2009-08-05 08:00:00 CEST
2009-08-05 08:00:01 CEST
REGULATED INFORMATION
Martela Oyj - Interim report (Q1 and Q3)
MARTELA CORPORATION'S INTERIM REPORT, 1 JANUARY - 30 JUNE 2009
MARTELA CORPORATION STOCK EXCHANGE RELEASE 5.8.2009 at 09.00 a.m.
MARTELA CORPORATION'S INTERIM REPORT, 1 JANUARY - 30 JUNE 2009
Consolidated net revenue for January-June was EUR 45.3 million (69.4), a
decrease of 34.8 per cent. Operating profit for the first half of the year was
EUR -0.8 million (5.1). The result for 2008 includes EUR 0.7 million in
non-recurring income from the sale of assets. Cash flow from operating
activities in January-June was EUR 7.1 million (6.3). The equity-to-assets ratio
was 55.7 per cent (49.8) and gearing was -26.4 per cent (1.3).
Key figures
--------------------------------------------------------------------------------
| | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 |
--------------------------------------------------------------------------------
| EUR million | 2009 | 2008 | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net revenue | 21.3 | 33.3 | 45.3 | 69.4 | 141.2 |
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| Change in revenue % | -36.2 | 9.7 | -34.8 | 15.2 | 9.9 |
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--------------------------------------------------------------------------------
| Operating profit excluding | -0.7 | 1.6 | -0.8 | 4.4 | 10.2 |
| non-recurring items | | | | | |
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| Operating profit % | -3.3 | 4.9 | -1.7 | 6.3 | 7.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on investment, % | | | -2.9 | 23.7 | 25.2 |
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| Return on equity, % | | | -4.9 | 23.0 | 23.8 |
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| Equity to asset ratio, % | | | 55.7 | 49.8 | 52.2 |
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| Gearing, % | | | -26.4 | 1.3 | -11.0 |
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| Earnings per share, eur | -0.19 | 0.85 | 1.89 |
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| Earnings per share (diluted), eur | -0.19 | 0.85 | 1.89 |
| | | | |
--------------------------------------------------------------------------------
| Average staff | | | 645 | 680 | 681 |
--------------------------------------------------------------------------------
| Revenue/employee (EUR | | | 70.2 | 102.1 | 207.3 |
| 1.000) | | | | | |
--------------------------------------------------------------------------------
Accounting policies
This interim report has been prepared in accordance with IAS 34, Interim
Financial Reporting, as approved by the EU. As from 1 January 2009, Martela
Group has applied the following new and amended standards: IFRS 8, Operating
Segments and IAS 1, Presentation of Financial Statements. In other respects, the
accounting policies are the same as those applied in the 2008 financial
statements.
Market
The demand for office furniture clearly decreased in comparison with the figure
for the same period in 2008. New office construction in 2008 was slower than in
the previous year and fewer building permits were granted, too.
Group structure
There were no changes in Group structure during the review period or the
comparison period.
Segment reporting
The segments presented in the interim report comply with the company's new
segment division. The comparison year's figures have also been rendered in the
same way. The business segments are based on the Group's internal organisational
structure and internal financial reporting.
Sales between segments are reported as part of the segments' revenue. The
segments' results presented are their operating profits, because tax items and
financial items are not allocated by segment. The Group's assets and liabilities
are not allocated or monitored by segment for the purposes of internal financial
reporting. Net revenue and operating profit are as recorded in the consolidated
financial statements.
Business Unit Finland is responsible for sales and marketing, service production
and manufacturing in Finland. There are 24 service locations in Finland; nine of
which are Martela's and the rest are entrepreneur-run Martela centres. The
Business Unit's logistics centre is located in Nummela.
Business Unit Sweden and Norway is responsible for sales in Sweden and Norway,
handled through about 70 dealers. In addition, the Business Unit has its own
sales and showroom facilities at three locations: Stockholm and Bodafors in
Sweden and Oslo in Norway. The Business Unit's logistics centre and order
handling are also located in Bodafors.
