|
|||
2009-10-21 08:00:00 CEST 2009-10-21 08:00:03 CEST REGULATED INFORMATION Martela Oyj - Interim report (Q1 and Q3)MARTELA CORPORATION'S INTERIM REPORT, 1 JANUARY - 30 SEPTEMBER 2009MARTELA CORPORATION INTERIM REPORT 21.10.2009 at 9.00 a.m. MARTELA CORPORATION'S INTERIM REPORT, 1 JANUARY - 30 SEPTEMBER 2009 Consolidated revenue for January-September was EUR 71.1 million (100.1), a decrease of 28.9 per cent. Operating profit for the same period was EUR 0.4 million (7.0). Revenue for the third quarter was down by 15.8 per cent, and operating profit amounted to EUR 1.2 million (1.9). The cash flow from operating activities in January-September was EUR 9.5 million (7.3). The equity ratio was 58.1 per cent (53.1) and the gearing ratio was -31.5 per cent (0.5). Key figures -------------------------------------------------------------------------------- | | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 | -------------------------------------------------------------------------------- | EUR million | 2009 | 2008 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net revenue | 25.8 | 30.7 | 71.1 | 100.1 | 141.2 | -------------------------------------------------------------------------------- | Change in revenue % | -15.8 | -1.8 | -28.9 | 9.4 | 9.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit excluding | 1.2 | 1.9 | 0.4 | 6.3 | 10.2 | | non-recurring items | | | | | | -------------------------------------------------------------------------------- | Operating profit % | 4.6 | 6.2 | 0.6 | 6.3 | 7.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on investment, % | | | 1.9 | 21.9 | 25.2 | -------------------------------------------------------------------------------- | Return on equity, % | | | 0.0 | 19.1 | 23.8 | -------------------------------------------------------------------------------- | Equity to asset ratio, % | | | 58.1 | 53.1 | 52.2 | -------------------------------------------------------------------------------- | Gearing, % | | | -31.5 | 0.5 | -11.0 | -------------------------------------------------------------------------------- | Earnings per share, eur | 0.00 | 1.08 | 1.89 | -------------------------------------------------------------------------------- | Earnings per share (diluted), eur | 0.00 | 1.08 | 1.89 | | | | | | -------------------------------------------------------------------------------- | Average staff | | | 639 | 684 | 681 | -------------------------------------------------------------------------------- | Revenue/employee (EUR | | | 111.3 | 146.3 | 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 decreased significantly in comparison with the figure for the same period in 2008. During the year new office construction has been slower than in the previous year and fewer building permits has been granted, too. Group structure There were no changes in Group structure during the review period or during the same period the previous year. 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 in the internal financial reporting. 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 23 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 centre and administration. Revenue Consolidated revenue for January-September was EUR 71.1 million (100.1), a decrease of 28.9 per cent. The year-on-year drop in Business Unit Finland's revenue was partly due to there being exceptionally large projects carried out in Finland in the first quarter of the comparison period. The revenue of Business Unit Sweden and Norway was down by 7.6 per cent, while that of Business Poland was up by 0.3 per cent, calculated using local currencies. The overall effect of exchange rate movements on consolidated revenue was approximately 4 percentage points. Revenue for the third quarter decreased to EUR 25.8 million (30.7), a drop of 15.8 per cent. Revenue by segment -------------------------------------------------------------------------------- | EUR million | | | | | | -------------------------------------------------------------------------------- | | Business | Business | Business | Other | Total | | | unit | unit | unit | segments | | | | Finland | Sweden & | Poland | | | | | | Norway | | | | -------------------------------------------------------------------------------- | 1.1.2009-30.9.2009 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | External Revenue | 47.5 | 11.1 | 7.4 | 5.1 | 71.1 | -------------------------------------------------------------------------------- | Internal Revenue | 0.0 | 0.3 | 0.1 | 12.6 | 13.