2010-02-10 07:30:00 CET
2010-02-10 07:30:02 CET
REGULATED INFORMATION
Martela Oyj - Financial Statement Release
MARTELA CORPORATION'S FINANCIAL STATEMENTS RELEASE, 1 JANUARY - 31 DECEMBER 2009
MARTELA CORPORATION FINANCIAL STATEMENTS RELEASE 10.2.2010 at 8.30 a.m.
MARTELA CORPORATION'S FINANCIAL STATEMENTS RELEASE, 1 JANUARY - 31 DECEMBER 2009
Consolidated revenue in January-December was EUR 95.3 million (141.2), a
decrease of 32.5 per cent on the previous year. Operating profit for the same
period was EUR 0.8 million (10.9). Revenue for the fourth quarter was down by
41.0 per cent, and operating profit amounted to EUR 0.4 million (3.8). Cash flow
from operating activities in January-December was EUR 10.8 million (11.8). The
equity ratio was 57.4 per cent (52.2) and the gearing ratio was -33.9 per cent
(-11.0).
Key figures
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| | 10-12 | 10-12 | 1-12 | 1-12 |
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| EUR million | 2009 | 2008 | 2009 | 2008 |
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| Net revenue | 24.2 | 41.1 | 95.3 | 141.2 |
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| Change in revenue % | -41.0 | 11.0 | -32.5 | 9.9 |
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| Operating profit excluding | 0.4 | 3.8 | 0.8 | 10.2 |
| non-recurring items | | | | |
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| Operating profit % | 1.5 | 9.3 | 0.8 | 7.2 |
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| Return on investment, % | | | 2.3 | 25.2 |
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| Return on equity, % | | | 0.4 | 23.8 |
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| Equity to asset ratio, % | | | 57.4 | 52.2 |
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| Gearing, % | | | -33.9 | -11.0 |
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| Earnings per share, eur | 0.03 | 1.89 |
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| Earnings per share (diluted), eur | 0.03 | 1.89 |
| | | |
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| Average staff | | | 636 | 681 |
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| Revenue/employee (EUR 1.000) | | | 149.9 | 207.3 |
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Accounting policies
This financial statements release has been prepared in accordance with IAS 34,
applying the same policies as were applied for the 2008 financial statements. 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. The annual figures presented in this financial statements release
have been audited.
Market
The demand for office furniture decreased significantly on 2008. New office
construction in 2009 was slower than in the previous year and fewer building
permits were granted.
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 financial statements 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 organisationalstructure 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. In Finland, Martela has an extensive sales and
service network which covers the whole of the country, with a total of 24
service locations. The Business Unit's logistics centre is in Nummela.
Business Unit Sweden and Norway's sales are handled through about 70 dealers in
Sweden and Norway. 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
Revenue for January-December was EUR 95.3 million (141.2), a decrease of 32.5
per cent. Business Unit Sweden and Norway's revenue was down by 5.3 per cent,
and Business Unit Poland's revenue was down by 8.5 per cent, calculated in local
currencies. The overall effect of exchange rate movements on consolidated
revenue was approximately 3 percentage points.
Revenue for the fourth quarter was EUR 24.2 million (41.1), a decline of 41.0
per cent.
Revenue by segment
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| | Business | Business | Business | Other | Total |
| | unit | unit | unit | segments | |
| | Finland | Sweden & | Poland | | |
| | | Norway | | | |
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| 1.1.2009-31.12.200 | | | | | |
| 9 | | | | | |
--------------------------------------------------------------------------------
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| External Revenue | 63.9 | 15.8 | 9.5 | 6.2 | 95.9 |
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| Internal Revenue | 0.0 | 0.5 | 0.0 | 16.5 | 17.0 |
--------------------------------------------------------------------------------
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| Total 2009 | 63.9 | 16.3 | 9.5 | 22.7 | |
--------------------------------------------------------------------------------
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| 1.1.2008-31.12.200 | | | | | |
| 8 | | | | | |
--------------------------------------------------------------------------------
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| External Revenue | 101.4 | 18.7 | 12.7 | 8.3 | 141.2 |
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| Internal Revenue | 0.0 | 0.3 | 0.0 | 21.4 | 21.7 |
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| Total 2008 | 101.4 | 19.0 | 12.7 | 29.7 | |
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| External revenue | -37.0 | -15.3 | -25.6 | -26.0 | -32.5 |
| change % | | | | | |
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Other Segments includes PO Korhonen Oy, Kidex Oy and Business Unit International
which is responsible for export markets.
