2016-05-12 07:30:02 CEST
2016-05-12 07:30:02 CEST
REGULATED INFORMATION
Marimekko - Interim report (Q1 and Q3)
INTERIM REPORT OF MARIMEKKO CORPORATION 1 January - 31 March 2016: Net sales grew and comparable operating result improved, but was negative as is typical of the quarter
Marimekko Corporation, Interim Report, 12 May 2016 at 8.30 a.m.
INTERIM REPORT OF MARIMEKKO CORPORATION 1 January - 31 March 2016: Net sales
grew and comparable operating result improved, but was negative as is typical
of the quarter
The first quarter in brief
-- Net sales grew by 4 percent to EUR 20.9 million (Q1/2015: 20.1).
-- Net sales were boosted by growth in retail sales in Finland as well as by
the timing of large wholesale deliveries in the first quarter.
-- Net sales at comparable exchange rates rose by 2 percent.
-- Comparable operating result was EUR -0.3 million (-1.3). The company
recorded a restructuring provision of EUR 0.8 million into the result,
including which operating result was EUR -1.1 million.
-- Operating result was improved by growth in Finnish retail sales, the timing
of large wholesale deliveries in the first quarter, and a lower cost level.
The comparison period's costs included considerable expenses related to the
Beverly Hills store's closure. A drag was exerted on operating result by
lower royalty income than in the comparison period and a decrease in
relative wholesale margins.
Financial guidance for 2016
The Marimekko Group's net sales for 2016 are forecasted to be at the same level
as in 2015. Operating profit excluding restructuring costs is expected to be
higher than in the previous year.
Tiina Alahuhta-Kasko, President & CEO:
"Marimekko's net sales and operating result for the first quarter of 2016 were
in line with our expectations. Market conditions continued to be challenging,
but we nevertheless succeeded in increasing our net sales. Our comparable
operating result was slightly negative, as is typical of the first quarter,
although it was a clear improvement on the same period of last year. Both net
sales and operating result were improved by growth in retail sales in Finland
and by the timing of large wholesale deliveries in the first quarter. The fact
that we have succeeded in reducing our fixed costs also contributed to the
positive trend in operating result. The comparison period's operating result
was negatively impacted by the substantial expenses associated with the closure
of the store in Beverly Hills.
"During the early months of the year, we engaged in consultative negotiations
in relation to all our operations in Finland with the exception of retail store
staff. By means of the measures to be implemented and organisational changes,
we aim to underpin our company's competitiveness and profitability. It is also
important for us to secure processes and procedures that are cost-effective and
appropriate for an international company. The annual savings from operational
streamlining and reorganisations will be approximately EUR 2.1 million. A
restructuring provision in the amount of EUR 0.8 million was recorded in the
company's results in the first quarter of the year.
"We have continued our efforts to implement our renewed brand direction. At the
beginning of March, we appeared for the second time at Paris Fashion Week, with
the aim of reinforcing our position in the world of international fashion and
supporting our brand development with fashion as a spearhead.
"Also in March, there was the announcement of a collection resulting from a
licensing collaboration between Marimekko and the American retail chain Target.
The limited-edition collection attracted great interest among the media and
consumers alike in the United States and Finland. Marimekko has long traditions
in the US market, and we are now focusing strongly on building our brand
recognition among new generations. The wide visibility from the partnership
with Target gives us a good basis for expanding our recognition in the long
term.
"This year, we will continue to develop the operations and improve the
profitability of Marimekko stores opened in recent years. We will also continue
our international expansion, particularly in the Asia-Pacific region. The main
thrust in expansion is on openings of retailer-owned Marimekko stores. Our goal
is to open around 10-20 new Marimekko stores and shop-in-shops. Of these, 1-2
would be our own stores."
Key figures
The European Securities and Markets Authority (ESMA) has published Guidelines
on Alternative Performance Measures to be used by listed companies in their
financial reporting. These guidelines will enter into force on 3 July 2016. As
of the first quarter of 2016, Marimekko Corporation will use the term
"comparable" instead of previously used term “excluding nonrecurring items”. In
addition, Brand sales is presented as an alternative non-IFRS key figures.
The items affecting comparability involve items not influencing ordinary
business operations or cash flow, which are items adjusted for comparability if
they arise from write-downs of assets, sales of assets, expenses of terminating
business operations, reorganisation expenses, changes in legislation or legal
actions.
Brand sales are calculated by adding together the company's own retail sales
and the estimated retail value of Marimekko products sold by other retailers.
The estimate, based on Marimekko’s realised wholesale sales and royalty income,
is unofficial and does not include VAT.
EUR million 1-3/2016 1-3/2015 Change, % 2015
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Net sales 20.9 20.1 4 95.7
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International sales 10.8 10.4 4 43.0
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% of net sales 52 52 45
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EBITDA 0 -0.3 103 6.1
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Comparable EBITDA 0.8 -0.3 6.1
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Operating result -1.1 -1.3 20 1.5
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Comparable operating result -0.3 -1.3 81 1.5
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Operating result margin, % -5.1 -6.6 1.6
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Comparable operating result margin, % -1.2 -6.6 1.6
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Result for the period -1.0 -1.1 12 0.8
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Earnings per share, EUR -0.12 -0.14 12 0.10
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Cash flow from operating activities -4.0 -1.6 -142 6.3
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Return on investment (ROI), %* 4.4 17.9 4.5
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Equity ratio, % 53.4 60.0 59.0
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Gross investments 0.2 0.4 -53 3.6
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Personnel at the end of the period 439 445 -1 476
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outside Finland 113 115 -2 126
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Brand sales** 43.0 40.4 6 176.7
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outside Finland 28.7 26.1 10 105.4
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proportion of international sales, % 67 65 60
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Number of stores*** 155 146 6 153
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The change percentages in the table were calculated on exact figures before the
amounts were rounded to millions of euros.