Business Unit Poland is responsible for the sales and distribution of Martela
products in Poland and eastern Central Europe. Sales in Poland are organized via
the sales network maintained by the Business Unit. The company has altogether 7
sales centres in Poland. The Business Unit's principal export countries are
Ukraine, Hungary, the Czech Republic and Slovakia, in each of which sales are
handled by established dealers. Business Unit Poland is based in Warsaw, where
it has its logistics and administration.
Net revenue
Net revenue for January-June was EUR 45.3 million (69.4), a decrease of 34.8 per
cent. The drop in net revenue was partly due to the exceptionally large projects
carried out in Finland during the previous year's first quarter. Exchange rate
fluctuations also contributed to the change in consolidated net revenue. The
effect of exchange rate movements was approximately 4 percentage units.
Net revenue by segment
--------------------------------------------------------------------------------
| EUR million | | | | | |
--------------------------------------------------------------------------------
| | Business | Business | Business | Other | Total |
| | unit | unit | unit | segments | |
| | Finland | Sweden & | Poland | | |
| | | Norway | | | |
--------------------------------------------------------------------------------
| 1.1.2009-30.6.2009 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| External Revenue | 30.9 | 7.8 | 4.1 | 2.5 | 45.3 |
--------------------------------------------------------------------------------
| Internal Revenue | 0.0 | 0.1 | 0.0 | 8.1 | 8.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total 2009 | 30.9 | 7.9 | 4.1 | 10.6 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1.1.2008-30.6.2008 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| External Revenue | 48.2 | 10.1 | 6.5 | 4.6 | 69.4 |
--------------------------------------------------------------------------------
| Internal Revenue | 0.0 | 0.1 | 0.0 | 10.4 | 10.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total 2008 | 48.2 | 10.2 | 6.5 | 15.0 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| External revenue | -36.0 % | -22.5 % | -36.9 % | -46.1 % | -34.8 % |
| change % | | | | | |
--------------------------------------------------------------------------------
Other segments include PO Korhonen Oy, Kidex Oy and Business Unit International,
which is responsible for export markets.
Change in external revenue and percentage of consolidated net revenue
--------------------------------------------------------------------------------
| | 1-6 | 1-6 | | | 1-12 | |
--------------------------------------------------------------------------------
| EUR million | 2009 | 2008 | Change | Percenta | 2008 | Percentag |
| | | | % | ge | | e |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Business unit | 30.9 | 48.2 | -36.0 | 68.1 % | 101.4 | 71.9 |
| Finland | | | % | | | |
--------------------------------------------------------------------------------
| Business unit | 7.8 | 10.1 | -22.5 | 17.3 % | 18.7 | 13.2 |
| Sweden & Norway | | | % | | | |
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| Business unit | 4.1 | 6.5 | -36.9 | 9.1 % | 12.7 | 9.0 |
| Poland | | | % | | | |
--------------------------------------------------------------------------------
| Other segments | 2.5 | 4.6 | -46.1 | 5.5 % | 8.4 | 5.9 |
| | | | % | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | 45.3 | 69.4 | -34.8 | 100.0 % | 141.2 | 100.0 % |
| | | | % | | | |
--------------------------------------------------------------------------------
Consolidated result
The consolidated result for the second quarter fell somewhat short of the target
and the operating profit was EUR -0.7 million (1.7). The previous year's result
was increased by EUR 0.1 million in non-recurring income from the sale of
assets. Operating profit decreased from the previous year mainly due to the fall
in revenue.
Operating profit for the first half-year was EUR -0.8 million (5.1). In May
2009, PO Korhonen sold its factory property Raisio. This transaction did not
have a material effect on the consolidated result. The result for 2008 includes
EUR 0.7 million in non-recurring income from the sale of assets.
Profit before taxes was EUR -0.9 million (4.8), and profit after taxes was EUR
-0.8 million (3.5).
The operating profit excluding non-recurring items was -1.7 per cent of net
revenue (6.3).
Operating profit by segment
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| | 1-6 | 1-6 | 1-12 |
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| EUR million | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
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| Business Unit Finland | 2.0 | 6.5 | 14.5 |
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| Business Unit Sweden & Norway | -0.7 | -1.0 | -1.6 |
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| Business Unit Poland | -0.3 | -0.2 | -0.6 |
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| Other Segments | -0.3 | -0.1 | -0.4 |
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| Other | -1.5 | -0.1 | -1.1 |
--------------------------------------------------------------------------------
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| Total | -0.8 | 5.1 | 10.8 |
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Other segments include PO Korhonen Oy, Kidex Oy and Business Unit International,
which is responsible for export markets. The item “Others” includes
non-allocated Group functions and non-recurring sales gains and losses.