Change in External invoicing and share of total
--------------------------------------------------------------------------------
| | 1-12 | 1-12 | | | 1-12 | |
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| EUR million | 2009 | 2008 | Change | Percenta | 2008 | Percentag |
| | | | % | ge | | e |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Business unit | 63.9 | 101.4 | -37.0 | 67.0 % | 101.4 | 71.9% |
| Finland | | | | | | |
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| Business unit | 15.8 | 18.7 | -15.3 | 16.6 % | 18.7 | 13.2 |
| Sweden & Norway | | | | | | |
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| Business unit | 9.5 | 12.7 | -25.6 | 9.9 % | 12.7 | 9.0 |
| Poland | | | | | | |
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| Other segments | 6.2 | 8.3 | -26.0 | 6.5 % | 8.4 | 5.9 |
--------------------------------------------------------------------------------
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| Total | 95.3 | 141.2 | -32.5 | 100.0 % | 141.2 | 100.0 % |
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Consolidated result
The consolidated result for the fourth quarter was EUR 0.4 million (3.8). The
year-on-year decrease in operating profit was mainly due to the fall in revenue.
Operating profit for January-December was EUR 0.8 million (10.9). 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 includes EUR 0.7
million in non-recurring income from the sale of assets.
Profit before taxes was EUR 0.4 million (10.2), and profit after taxes was EUR
0.1 million (7.5).
Operating profit excluding non-recurring items was 0.8 per cent of revenue
(7.2).
Operating profit by segment
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| | 1-12 | 1-12 |
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| EUR million | 2009 | 2008 |
--------------------------------------------------------------------------------
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| Business Unit Finland | 3.9 | 14.5 |
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| Business Unit Sweden & Norway | -1.0 | -1.6 |
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| Business Unit Poland | -0.7 | -0.6 |
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| Other Segments | -1.0 | -0.4 |
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| Other | -0.4 | -1.1 |
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| Total | 0.8 | 10.8 |
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Other Segments includes 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 is strong. At the end of the year,
interest-bearing liabilities were EUR 8.5 million (10.9), and net liabilities
were EUR -10.8 million (-3.7). At the end of the review period, the gearing
ratio was -33.9 per cent (-11.0) and the equity ratio was 57.4 per cent (52.2).
Net financing costs amounted to EUR -0.4 million (-0.7).
The cash flow from operating activities in January-December was EUR 10.8 million
(11.8).
The balance sheet total at the end of the review period was EUR 55.6 million
(64.9).
Capital expenditure
The Group's gross capital expenditure for January-December totalled EUR 2.2
million (2.9). The capital expenditure mainly concerned production replacements
and IT investments.
Personnel
The Group employed an average of 636 (681) persons, a year-on-year decrease of
6.6 per cent.
Average staff by region
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| | 1-12 | 1-12 |
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| | 2009 | 2008 |
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| Finland | 479 | 520 |
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| Scandinavia | 62 | 71 |
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| Poland | 94 | 90 |
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| Russia | 1 | 0 |
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| Group total | 636 | 681 |
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In March 2009, Martela concluded codetermination negotiations with personnel in
the parent company, Martela Corporation. The outcome of the negotiations was
that 15 people were made redundant, and temporary layoffs affecting the entire
workforce were implemented, estimated to correspond to a work input of 30 person
work years.
In November 2009, Martela also concluded the codetermination talks that were
launched earlier in the autumn at the parent company, Martela Corporation.
As a result of the talks, 3 people were made redundant and 9 people from the
office worker and factory worker personnel groups were temporarily laid off.
