increase in average sales margins and
lower marketing expenses compared to the same period in the previous year.
Full-year marketing expenses are expected to be at the same level as in 2009.
Measures implemented in 2009 to improve operational efficiency also had a
positive effect on earnings. Investments in product development and building up
the company's international distribution network, on the other hand, weighed
down earnings.
The Group's depreciation amounted to EUR 723 thousand (EUR 697 thousand),
representing 2.3% (2.2%) of net sales. Net financial income totalled EUR 25
thousand (EUR 47 thousand), or 0.1% (0.1%) of net sales.
Profit for the period after taxes stood at EUR 1,363 thousand (EUR 802
thousand), representing 4.3% (2.5%) of net sales. Earnings per share were EUR
0.17 (EUR 0.10).
INVESTMENTS
The Group's gross investments amounted to EUR 523 thousand (EUR 521 thousand),
representing 1.6% (1.6%) 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 78.9% at the end of the period (77.8% on 30 June
2009, 77.7% on 31 December 2009). The ratio of interest-bearing liabilities
minus financial assets to shareholders' equity (gearing) was -17.4%, while it
was -8.1% 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
0). The Group's financial assets at the end of the period amounted to EUR 5,139
thousand (EUR 2,258 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 6,749 (6,729) shareholders
at the end of the period. Of the shares, 14.0% 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 30 June 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 403,468 5.02
4. Varma Mutual Employment
Pension Insurance Company 385,920 4.80
5. Nordea Nordic Small Cap Fund 268,594 3.34
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. Fromond Elsa 37,000 0.46
13. Haapanala Auvo 35,000 0.43
14. Westerberg Olof 33,600 0.42
15. Karvonen Eero 27,900 0.34
Total 3,792,412 47.17
Nominee-registered 1,128,776 14.04
Others 3,118,812 38.79
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.
SEB Asset Management S.A.'s share of Marimekko Corporation's share capital and
voting rights declined to 0.00%, or 0 shares, due to a stock loan on 15 April
2010 and increased back to 5.13%, or 412,259 shares, when the stock loan ended
on 28 April 2010.
The total share of Marimekko Corporation's share capital and voting rights held
by organisations controlled by Credit Suisse Group AG rose to 5.60%, or 450,000
shares, as a result of a transaction concluded on 20 April 2010. After the
transaction, Credit Suisse Securities (Europe) Ltd held 400,000 Marimekko shares
and Credit Suisse Securities (USA) LLC held 50,000 shares. The total share of
Marimekko Corporation's share capital and voting rights held by the
aforementioned organisations controlled by Credit Suisse Group AG decreased to
less than 5.00% as a result of a transaction concluded on 23 April 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 621,663 Marimekko shares were traded,
representing 7.7% of the shares outstanding. The total value of Marimekko's
share turnover was EUR 6,907,002. The lowest price of the Marimekko share was
EUR 10.00, the highest was EUR 13.29, and the average price was EUR 11.17. At
the end of the period, the final price of the share was EUR 11.26. The company's
market capitalisation on 30 June 2010 was EUR 90,530,400 (EUR 77,184,000 on 30
June 2009, EUR 82,812,000 on 31 December 2009).
PERSONNEL
During the January-June period of 2010, the number of employees averaged 372
(410). At the end of the period, the Group employed 375 (409) people, of whom 18
(16) worked abroad.
RISK MANAGEMENT AND MAJOR RISKS
Marimekko's risk management and key risks related to its business are described
in the 2009 Annual Report and Financial Statements Bulletin. No changes have
occurred in the general 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).
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 Marimekko Corporation's Articles of Association. The
amendment was detailed in the Notice of the Annual General Meeting published on
17 March 2010.
MAJOR EVENTS AFTER THE CLOSE OF THE REVIEW PERIOD
Changes in the company's management
Minna Kemell-Kutvonen commenced on 1 July 2010 as Creative Director of all of
the Marimekko Group's product lines and a member of the Management Group. Piia
Rossi, Director for Marimekko's own retail shops in Finland and member of the
Management Group, has announced her resignation from the company as of 16 August
2010. Päivi Lonka has been appointed Sales Director and will assume
responsibility for all Marimekko Corporation's wholesale and retail sales
operations as of 16 August 2010. With Helinä Uotila, Director for Marimekko's
production, purchases and interior decoration line, retiring on 1 November 2010,
all three product lines of the company will be brought under one Product
Director, Niina Nenonen. All of the appointed persons have also previously held
management positions in the company. The organisational changes aim to improve
consistency in design across the different product lines, enhance efficiency in
production and sourcing, and develop product assortment planning to better
respond to the needs of different distribution channels.