* ROI and ROE are reported as 12 month rolling values as of the first review
period of 2016. Values of the comparison periods have been restated
accordingly. The change improves comparability between review periods.
** Estimated sales of Marimekko products at consumer prices. Brand sales are
calculated by adding together the company's own retail sales and the estimated
retail value of Marimekko products sold by other retailers. The estimate, based
on Marimekko’s realised wholesale sales and royalty income, is unofficial and
does not include VAT. The key figure is not audited. The calculation method for
2015 figures has been restated to correspond to the terms of licensing
agreement.
*** Includes the company’s own retail stores, retailer-owned Marimekko stores
and shop-in-shops with an area exceeding 30 sqm. The company’s own retail
stores numbered 53 at the end of March 2016 (53). Information on changes is
available in the section Changes in the store network.
Reconciliation of key figures to IFRS
EUR million 1-3/ 1-3/ 4-6/ 7-9/ 10-12/ 2015
2016 2015 2015 2015 2015
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Items affecting comparability
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Restructuring (employee benefit expenses) -0.8 - - - - -
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Items affecting comparability in operating -0.8 - - - - -
result
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EBITDA 0.0 -0.3 1.4 2.4 2.5 6.1
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Items affecting comparability -0.8 - - - - -
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Comparable EBITDA 0.8 -0.3 1.4 2.4 2.5 6.1
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Operating result -1.1 -1.3 0.3 1.2 1.3 1.5
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Items affecting comparability in -0.8 - - - - -
operating result
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Comparable operating result -0.3 -1.3 0.3 1.2 1.3 1.5
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Net sales 20.9 20.1 23.4 25.0 27.5 95.7
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Operating result, % of net sales -5.1 -6.6 1.3 4.9 4.9 1.6
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Comparable operating result, % of net -1.2 -6.6 1.3 4.9 4.9 1.6
sales
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Financial calendar for 2016
The interim report for January-June will be issued on Thursday 11 August 2016
at 8.30 a.m. and the interim report for January-September on Thursday 3
November 2016 at 8.30 a.m.
Further information:
Tiina Alahuhta-Kasko, President and CEO, Tel +358 9 758 71
Elina Aalto, Chief Financial Officer, Tel +358 9 758 7261
MARIMEKKO CORPORATION
Corporate Communications
Asta Halme
Tel +358 9 7587 233
asta.halme@marimekko.com
DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media
INTERIM REPORT FOR MARIMEKKO CORPORATION, 1 January - 31 March 2016
OPERATING ENVIRONMENT
The global economic situation has remained challenging and growth is estimated
to be slower than previously forecast. Growth estimates for the United States
in 2016 have been revised downward, but strong employment and consumer
confidence support consumption. In China, demand has fallen and growth is
unbalanced. Growth in other emerging markets is also expected to be lower than
the average for the past few years. In the EU, the pace of the economy is
gradually picking up, and both business and consumer confidence is at a fairly
good level although it has slightly deteriorated in the past few months.
International economic trends are said to be clearly stronger than the trends
in Finland.
In Finland, the economic trend in retail trade has remained clearly below the
normal level. However, the outlook for the next six months is more positive and
the downturn in the economy is estimated to end. Retail trade confidence
strengthened in April, rising close to the long-term average. The downturn in
sales slowed slightly during the first months of the year, and the volume of
sales is estimated to return to slight growth in the next few months. In
Finland, retail trade confidence was still the weakest in the EU in March.
Consumer confidence rose in April relative to the February level, but it was
still weaker than in the previous year. Consumers' views on unemployment are
fairly bleak, but expectations of their personal and Finland's national economy
improved in April.
(Confederation of Finnish Industries EK: Economic Review, 1 April 2016;
Confidence Indicators, April 2016; Business Tendency Survey, May 2016;
Statistics Finland: Consumer Survey, April 2016.)
In the January-March period, the value of retail sales in Finland fell by 0.2
percent relative to the same period last year. However, the volume of sales,
which measures real growth, rose by 1.4 percent. The weaker trend in the value
of net sales was due to a downturn in prices (Statistics Finland: Turnover of
Trade, retail trade flash estimate, March 2016).
CHANGES IN THE STORE NETWORK
In 2016, the main thrust in expanding the Marimekko store network continues to
be on openings of retailer-owned Marimekko stores. The goal is to open around
10-20 new Marimekko stores and shop-in-shops. Of these, 1-2 would be
company-owned stores.
In the January-March period two Marimekko stores and three shop-in-shops were
opened, all in the company's growth market in the Asia-Pacific region. Two
retailer-owned stores and one shop-in-shop were opened in Japan; the other
shop-in-shops are in South Korea and Thailand.
During the period under review, Marimekko closed its company-owned store in
Berlin and its store specialising in children’s products in Helsinki. One
retailer-owned store also closed, in Tokyo.
Number of stores and shop-in-shops* 31.3.2016 31.3.2015 31.12.2015
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Finland 61 63 62
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Company-owned stores 24 24 25
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Company-owned outlet stores 11 11 11
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Retailer-owned stores 16 17 16
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Retailer-owned shop-in-shops 10 11 10
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Scandinavia 11 10 11
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Company-owned stores 8 8 8
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Company-owned outlet stores - - -
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Retailer-owned stores - - -
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Retailer-owned shop-in-shops 3 2 3
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EMEA 3 3 4
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Company-owned stores 1 2 2
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Company-owned outlet stores - - -
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Retailer-owned stores 2 1 2
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Retailer-owned shop-in-shops - -
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North America 24 22 24
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Company-owned stores 4 4 4
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Company-owned outlet stores 1 1 1
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Retailer-owned stores 2 2 2
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Retailer-owned shop-in-shops 17 15 17
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Asia-Pacific 56 48 52
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Company-owned stores 4 3 4
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Company-owned outlet stores - - -
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Retailer-owned stores 45 40 44
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Retailer-owned shop-in-shops 7 5 4
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Total 155 146 153
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Company-owned stores 41 41 43
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Company-owned outlet stores 12 12 12
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Retailer-owned stores 65 60 64
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Retailer-owned shop-in-shops 37 33 34
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* Includes shop-in-shops with an area exceeding 30 sqm.
