2015-08-19 07:30:00 CEST
2015-08-19 07:30:06 CEST
REGULATED INFORMATION
Marimekko - Interim report (Q1 and Q3)
INTERIM REPORT OF MARIMEKKO CORPORATION, 1 January - 30 June 2015: Net sales grew; operating result fell as expected
Marimekko Corporation, Interim Report, 19 August 2015 at 8.30 a.m.
INTERIM REPORT OF MARIMEKKO CORPORATION, 1 January - 30 June 2015: Net sales
grew; operating result fell as expected
January-June in brief
-- Net sales grew by 6 percent to EUR 43.6 million (1-6/2014: 41.3).
-- Net sales at comparable exchange rates grew by 3 percent.
-- Net sales were increased by the additional sales of stores opened in 2014
and 2015, growth in discount-driven sales by outlet stores and online shop
in Finland, and the strong dollar.
-- Operating result excluding nonrecurring items was EUR -1.0 million (-0.6).
Operating result was decreased by the considerable expenses related to the
closure of the Beverly Hills store during the first quarter, a decline in
the sales margins on wholesale sales, a downturn in the profitability of
retail sales in Finland occasioned by a fall in the sales of prime stores,
and an increase in design and marketing expenses. However, operating result
was improved by an increase in royalty earnings in North America during the
first quarter and by the additional sales of new stores.
-- Marimekko continues to invest in growth while focusing on enhancing the
operations of its company-owned stores, on developing online operations, on
improving the general profitability of its business, and on creating even
more attractive design and products.
The second quarter in brief
-- Net sales grew by 7 percent to EUR 23.4 million (Q2/2014: 21.9).
-- Net sales at comparable exchange rates grew by 3 percent.
-- Operating profit excluding nonrecurring items was EUR 0.3 million (0.5).
Operating profit was decreased by a decline in the sales margins on
wholesale sales and by an increase in design and marketing expenses.
However, operating profit was improved by growth in discount-driven sales
by outlet stores and online shop in Finland and by the additional sales of
new stores.
Financial guidance for 2015
The full-year estimate for 2015 is unchanged: Based on the market outlook,
estimated sales development in the company's market areas, especially in
Finland, the company's growth targets as well as other estimated factors, the
Marimekko Group's year 2015 net sales are forecast to be at the same level as
in 2014 or lower. Operating profit excluding nonrecurring items in 2015 is
estimated to be lower than in 2014.
President Tiina Alahuhta-Kasko:"Marimekko's net sales in the first half of the year were slightly better than
anticipated. Growth was seen in both our international sales and net sales in
Finland. Although the state of retailing in Finland has continued to be
challenging, as estimated at the beginning of the year, the trend in our retail
sales during the second quarter was better than expected due to growth in
discount-driven sales. The additional sales of new stores and the strong dollar
also contributed to the growth in overall net sales. "In the January-June period, the company's operating result excluding
nonrecurring items was down relative to the same period last year as expected.
Operating result was decreased by the considerable expenses related to the
closure of the Beverly Hills store during the first quarter and a decline in
the sales margins on wholesale sales. A fall in the sales of prime stores in
Finland also weakened the result. Furthermore, investments in launching new
collections and in digital communications increased design and marketing
expenses. On the other hand, operating result was improved by an increase in
royalty earnings in North America during the first quarter. "We continue our expansion in line with our internationalisation strategy,
particularly in the Asia-Pacific region. This year new markets have opened up
in Bangkok and Singapore as well as Dubai in the Middle East. Deliveries to
Japan and the rest of Asia were on a good level in the second quarter, although
sales for the whole year are forecast to be lower than in 2014. "The development of digital business is an important part of the current stage
in our strategy. The trend in our online sales has continued to be positive and
we will continue to focus on enhancing the customer experience to make it even
more inspiring and more seamless between our online and offline stores. As part
of this process, we are also updating our store and service concept. "In June, the first store deliveries were made of our autumn collection, which
represents an updated trend that we hope will appeal to a broader clientele
around the world. In the past year, we have worked actively not only on
combinability, materials and cuts of the clothing collection but also on
optimising the structure of the range. The goal is to enhance our product range
to even better meet the needs of consumers and distribution channels in the
various market areas.”
Key indicators
4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/
2015 2014 , % 2015 2014 , % 2014
--------------------------------------------------------------------------------
Net sales, EUR million 23.4 21.9 7 43.6 41.3 6 94.2
--------------------------------------------------------------------------------
International sales, EUR 10.4 9.9 5 20.8 19.3 8 42.1
million
--------------------------------------------------------------------------------
% of net sales 44 45 48 47 45
--------------------------------------------------------------------------------
EBITDA, EUR million 1.4 1.6 -14 1.1 0.9 17 9.9
--------------------------------------------------------------------------------
EBITDA excluding nonrecurring 1.5 1.6 -4 1.2 1.6 -21 10.5
items, EUR million
--------------------------------------------------------------------------------
Operating result, EUR million 0.3 0.5 -43 -1.0 -1.2 16 5.6
--------------------------------------------------------------------------------
Operating result excluding 0.3 0.5 -43 -1.0 -0.6 -48 6.3
nonrecurring items, EUR
million
--------------------------------------------------------------------------------
Operating result margin, % 1.3 2.4 -2.4 -3.0 5.9
--------------------------------------------------------------------------------
Operating result margin 1.9 2.4 -2.0 -1.4 6.7
excluding nonrecurring items,
%
--------------------------------------------------------------------------------
Result for the period, EUR 0.1 0.4 -75 -1.0 -1.1 12 4.1
million
--------------------------------------------------------------------------------
Earnings per share, EUR 0.01 0.05 -78 -0.12 -0.14 11 0.51
--------------------------------------------------------------------------------
Cash flow from operating 1.7 -1.4 0.0 -0.8 9.9
activities,
EUR million
--------------------------------------------------------------------------------
Return on investment (ROI), % -5.6 -6.2 15.6
--------------------------------------------------------------------------------
Equity ratio, % 54.0 49.7 61.6
--------------------------------------------------------------------------------
Gross investments, EUR million 0.5 0.3 64 0.8 0.8 1 2.1
--------------------------------------------------------------------------------
Personnel at the end of the 475 485 -2 479
period
--------------------------------------------------------------------------------
outside Finland 114 114 129
--------------------------------------------------------------------------------
Brand sales*, EUR million 42.5 41.1 3 87.6 81.3 8 186.8
--------------------------------------------------------------------------------
outside Finland, EUR million 25.6 25.6 0 56.3 50.5 12 114.6
--------------------------------------------------------------------------------
proportion of international 60 62 64 62 61
sales, %
--------------------------------------------------------------------------------
Number of stores** 150 133 13 144
--------------------------------------------------------------------------------
The change percentages in the table were calculated on exact figures before the
amounts were rounded to millions of euros.