From 16 August 2010 onwards, the Marimekko Group's Management Group will
comprise Mika Ihamuotila as the Chair and Thomas Ekström (finance and
administration), Malin Groop (marketing), Minna Kemell-Kutvonen (design), Päivi
Lonka (sales), Niina Nenonen (clothing, bags and accessories), and Helinä Uotila
(production, purchasing and interior decoration).
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 half of 2010,
while earnings improved noticeably. Nevertheless, 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 in product development and building up the
company's 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, 12 August 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. The new or amended standards and interpretations that have become
effective in 2010 and whose contents are presented in the financial statements
for 2009 have had no effect on the information in the interim report.
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, 30 June
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) 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2010 2009 2010 2009 2009
NET SALES 15,747 15,999 31,755 32,262 72,473
Other operating
income 3 8 10 31 41
Increase or decrease
in inventories of
completed and
unfinished products 487 427 -1,030 233 -2,135
Raw materials and
consumables 5,319 5,708 12,809 12,517 26,890
Employee benefit
expenses 4,457 4,658 8,673 9,193 18,202
Depreciation 366 347 723 697 1,394
Other operating
expenses 4,533 3,809 8,779 8,616 17,602
OPERATING PROFIT 588 1,058 1,811 1,037 6,291
Financial income 8 29 6 53 86
Financial expenses 7 -16 19 -6 -23
15 13 25 47 63
PROFIT BEFORE TAXES 603 1,071 1,836 1,084 6,354
Income taxes 168 282 473 282 1,653
NET INCOME FOR
THE PERIOD 435 789 1,363 802 4,701
Distribution of
net income to equity
holders of
the parent company 435 789 1,363 802 4,701
Basic and diluted
earnings per share
calculated on the
profit attributable
to equity holders of
the parent
company, EUR 0.05 0.10 0.17 0.10 0.59
COMPREHENSIVE CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2010 2009 2010 2009 2009
Net income for the period 435 789 1,363 802 4,701
Other comprehensive income
Change in translation
difference 1 1 -1 1 4
COMPREHENSIVE
INCOME FOR THE PERIOD 436 790 1,362 803 4,705
Distribution of net income
to equity holders of
the parent company 436 790 1,362 803 4,705
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 30.6.2010 30.6.2009 31.12.2009
ASSETS
NON-CURRENT ASSETS
Tangible assets 9,450 9,807 9,805
Intangible assets 564 423 409
Available-for-sale
financial assets 20 20 20
10,034 10,250 10,234
CURRENT ASSETS
Inventories 16,125 16,716 15,229
Trade and other receivables 6,196 6,397 5,241
Current tax assets 18 268 18
Cash and cash equivalents 5,139 2,258 10,245
27,478 25,639 30,733
ASSETS, TOTAL 37,512 35,889 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 1 -1 2
Retained earnings 21,528 19,884 23,783
Shareholders' equity, total 29,569 27,923 31,825
NON-CURRENT LIABILITIES
Deferred tax liabilities 694 703 683
CURRENT LIABILITIES
Trade and other payables 7,249 7,263 7,874
Current tax liabilities - - 585
7,249 7,263 8,459
Liabilities, total 7,943 7,966 9,142
SHAREHOLDERS' EQUITY AND
LIABILITIES, TOTAL 37,512 35,889 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) 1-6/ 1-6/ 1-12/
2010 2009 2009
CASH FLOW FROM OPERATING ACTIVITIES
Net profit for the period 1,363 802 4,701
Adjustments