Financial position
The Group's financial position remains strong. At the end of the second quarter,
net interest-bearing liabilities were EUR 9.7 million (13.0), and net debt was
EUR -8.1 million (0.4). At the end of the review period, gearing was -26.4 per
cent (1.3) and the equity-to-assets ratio was 55.7 per cent (49.8%) Net
financial expenses were EUR -0.2 million (-0.3).
Cash flow from operating activities in January-June was EUR 7.1 million (6.3).
The balance sheet total at the end of the review period was EUR 55.6 million
(62.9).
Capital expenditure
The Group's gross capital expenditure for January-June was EUR 1.1 million
(1.6). The capital expenditure mainly concerned production replacements and IT
investments.
Staff
In January-June, the Group employed an average of 645 (680) persons, a
year-on-year decrease of 5.1 per cent.
Average staff by region
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| | 1-6 | 1-6 | 1-12 |
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| | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
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| Finland | 491 | 518 | 520 |
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| Scandinavia | 63 | 73 | 71 |
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| Poland | 91 | 89 | 90 |
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| Group total | 645 | 680 | 681 |
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In March 2009 Martela has concluded the personnel negotiations at the parent
company, Martela Corporation. As a result of the personnel negotiations, 15
people were made redundant and layoffs affecting the entire workforce will also
be implemented. The layoffs are estimated to correspond to the work input of 30
person work years.
Related party transactions
Martela Group's related party comprise the CEO, members of the board and the
group's management team. The fees paid to the Chairman and to the members of the
Board during the first half of the year totalled EUR 15,000 (14,000) and EUR
30,000 thousand (27,000), respectively. However, no fees are paid to Board
members employed by the company.
The total salaries, bonuses and other benefits paid to Martela Corporation's
Managing Director during the first half of the year were EUR 77,000 (83,000). In
addition, EUR 28,000 (26,000) was booked as share-based incentives.
The total salaries, bonuses and other benefits paid to Martela Corporation's
Management team members (excl. salary of CEO) during the first half of the year
were EUR 416,000 (426,000). In addition, EUR 133,000 (121,000) was booked as
share-based incentives.
Product development and Martela's collection
Product development and the management of Martela's collection are the
responsibility of two Group-level organisations. Brand & Product Portfolio is
responsible for collection and brand management. Product Development and
Marketing is responsible for the development of innovative products and the
Group's marketing communications.
At the Stockholm Furniture Fair in February, Martela's theme was ‘The Light of
Snow'. We exhibited a number of new products at our snow-white stand. The Spot
series by Pekka Toivola and Iiro Viljanen was complemented with easily movable
screens, side tables and workstation desks. The Big cabinet by Pekka Toivola
also serves as a space divider. Pinta ES, a pure and simple design, is the
newest addition to the range of electrically adjustable desks.
New products were also introduced in the surroundings furniture ranges: the Form
conference chair by Jukka Setälä, and the SoftX lobby furniture series by Julia
Läufer and Marcus Keichel. As a concept product we exhibited the Tree W space
divider, designed by Professor Eero Aarnio and featuring LED illumination.
At the Milan Furniture Fair in April, Martela set up its own exhibition under
the theme ‘Black Swan'. The name came from the Swan XL floor lamp, another Eero
Aarnio design. Another new product introduced at Milan was Diagonal, the
brainchild of Stockholm-based design office o4i; it is an innovative piece of
furniture for public indoor spaces providing flexible seating for groups of
people as well as private conversations alike.
Shares
During January-June, 455,921 (483,137) of the company's A shares were traded on
the NASDAQ OMX Helsinki Ltd exchange, corresponding to 12.8 per cent (13.6) of
all A shares.
The value of trading was EUR 3.0 million (4.4), and the share price was EUR 5.29
at the beginning of the year and EUR 7.30 at the end of the second quarter.