* 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 actual wholesale sales to these retailers, is unofficial and
does not include VAT. The key figure is not audited.
** 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 June 2015 (52). Information on changes is
available in the section Internationalisation and changes in the store network.
Financial calendar 2015
The interim report for January-September will be issued on Thursday 5 November
2015 at 8.30 a.m.
Further information:
Tiina Alahuhta-Kasko, President, tel. +358 9 758 71
Thomas Ekström, 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 OMX Helsinki Ltd
Key media
INTERIM REPORT OF MARIMEKKO CORPORATION, 1 January - 30 June 2015
OPERATING ENVIRONMENT
Growth estimates for the global economy this year have deteriorated due to
problems in the countries which are the powerhouses of growth. However, these
difficulties are believed to be temporary. In Europe, the economic outlook has
improved in respect of services and consumers in particular, whereas in the
United States growth is forecast to slow in spite of expectations at the
beginning of the year. However, employment has further improved in the United
States. In China, exports collapsed in the early months of the year and growth
has slowed to its weakest for many years. The Chinese economy is decelerating,
which combined with a downturn in the stock market is providing new grounds for
concern. In Japan, the figures are even worse than in the euro zone, but the
forecast for next year has been raised somewhat. Economic recovery in Finland
has not yet reached a tangible level.
In Finland, retail trade confidence has taken another downturn after a small
improvement in the spring. Confidence is strikingly low. Sales volume has
continued to decline widely and expectations for sales are modest. The
contraction of sales is expected to continue. Retail trade confidence in
Finland was the weakest in the EU in May.
(Confederation of Finnish Industries EK: Economic Review, 16 June 2015;
Confidence Indicators, June 2015; Business Tendency Survey, August 2015.)
In the January-June period of 2015, the value of retail sales in Finland fell
by 1.3 percent and the volume of sales, which measures real growth, declined by
0.3 percent (Statistics Finland: Turnover of Trade, retail trade flash
estimate, June 2015).
INTERNATIONALISATION AND CHANGES IN THE STORE NETWORK
Marimekko is undergoing a dynamic phase of internationalisation. In 2015, the
main thrust in expansion is on openings of retailer-owned Marimekko stores,
particularly in the Asia-Pacific region. The goal is to open a total of 10-20
new Marimekko stores and shop-in-shops. Of these, 1-3 would be company-owned
stores. The company will continue to enhance the operations of company-owned
stores opened in recent years and to improve their profitability.
In the second quarter, four Marimekko stores and two shop-in-shops were opened.
Of the openings, retailer-owned Marimekko stores in Bangkok (Thailand),
Singapore and Taiwan are in the Asia-Pacific region. In the Middle East, Dubai
saw the opening of its second Marimekko store. During the period, a
retailer-owned store in Guam and a shop-in-shop in Singapore were closed.
Number of stores & shop-in-shops* 30.6.2015 30.6.2014 31.12.2014
-------------------------------------------------------------------
Finland 64 58 62
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Company-owned stores 24 23 24
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Company-owned outlet stores 11 9 10
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Retailer-owned stores 17 17 17
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Retailer-owned shop-in-shops 12 9 11
-------------------------------------------------------------------
-------------------------------------------------------------------
Scandinavia 10 10 10
-------------------------------------------------------------------
Company-owned stores 8 8 8
-------------------------------------------------------------------
Company-owned outlet stores - - -
-------------------------------------------------------------------
Retailer-owned stores - - -
-------------------------------------------------------------------
Retailer-owned shop-in-shops 2 2 2
-------------------------------------------------------------------
-------------------------------------------------------------------
EMEA 4 4 3
-------------------------------------------------------------------
Company-owned stores 2 4 3
-------------------------------------------------------------------
Company-owned outlet stores - - -
-------------------------------------------------------------------
Retailer-owned stores 2 - -
-------------------------------------------------------------------
Retailer-owned shop-in-shops - - -
-------------------------------------------------------------------
-------------------------------------------------------------------
North America 23 21 23
-------------------------------------------------------------------
Company-owned stores 4 5 5
-------------------------------------------------------------------
Company-owned outlet stores 1 1 1
-------------------------------------------------------------------
Retailer-owned stores 2 2 2
-------------------------------------------------------------------
Retailer-owned shop-in-shops 16 13 15
-------------------------------------------------------------------
-------------------------------------------------------------------
Asia-Pacific 49 40 46
-------------------------------------------------------------------
Company-owned stores 3 2 3
-------------------------------------------------------------------
Company-owned outlet stores - - -
-------------------------------------------------------------------
Retailer-owned stores 43 36 39
-------------------------------------------------------------------
Retailer-owned shop-in-shops 3 2 4
-------------------------------------------------------------------
-------------------------------------------------------------------
Total 150 133 144
-------------------------------------------------------------------
Company-owned stores 41 42 43
-------------------------------------------------------------------
Company-owned outlet stores 12 10 11
-------------------------------------------------------------------
Retailer-owned stores 64 55 58
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Retailer-owned shop-in-shops 33 26 32
-------------------------------------------------------------------
* Includes shop-in-shops with an area exceeding 30 sqm.