NET SALES
In the January-March period, the Group's net sales grew by 4 percent to EUR
20,948 thousand (20,135). Both in Finland and internationally, growth amounted
to 4 percent relative to the same period last year. The trend was positive in
both retail and wholesale: retail sales grew by 4 percent and wholesale sales
by 8 percent. The rise in wholesale sales was influenced by the timing of large
wholesale deliveries in the first quarter. The downturn in royalty income in
the January-March period was due primarily to substantial North American
royalties recorded in the same period last year.
Net sales by market area
(EUR 1,000) 1-3/201 1-3/201 Change, Change, % in currency 2015
6 5 % terms
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Finland 10,111 9,707 4 4 52,690
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Retail sales 6,716 6,206 8 8 37,613
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Wholesale sales 3,326 3,410 -2 -2 14,669
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Royalties 69 92 -25 -25 408
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Scandinavia 1,740 1,812 -4 -2 7,783
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Retail sales 1,002 992 1 1 4,841
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Wholesale sales 739 821 -10 -5 2,942
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Royalties - - - - -
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EMEA 2,280 2,268 1 1 8,280
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Retail sales 347 343 1 1 1,213
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Wholesale sales 1,875 1,884 0 0 6,862
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Royalties 58 41 41 41 205
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North America 1,634 2,102 -22 -21 9,227
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Retail sales 1,036 1,287 -20 -19 5,898
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Wholesale sales 571 404 41 36 2,380
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Royalties 27 411 -94 -93 949
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Asia-Pacific 5,183 4,246 22 21 17,672
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Retail sales 788 711 11 17 3,159
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Wholesale sales 4,394 3,535 24 23 14,513
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Royalties - - - - -
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International sales, 10,837 10,428 4 2 42,962
total
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Retail sales 3,173 3,332 -5 0 15,111
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Wholesale sales 7,579 6,643 14 6 26,696
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Royalties 85 452 -81 -82 1,154
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Total 20,948 20,135 4 2 95,652
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Retail sales 9,889 9,538 4 3 52,724
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Wholesale sales 10,906 10,053 8 4 41,365
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Royalties 153 544 -72 -73 1,563
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All figures in the table have been individually rounded to thousands of euros,
so there may be rounding differences in the totals.
Finland
In the January-March period, net sales in Finland rose by 4 percent to EUR
10,111 thousand (9,707). Comparable retail sales grew by 6 percent; for outlet
stores the growth rate was 15 percent and for other stores 2 percent. Wholesale
sales fell by 2 percent.
Scandinavia
Net sales in Scandinavia fell by 4 percent to EUR 1,740 thousand (1,812).
Retail sales grew by 1 percent. Wholesale sales fell in euro terms by 10
percent and at comparable exchange rates by 5 percent.
EMEA
During the first quarter, sales rose by 1 percent to EUR 2,280 thousand
(2,268). Retail sales grew by 1 percent, and wholesale sales held steady at the
previous year's level.
North America
In the January-March period, net sales in North America were EUR 1,634 thousand
(2,102). The decrease in net sales was due primarily to lower retail sales,
which declined by 20 percent in euro terms and by 19 percent at comparable
exchange rates. The decline in retail sales was partly attributable to the
absence of sales from the Beverly Hills store, which was closed towards the end
of the comparison period, and to long-lasting construction works in the
vicinity of some stores, which have further reduced footfall.
During the period under review, royalties from North America amounted to EUR 27
thousand, which was clearly less than in the comparison period (411). The
downturn in royalty income in the January-March period was due to the booking
of substantial royalties from the company’s licensing partnership with Target
in the same period last year.
Wholesale sales in North America rose by 41 percent in euro terms and by 36
percent in terms of comparable currency. The growth in sales was due to the
timing of large, individual wholesale deliveries in the first quarter.
Asia-Pacific region
Net sales in the Asia-Pacific region grew during the first quarter by 22
percent to EUR 5,183 thousand (4,246). Wholesale sales rose by 24 percent in
euro terms and by 23 percent in terms of comparable currency. The increase in
wholesale sales was influenced by the timing of large wholesale deliveries in
the first quarter and by start-up deliveries to newly opened stores in the
market area. Retail sales (Australia) grew by 11 percent in euro terms and by
17 percent in terms of the sales currency. Sales by comparable stores rose in
euro terms by 5 percent and in terms of the sales currency by 11 percent.
FINANCIAL RESULT
In the January-March period of 2016, the Group's operating result was EUR
-1,059 thousand (-1,325), which includes a restructuring provision of EUR 803
thousand. Comparable operating result was EUR -256 thousand (-1,325). Operating
result was improved by growth in Finnish retail sales, the timing of large
wholesale deliveries in the first quarter, and a lower cost level. The
comparison period's costs included considerable expenses related to the Beverly
Hills store's closure. A drag was exerted on operating result by lower royalty
income than in the comparison period and by decrease in relative wholesale
margins.
Marketing expenses for the first quarter totalled EUR 847 thousand (1,107) or 4
percent of the Group’s net sales (5).
The Group’s depreciation and impairments in the January-March period were EUR
1,067 thousand (1,047) or 5 percent of net sales (5).