During January-June the share price was EUR 7.84 at its highest and EUR 5.21 at
its lowest. At the end of June, equity per share was EUR 7.59 (7.65).
On 5 March 2009, ODIN Forvaltning AS announced that the holdings of funds
managed by ODIN in Martela Corporation fell to 2.85 per cent following a share
transaction made on 5 March 2009.
Treasury shares
The company did not purchase any of its own shares in January-June. On 30 June
2009, Martela owned a total of 67,700 of Martela A shares, purchased at an
average price of EUR 10.65. Martela's holding of treasury shares amounts to 1.6
per cent of all shares and 0.4 per cent of all votes.
Acquisition of shares for the share-based incentive scheme and the management of
the scheme have been outsourced to an external service provider, Evli Alexander
Management Oy. These shares have been treated in the consolidated financial
statements for 2008 and 2009 under equity. On 30 June 2009, 56,227 shares under
the incentive scheme were still undistributed.
2009 Annual General Meeting
The Annual General Meeting was held on 17 March 2009. The meeting approved the
financial statements and discharged the responsible parties from liability for
the 2008 financial year. The AGM decided, in accordance with the Board of
Directors' proposal, to distribute a dividend of EUR 0.60 per share, totalling
EUR 2,452,740. Heikki Ala-Ilkka, Tapio Hakakari, Heikki Martela, Pekka Martela,
Jori Keckman and Jaakko Palsanen were elected as members of the Board of
Directors for the next term. KPMG Oy Ab, Authorised Public Accountants, was
elected as the company's auditor.
The AGM also approved the Board of Directors' proposals, detailed in the meeting
notice, to authorise the Board to acquire and/or dispose of Martela shares.
The new Board of Directors convened after the Annual General Meeting and elected
Heikki Ala-Ilkka as Chairman and Pekka Martela as Vice Chairman.
Post-balance sheet events
No significant events requiring reporting have taken place since the
January-June period and operations have continued according to plan.
Short-term risks
The greatest risk to profit performance is related to the continuation of
general economic uncertainty and the consequent effects on the overall demand
for office furniture.
Outlook for 2009
The general economic uncertainty will have an effect on the company's
performance in 2009. Revenue will decrease from the previous year, and operating
profit will also be lower than in 2008. During the year, the company is
examining its cost structure for improvements and increasing the efficiency of
its operations.
GROUP INCOME STATEMENT (EUR 1000)
2009 2008 2009 2008 2008
1-6 1-6 4-6 4-6 1-12
Revenue 45.283 69.419 21.264 33.329 141.153
Other operating income 0.388 0.981 0.257 0.252 1.422
Employee benefits expenses -13.914 -16.248 -6.766 -8.368 -31.452
Operating expenses -31.032 -47.615 -14.728 -22.773 -97.154
Depreciation and impairment -1.485 -1.456 -0.727 -0.722 -3.115
Operating profit/loss -0.760 5.081 -0.700 1.719 10.854
Financial income and expenses -0.188 -0.262 -0.078 -0.073 -0.651
Profit/loss before taxes -0.948 4.818 -0.778 1.645 10.202
Income tax 0.164 -1.332 0.215 -0.555 -2.666
Profit/loss for the period -0.784 3.487 -0.563 1.091 7.537
Other comprehensive income
Translation differences -0.082 0.044 0.072 -0.040 -0.357
Total comprehensive income -0.866 3.531 -0.491 1.051 7.180
Basic earnings per share, eur -0.19 0.85 -0.14 0.26 1.89
Diluted earnings per share, eur -0.19 0.85 -0.14 0.26 1.89
Allocation of net profit for