NET SALES
In the January-June period, consolidated net sales grew by 6 percent to EUR
43,581 thousand (41,250). Net sales at comparable exchange rates grew by 3
percent. International sales rose by 8 percent; net sales in Finland were up 4
percent.
Retail sales grew by 7 percent. Sales were boosted by the additional sales of
stores opened in 2014 and 2015, an increase in discount-driven sales by outlet
stores and online shop in Finland, and the strong US dollar.
Wholesale sales rose by 3 percent. Sales grew mainly in EMEA. In North America,
euro-denominated sales rose due to the strong dollar.
Royalty income grew markedly, especially due to a licensing agreement concluded
in North America.
In the April-June period, consolidated net sales grew by 7 percent to EUR
23,446 thousand (21,874). Net sales at comparable exchange rates grew by 3
percent. International sales rose by 5 percent; net sales in Finland were up 9
percent. Retail sales grew by 9 percent and wholesale sales by 5 percent.
Net sales by market area
(EUR 4-6/ 4-6/ Change Change 1-6/ 1-6/ Change Change 1-12/
1,000) 2015 2014 , , 2015 2014 , , 2014
% % % %
In In
curren curren
cy cy
terms terms
--------------------------------------------------------------------------------
Finland 13,076 11,957 9 9 22,784 21,993 4 4 52,034
--------------------------------------------------------------------------------
Retail 9,878 8,798 12 12 16,084 15,003 7 7 35,363
sales
--------------------------------------------------------------------------------
Wholesal 3,113 3,065 2 2 6,522 6,817 -4 -4 16,245
e sales
--------------------------------------------------------------------------------
Royaltie 86 94 -9 -9 178 173 3 3 425
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Scandina 1,980 1,976 0 3 3,792 3,883 -2 1 8,452
via
--------------------------------------------------------------------------------
Retail 1,331 1,332 0 1 2,322 2,393 -3 -1 5,151
sales
--------------------------------------------------------------------------------
Wholesal 649 644 1 7 1,470 1,490 -1 4 3,301
e sales
--------------------------------------------------------------------------------
Royaltie - - - - -
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EMEA 2,145 1,876 14 14 4,413 3,739 18 18 7,554
--------------------------------------------------------------------------------
Retail 269 399 -32 -32 612 718 -15 -15 1,509
sales
--------------------------------------------------------------------------------
Wholesal 1,846 1,460 26 26 3,730 2,947 27 27 5,882
e sales
--------------------------------------------------------------------------------
Royaltie 30 36 -17 -17 71 74 -4 -4 162
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
North 2,054 2,040 1 -23 4,157 3,551 17 -4 8,584
America
--------------------------------------------------------------------------------
Retail 1,522 1,513 1 -20 2,809 2,642 6 -14 5,983
sales
--------------------------------------------------------------------------------
Wholesal 493 464 6 -27 897 784 14 -5 1,957
e sales
--------------------------------------------------------------------------------
Royaltie 40 64 -37 -31 451 126 644
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Asia-Pac 4,190 4,025 4 6 8,436 8,083 4 5 17,527
ific
--------------------------------------------------------------------------------
Retail 726 501 45 40 1,436 1,015 41 35 2,675
sales
--------------------------------------------------------------------------------
Wholesal 3,465 3,501 -1 -1 7,000 7,064 -1 -1 14,847
e sales
--------------------------------------------------------------------------------
Royaltie - 5 -100 - 5 -100 5
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Internat 10,370 9,918 5 3 20,798 19,257 8 2 42,116
ional
sales,
total
--------------------------------------------------------------------------------
Retail 3,847 3,745 3 0 7,180 6,768 6 -1 15,318
sales
--------------------------------------------------------------------------------
Wholesal 6,453 6,069 6 6 13,096 12,285 7 5 25,987
e sales
--------------------------------------------------------------------------------
Royaltie 70 104 -33 -30 522 204 811
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 23,446 21,874 7 3 43,581 41,250 6 3 94,150
--------------------------------------------------------------------------------
Retail 13,725 12,542 9 5 23,264 21,770 7 3 50,682
sales
--------------------------------------------------------------------------------
Wholesal 9 565 9,134 5 -1 19 618 19,102 3 1 42,232
e sales
--------------------------------------------------------------------------------
Royaltie 156 198 -21 -22 700 377 85 78 1,237
s
--------------------------------------------------------------------------------
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-June period, net sales in Finland rose by 4 percent to EUR
22,784 thousand (21,993), which was attributable to 7 percent growth in retail
sales. Comparable retail sales rose by 3 percent due to an increase in
discount-driven sales by outlet stores and online shop in the second quarter.
Comparable sales at prime stores declined by 5 percent. Retail sales in
January-June were also boosted by the new stores opened in 2014 and 2015 plus a
pop-up store opened at the Helsinki-Vantaa Airport for the summer season.
Wholesale sales declined by 4 percent.
In the second quarter, retail sales grew by 12 percent; comparable retail sales
grew by 8 percent due to growth in discount-driven sales. Comparable sales at
prime stores were on a par with the previous year's figure due to growth in
June's discount sales. Also, the new stores boosted sales. Wholesale sales rose
by 2 percent.