During the period under review, operating result margin was -5.1 percent
(-6.6). Comparable operating result margin was -1.2 percent (-6.6).
Net financial expenses in the January-March period were EUR 128 thousand (net
financial income 133) or 1 percent of net sales (1). Foreign exchange changes
recorded in net financial items amounted to EUR -60 thousand (198).
Result for the review period before taxes was EUR -1,186 thousand (-1,192).
Result after taxes was
EUR -960 thousand (-1,095) and earnings per share were EUR -0.12 (-0.14).
BALANCE SHEET
The consolidated balance sheet total as of 31 March 2016 was EUR 49,080
thousand (46,797). Equity attributable to the equity holders of the parent
company was EUR 26,166 thousand (28,030) or EUR 3.23 per share (3.46).
Non-current assets at the end of March 2016 were EUR 16,711 thousand (17,813).
At the end of the period under review, net working capital was EUR 17,135
thousand (15,501). Inventories were EUR 21,498 thousand (19,463).
CASH FLOW AND FINANCING
In the January-March period of 2016, cash flow from operating activities was
EUR -3,963 thousand (-1,639) or EUR -0.49 per share (-0.20). Cash flow before
cash flow from financing activities was EUR -4,381 thousand (-1,907).
The Group’s financial liabilities at the end of the period under review stood
at EUR 11,888 thousand (8,208).
At the end of the review period, the Group’s cash and cash equivalents amounted
to EUR 4,374 thousand (3,114). In addition, the Group had unused committed
long- and short-term credit lines of EUR 8,583 thousand (21,302).
The Group’s equity ratio at the end of March 2016 was 53.4 percent (60.0).
Gearing was 28.7 percent (18.2).
INVESTMENTS
The Group’s gross investments in the January-March period were EUR 193 thousand
(412) or 1 percent of net sales (2). Most of the investments were devoted to IT
systems and building store premises.
PERSONNEL
In the January-March period, the number of employees averaged 443 (453). At the
end of the period, the total was 439 (445) employees, of whom 113 (115) worked
outside Finland. The number of employees working outside Finland was broken
down as follows: Scandinavia 43 (38), EMEA 8 (12), North America 38 (47) and
Asia-Pacific 24 (18). The personnel at company-owned stores totalled 222 (219)
at the end of March.
SHARES AND SHAREHOLDERS
Share capital and number of shares
At the end of March 2016, 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 8,089,610.
Shareholdings
According to the book-entry register, Marimekko had 7,364 shareholders at the
end of the period under review (7,151). Of the shares, 20.3 percent were owned
by nominee-registered or non-Finnish holders (21.6). The number of shares owned
either directly or indirectly by members of the Board of Directors and the
President of the company as at 31 March 2016 was 1,325,806 (1,328,598),
representing 16.4 percent of the number and voting rights of the company’s
shares (16.4).
Information about the largest shareholders can be found on the company's
website at company.marimekko.com under Investors/Share
information/Shareholders.
Share trading and the company’s market capitalisation
In the January-March period, a total of 500,891 Marimekko shares were traded,
representing 6.2 percent of the shares outstanding. The total value of
Marimekko’s share turnover was EUR 3,643,984. The lowest price of the Marimekko
share was EUR 6.06, the highest was EUR 8.70 and the average price was EUR
7.26. At the end of March 2016, the closing price of the share was EUR 8.07.
The company’s market capitalisation on 31 March 2016 was EUR 65,283,153
(85,345,386).
Authorisations
At the end of the period, Marimekko’s Board of Directors had no valid
authorisations to carry out share issues or to issue convertible bonds or bonds
with warrants, or to acquire or surrender Marimekko shares.
EVENTS AFTER THE END OF THE REVIEW PERIOD
Expansion of e-commerce to Australia
On 5 April 2016, Marimekko announced it was strengthening its presence in the
Australian market with the opening of its own online store. Following the
expansion to Australia, the company-owned online store serves customers in a
total of 13 countries. Australia is an important country for Marimekko in the
Asia-Pacific region, which is the company's biggest market area after the
Finnish domestic market.
Changes in management and governance model
On 22 February 2016, Marimekko's Board of Directors resolved to change
Marimekko Corporation's governance model, in which the duties of the CEO and
the President were separate. Following the change, President Tiina
Alahuhta-Kasko's role also includes the duties of the CEO. Tiina Alahuhta-Kasko
has served as Marimekko's President since 9 April 2015. The previous CEO, Mika
Ihamuotila, continues to serve the company as full-time Chairman of the Board
of Directors under a separate executive service agreement.
The changes came into effect after the Annual General Meeting of 11 April 2016.
Following the revised governance model, the total compensation of executive
management will decline markedly.
Resolutions of the Annual General Meeting
The Annual General Meeting of Marimekko Corporation held on 11 April 2016
adopted the financial statements for 2015 and discharged the members of the
Board of Directors and the President from liability. The Annual General Meeting
approved the Board of Directors’ proposal to pay a dividend of EUR 0.35 per
share for the 2015 financial year, totalling EUR 2,831,364. The dividend
payment record date was 13 April 2016 and the dividend payment date was 20
April 2016.
The General meeting resolved that the company’s Board of Directors consist of
six members. Elina Björklund, Arthur Engel, Mika Ihamuotila, Mikko-Heikki
Inkeroinen, Joakim Karske and Catharina Stackelberg-Hammarén were re-elected to
the Board. The term in office of the members of the Board of Directors lasts
until the closing of the Annual General Meeting following the one at which they
were elected.