Moreover, temporary layoffs affecting the entire workforce will be implemented
in 2010. They are estimated to correspond to the work input of 18 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 to 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
In January-December, a total of 811,183 (787,491) of the company's series A
shares were traded on NASDAQ OMX Helsinki Ltd, corresponding to 22.8 per cent
(22.2) of the total number of series A shares.
The value of trading was EUR 5.7 million (6.5); the share price was EUR 5.29 at
the beginning of the year and EUR 7.13 at the end of the year. During
January-December the share price was EUR 8.00 at its highest and EUR 5.21 at its
lowest. At the end of December, equity per share was EUR 7.88 (8.47).
On 5 March 2009, ODIN Forvaltning AS announced that the holdings of the funds it
manages in Martela Corporation fell to 2.85 per cent following a share
transaction made on 5 March 2009.
Treasury shares
Martela did not purchase any of its own shares for the treasury in 2009. On 31
December 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 entered under equity in the consolidated
financial statements for 2008 and 2009. On 31 December 2009, 57,625 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 2009 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
Martela's Board of Directors decided on 9 February, 2010 on a share-based
incentive scheme for key personnel for 2010-2012. The key personnel will be
eligible to receive Martela's A shares if the targets set for specified earnings
periods are achieved. These periods are the calendar years 2010, 2011 and 2012.
Any incentives paid on the basis of the above scheme will be paid in both shares
and cash at the end of each earnings period. The maximum incentive for the whole
scheme is 80,000 Martela Oyj A shares and the amount of cash needed to cover
taxes and similar charges, which amounts to approximately the value of the
shares to be paid. The achievement of the targets set for an earnings period
determines the percentage of the maximum bonus to be paid to a key person.
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.
Proposal of the Board of Directors for distribution of profit
The Board proposes that a dividend of EUR 0.45 per share be distributed for
2009. The company's liquidity is good and it is the Board's opinion that the
proposed distribution of profit will not endanger the company's solvency. The
notice of Annual General Meeting will be published in a separate stock exchange
release.
Outlook for 2010
Low demand will continue to have an effect on the company's revenue and
operating profit in 2010. The company will continue to review its cost structure
and to improve its operating efficiency.
GROUP INCOME STATEMENT (EUR 1000)
2009 2008 2009 2008
1-12 1-12 10-12 10-12
Revenue 95.349 141.153 24.241 41.077
Other operating income 0.746 1.422 0.126 0.281
Employee benefits expenses -25.988 -31.452 -6.255 -8.382
Operating expenses -66.206 -97.154 -16.929 -28.352
Depreciation and impairment -3.109 -3.115 -0.819 -0.803
Operating profit/loss 0.793 10.854 0.365 3.822
Financial income and expenses -0.365 -0.651 -0.085 -0.194
Profit/loss before taxes 0.427 10.202 0.279 3.627
Income tax -0.291 -2.666 -0.151 -0.525
Profit/loss for the period 0.137 7.537 0.129 3.102
Other comprehensive income
Translation differences 0.077 -0.357 0.057 -0.393
Total comprehensive income 0.214 7.180 0.186 2.709
Basic earnings per share, eur 0.03 1.89 0.03 0.78
Diluted earnings per share, eur 0.03 1.89 0.03 0.78
Allocation of net profit for
the period:
To equity holders of the parent 0.137 7.537 0.129 3.102
Allocation of total comprehensive
income:
To equity holders of the parent 0.214 7.180 0.186 2.709
GROUP BALANCE SHEET (EUR 1000) 31.12.2009 31.12.2008
ASSETS
Non-current assets
Intangible assets 0.716 0.724
Tangible assets 11.862 13.461
Investments 0.038 0.039
Deferred tax assets 0.262 0.304
Pension receivables 0.197 0.072
Receivables 0.000 0.000
Investment properties 0.600 0.600
Total 13.675 15.200
Current assets
Inventories 9.408 10.825
Receivables 13.210 24.252
Financial assets at fair value through
profit and loss 1.094 1.038
Cash and cash equivalents 18.211 13.581
Total 41.923 49.696
Total assets 55.598 64.896
EQUITY AND LIABILITIES
Equity attributable to equity holders
of the parent
Share capital 7.000 7.000
Share premium account 1.116 1.116
Other reserves 0.117 0.117
Translation differences -0.409 -0.486
Retained earnings 24.672 27.335
Treasury shares -1.200 -1.610
Share-based incentives 0.466 0.270
Total 31.762 33.742
Non-current liabilities
Interest-bearing liabilities 3.518 8.024
Deferred tax liability 1.305 1.403
Total 4.823 9.427
Current liabilities
Interest-bearing 5.008 2.869
Non-interest bearing 14.006 18.858
Total 19.014 21.727
Total liabilities 23.837 31.154
Equity and liabilities, total 55.598 64.896
STATEMENT OF CHANGES IN EQUITY (EUR 1000)
Share Share Other Trans. Retained Treasury Total
capital premium reserves diff. earnings shares
account
01.01.2008 7.000 1.116 0.117 -0.129 22.127 -0.721 29.510
Other change -0.325 -0.889 -1.214
Total compr.