Scandinavia
Net sales in Scandinavia fell in the first half of the year by 2 percent to EUR
3,792 thousand (3,883). Net sales at comparable exchange rates rose by 1
percent due to 4 percent growth in wholesale sales. Retail sales fell in euro
terms by 3 percent and at comparable exchange rates by 1 percent.
In the second quarter, retail sales were on a par with the previous year's
figure. Wholesale sales rose in euro terms by 1 percent and at comparable
exchange rates by 7 percent.
EMEA
Net sales in EMEA grew during the January-June period by 18 percent to EUR
4,413 thousand (3,739). Wholesale sales rose by 27 percent due to growth in
deliveries to Belgium, the United Arab Emirates and France. Wholesale sales in
the United Arab Emirates were boosted by start-up stock deliveries for two
retailer-owned stores. Retail sales declined by 15 percent due to the closure
of the company's two stores in London in November 2014 and in March 2015.
Comparable retail sales rose by 1 percent.
In the second quarter, retail sales fell by 32 percent; comparable retail sales
grew by 1 percent. Wholesale sales rose by 26 percent due to growth in
deliveries to Belgium, the United Arab Emirates and France.
North America
In North America, net sales grew by 17 percent to 4,157 thousand (3,551). Net
sales at comparable exchange rates fell by 4 percent; both retail and wholesale
sales declined. The downturn in retail sales was due to the closure of the
Beverly Hills store in March and an 11 percent decline in sales in comparable
stores.
In the second quarter, retail sales grew by 1 percent in euro terms but fell by
20 percent at comparable exchange rates. Comparable sales by company-owned
stores declined by 12 percent. Also, the closure of the Beverly Hills store
reduced total sales. Wholesale sales at comparable exchange rates declined by
27 percent.
Asia-Pacific
Net sales in the Asia-Pacific region grew by 4 percent to 8,436 thousand
(8,083). Wholesale sales fell by 1 percent. In the most important country in
this market area, Japan, wholesale sales rose by 1 percent. Retail sales
(Australian stores in Sydney and Melbourne) grew due to the additional sales of
the store opened in the Emporium mall Melbourne in autumn 2014. Sales in
comparable stores fell in euro terms by 4 percent and in terms of the currency
of sales by 9 percent. The opening of a new store close to another Melbourne
store impacted the comparable retail sales trend negatively.
In the second quarter, retail sales grew markedly thanks to the additional
sales of the Emporium store in Melbourne. Comparable retail sales fell in euro
terms by 1 percent and in terms of the currency of sales by 4 percent.
Wholesale sales fell by 1 percent. Japanese wholesale sales rose by 6 percent.
FINANCIAL RESULT
In the January-June period of 2015, the Group's operating result was EUR -1,031
thousand (-1,229). Operating result for the comparison period included EUR 669
thousand in nonrecurring expenses. The comparison period's operating result
excluding nonrecurring items was EUR -560 thousand. Operating result was
decreased by the considerable expenses related to the closure of the Beverly
Hills store during the first quarter, a decline in the sales margins on
wholesale sales, a downturn in the profitability of retail sales in Finland
occasioned by a fall in the sales of prime stores, and an increase in design
and marketing expenses. However, operating result was improved by an increase
in royalty earnings in North America during the first quarter and by the
additional sales of new stores.
In the April-June period of 2015, the Group's operating profit was EUR 294
thousand (519). Operating profit was decreased by a decline in the sales
margins on wholesale sales and by an increase in design and marketing expenses.
However, operating profit was improved by growth in discount-driven sales by
outlet stores and online shop in Finland and by the additional sales of new
stores.
Marketing expenses for the period under review were EUR 2,544 thousand (2,254)
or 6 percent of consolidated net sales (5).
The Group's depreciation and impairments totalled EUR 2,119 thousand (2,158) or
5 percent of net sales (5).
In the January-June period of 2015, operating result margin was -2.4 percent
(-3.0). The comparison period's operating result margin excluding nonrecurring
items was -1.4 percent. In the April-June period, operating result margin was
1.3 percent (2.4).
Net financial expenses were EUR 121 thousand (115) or 0 percent of net sales
(0). Foreign exchange changes recorded in net financial items amounted to EUR 3
thousand (23).
Result for the review period before taxes was EUR -1,152 thousand (-1,344).
Result after taxes was EUR -1,006 thousand (-1,138) and earnings per share were
EUR -0.12 (-0.14).
BALANCE SHEET
The consolidated balance sheet total as of 30 June 2015 was EUR 46,964 thousand
(48,019). Equity attributable to the equity holders of the parent company was
EUR 25,335 thousand (23,820) or EUR 3.13 per share (2.94).
Non-current assets at the end of June 2015 were EUR 17,433 thousand (19,268).
At the end of the period under review, net working capital was EUR 14,946
thousand (17,132). Inventories were EUR 18,561 thousand (18,583).
CASH FLOW AND FINANCING
In the January-June period, cash flow from operating activities was EUR 29
thousand (-840) or EUR 0.00 per share (-0.10). Cash flow before cash flow from
financing activities was EUR -761 thousand (-1,625).
In the April-June period, cash flow from operating activities was EUR 1 668
thousand (1,379), or EUR 0.21 per share (0.17). Cash flow before cash flow from
financing activities was EUR -1,146 thousand (1,059).
The Group's financial liabilities at the end of the period under review stood
at EUR 10,503 thousand (14,550).
At the end of the period under review, the Group's cash and cash equivalents
amounted to EUR 3,648 thousand (2,160). In addition, the Group had unused
committed long- and short-term credit lines of EUR 12,015 thousand (14,899).
The Group's equity ratio at the end of the period was 54.0 percent (49.7).
Gearing was 27.1 percent (52.0).
INVESTMENTS
The Group's gross investments in the January-June period were EUR 790 thousand
(785) or 2 percent of net sales (2). Most of the investments were devoted to IT
systems and building store premises.