It was decided that the annual remuneration payable to the members of the Board
would be as follows: EUR 40,000 to the Chairman, EUR 30,000 to the Vice
Chairman and EUR 22,000 to the other members. Approximately 40 percent of the
annual remuneration will be paid in Marimekko Corporation’s shares acquired
from the market and the remainder in cash. Emoluments will be paid entirely in
cash in the event that the Board member held company shares valued in excess of
EUR 500,000 on the date of the AGM, 11 April 2016. The shares will be acquired
directly on behalf of the Board members within two weeks from the release of
the interim report for 1 January - 31 March 2016 or, if this is not possible
due to insider regulations, on the first possible date thereafter.
It was further decided that no separate remuneration will be paid for committee
work to people elected to committees. The remuneration to be paid to the Vice
Chairman of the Board of Directors also takes into account work in chairing the
Audit and Remuneration Committee.
The Annual General Meeting voted to re-elect PricewaterhouseCoopers Oy,
Authorised Public Accountants, as the company's auditor and that the auditor's
fee would be paid as per invoice approved by the company. Ylva Eriksson,
Authorised Public Accountant, will continue to serve as chief auditor.
Changes in the ownership of Marimekko Corporation
On 28 April 2016, Marimekko declared it had received an announcement regarding
a change in its ownership according to which Semerca Investments S.A.’s share
of Marimekko Corporation´s shares and voting rights had fallen below the
thresholds of 10 percent and 5 percent. Following the change, the holding of
Semerca Investments S.A. in Marimekko amounted to 400,377 shares, which equals
4.95 percent of the company’s total number of shares.
On the same date, Marimekko received an announcement according to which Oy
Moomin Characters Ltd.’s share of Marimekko Corporation´s shares and voting
rights had risen to over 5 percent. Following the change, the holding of Oy
Moomin Characters Ltd. in Marimekko amounted to 585,000 shares, which equals
7.23 percent of the company’s total number of shares.
MAJOR RISKS AND FACTORS OF UNCERTAINTY
The major strategic risks for the near future are associated with developments
in consumer confidence, overall economic trends, and the consequent
fluctuations in the operating environment especially in Finland. Near-term
strategic risks also include risks related to the management of the company’s
expansion, digitisation of retailing, and changes in Marimekko’s design,
product assortment and the focal points of collections.
Marimekko products are sold in approximately 40 countries. The company's key
markets are Northern Europe, North America and the Asia-Pacific region. There
are Marimekko stores in 17 countries. In addition to Finland, Marimekko has
company-owned stores in other Nordic countries, Germany, the United States and
Australia. The global economic cycle and factors of uncertainty affect
consumers’ purchasing behaviour and buying power in all of the company’s market
areas.
Marimekko is undergoing a phase of internationalisation and change. The
distribution of products is being expanded in all key markets. Growth is based
mainly on opening retailer-owned Marimekko stores and shop-in-shops as well as
on setting up company-owned stores and expanding e-commerce.
In recent years, expansion has called for larger or entirely new country
organisations, which burdens the cost-effectiveness of the company. Expanding
the network of company-owned stores and building international e-commerce have
increased the company’s investments, lease liabilities of store premises and
inventories as well as the company’s fixed costs. Furthermore, major
partnership agreements, the selection of partners as well as store lease
agreements in the company’s key market areas involve risks. Maintaining
competitiveness demands efficiency and the constant re-evaluation of
operations.
The company’s ability to design, develop and commercialise new products that
meet consumers’ expectations while maintaining profitable in-house production,
sustainable sourcing and effective logistics has an impact on the company’s
sales and profitability. Moreover, intellectual property rights play a vital
role in the company's success, and the company’s ability to manage these rights
may have an impact on the company’s value. Agreements with freelance designers
and fees paid to designers based on these agreements are also an essential part
of the management of the intellectual property rights.
The company’s operational risks prominently include those related to the
management and success of expansion projects, the operational reliability of
procurement and logistics processes and information systems, and changes in the
prices of raw materials and other procurement items. The company primarily uses
subcontractors for its manufacturing. The revamped collections have also
brought new partners into the company’s supply chain. Any delays or
disturbances in supply, or fluctuations in the quality of products, may have a
momentary harmful impact on business. As the operations are being expanded and
diversified, risks related to the management of inventories also increase.
Among the company’s financial risks, those related to the structure of sales,
increased investments, price trends for factors of production, changes in cost
structure, increased operational costs, customers’ liquidity, changes in
exchange rates (particularly the US dollar, Swedish krona and Australian
dollar), and taxation may have an impact on the company’s financial status.
MARKET OUTLOOK AND GROWTH TARGETS IN 2016
General uncertainty in the global economy is forecast to continue, and this is
reflected in consumers' purchasing behaviour and consumption habits in all of
Marimekko's market areas. The main thrust in Marimekko's operations in 2016 is
on improving efficiency and results. Securing competitiveness will facilitate
stronger growth potential in future years. Growth is forecast to be modest in
2016 and to focus on retailer-owned Marimekko stores. Retailers’ wariness
towards additional purchases and in selecting new suppliers continues to be
reflected in Marimekko's wholesale sales expectations also in 2016.
Furthermore, the significance of developing the company’s own online store and
other online sales channels is expected to grow. The first collections created
entirely under the direction of the new Creative Director were brought to the
market at the beginning of 2016. With the updated collections Marimekko is
reaching out to also new target groups in addition to the company’s current
customers.
The situation in retail trade in Marimekko’s important domestic market Finland
has remained clearly below the normal level, but the outlook for the next six
months is more positive. However, consumer confidence below the long-term
average, weak purchasing power and uncertainty in the labour market are
overshadowing prospects in 2016. Nonrecurring promotional deliveries will have
a positive effect on the company's sales this year.
