2013-01-31 07:30:00 CET
2013-01-31 07:30:12 CET
REGULATED INFORMATION
Marimekko - Financial Statement Release
MARIMEKKO CORPORATION’S FINANCIAL STATEMENTS BULLETIN, 1 JANUARY - 31 DECEMBER 2012
Marimekko Corporation, Financial Statements Bulletin, 31 January 2013 at 8.30
a.m.
MARIMEKKO CORPORATION'S FINANCIAL STATEMENTS BULLETIN, 1 JANUARY - 31 DECEMBER
2012
During 2012, the Marimekko Group's net sales grew by 14 per cent and
international sales by 31 per cent due to openings of new stores. Profitability
declined, but cash flow increased significantly. The trend in the closing
quarter of the year fell well short of expectations. In 2013, Marimekko will
continue moderate investments in growth, concentrating particularly on
improving the profitability of the stores opened in 2012.
Year 2012
-- Net sales grew by 14.2% to EUR 88.5 million (77.4).
-- International sales grew by 30.7% and were EUR 36.1 million (27.6). The
strongest growth was in North America at 56.1% and in the Asia-Pacific
region at 50.5%, fuelled by the openings of new stores.
-- In Finland, sales rose by 5.1% due to good growth in retail sales,
reaching EUR 52.3 million (49.8).
-- Operating profit fell by 42.8% and was EUR 2.0 million (3.5). A drag on
operating profit was exerted by the loss posted by stores in Sweden and the
United States at the launching stage, expenses related to expansion of
business, and a decline in wholesale sales in Finland, Scandinavia and the
United States. Operating profit was also substantially burdened by the high
expenses and low cost-effectiveness of in-house manufacturing in Finland.
-- Cash flow from operating activities was EUR 8.6 million (0.7).
-- Investments were EUR 7.6 million (9.2).
-- Brand sales* grew by 11.1% and reached EUR 187.2 million (168.6).
-- The Board of Directors will propose to the Annual General Meeting that a
dividend of EUR 0.25 per share be paid for 2012 (0.55).
Q4 of 2012
-- Net sales grew by 9.2% to EUR 25.7 million (23.6).
-- Operating profit fell by 99.2% to EUR 0.0 million (1.6).
-- Cash flow from operating activities was EUR 5.9 million (2.5).
Market outlook and growth targets
The general uncertainty in the global economy is forecast to continue, and this
may impact consumers' purchasing behaviour in all of Marimekko's market areas.
The prospects for the European economic trend have deteriorated and growth is
slow in the region. In the United States and Asia, economic forecasts are
distinctly better than in Europe, but growth is fairly slow. In Finland, market
conditions are fair, but the economic prospects for trade and industry in
Finland for the next few months have deteriorated markedly and retail sales are
forecast to decline. (Confederation of Finnish Industries EK: Business Tendency
Survey, November 2012, and Economic Review, December 2012). The weak trend in
Marimekko's own stores in Finland at the end of 2012 and lower consumer
confidence overshadow prospects for this year in Finland.
The stores opened in 2012 and the other considerable investments made in the
expansion of the distribution network will generate a marked increase in sales
in 2013. The main thrust in expansion during 2013 will be on openings of
retailer-owned Marimekko stores and shop-in-shops. Furthermore, the company
will invest in developing the business of the stores it opened in 2012. The aim
is to open 15 to 24 Marimekko stores and shop-in-shops this year, 4 to 6 of
which will be company-owned.
The planned total investments for 2013 of the Marimekko Group are estimated as
being in excess of EUR 3 million. The majority of investments will be directed
at building new store premises and purchasing new furniture.
Financial guidance
Due to the current market conditions and the change undergone by the company
recently, it is very difficult to forecast the financial result for 2013. The
Marimekko Group's net sales are estimated to grow by over 5% in 2013 and
operating profit is forecast to be, at the most, at the same level as in 2012.
The increased proportion of retail sales will further boost the seasonal nature
of business, so the major portion of operating profit will, as is typical,
accrue in the second half of the year.
Key indicators
10-12/ 10-12/ Change 1-12/ 1-12/ Change
2012 2011 ,% 2012 2011 ,%
--------------------------------------------------------------------------------
Net sales, EUR 1,000 25,748 23,581 9.2 88,471 77,442 14.2
--------------------------------------------------------------------------------
proportion of international 39.6 33.8 40.8 35.8
sales, %
--------------------------------------------------------------------------------
EBITDA, EUR 1,000 1,038 2,411 -56.9 5,573 5,744 -3.0
--------------------------------------------------------------------------------
Operating profit, EUR 1,000 13 1,645 -99.2 2,019 3,528 -42.8
--------------------------------------------------------------------------------
Operating profit margin, % 0.1 7.0 2.3 4.6
--------------------------------------------------------------------------------
Result for the period, -339 1,411 1,100 2,826 -61.1
EUR 1,000
--------------------------------------------------------------------------------
Earnings per share, EUR -0.04 0.18 0.14 0.35 -60.0
--------------------------------------------------------------------------------
Cash flow from operating 6,066 2,467 145.9 8,605 651
activities, EUR 1,000
--------------------------------------------------------------------------------
Return on investment 4.1 11.4
(ROI), %
--------------------------------------------------------------------------------
Equity ratio, % 54.6 67.2
--------------------------------------------------------------------------------
Personnel at the end of the 535 434 23.3
period
--------------------------------------------------------------------------------
outside Finland 103 63 63.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Brand sales*, EUR 1,000 54,416 47,409 14.8 187,184 168,557 11.1
--------------------------------------------------------------------------------
proportion of international 45.8 44.1 53.8 47.5
sales, %
--------------------------------------------------------------------------------
Number of stores** 108 90 20.0
--------------------------------------------------------------------------------
* 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. This 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 47 at the end of 2012 (37). Information on changes is available
in the section Internationalisation and changes in the store network.