PERSONNEL
In the January-June period of 2015, the number of employees averaged 458 (478).
At the end of the period, the Group had 475 (485) employees, of whom 114 (114)
worked outside Finland. The number of employees working outside Finland was
broken down as follows: Scandinavia 41 (36), EMEA 9 (14), North America 44 (50)
and Asia-Pacific 20 (14). The personnel at company-owned stores totalled 265
(249) at the end of the period.
CHANGES IN MANAGEMENT
On 11 June 2015, Marimekko announced the appointment of Lasse Lindqvist as the
company's Chief Marketing Officer and member of the Management Group with
effect from 10 August 2015. He succeeds in this post Tiina Alahuhta-Kasko, who
has temporarily been in charge of the company's marketing in addition to her
work as Marimekko's President.
The company announced another change in the company management on 15 June 2015:
Chief Financial Officer Thomas Ekström is taking up new employment and will
leave Marimekko on 30 October 2015.
After the end of the period under review, the company announced the appointment
of Elina Aalto as Marimekko's Chief Financial Officer and member of the
Management Group as of 11 December 2015.
SHARES AND SHAREHOLDERS
Share capital and number of shares
At the end of June 2015, 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 7,120 shareholders at the
end of the period under review (7,222). Of the shares, 22.0 percent were owned
by nominee-registered or non-Finnish holders (21.8). The number of shares owned
either directly or indirectly by members of the Board of Directors and the
President of the company 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 company.marimekko.com under Investors/Share information.
Share trading and the company's market capitalisation
In the January-June period of 2015, a total of 423,146 Marimekko shares were
traded, representing 5.2 percent of the shares outstanding. The total value of
Marimekko's share turnover was EUR 4,311,804. The lowest price of the Marimekko
share was EUR 9.00, the highest was EUR 10.94 and the average price was EUR
10.19. At the end of June, the closing price of the share was EUR 9.65. The
company's market capitalisation on 30 June 2015 was EUR 78,064,737
(78,550,113).
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.
MAJOR RISKS AND FACTORS OF UNCERTAINTY
The major strategic risks for the near future are associated with the weakening
of consumer confidence, overall economic trends, and the consequent uncertainty
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 retail, and changes in Marimekko's design and product
assortment.
Marimekko products are sold in approximately 40 countries. The 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 the 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. The
long-term problems in the global economy continue to dampen the prospects for
retail as well as Marimekko's prospects for growth and earnings.
Marimekko is undergoing a phase of extensive internationalisation and change.
The distribution of products is being expanded in all key market areas. Growth
is based 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 totally 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, partnership agreements, the
choice of partners as well as store lease agreements in the company's key
market areas involve risks.
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 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. As a result of new
products, the share of in-house production has diminished, and the company uses
subcontractors for its manufacturing to an increasing extent. Therefore, the
company's dependence on the supply chain has increased. 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 economic 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 U.S. dollar, Swedish krona and Australian
dollar), and taxation may have an impact on the company's financial status.
MARKET OUTLOOK AND GROWTH TARGETS IN 2015
Overall uncertainty in the global economy is forecast to continue, and this may
impact consumers' purchasing behaviour in all of Marimekko's market areas.
In particular, the situation in the retail trade in Marimekko's important
domestic market, Finland, has remained difficult. Deteriorating consumer
confidence, declining purchasing power and rising unemployment cast a shadow
over Marimekko's retail sales expectations for 2015 and are reflected in
retailers' increasing reluctance to replenish their stocks. In the first half
of the year, comparable retail sales rose by 3 percent due to dynamic growth in
discount-driven sales by outlet stores and the online store during the second
quarter. In prime stores, comparable sales fell by roughly 5 percent. Since the
end of the period under review, comparable retail sales have fallen by around 8
percent; comparable sales in prime stores have declined by around 12 percent.
Changes taking place in autumn in the array of stores in Helsinki city centre
will result in losses of retail sales during the second half of the year. No
major nonrecurring promotional deliveries which would support wholesale sales
are in sight for the remainder of the year. However, store openings in 2014 and
2015 are boosting sales.
The Asia-Pacific region, Marimekko's second-biggest market, plays an important
part in the company's internationalisation, and the company sees a growing
demand for its products in this area in the long run. In recent years, new
markets have been opened up in China, Hong Kong and Taiwan, and the number of
Marimekko stores in the region has more than doubled to nearly 50. In 2015, new
markets have been opened up at least in Singapore and Thailand (Bangkok). In
Australia, the outlook is bright, and Marimekko's retail sales have developed
well, even better than forecast. Although sales in these countries are expected
to grow, their combined share of Marimekko's net sales is still relatively
small compared with Japan, which is clearly the most important single country
for the company in this area. The appreciation of the euro against the yen and
an increase in sales tax which came into force last spring impacted negatively
on Marimekko's Japanese wholesale sales in 2014. This year and in the years
ahead, sales in Japan are forecast to develop more modestly than in past years.
Potential sales growth in the Japanese market will increasingly be based on
organic growth which will be supported by the development of the operations of
Marimekko stores in Japan and by changes that will be made in the company's
product range. New stores will be opened at an estimated rate of a few per
year. In the first half of the year, wholesale sales in Japan rose by one
percent, but sales for this year as a whole are forecast to deteriorate
relative to 2014. Due to the expected fall in Japanese sales, wholesale sales
for the entire market area are estimated to decline in 2015 compared to the
previous year.
