Martela Oyj - Financial Statement Release

MARTELA CORPORATION'S FINANCIAL STATEMENTS, 1 JANUARY - 31 DECEMBER 2011

MARTELA CORPORATION        FINANCIAL STATEMENTS RELEASE     8 February 2012 at
8.30 a.m. 


MARTELA CORPORATION'S FINANCIAL STATEMENTS, 1 JANUARY - 31 DECEMBER 2011

Consolidated revenue up, operating result better than previous year

Key figures:                                         
                           10-12  10-12   1-12   1-12
EUR million                 2011   2010   2011   2010
- Revenue                   39.0   34.0  130.7  108.4
- Change in revenue %       14.5   40.4   20.6   13.7
- Operating result          1.9    1.0    2.6    1.3 
- Operating result %        4.9    2.8    2.0    1.2 
- Earnings per share, EUR   0.36   0.23   0.39   0.16
- Return on investment, %   18.4   10.6   6.0    3.7 
- Return on equity, %       19.1   11.9   5.1    2.0 
- Equity ratio, %                         44.7   55.6
- Gearing, %                              -2.6  -14.1

The Martela Group expects to post year-on-year revenue growth for 2012, and an
operating result at or above the previous year's level. 

Market

The uncertainties affecting the global economy have not yet had a significantly
discernible impact on the demand for office furniture in the Nordic countries.
The demand in fact increased in Finland, Sweden and Poland during the year. In
Denmark, however, demand is still weak.

Statistics on office construction are available for the first three quarters of
2011, and according to these, 2 per cent more office space was built in Finland
in terms of square metres in January - September 2011 than in the previous
year. In the same period significantly more building permits (+36%) were
granted and there were significantly more new office building starts (+21%)
than in the corresponding nine-month period a year earlier. 

Consolidated revenue and profit

Consolidated revenue for the fourth quarter was EUR 39.0 million (34.0), an
increase of 14.5 per cent on the previous year. Consolidated revenue for the
financial year rose to EUR 130.7 million (108.4), a growth of 20.6 per cent.
The revenue increase was particularly strong in Finland and Poland, while
Sweden and Norway also achieved good growth. Increased demand contributed to
the growth, as did also successful sales efforts in those countries. 

Other factors boosting revenue included the Martela Outlet sales channel
acquired and launched in June 2010, and the Danish importer acquired in
November 2010. Like-for-like revenue growth without the acquisitions was 11.4
per cent in the fourth quarter and 16.2 per cent for the financial year. 

During the fourth quarter, operating profit improved to EUR 1.9 million (1.0).
The operating profit for the full financial year improved substantially,
amounting to EUR 2.6 million (1.3). During the year, the Group invested in
service development and opened a number of Martela Outlet sales points in
Finland. There are currently Martela Outlets in Helsinki, Joensuu, Oulu,
Riihimäki, Tampere and Turku, all in Finland. 

In Russia, new premises were opened in Moscow, joining the existing sales
company operating in St. Petersburg. Due to this expenditure, the improvement
in the consolidated operating result did not match the improvement in revenue. 

Profit before taxes was EUR 1.9 million (1.1), and profit after taxes was EUR
1.6 million (0.6). 

Martela's full financial statements 2011 is included in PDF format as an
attachment to this release. The financial statements 2011 is also available on
the company's website at www.martela.com. 


Martela Corporation
Board of Directors
Heikki Martela
Managing Director

ATTACHMENT: Martela's financial statements 2011


Additional information
Heikki Martela, Managing Director, tel. +358 50 502 4711
Markku Pirskanen, CFO, tel. +358 40 517 4606

Attachments:

Financial Statements 2011 release.pdf