The Asia-Pacific region, Marimekko's second-biggest market, plays an important
part in the company's internationalisation. In recent years, new markets have
been opened up in China, Hong Kong, Taiwan, Singapore and Thailand. Although
sales in new markets are expected to grow, their combined proportion of
Marimekko's net sales is still relatively small compared with Japan, which is
clearly the most important single country in this region to the company. This
year and in the next few years, the trend in sales in Japan is expected to be
more moderate than in the previous years. Sales are supported by developing the
operations of Marimekko stores there and by optimising the product range. New
stores will be opened in Japan at an estimated rate of a few stores per year.
In addition, shop-in-shops located mainly in department stores are also planned
to be opened in Japan. In Australia, the outlook is positive and the market is
expected to grow through in-house retailing, quality department stores and the
company’s own online store. Most of the Marimekko stores to be opened in 2016
will be located in the Asia-Pacific region.
Marimekko's sales in North America are expected to remain approximately at the
same level as in the previous year. Long-lasting construction works in the
vicinity of some Marimekko stores continue to reduce footfall. The design
partnership announced in March with the US retail chain Target is expected to
support the building of Marimekko's international brand recognition in the long
term. The company will continue to work to improve the profitability of its
existing stores and to lighten the operational cost structure while seeking new
sales channels to compensate for possible changes in wholesale agreements.
Sales expectations in Scandinavia are modest. A positive trend can be seen in
the Swedish market. In Norway and Denmark, an update of the distribution
channel structure is still under way. However, these markets are expected to
offer potential for the brand in the long term.
Sales expectations are also modest in EMEA. In order to raise the global
profile of the brand and to promote growth, Marimekko continues to focus on
cooperation with well-known department stores and other distribution channels
in this market area.
The main thrust in expansion in 2016 will continue to be on openings of
retailer-owned Marimekko stores. The aim is to open around 10-20 new Marimekko
stores and shop-in-shops. Of these, 1-2 would be company-owned. Also, the
company focuses strongly on the operational enhancement and the improvement of
profitability of Marimekko stores opened in recent years.
The expenses of marketing operations in 2016 are expected to be at the same
level as or lower than in 2015 (EUR 5.1 million). The total investments for
2016 of the Marimekko Group are estimated at approximately EUR 3 million (3.2).
Most of investments will be devoted to acquiring a new washing machine for the
company’s printing factory in Helsinki, building new store premises and
purchases of fittings, as well as improving data systems supporting business
operations.
FINANCIAL GUIDANCE FOR 2016
The Marimekko Group's net sales for 2016 are forecasted to be at the same level
as in 2015. Operating profit excluding restructuring costs is expected to be
higher than in the previous year.
Helsinki, 11 May 2016
Marimekko Corporation
Board of Directors
INTERIM REPORT, 1 January - 31 March 2016: TABLE SECTION
The quarterly information for 2016 is not audited. There may be differences in
totals due to rounding to the nearest thousand euros.
APPENDICES
Accounting principles
Formulas for key figures
Consolidated income statement and comprehensive consolidated income statement
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in shareholders' equity
Consolidated key indicators
Segment information
Net sales by market area
Net sales by product line
Quarterly trend in net sales and earnings
ACCOUNTING PRINCIPLES
This interim report was prepared in compliance with IAS 34. Marimekko has
applied the same accounting principles in this report as were applied in the
2015 financial statements, although at the start of the financial year the
company adopted certain new and amended IFRS standards as described in the
financial statements for 2015. The adoption of new and updated standards has
had no effect on the figures stated for the period under review.
FORMULAS FOR KEY FIGURES
Comparable EBITDA:
Operating result - depreciations - impairments - items affecting comparability
Comparable operating result:
Operating result - items affecting comparability in operating result
Comparable operating result, % of net sales:
Operating result - items affecting comparability x 100 / Net sales
Earnings per share (EPS), EUR:
(Profit before taxes - income taxes) / Number of shares (average for the
financial year)
Equity per share, EUR:
Shareholders’ equity / Number of shares, 31 March
Return on equity (ROE), %:
Rolling 12 months (Profit before taxes - income taxes) X 100 / Shareholders’
equity (average for the financial year)
Return on investment (ROI), %:
Rolling 12 months (Profit before taxes + interest and other financial expenses)
X 100 / Balance sheet total - non-interest-bearing liabilities (average for the
financial year)
Equity ratio, %:
Shareholders’ equity X 100 / (Balance sheet total - advances received)
Gearing, %:
Interest-bearing net debt X 100 / Shareholders’ equity
Net working capital:
Inventories + trade and other receivables + current tax assets / - tax
liability - current provisions - trade and other payables
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 1-3/20 1-3/20 2015
16 15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 20,948 20,135 95,652
--------------------------------------------------------------------------------
Other operating income 114 58 335
--------------------------------------------------------------------------------
Increase or decrease in inventories of completed and 2,799 1,260 367
unfinished products
--------------------------------------------------------------------------------
Raw materials and consumables -9,855 -7,931 -35,208
--------------------------------------------------------------------------------
Employee benefit expenses -7,455 -6,747 -26,232
--------------------------------------------------------------------------------
Depreciation and impairments -1,067 -1,047 -4,511
--------------------------------------------------------------------------------
Other operating expenses -6,543 -7,053 -28,861
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
OPERATING RESULT -1,059 -1,325 1,542
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income 0 200 49
--------------------------------------------------------------------------------
Financial expenses -127 -67 -297
--------------------------------------------------------------------------------
-128 133 -247
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RESULT BEFORE TAXES -1,186 -1,192 1,294
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income taxes 227 97 -491
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET RESULT FOR THE PERIOD -960 -1,095 803
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution of net result to equity holders of the -960 -1,095 803
parent company
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Basic and diluted earnings per share calculated on the -0.12 -0.14 0.10
result attributable to equity holders of the parent
company, EUR
--------------------------------------------------------------------------------
COMPREHENSIVE CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 1-3/201 1-3/201 2015
6 5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net result for the period -960 -1,095 803
--------------------------------------------------------------------------------
Items that could be reclassified to profit or loss at a
future point in time
--------------------------------------------------------------------------------
Change in translation difference -3 80 112
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
COMPREHENSIVE RESULT FOR THE PERIOD -963 -1,015 915
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution of net result to equity holders of the -963 -1,015 915
parent company
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 31.3.2016 31.3.2015 31.12.2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT ASSETS
--------------------------------------------------------------------------------
Intangible assets 1,761 1,607 1,856
--------------------------------------------------------------------------------
Tangible assets 14,707 16,187 15,486
--------------------------------------------------------------------------------
Available-for-sale financial assets 16 16 16
--------------------------------------------------------------------------------
Deferred tax assets 226 3 -
--------------------------------------------------------------------------------
16,711 17,813 17,359
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT ASSETS
--------------------------------------------------------------------------------
Inventories 21,498 19,463 18,488
--------------------------------------------------------------------------------