In the United States, the economy as a whole has been growing, but Marimekko's
comparable foreign-currency-denominated retail and wholesale sales in North
America are estimated to fall in 2015 on the basis of a weaker than expected
trend in sales during the first half of the year. The appreciation of the US
dollar will, however, boost sales markedly in euro terms. Nevertheless, owing
to the loss-making nature of Marimekko's North American business, the
appreciation of the dollar will impact negatively on the company's operating
result in 2015. The Beverly Hills store was closed in March, which resulted in
substantial expenses during the first quarter. Royalty income from North
America is forecast to grow in 2015 due to a licensing agreement concluded with
a North American company.
Sales expectations in Scandinavia are modest.
In EMEA, 2015 sales are being boosted by deliveries to two new stores opened
during the spring in Dubai in the United Arab Emirates and by growth in
wholesale deliveries to a few major retailers in Belgium and France.
In 2015, the main thrust in expansion continues to be on openings of
retailer-owned Marimekko stores. The aim is to open a total of 10-20 new
Marimekko stores and shop-in-shops. Of these, 1-3 would be company-owned.
Furthermore, the company will continue the operational enhancement and the
improvement of profitability of company-owned stores opened in recent years.
Changes in the business locations of company-owned stores may affect sales
negatively during the current year.
The expenses of marketing measures scheduled for 2015 are expected to be higher
than last year, meaning more than EUR 5 million (4.7). The total investments
for 2015 of the Marimekko Group are estimated as being in excess of EUR 3
million (2.1). The majority of investments will be directed at building new
store premises and purchasing new furniture as well as developing IT systems in
support of business operations.
FINANCIAL GUIDANCE FOR 2015
The full-year estimate for 2015 is unchanged: Based on the market outlook,
estimated sales development in the company's market areas, especially in
Finland, the company's growth targets as well as other estimated factors, the
Marimekko Group's year 2015 net sales are forecast to be at the same level as
in 2014 or lower. Operating profit excluding nonrecurring items in 2015 is
estimated to be lower than in 2014.
Helsinki, 19 August 2015
MARIMEKKO CORPORATION
Board of Directors
INTERIM REPORT 1 JANUARY-30 JUNE 2015: TABLE SECTION
The information presented in the interim report has not been 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
Key figures for the Group
Segment information
Net sales by market area
Net sales by product line
Quarterly development of net sales and earnings
ACCOUNTING PRINCIPLES
This interim report was prepared in accordance with IAS 34. Marimekko has
applied the same accounting principles as were applied in the 2014 financial
statements in this interim report, although at the start of the financial year
the company adopted certain new and amended IFRS standards as described in the
financial statements for 2014. The adoption of new and updated standards has
had no effect on the figures stated during the period under review.
FORMULAS FOR KEY FIGURES
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, 30 June
Return on equity (ROE), %:
(Profit before taxes - income taxes) X 100 / Shareholders' equity (average for
the financial year)
Return on investment (ROI), %:
(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 - trade and
other payables - current tax liability
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 4-6/20 4-6/20 1-6/201 1-6/201 1-12/20
15 14 5 4 14
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 23,446 21,874 43,581 41,250 94,150
--------------------------------------------------------------------------------
Other operating income 52 56 110 111 230
--------------------------------------------------------------------------------
Increase or decrease in inventories -1,073 25 187 731 -692
of completed and unfinished products
--------------------------------------------------------------------------------
Raw materials and consumables -7,376 -7,423 -15,307 -15,184 -32,767
--------------------------------------------------------------------------------
Employee benefit expenses -6,566 -6,392 -13,313 -13,169 -25,543
--------------------------------------------------------------------------------
Depreciation and impairments -1,072 -1,076 -2,119 -2,158 -4,283
--------------------------------------------------------------------------------
Other operating expenses -7,117 -6,546 -14,170 -12,809 -25,503
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
OPERATING RESULT 294 519 -1,031 -1,229 5,592
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income 20 49 23 46 252
--------------------------------------------------------------------------------
Financial expenses -275 -92 -144 -161 -360
--------------------------------------------------------------------------------
-254 -43 -121 -115 -108
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RESULT BEFORE TAXES 40 476 -1,152 -1,344 5,485
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income taxes 50 -116 147 206 -1,370
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET RESULT FOR THE PERIOD 90 360 -1,006 -1,138 4,114
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution of net result to equity 90 360 -1,006 -1,138 4,114
holders of the parent company
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Basic and diluted earnings per share 0.01 0.05 -0.12 -0.14 0.51
calculated on the result
attributable to equity holders of
the parent company, EUR
--------------------------------------------------------------------------------
COMPREHENSIVE CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 4-6/20 4-6/20 1-6/20 1-6/20 1-12/2
15 14 15 14 014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net result for the period 90 360 -1,006 -1,138 4,114
--------------------------------------------------------------------------------
Items that could be reclassified to
profit or loss at a future point in
time
--------------------------------------------------------------------------------
Change in translation difference 47 -13 127 -9 -36
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
COMPREHENSIVE RESULT FOR THE PERIOD 137 347 -879 -1,147 4,078
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution of net result to equity 137 347 -879 -1,147 4,078
holders of the parent company
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 30.6.2015 30.6.2014 31.12.2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT ASSETS
--------------------------------------------------------------------------------
Intangible assets 1,643 1,634 1,561
--------------------------------------------------------------------------------
Tangible assets* 15,597 17,401 16,702
--------------------------------------------------------------------------------
Available-for-sale financial assets 16 16 16
--------------------------------------------------------------------------------
Deferred tax assets 177 217 -
--------------------------------------------------------------------------------
17,433 19,268 18,279
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT ASSETS
--------------------------------------------------------------------------------
Inventories 18,561 18,583 17,558
--------------------------------------------------------------------------------
Trade and other receivables 7,217 7,739 7,286
--------------------------------------------------------------------------------
Current tax assets 104 269 -
--------------------------------------------------------------------------------
Cash and cash equivalents 3,648 2,160 4,079
--------------------------------------------------------------------------------
29,530 28,751 28,924
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ASSETS, TOTAL 46,964 48,019 47,203
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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 53 -47 -74
--------------------------------------------------------------------------------
Retained earnings 16,740 15,325 20,577
--------------------------------------------------------------------------------
Shareholders' equity, total 25,335 23,820 29,045
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES
--------------------------------------------------------------------------------
Deferred tax liabilities - - 4
--------------------------------------------------------------------------------
Provisions 190 190 190
--------------------------------------------------------------------------------
Financial liabilities 6,985 8,101 3,696
--------------------------------------------------------------------------------
Finance lease obligations 3,275 3,297 3,261
--------------------------------------------------------------------------------
10,451 11,588 7,150
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT LIABILITIES
--------------------------------------------------------------------------------
Trade and other payables 10,936 9,459 10,053
--------------------------------------------------------------------------------
Current tax liabilities - - 778
--------------------------------------------------------------------------------
Finance liabilities - 3,000 -
--------------------------------------------------------------------------------
Finance lease obligations 242 152 176
--------------------------------------------------------------------------------
11,178 12,611 11,008
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liabilities, total 21,629 24,199 18,158
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES, TOTAL 46,964 48,019 47,203
--------------------------------------------------------------------------------
* At the end of the review period, tangible assets included assets acquired
under finance lease agreements in the amount of EUR 3,356 thousand (30 June
2014: 3,333; 31 December 2014: 3,298).