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total 2009 | 47.5 | 11.4 | 7.5 | 17.7 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1.1.2008-30.9.2008 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | External Revenue | 69.9 | 13.8 | 9.5 | 6.9 | 100.1 | -------------------------------------------------------------------------------- | Internal Revenue | 0.0 | 0.3 | 0.0 | 15.4 | 15.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total 2008 | 69.9 | 14.1 | 9.5 | 22.3 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | External revenue | -32.1 | -19.6 | -21.7 | -26.1 | -28.9 | | 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 revenue -------------------------------------------------------------------------------- | | 1-9 | 1-9 | | | 1-12 | | -------------------------------------------------------------------------------- | EUR million | 2009 | 2008 | Change | Percenta | 2008 | Percentag | | | | | % | ge | | e | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Business unit | 47.5 | 69.9 | -32.1 | 66.8 % | 101.4 | 71.9 | | Finland | | | | | | | -------------------------------------------------------------------------------- | Business unit | 11.1 | 13.8 | -19.6 | 15.6 % | 18.7 | 13.2 | | Sweden & Norway | | | | | | | -------------------------------------------------------------------------------- | Business unit | 7.4 | 9.5 | -21.7 | 10.4 % | 12.7 | 9.0 | | Poland | | | | | | | -------------------------------------------------------------------------------- | Other segments | 5.1 | 6.9 | -26.1 | 7.2% | 8.4 | 5.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total | 71.1 | 100.1 | -28.9 | 100.0 % | 141.2 | 100.0 % | -------------------------------------------------------------------------------- Consolidated result The consolidated result for the third quarter was EUR 1.2 million (1.9). The year-on-year decrease in operating profit was mainly due to the fall in revenue. Operating profit for January-September was EUR 0.4 million (7.0). In May 2009, PO Korhonen sold its factory property in Raisio. This transaction did not have a material effect on the consolidated result. The result for 2008 included EUR 0.7 million in non-recurring income from the sale of assets. Profit before taxes was EUR 0.1 million (6.6), and profit after taxes was EUR 0.0 million (4.4). Operating profit excluding non-recurring items was 0.6 per cent of revenue (6.3). Operating profit by segment -------------------------------------------------------------------------------- | | 1-9 | 1-9 | 1-12 | -------------------------------------------------------------------------------- | EUR million | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Business Unit Finland | 2.8 | 9.4 | 14.5 | -------------------------------------------------------------------------------- | Business Unit Sweden & Norway | -0.9 | -1.1 | -1.6 | -------------------------------------------------------------------------------- | Business Unit Poland | -0.3 | -0.3 | -0.6 | -------------------------------------------------------------------------------- | Other Segments | 0.0 | 0.0 | -0.4 | -------------------------------------------------------------------------------- | Other | -1.2 | -1.0 | -1.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total | 0.4 | 7.0 | 10.8 | -------------------------------------------------------------------------------- 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 third quarter, interest-bearing liabilities were EUR 9.5 million (11.8), and net liabilities were EUR -9.9 million (0.1). At the end of the review period, the gearing ratio was -31.5 per cent (0.5) and the equity ratio was 58.1 per cent (53.1). Net financing costs amounted to EUR -0.3 million (-0.5). The cash flow from operating activities in January-September was EUR 9.5 million (7.3). The balance sheet total at the end of the review period was EUR 54.6 million (60.8). Capital expenditure The Group's gross capital expenditure in January-September totalled EUR 1.7 million (2.3). The capital expenditure mainly concerned production replacements and IT investments. Personnel The Group employed an average of 639 (684) persons, a year-on-year decrease of 6.6 per cent. Average personnel by region -------------------------------------------------------------------------------- | | 1-9 | 1-9 | 1-12 | -------------------------------------------------------------------------------- | | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finland | 486 | 522 | 520 | -------------------------------------------------------------------------------- | Scandinavia | 62 | 72 | 71 | -------------------------------------------------------------------------------- | Poland | 90 | 90 | 90 | --------------------------------------------------------------------------------| Russia | 1 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group total | 639 | 684 | 681 | -------------------------------------------------------------------------------- In March, Martela concluded its codetermination negotiations with personnel in the parent company, Martela Corporation. The outcome of the negotiations was that 15 people were given notice of termination, and layoffs affecting the entire workforce have been agreed, estimated to correspond to a work input of 30 person work years. 