income -0.357 7.537 7.180
Dividends -1.937 -1.937
Share-based inc. 0.203 0.203
31.12.2008 7.000 1.116 0.117 -0.486 27.605 -1.610 33.742
1.1.2009 7.000 1.116 0.117 -0.486 27.605 -1.610 33.742
Other change -0.410 0.410 0.000
Total compr.
income 0.077 0.137 0.214
Dividends -2.390 -2.390
Share-based inc. 0.196 0.196
31.12.2009 7.000 1.116 0.117 -0.409 25.138 -1.200 31.762
CONSOLIDATED CASH FLOW STATEMENT (EUR 1000)
2009 2008
1-12 1-12
Cash flows from operating activities
Cash flow from sales 104.678 138.477
Cash flow from other operating income 0.489 0.687
Payments on operating costs -92.273 -124.654
Net cash from operating activities
before financial items and taxes 12.894 14.510
Interest paid -0.516 -0.844
Interest received 0.166 0.268
Other financial items -0.002 -0.060
Taxes paid -1.780 -2.116
Net cash from operating activities (A) 10.762 11.758
Cash flows from investing activities
Capital expenditure on tangible and
intangible assets -1.663 -2.206
Proceeds from sale of tangible and
intangible assets 1.004 1.489
Repayments of loans receivables 0.000 0.022
Net cash used in investing activities (B) -0.659 -0.694
Cash flows from financing activities
Proceeds from short-term loans 0.008 0.129
Repayments of short-term loans -0.781 -0.795
Repayments of long-term loans -2.273 -3.365
Dividends -2.390 -1.972
Net cash used in financing activities (C) -5.436 -6.003
Change in cash and
cash equivalents (A+B+C) 4.667 5.061
(+ increase, - decrease)
Cash and cash equivalents at the beginning of
period 14.620 9.691
Translation differences 0.017 -0.132
Cash and cash equivalents at the end of period 19.304 14.620
SEGMENT REPORTING
Segment revenue 2009 2008 2009 2008
1-12 1-12 10-12 10-12
Business Unit Finland
external 63.898 101.430 16.419 31.545
internal 0.000 0.000 0.000 0.000
Business Unit Sweden and Norway
external 15.834 18.689 4.712 4.853
internal 0.457 0.301 0.136 0.049
Business Unit Poland
external 9.465 12.722 2.034 3.231
internal 0.015 0.049 -0.029 0.016
Other segments
external 6.151 8.312 1.075 1.448
internal 16.464 21.379 3.863 5.969
Total external revenue 95.348 141.153 24.240 41.077
Segment operating profit/loss 2009 2008 2009 2008
1-12 1-12 10-12 10-12
Business Unit Finland 3.854 14.517 1.038 5.133
Business Unit Sweden and Norway -0.966 -1.599 -0.034 -0.467
Business Unit Poland -0.668 -0.549 -0.368 -0.303
Other segments -0.985 -0.421 -1.038 -0.471
Others -0.442 -1.094 0.767 -0.070
Total operating profit/loss 0.793 10.854 0.365 3.822
Other segments include P.O. 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.