the period:
To equity holders of the parent -0.784 3.487 -0.563 1.091 7.537
Allocation of total comprehensive
income
To equity holders of the parent -0.866 3.531 -0.491 1.051 7.180
GROUP BALANCE SHEET (EUR 1000) 30.6.2009 31.12.2008 30.06.2008
ASSETS
Non-current assets
Intangible assets 0.796 0.724 0.654
Tangible assets 12.210 13.461 14.148
Investments 0.039 0.039 0.039
Deferred tax assets 0.294 0.304 0.246
Pension receivables 0.072 0.072 0.035
Receivables 0.000 0.000 0.630
Investment properties 0.600 0.600 0.600
Total 14.011 15.200 16.353
Current assets
Inventories 11.437 10.825 13.601
Receivables 12.423 24.252 20.425
Financial assets at fair value 1.073 1.038 2.033
through profit and loss
Cash and cash equivalents 16.658 13.581 10.538
Total 41.591 49.696 46.597
Total assets 55.602 64.896 62.950
EQUITY AND LIABILITIES
Share capital 7.000 7.000 7.000
Share premium account 1.116 1.116 1.116
Other reserves 0.117 0.117 0.117
Translation differences -0.568 -0.486 -0.085
Retained earnings 23.751 27.335 23.671
Treasury shares -1.200 -1.610 -0.721
Share-based incentives 0.371 0.270 0.157
Total 30.587 33.742 31.255
Non-current liabilities
Interest-bearing liabilities 6.875 8.024 9.280
Deferred tax liability 1.201 1.403 1.486
Total 8.076 9.427 10.766
Current liabilities
Interest-bearing 2.796 2.869 3.710
Non-interest bearing 14.143 18.858 17.218
Total 16.939 21.727 20.928
Total liabilities 25.015 31.154 31.695
Equity and liabilities, total 55.602 64.896 62.950
STATEMENT OF CHANGES IN EQUITY (EUR 1000)
Equity attributable to equity holders of the parent
Share Share Other Trans. Retained Treasury Total
capital premium reserves diff. earnings shares
account and share-
based inc.
01.01.2008 7.000 1.116 0.117 -0.129 22.127 -0.721 29.510
Translation diff. 0.000
Other change 0.258 0.258
Profit/loss for
the period, compr. 0.044 3.487 3.531
Total rec. income
and expense 0.044 3.745 3.789
Dividends -2.044 -2.044
30.06.2008 7.000 1.116 0.117 -0.085 23.828 -0.721 31.255
1.1.2009 7.000 1.116 0.117 -0.486 27.605 -1.610 33.742
Translation diff. 0.000
Other change -0.309 0.410 0.101
Profit/loss for
the period, compr. -0.082 -0.784 -0.866
Total rec. income
and expense -0.082 -1.093 0.410 -0.765
Dividends -2.390 -2.390
30.06.2009 7.000 1.116 0.117 -0.568 24.122 -1.200 30.587
CONSOLIDATED CASH FLOW STATEMENT (EUR 1000)
2009 2008 2008
1-6 1-6 1-12
Cash flows from operating activities
Cash flow from sales 55.913 71.396 138.477
Cash flow from other operating income 0.247 0.277 0.687
Payments on operating costs -47.115 -64.227 -124.654
Net cash from operating activities
before financial items and taxes 9.046 7.446 14.510
Interest paid -0.313 -0.378 -0.844
Interest received 0.135 0.117 0.268
Other financial items 0.013 -0.020 -0.060
Taxes paid -1.780 -0.897 -2.116
Net cash from operating activities (A) 7.100 6.268 11.758
Cash flows from investing activities
Capital expenditure on tangible and
intangible assets -0.894 -1.321 -2.206
Proceeds from sale of tangible and
intangible assets 0.853 1.492 1.489
Repayments of loans receivables 0.000 0.022 0.022
Net cash used in investing activities (B) -0.042 0.193 -0.694
Cash flows from financing activities
Proceeds from short-term loans 0.006 - 0.129
Repayments of short-term loans -0.408 -0.482 -0.795
Repayments of long-term loans -1.136 -1.190 -3.365
Dividends paid and other profit distribution -2.389 -1.972 -1.972
Net cash used in financial activities (C) -3.927 -3.644 -6.003
Change in cash and
cash equivalents (A+B+C) 3.131 2.817 5.061
(+ increase, - decrease)