The Group has no liabilities resulting from derivative contracts, and there are
no outstanding guarantees or any other contingent liabilities which have been
granted on behalf of the management of the company or its shareholders.
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) 1-6/201 1-6/201 1-12/201
5 4 4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net result for the period -1,006 -1,138 4,114
--------------------------------------------------------------------------------
Adjustments
--------------------------------------------------------------------------------
Depreciation and impairments 2,119 2,158 4,283
--------------------------------------------------------------------------------
Other non-cash transactions - 89 89
--------------------------------------------------------------------------------
Financial income and expenses 121 115 108
--------------------------------------------------------------------------------
Taxes -147 -206 1,370
--------------------------------------------------------------------------------
Cash flow before change in working capital 1,088 1,018 9,965
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in working capital -831 -1,474 45
--------------------------------------------------------------------------------
Increase (-) / decrease (+) in current 72 -446 -460
non-interest-bearing trade receivables
--------------------------------------------------------------------------------
Increase (-) / decrease (+) in inventories -1,003 -477 547
--------------------------------------------------------------------------------
Increase (+) / decrease (-) in current 100 -551 -42
non-interest-bearing liabilities
--------------------------------------------------------------------------------
Cash flow from operating activities before financial 257 -456 10,010
items and taxes
--------------------------------------------------------------------------------
Paid interest and payments on other financial -144 -139 -360
expenses
--------------------------------------------------------------------------------
Interest received 20 23 45
--------------------------------------------------------------------------------
Taxes paid -104 -269 156
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES 29 -840 9,851
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Investments in tangible and intangible assets -790 -785 -2,063
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES -790 -785 -2,063
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-term loans drawn - 3,000 -
--------------------------------------------------------------------------------
Long-term loans drawn 3,289 - -
--------------------------------------------------------------------------------
Long-term loans paid - -133 -4,538
--------------------------------------------------------------------------------
Finance lease liabilities paid -128 -61 -150
--------------------------------------------------------------------------------
Dividends paid -2,831 -2,022 -2,022
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES 330 784 -6,710
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in cash and cash equivalents -431 -841 1,078
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the 4,079 3,001 3,001
period
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 3,648 2,160 4,079
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(EUR 1,000) Equity attributable to equity holders of the parent company
--------------------------------------------------------------------------------
Share Reserve for Translatio Retained Shareholde
capita invested n earnings rs'
l non-restricted difference equity,
equity s total
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' 8,040 502 -38 18,485 26,989
equity
1 January 2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Comprehensive
result
--------------------------------------------------------------------------------
Net result for the -1,138 -1,138
period
--------------------------------------------------------------------------------
Translation -9 -9
differences
--------------------------------------------------------------------------------
Total -9 -1,138 -1,147
comprehensive
result for the
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Transactions with
owners
--------------------------------------------------------------------------------
Dividends paid -2,022 -2,022
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' 8,040 502 -47 15,325 23,820
equity
30 June 2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' 8,040 502 -74 20,577 29 ,045
equity
1 January 2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Comprehensive
result
--------------------------------------------------------------------------------
Net result for the -1,006 -1,006
period
--------------------------------------------------------------------------------
Translation 127 127
differences
--------------------------------------------------------------------------------
Total 127 -1,006 -879
comprehensive
result for the
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Transactions with
owners
--------------------------------------------------------------------------------
Dividends paid -2,831 -2,831
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' 8,040 502 53 16,740 25,335
equity
30 June 2015
--------------------------------------------------------------------------------
KEY FIGURES
1-6/2015 1-6/2014 Change, % 1-12/2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share, EUR -0.12 -0.14 11 0.51
--------------------------------------------------------------------------------
Equity per share, EUR 3.13 2.94 6 3.59
--------------------------------------------------------------------------------
Return on equity (ROE), % -7.4 -9.0 14.7
--------------------------------------------------------------------------------
Return on investment (ROI), % -5.6 -6.2 15.6
--------------------------------------------------------------------------------
Equity ratio, % 54.0 49.7 61.6
--------------------------------------------------------------------------------
Gearing, % 27.1 52.0 10.5
--------------------------------------------------------------------------------
Gross investments, EUR 1,000 790 785* 1 2,063
--------------------------------------------------------------------------------
Gross investments, % of net sales 2 2 2
--------------------------------------------------------------------------------
Contingent liabilities, EUR 1,000 33,755 35,363 -5 34,310
--------------------------------------------------------------------------------
Average personnel 458 478 -4 473
--------------------------------------------------------------------------------
Personnel at the end of the period 475 485 -2 479
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
*Does not include machinery and equipment acquired under finance lease
agreements (EUR 209 thousand).