Trade and other receivables 6,498 6,241 5,966
--------------------------------------------------------------------------------
Current tax assets - 166 -
--------------------------------------------------------------------------------
Cash and cash equivalents 4,374 3,114 4,249
--------------------------------------------------------------------------------
32,370 28,983 28,703
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ASSETS, TOTAL 49,080 46,797 46,061
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SHAREHOLDERS’ EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT COMPANY
--------------------------------------------------------------------------------
Share capital 8,040 8,040 8,040
--------------------------------------------------------------------------------
Reserve for invested non-restricted equity 502 502 502
--------------------------------------------------------------------------------
Translation differences 35 6 38
--------------------------------------------------------------------------------
Retained earnings 17,589 19,482 18,549
--------------------------------------------------------------------------------
Shareholders’ equity, total 26,166 28,030 27,129
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES
--------------------------------------------------------------------------------
Deferred tax liabilities - - 9
--------------------------------------------------------------------------------
Provisions 166 190 190
--------------------------------------------------------------------------------
Financial liabilities 8,417 4,698 3,834
--------------------------------------------------------------------------------
Finance lease liabilities 3,209 3,285 3,231
--------------------------------------------------------------------------------
11,792 8,173 7,264
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT LIABILITIES
--------------------------------------------------------------------------------
Trade and other payables 10,112 10,369 11,189
--------------------------------------------------------------------------------
Current tax liabilities - - 226
--------------------------------------------------------------------------------
Provisions 749 - -
--------------------------------------------------------------------------------
Finance lease liabilities 262 225 253
--------------------------------------------------------------------------------
11,123 10,594 11,668
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liabilities, total 22,914 18,767 18,932
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SHAREHOLDERS’ EQUITY AND LIABILITIES, TOTAL 49,080 46,797 46,061
--------------------------------------------------------------------------------
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) 1-3/201 1-3/201 2015
6 5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net result for the period -960 -1,095 803
--------------------------------------------------------------------------------
Adjustments
--------------------------------------------------------------------------------
Depreciation and impairments 1,067 1,047 4,511
--------------------------------------------------------------------------------
Financial income and expenses 128 -133 247
--------------------------------------------------------------------------------
Taxes -227 -97 491
--------------------------------------------------------------------------------
Cash flow before change in working capital 9 -279 6,054
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in working capital -3,675 -1,242 1,502
--------------------------------------------------------------------------------
Increase (-) / decrease (+) in current -378 1,074 1,216
non-interest-bearing trade
receivables
--------------------------------------------------------------------------------
Increase (-) / decrease (+) in inventories -3,009 -1,904 -930
--------------------------------------------------------------------------------
Increase (+) / decrease (-) in current -288 -412 1,216
non-interest-bearing liabilities
--------------------------------------------------------------------------------
Cash flow from operating activities before financial -3,666 -1,520 7,556
items and taxes
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Paid interest and payments on other financial expenses -68 -67 -305
--------------------------------------------------------------------------------
Interest received 0 -1 49
--------------------------------------------------------------------------------
Taxes paid -229 -52 -986
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES -3,963 -1,639 6,313
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Investments in tangible and intangible assets -418 -268 -3,171
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES -418 -268 -3,171
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Long-term loans drawn 4,582 1,002 139
--------------------------------------------------------------------------------
Finance lease liabilities paid -75 -60 -280
--------------------------------------------------------------------------------
Dividends paid - - -2,831
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES 4,507 943 -2,973
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in cash and cash equivalents 126 -965 170
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the 4,249 4,079 4,079
period
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 4,374 3,114 4,249
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
(EUR 1,000) Equity attributable to equity holders of the parent company
--------------------------------------------------------------------------------
Share Reserve for Translatio Retained Share-holder
capita invested n earnings s’ equity,
l non-restricted difference total
equity s
--------------------------------------------------------------------------------
Shareholders’ 8,040 502 -74 20,577 29,045
equity
1 January 2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Comprehensive
result
--------------------------------------------------------------------------------
Net result for -1,095 -1,095
the period
--------------------------------------------------------------------------------
Translation 80 80
differences
--------------------------------------------------------------------------------
Total 80 -1,095 -1,015
comprehensive
result for the
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders’ 8,040 502 6 19,482 28,030
equity
31 March 2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders’ 8,040 502 38 18,549 27,129
equity
1 January 2016
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Comprehensive
result
--------------------------------------------------------------------------------
Net result for -960 -960
the period
--------------------------------------------------------------------------------
Translation -3 -3
differences
--------------------------------------------------------------------------------
Total -3 -960 -963
comprehensive
result for the
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders’ 8,040 502 35 17,589 26,166
equity
31 March 2016
--------------------------------------------------------------------------------
KEY FIGURES
1-3/2016 1-3/2015 Change, % 2015
--------------------------------------------------------------------------------
Earnings per share, EUR -0.12 -0.14 12 0.10
--------------------------------------------------------------------------------
Equity per share, EUR 3.23 3.46 -7 3.35
--------------------------------------------------------------------------------
Return on equity (ROE)*, % 3.5 15.8 2.9
--------------------------------------------------------------------------------
Return on investment (ROI)*, % 4.4 17.9 4.5
--------------------------------------------------------------------------------
Equity ratio, % 53.4 60.0 59.0
--------------------------------------------------------------------------------
Gearing, % 28.7 18.2 11.3
--------------------------------------------------------------------------------
Gross investments, EUR 1,000 193 412 -53 3,591
--------------------------------------------------------------------------------
Gross investments, % of net sales 1 2 4
--------------------------------------------------------------------------------
Contingent liabilities, EUR 1,000 35,062 33,766 4 36,252
--------------------------------------------------------------------------------
Average personnel 443 453 -2 460
--------------------------------------------------------------------------------
Personnel at the end of the period 439 445 -1 476
--------------------------------------------------------------------------------
Number of shares at the end of the 8,089,610 8,089,610 8,089,610
period
--------------------------------------------------------------------------------
Number of shares outstanding, 8,089,610 8,089,610 8,089,610
average
--------------------------------------------------------------------------------
* ROI and ROE are reported as 12 month rolling values as of the first review
period of 2016. Values of the comparison periods have been restated
accordingly. The change improves comparability between review periods.