Cash and cash equivalents at the beginning of
period 14.620 9.691 9.691
Translation differences -0.020 0.063 -0.132
Cash and cash equivalents at the end of period 17.731 12.571 14.620
SEGMENT REPORTING (EUR 1 000)
Segment revenue 2009 2008 2009 2008 2008
1-6 1-6 4-6 4-6 1-12
Business unit Finland
external 30.855 48.184 13.725 22.900 101.430
internal 0.000 0.000 0.000 0.000 0.000
Business unit Sweden and Norway
external 7.826 10.100 3.484 4.790 18.689
internal 0.143 0.107 0.099 0.036 0.301
Business Unit Poland
external 4.131 6.552 2.516 3.433 12.722
internal 0.020 0.018 0.012 0.012 0.049
Other segments
external 2.471 4.583 1.539 2.206 8.312
internal 8.119 10.353 3.880 5.337 21.379
Total external revenue 45.283 69.419 21.264 33.329 141.153
Segment operating profit/loss 2009 2008 2009 2008 2008
1-6 1-6 4-6 4-6 1-12
Business Unit Finland 1.977 6.520 0.342 2.771 14.517
Business Unit Sweden and Norway -0.725 -1.006 -0.514 -0.344 -1.599
Business Unit Poland -0.271 -0.233 0.009 -0.116 -0.549
Other segments -0.248 -0.068 -0.084 -0.208 -0.421
Other -1.493 -0.133 -0.453 -0.384 -1.094
Total operating profit/loss -0.760 5.081 -0.700 1.719 10.854
TANGIBLE ASSETS 1.1-30.6.2009
Land Buildings Machinery Other Work in
areas & equipment tangibles progress
Acquisitions 0.000 0.084 0.670 0.060 0.014
Decreases -0.023 -0.687 0.000 0.000 0.000
TANGIBLE ASSETS 1.1-30.6.2008 Land Buildings Machinery Other Work in
areas & equipment tangibles progress
Acquisitions 0.000 0.020 0.823 0.005 0.569
Decreases 0.000 -0.008 -0.126 0.000 0.000
RELATED PARTY AND SHARE-BASED INCENTIVE PROGRAMME
The CEO and the group's management and some key-persons are included in a long-
term incentive scheme, extending from 2007 to the end of 2009.
KEY FIGURES/RATIOS
2009 2008 2008
1-6 1-6 1-12
Operating profit/loss -0.760 5.081 10.854
- in relation to revenue -1.7 7.3 7.7
Profit/loss before taxes -0.948 4.818 10.202
- in relation to revenue -2.1 6.9 7.2
Profit/loss for the period -0.784 3.487 7.537
- in relation to revenue -1.7 5.0 5.3
Basic earnings per share, eur -0.19 0.85 1.89
Diluted earnings per share, eur -0.19 0.85 1.89
Equity/share, eur 7.59 7.65 8.47
Equity ratio 55.7 49.8 52.2
Return on equity * -4.9 23.0 23.8
Return on investment * -2.9 23.7 25.2
Interest-bearing net-debt, eur million -8.1 0.4 -3.7
Gearing ratio -26.4 1.3 -11.0
Capital expenditure, eur million 1.1 1.6 2.9
- in relation to revenue, % 2.3 2.3 2.1
Personnel at the end of period 645 723 670
Average personnel 645 680 681
Revenue/employee, eur thousand 70.2 102.1 207.3
Key figures are calculated according to formulae as presented in Annual Report
2008.
* When calculating return on equity and return on investment the profit/loss for
the period has been multiplied in interim reports.
CONTINGENT LIABILITIES
30.6.2009 31.12.2008 30.6.2008
Mortgages and shares pledged 14.329 14.566 18.841
Guarantees 0.000 0.000 0.000
Other commitments 0.347 0.332 0.322
RENTAL COMMITMENTS 7.757 8.964 9.989
DEVELOPMENT OF SHARE PRICE 2009 2008 2008
1-6 1-6 1-12
Share price at the end of period, EUR 7.30 8.40 5.29
Highest price, EUR 7.84 10.05 10.05
Lowest price, EUR 5.21 7.32 5.10
Average price, EUR 6.67 9.04 8.30
This interim report has not been audited
Helsinki, 5 August 2009
Martela Corporation
Board of Directors
Heikki Martela
CEO
Additional information
Heikki Martela, CEO, tel. +358 50 502 4711
Mats Danielsson, Finance Director, tel. +358 50 394 8575
Distribution
NASDAQ OMX Nordic
Main news media
www.martela.com
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