SEGMENT INFORMATION
(EUR 1,000) 1-6/2015 1-6/2014 Change, % 1-12/2014
------------------------------------------------------------
------------------------------------------------------------
Marimekko business
------------------------------------------------------------
Net sales 43,581 41,250 6 94,150
------------------------------------------------------------
Operating result -1,031 -1,229 16 5,592
------------------------------------------------------------
Assets 46,964 48,019 -2 47,203
------------------------------------------------------------
NET SALES BY MARKET AREA
(EUR 4-6/ 4-6/ Change Change 1-6/ 1-6/ Change Change 1-12/
1,000) 2015 2014 , , 2015 2014 , , 2014
% % % %
In In
curren curren
cy cy
terms terms
--------------------------------------------------------------------------------
Finland 13,076 11,957 9 9 22,784 21,993 4 4 52,034
--------------------------------------------------------------------------------
Retail 9,878 8,798 12 12 16,084 15,003 7 7 35,363
sales
--------------------------------------------------------------------------------
Wholesal 3,113 3,065 2 2 6,522 6,817 -4 -4 16,245
e sales
--------------------------------------------------------------------------------
Royaltie 86 94 -9 -9 178 173 3 3 425
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Scandina 1,980 1,976 0 3 3,792 3,883 -2 1 8,452
via
--------------------------------------------------------------------------------
Retail 1,331 1,332 0 1 2,322 2,393 -3 -1 5,151
sales
--------------------------------------------------------------------------------
Wholesal 649 644 1 7 1,470 1,490 -1 4 3,301
e sales
--------------------------------------------------------------------------------
Royaltie - - - - -
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EMEA 2,145 1,876 14 14 4,413 3,739 18 18 7,554
--------------------------------------------------------------------------------
Retail 269 399 -32 -32 612 718 -15 -15 1,509
sales
--------------------------------------------------------------------------------
Wholesal 1,846 1,460 26 26 3,730 2,947 27 27 5,882
e sales
--------------------------------------------------------------------------------
Royaltie 30 36 -17 -17 71 74 -4 -4 162
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
North 2,054 2,040 1 -23 4,157 3,551 17 -4 8,584
America
--------------------------------------------------------------------------------
Retail 1,522 1,513 1 -20 2,809 2,642 6 -14 5,983
sales
--------------------------------------------------------------------------------
Wholesal 493 464 6 -27 897 784 14 -5 1,957
e sales
--------------------------------------------------------------------------------
Royaltie 40 64 -37 -31 451 126 644
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Asia-Pac 4,190 4,025 4 6 8,436 8,083 4 5 17,527
ific
--------------------------------------------------------------------------------
Retail 726 501 45 40 1,436 1,015 41 35 2,675
sales
--------------------------------------------------------------------------------
Wholesal 3,465 3,501 -1 -1 7,000 7,064 -1 -1 14,847
e sales
--------------------------------------------------------------------------------
Royaltie - 5 -100 - 5 -100 5
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Internat 10,370 9,918 5 3 20,798 19,257 8 2 42,116
ional
sales,
total
--------------------------------------------------------------------------------
Retail 3,847 3,745 3 0 7,180 6,768 6 -1 15,318
sales
--------------------------------------------------------------------------------
Wholesal 6,453 6,069 6 6 13,096 12,285 7 5 25,987
e sales
--------------------------------------------------------------------------------
Royaltie 70 104 -33 -30 522 204 811
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 23,446 21,874 7 3 43,581 41,250 6 3 94,150
--------------------------------------------------------------------------------
Retail 13,725 12,542 9 5 23,264 21,770 7 3 50,682
sales
--------------------------------------------------------------------------------
Wholesal 9 565 9,134 5 -1 19 618 19,102 3 1 42,232
e sales
--------------------------------------------------------------------------------
Royaltie 156 198 -21 -22 700 377 85 78 1,237
s
--------------------------------------------------------------------------------
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) 4-6/ 4-6/ Change, % 1-6/ 1-6/ Change, % 1-12/
2015 2014 2015 2014 2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Fashion 9,314 8,608 8 18,159 16,635 9 36,256
--------------------------------------------------------------------------------
Home 8,261 8,459 -2 15,232 16,020 -5 37,703
--------------------------------------------------------------------------------
Bags & accessories 5,871 4,807 22 10,190 8,596 19 20,191
--------------------------------------------------------------------------------
TOTAL 23,446 21,874 7 43,581 41,250 6 94,150
--------------------------------------------------------------------------------
QUARTERLY DEVELOPMENT OF NET SALES AND EARNINGS
(EUR 1,000) 4-6/2015 1-3/2015 10-12/2014 7-9/2014
-----------------------------------------------------------------
-----------------------------------------------------------------
Net sales 23,446 20,135 26,089 26,811
-----------------------------------------------------------------
Operating result 294 -1,325 1,946 4,875
-----------------------------------------------------------------
Earnings per share, EUR 0.01 -0.14 0.15 0.49
-----------------------------------------------------------------
-----------------------------------------------------------------
(EUR 1,000) 4-6/2014 1-3/2014 10-12/2013 7-9/2013
-----------------------------------------------------------------
-----------------------------------------------------------------
Net sales 21,874 19,376 25,465 24,875
-----------------------------------------------------------------
Operating result 519 -1,748 -565 3,093
-----------------------------------------------------------------
Earnings per share, EUR 0.05 -0.19 -0.07 0.22
-----------------------------------------------------------------
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