SEGMENT INFORMATION
(EUR 1,000) 1-3/2016 1-3/2015 Change, % 2015
---------------------------------------------------------
Marimekko business
---------------------------------------------------------
Net sales 20,948 20,135 4 95,652
---------------------------------------------------------
Operating result -1,059 -1,325 20 1,542
---------------------------------------------------------
Assets 49,080 46,797 5 46,061
---------------------------------------------------------
NET SALES BY MARKET AREA
(EUR 1,000) 1-3/201 1-3/201 Change, Change, % in currency 2015
6 5 % terms
--------------------------------------------------------------------------------
Finland 10,111 9,707 4 4 52,690
--------------------------------------------------------------------------------
Retail sales 6,716 6,206 8 8 37,613
--------------------------------------------------------------------------------
Wholesale sales 3,326 3,410 -2 -2 14,669
--------------------------------------------------------------------------------
Royalties 69 92 -25 -25 408
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Scandinavia 1,740 1,812 -4 -2 7,783
--------------------------------------------------------------------------------
Retail sales 1,002 992 1 1 4,841
--------------------------------------------------------------------------------
Wholesale sales 739 821 -10 -5 2,942
--------------------------------------------------------------------------------
Royalties - - - - -
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EMEA 2,280 2,268 1 1 8,280
--------------------------------------------------------------------------------
Retail sales 347 343 1 1 1,213
--------------------------------------------------------------------------------
Wholesale sales 1,875 1,884 0 0 6,862
--------------------------------------------------------------------------------
Royalties 58 41 41 41 205
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
North America 1,634 2,102 -22 -21 9,227
--------------------------------------------------------------------------------
Retail sales 1,036 1,287 -20 -19 5,898
--------------------------------------------------------------------------------
Wholesale sales 571 404 41 36 2,380
--------------------------------------------------------------------------------
Royalties 27 411 -94 -93 949
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Asia-Pacific 5,183 4,246 22 21 17,672
--------------------------------------------------------------------------------
Retail sales 788 711 11 17 3,159
--------------------------------------------------------------------------------
Wholesale sales 4,394 3,535 24 23 14,513
--------------------------------------------------------------------------------
Royalties - - - - -
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
International sales, 10,837 10,428 4 2 42,962
total
--------------------------------------------------------------------------------
Retail sales 3,173 3,332 -5 0 15,111
--------------------------------------------------------------------------------
Wholesale sales 7,579 6,643 14 6 26,696
--------------------------------------------------------------------------------
Royalties 85 452 -81 -82 1,154
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 20,948 20,135 4 2 95,652
--------------------------------------------------------------------------------
Retail sales 9,889 9,538 4 3 52,724
--------------------------------------------------------------------------------
Wholesale sales 10,906 10,053 8 4 41,365
--------------------------------------------------------------------------------
Royalties 153 544 -72 -73 1,563
--------------------------------------------------------------------------------
All figures in the table have been individually rounded to thousands of euros,
so there may be rounding differences in the totals.
NET SALES BY PRODUCT LINE
(EUR 1,000) 1-3/2016 1-3/2015 Change, % 2015
-----------------------------------------------------------
Fashion 8,014 8,845 -9 38,810
-----------------------------------------------------------
Home 6,995 6,970 0 34,715
-----------------------------------------------------------
Bags and accessories 5,939 4,319 38 22,127
-----------------------------------------------------------
Total 20,948 20,135 4 95,652
-----------------------------------------------------------
QUARTERLY TREND IN NET SALES AND EARNINGS
(EUR 1,000) 1-3/2016 10-12/2015 7-9/2015 4-6/2015
-----------------------------------------------------------------
Net sales 20,948 27,481 24,590 23,446
-----------------------------------------------------------------
Operating result -1,059 1,345 1,228 294
-----------------------------------------------------------------
Earnings per share, EUR -0.12 0.15 0.08 0.01
-----------------------------------------------------------------
-----------------------------------------------------------------
(EUR 1,000) 1-3/2015 10-12/2014 7-9/2014 4-6/2014
-----------------------------------------------------------------
Net sales 20,135 26,089 26,811 21,874
-----------------------------------------------------------------
Operating result -1,325 1,946 4,875 519
-----------------------------------------------------------------
Earnings per share, EUR -0.14 0.15 0.49 0.05
-----------------------------------------------------------------
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