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, while 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'. Martela exhibited a number of new products at its 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. The 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. 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 or for private conversations. Shares During January-September, 624,743 (625,159) of the company's A shares were traded on NASDAQ OMX Helsinki Ltd, corresponding to 17.6 per cent (17.6) of all A shares. The value of trading was EUR 4.3 million (5.5), and the share price was EUR 5.29 at the beginning of the year and EUR 7.41 at the end of the third quarter. During January-September the share price was EUR 8.00 at its highest and EUR 5.21 at its lowest. At the end of September, equity per share was EUR 7.82 (7.87). 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 Martela shares in January-September. On 30 September 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 September 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-September 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. The company is continuously examining its cost structure for improvements and is continuing to increase the efficiency of its operations. GROUP INCOME STATEMENT (EUR 1000) 2009 2008 2009 2008 2008 1-9 1-9 7-9 7-9 1-12 Revenue 71.108 100.076 25.825 30.657 141.153 Other operating income 0.620 1.141 0.232 0.160 1.422 Employee benefits expenses -19.733 -23.070 -5.819 -6.822 -31.452 Operating expenses -49.277 -68.802 -18.245 -21.188 -97.154 Depreciation and impairment -2.290 -2.312 -0.805 -0.856 -3.115 Operating profit/loss 0.428 7.032 1.188 1.951 10.854 Financial income and expenses -0.280 -0.457 -0.092 -0.195 -0.651 Profit/loss before taxes 0.148 6.575 1.096 1.757 10.202 Income tax -0.140 -2.141 -0.304 -0.808 -2.666 Profit/loss for the period 0.008 4.435 0.792 0.948 7.537 Other comprehensive income Translation differences 0.020 0.036 0.102 -0.008 -0.357 Total comprehensive income 0.028 4.471 0.894 0.940 7.180 Basic earnings per share, eur 0.00 1.08 0.20 0.23 1.89 Diluted earnings per share, eur 0.00 1.08 0.20 0.23 1.89 Allocation of net profit for the period: To equity holders of the parent 0.008 4.435 0.792 0.948 7.537 Allocation of total comprehensive income: To equity holders of the parent 0.028 4.471 0.894 0.940 7.180 GROUP BALANCE SHEET (EUR 1000) 30.9.2009 31.12.2008 30.09.2008 ASSETS Non-current assets Intangible assets 0.766 0.724 0.718 Tangible assets 12.173 13.461 13.841 Investments 0.039 0.039 0.039 Deferred tax assets 0.301 0.304 0.245 Pension receivables 0.072 0.072 0.035 Receivables 0.000 0.000 0.630 Investment properties 0.600 0.600 0.600 Total 13.951 15.200 16.108 Current assets Inventories 8.950 10.825 13.505 Receivables 12.320 24.252 19.537 Financial assets at fair value 1.089 1.038 2.031 through profit and loss Cash and cash equivalents 18.323 13.581 9.588 Total 40.682 49.696 44.661 Total assets 54.633 64.896 60.770 EQUITY AND LIABILITIES Equity attributable to shareholders of the parent 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 -0.466 -0.486 -0.093 Retained earnings 24.543 27.335 24.552 Treasury shares -1.200 -1.610 -0.721 Share-based incentives 0.420 0.270 0.210 Total 31.530 33.742 32.181 Non-current liabilities Interest-bearing liabilities 6.548 8.024 8.989 Deferred tax liability 1.286 1.403 1.477 Total 7.834 9.427 10.466 Current liabilities Interest-bearing 2.916 2.869 2.777 Non-interest bearing 12.353 18.858 15.346 Total 15.269 21.727 18.123 Total liabilities 23.103 31.154 28.589 Equity and liabilities, total 54.633 64.896 60.770 STATEMENT OF CHANGES IN EQUITY (EUR 1000) Equity attributable to equity holders of the parent Share Share Other Transl. 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 0.244 0.244 Profit/loss for the period, compr. 