Depreciation according to plan 723 697 1,394
Financial income and expenses -25 -47 -63
Taxes 473 282 1,653
Cash flow before change
in working capital 2,534 1,734 7,685
Change in working capital -1,661 833 2,997
Increase (-) / decrease (+) in current
non-interest-bearing trade receivables -150 752 834
Increase (-) / decrease (+) in
inventories -896 570 2,055
Increase (-) / decrease (+) in
current non-interest-bearing
liabilities -615 -489 108
Cash flow from operating activities
before financial items and taxes 873 2,567 10,682
Paid interest and payments on
other financial expenses 19 -7 -24
Interest received -4 62 120
Taxes paid -1,852 -1,348 -837
CASH FLOW FROM OPERATING ACTIVITIES -964 1,274 9,941
CASH FLOW FROM INVESTING ACTIVITIES
Investments in tangible
and intangible assets -523 -521 -1,202
CASH FLOW FROM INVESTING ACTIVITIES -523 -521 -1,202
CASH FLOW FROM FINANCING ACTIVITIES
Short-term loans repaid - -185 -185
Dividends paid -3,618 -4,422 -4,422
CASH FLOW FROM FINANCING ACTIVITIES -3,618 -4,607 -4,607
Change in cash and cash equivalents -5,106 -3,854 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 5,139 2,258 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 1 802 803
Dividends paid -4,422 -4,422
Shareholders'
equity
30 June 2009 8,040 -1 19,884 27,923
Shareholders'
equity
1 Jan. 2010 8,040 2 23,783 31,825
Comprehensive
income for the
period -1 1,363 1,362
Dividends paid -3,618 -3,618
Shareholders'
equity
30 June 2010 8,040 1 21,528 29,569
KEY INDICATORS
1-6/ 1-6/ Change, 1-12/
2010 2009 % 2009
Earnings per share, EUR 0.17 0.10 70.0 0.59
Equity per share, EUR 3.68 3.47 6.1 3.96
Return on equity (ROE), % 8.9 5.4 14.8
Return on investment (ROI), % 11.8 7.3 20.1
Equity ratio, % 78.9 77.8 77.7
Gearing, % -17.4 -8.1 -32.2
Gross investments, EUR 1,000 523 521 0.4 1,202
Gross investments,
% of net sales 1.6 1.6 1.7
Contingent liabilities,
EUR 1,000 9,974 17,444 -42.8 11,306
Average personnel 372 410 -9.3 400
Personnel at the end of
the period 375 409 -8.3 370
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) 4-6/ 4-6/ Change, 1-6/ 1-6/ Change, 1-12/
2010 2009 % 2010 2009 % 2009
Finland 11,413 11,116 2.7 21,598 21,990 -1.8 52,711
Other Nordic
countries 1,448 1,590 -8.9 3,434 3,288 4.4 7,042
Rest of Europe 1,005 1,167 -13.9 2,448 2,469 -0.9 4,821
North America 879 841 4.5 1,611 1,563 3.1 3,003
Other
countries 1,002 1,285 -22.0 2,664 2,952 -9.8 4,896
TOTAL 15,747 15,999 -1.6 31,755 32,262 -1.6 72,473
NET SALES BY PRODUCT LINE
(EUR 1,000) 4-6/ 4-6/ Change, 1-6/ 1-6/ Change, 1-12/
2010 2009 % 2010 2009 % 2009
Clothing 5,726 6,482 -11.7 12,942 13,560 -4.6 27,466
Interior
decoration 7,336 6,753 8.6 13,625 12,938 5.3 32,687
Bags 2,685 2,764 -2.9 5,188 5,764 -10.0 12,320
TOTAL 15,747 15,999 -1.6 31,755 32,262 -1.6 72,473
SEGMENT INFORMATION
(EUR 1,000) 1-6/2010 1-6/2009 Change, % 1-12/2009
Marimekko business
Net sales 31,755 32,262 -1.6 72,473
Operating profit 1,811 1,037 74.6 6,291
Assets 37,512 35,889 4.5 40,967
QUARTERLY TREND IN NET SALES AND EARNINGS
(EUR 1,000) 4-6/ 1-3/ 10-12/ 7-9/
2010 2010 2009 2009
Net sales 15,747 16,008 20,719 19,492
Operating result 588 1,223 2,353 2,901
Earnings per share, EUR 0.05 0.12 0.22 0.27
(EUR 1,000) 4-6/ 1-3/ 10-12/ 7-9/
2009 2009 2008 2008
Net sales 15,999 16,263 22,061 21,913
Operating result 1,058 -21 1,845 3,747
Earnings per share, EUR 0.10 0.00 0.17 0.35
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