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
1-12 1-12
Revenue EUR million 95.3 141.2
Change in revenue, % -32.5 9.9
Exports and international operations, 29.2 38.1
EUR million
In relation to revenue, % 30.6 27.0
Operating profit/loss, EUR million 0.8 10.9
In relation to revenue, % 0.8 7.7
Profit/loss before taxes, EUR million 0.4 10.2
In relation to revenue, % 0.4 7.2
Profit/loss for the period, EUR million 0.1 7.5
In relation to revenue, % 0.1 5.3
Gross capital expenditure on fixed 2.2 2.9
assets, EUR million
In relation to revenue, % 2.3 2.1
Research and development expenses, 2.6 3.2
EUR million
In relation to revenue, % 2.7 2.3
Average personnel 636 681
Change in personnel, % -6.6 2.7
Personnel at year end 606 670
Turnover / employee, EUR thousand 149.9 207.3
Return on equity, % 0.4 23.8
Return on investment, % 2.3 25.2
Equity ratio, % 57.4 52.2
Interest-bearing net-debt, EUR million -10.8 -3.7
Gearing ratio, % -33.9 -11.0
Key share-related figures
Number of shares, at the end of period (1000) 4155.6 4155.6
Basic earnings per share, EUR 0.03 1.89
Diluted earnings per share, EUR 0.03 1.89
Price/earnings ratio (PE) 237.7 2.8
Equity per share, EUR 7.88 8.47
Dividend/share, EUR 0.45* 0.60
Dividend/earnings, % 1500.0 31.7
Effective dividend yield, % 6.3 11.3
Price of A-share 31.12. EUR 7.13 5.29
*) Proposal of the Board of Directors
The largest shareholders, 31.12.2009
No.of shares % of total
(A+K-series) votes
Marfort Oy 524 574 38.8
Ilmarinen Mutual Pension Insurance Company 335 400 2.1
OP-Suomi Arvo 273 700 1.8
Fondita Nordic Micro Cap Placeringsf 205 000 1.3
Palsanen Leena 199 634 9.6
Martela Heikki 169 234 7.4
Pohjola Vakuutus Oy 160 294 1.0
FIM Fenno Sijoitusrahasto 159 527 1.0
Nordea Bank Suomi Oyj 130 385 0.8
Martela Matti T 115 238 7.8
Oy Autocarrera Ab 111 820 0.7
Palsanen Jaakko 85 468 0.7
Lindholm Tuija 80 954 5.8
Martela Pekka 69 282 8.9
Martela Oyj 67 700 0.4
Evli Alexander Management Oy 57 625 0.4
Other shareholders 1 409 765 11.4
Total 4 155 600 100.0
The number of registered Martela Oyj shares on 31.12.2009 was 4.155,600.
The shares are divided into A and K shares. Each A share carries 1 vote and
each K share 20 votes in a general shareholders' meeting.
The company's board of directors and CEO together hold 8.8% of the shares and
17.3% of the votes.
CONTINGENT LIABILITIES
31.12.2009 31.12.2008
Mortgages and shares pledged 14.480 14.566
Guarantees - -
Other commitments 0.256 0.332
Rental commitments 7.971 8.964
DEVELOPMENT OF SHARE PRICE 2009 2008
1-12 1-12
Share price at the end of period, EUR 7.13 5.29
Highest price, EUR 8.00 10.05
Lowest price, EUR 5.21 5.10
Average price, EUR 6.98 8.30
Annual Report 2009 will be published on Martela's homepages during the week 9.
The first Interim Report for the period January 1 - March 31, 2010 will be
published on April 28, 2010.
Martela Oyj
Board of Directors
Heikki Martela
CEO
For more information, please contact
Heikki Martela, CEO, tel. +358 50 502 4711
Mats Danielsson, Finance Director, tel +358 50 394 8575
Distribution
NASDAQ OMX Helsinki
Main news media
www.martela.com
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