0.036 4.435 4.471 Total rec. income 0.036 4.679 4.715 and expense Dividends -2.044 -2.044 30.09.2008 7.000 1.116 0.117 -0.093 24.762 -0.721 32.181 1.1.2009 7.000 1.116 0.117 -0.486 27.605 -1.610 33.742 Translation diff. 0.000 Other change -0.260 0.410 0.150 Profit/loss for the period, compr. 0.020 0.008 0.028 Total rec. income and expense 0.020 -0.252 0.410 0.178 Dividends -2.390 -2.390 30.09.2009 7.000 1.116 0.117 -0.466 24.963 -1.200 31.530CONSOLIDATED CASH FLOW STATEMENT (EUR 1000) 2009 2008 2008 1-9 1-9 1-12 Cash flows from operating activities Cash flow from sales 81.905 102.768 138.477 Cash flow from other operating income 0.363 0.392 0.687 Payments on operating costs -71.131 -93.953 -124.654 Net cash from operating activities before financial items and taxes 11.137 9.207 14.510 Interest paid -0.385 -0.544 -0.844 Interest received 0.156 0.175 0.268 Other financial items 0.016 -0.048 -0.060 Taxes paid -1.438 -1.500 -2.116 Net cash from operating activities (A) 9.486 7.289 11.758 Cash flows from investing activities Capital expenditure on tangible and intangible assets -1.537 -1.928 -2.206 Proceeds from sale of tangible and intangible assets 1.268 1.602 1.489 Repayments of loans receivables 0.000 0.022 0.022 Net cash used in investing activities (B) -0.269 -0.303 -0.694 Cash flows from financing activities Proceeds from short-term loans 0.008 - 0.129 Repayments of short-term loans -0.611 -0.627 -0.795 Repayments of long-term loans -1.427 -2.506 -3.365 Dividends paid and other profit distribution -2.390 -1.972 -1.972 Net cash used in financial activities (C) -4.421 -5.105 -6.003 Change in cash and cash equivalents (A+B+C) 4.796 1.881 5.061 (+ increase, - decrease) Cash and cash equivalents at the beginning of period 14.620 9.691 9.691 Translation differences -0.004 0.048 -0.132 Cash and cash equivalents at the end of period 19.412 11.619 14.620 SEGMENT REPORTING (EUR 1 000) Segment revenue 2009 2008 2009 2008 2008 1-9 1-9 7-9 7-9 1-12 Business Unit Finland external 47.479 69.885 16.624 21.701 101.430 internal 0.000 0.000 0.000 0.000 0.000 Business Unit Sweden and Norway external 11.122 13.836 3.296 3.736 18.689 internal 0.321 0.252 0.178 0.145 0.301 Business Unit Poland external 7.431 9.491 3.300 2.939 12.722 internal 0.044 0.033 0.024 0.015 0.049 Other segments external 5.076 6.864 2.605 2.281 8.312 internal 12.601 15.410 4.482 5.057 21.379 Total external revenue 71.108 100.076 25.825 30.657 141.153 Segment operating profit/loss 2009 2008 2009 2008 2008 1-9 1-9 7-9 7-9 1-12 Business Unit Finland 2.816 9.384 0.839 2.864 14.517 Business Unit Sweden and Norway -0.932 -1.132 -0.207 -0.126 -1.599 Business Unit Poland -0.300 -0.246 -0.029 -0.013 -0.549 Other segments 0.053 0.050 0.301 0.118 -0.421 Other -1.209 -1.024 0.284 -0.892 -1.094 Total operating profit/loss 0.428 7.032 1.188 1.951 10.854 TANGIBLE ASSETS 1.1-30.9.2009 Land Buildings Machinery Other Work in areas & equipment tangibles progress Acquisitions 0.000 0.102 1.154 0.067 0.096 Decreases -0.023 -0.706 0.000 0.000 0.000 TANGIBLE ASSETS 1.1-30.9.2008 Land Buildings Machinery Other Work in areas & equipment tangibles progress Acquisitions 0.000 0.028 2.003 0.021 -0.132 Decreases 0.000 -0.008 -0.127 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 1-9 1-9 1-12 Operating profit/loss 0.428 7.032 10.854 - in relation to revenue 0.6 7.0 7.7 Profit/loss before taxes 0.148 6.575 10.202 - in relation to revenue 0.2 6.6 7.2 Profit/loss for the period 0.008 4.435 7.537 - in relation to revenue 0.0 4.4 5.3 Basic earnings per share, eur 0.00 1.08 1.89 Diluted earnings per share, eur 0.00 1.08 1.89 Equity/share, eur 7.82 7.87 8.47 Equity ratio 58.1 53.1 52.2 Return on equity * 0.0 19.1 23.8 Return on investment * 1.9 21.9 25.2 Interest-bearing net-debt, eur million -9.9 0.1 -3.7 Gearing ratio -31.5 0.5 -11.0 Capital expenditure, eur million 1.7 2.3 2.9 - in relation to revenue, % 2.4 2.3 2.1 Personnel at the end of period 620 673 670 Average personnel 639 684 681 Revenue/employee, eur thousand 111.3 146.3 207.3 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 30.9.2009 31.12.2008 30.9.2008 Mortgages and shares pledged 14.487 14.566 17.055 Guarantees 0.000 0.000 0.000 Other commitments 0.299 0.332 0.267 RENTAL COMMITMENTS 7.015 8.964 9.399 DEVELOPMENT OF SHARE PRICE 2009 2008 2008 1-9 1-9 1-12 Share price at the end of period, EUR 7.41 7.52 5.29 Highest price, EUR 8.00 10.05 10.05 Lowest price, EUR 5.21 7.32 5.10 Average price, EUR 6.91 8.85 8.30 This interim report has not been audited. Helsinki, 21 October 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 |
|||
|