Mika Ihamuotila, President and CEO:
“Uncertainty continued in the global economy, and 2012 was a mixed year for
Marimekko. We succeeded in implementing our growth strategy, and our net sales
grew by 14%. Profitability fell short of our expectations, but cash flow
improved significantly. Our international sales grew by 31% in spite of
difficult market conditions. Growth was stimulated by openings of new stores as
well as by an increase in wholesale sales in Japan and in Central and Southern
Europe. In other regions, wholesale sales declined, which also eroded our
profitability. Sales in our own stores in Finland took a favourable trend
during the year, but there was a marked turn for the worse at the end of the
year, which also overshadows prospects for this year. The low
cost-effectiveness of our manufacturing located in Finland had a negative
impact on earnings.
“We continued to make strong investments in international growth: in the course
of the year, a total of 19 new Marimekko stores and shop-in-shops were opened,
12 of which were in the international market. In the last quarter of the year,
we opened the first two company-owned stores in Australia as well as two stores
on the West Coast of the United States. The Australian stores exceeded our
expectations, whereas the start-up of the new American stores was a distinct
disappointment. We also reinforced our position in Finland by opening a
fashion-focused store in downtown Helsinki and by extending our webshop to
Finland. The openings of stores clearly favoured the closing months of the
year, so we can expect the new stores to boost our net sales this year.
“Expanding the network of company-owned stores has increased our fixed costs,
which will lead to a considerably greater fluctuation in operating result. In
2012, the trend for the stores opened outside Finland did not match our
expectations, and our operating result deteriorated sharply in the United
States and Sweden. In the United States, our operations posted a loss due to
extensive front-loaded expenses and the negative results of the recently opened
stores. However, these stores' business is still in its early stage, and this
year we intend to invest especially in enhancing the operations of these new
stores and in improving their profitability. From the start, it has been a
purpose of the company-owned stores also to attract the attention of high-end
department stores and other retailers to our products. Partly for this reason,
the main thrust of our expansion this year will be more clearly than last year
on openings of retailer-owned stores and department stores' shop-in-shops.
“In spite of challenging market conditions, we will continue in 2013 our
long-perspective work focused on international growth, paying particular
attention to profitability and cost-effectiveness. Building a genuinely
international design company and especially a profitable network of
company-owned stores will take a lot of time, and I believe we are on the right
path in this work.”
Briefing for the media and analysts
A briefing for the media and analysts will be held concerning this financial
statements bulletin today at 9 a.m. in Marimekko's flagship store at
Pohjoisesplanadi 33, Helsinki. The presentation material is available on the
company's website at company.marimekko.com under Releases/Interim reports and
financial statements.
Corporate governance statement
The Corporate Governance Statement 2012 is available on the company's website
at company.marimekko.com under Investors/Management/Corporate governance.
Financial calendar 2013
The 2012 financial statements and yearbook will be published in week 12. The
Annual General Meeting will be held on 23 April 2013 at 2 p.m. The following
interim reports will be published in 2013: January to March, on Tuesday 7 May
2013 at 8:30 a.m.; January to June, on Thursday 15 August 2013 at 8:30 a.m.;
and January to September, on Thursday 7 November 2013 at 8:30 a.m.
For additional information, contact:
Mika Ihamuotila, President and CEO, tel. +358 9 758 71
Thomas Ekström, Chief Financial Officer, tel. +358 9 758 7261
MARIMEKKO CORPORATION
Corporate Communications
Merja Paulamäki
Tel. +358 9 758 7473
merja.paulamaki@marimekko.fi
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Key media
Marimekko is a Finnish textile and clothing design company renowned for its
original prints and colours. The company designs and manufactures high-quality
interior decoration items ranging from furnishing fabrics to tableware as well
as clothing, bags and other accessories. When Marimekko was founded in 1951,
its unparalleled printed fabrics gave it a strong and unique identity.
Marimekko products are sold in approximately 40 countries. In 2012, brand sales
of Marimekko products worldwide amounted to approximately EUR 187 million and
the company's net sales were EUR 88 million. The number of Marimekko stores
totalled 108 at the year end. The key markets are North America, Northern
Europe and the Asia-Pacific region. The Group employs around 500 people. The
company's share is quoted on NASDAQ OMX Helsinki Ltd. www.marimekko.com
MARIMEKKO CORPORATION'S FINANCIAL STATEMENT BULLETIN, 1 JANUARY - 31 DECEMBER
2012
MARKET SITUATION
The general uncertainty in the global economy continued in 2012, and for this
reason consumers' purchasing behaviour was cautious. In Europe, the severe loan
crisis afflicting EU states continued and the economic trend was gloomy. The
troubles of the euro zone were also worsened by weaker growth. The situation
was better in the United States and Asia, although growth was fairly slow.
In Finland, market conditions continued to be moderate, but the economic
prospects and consumer confidence deteriorated towards the end of the year. In
2012, Finnish retail net sales were up by 4.4%, but the quantity of sales,
which measures real growth, was up by only 0.7%. December's sales volume was
down by 1.2%. (Statistics Finland: Turnover of trade, retail trade flash
estimate, January 2013). In 2012, retail sales of clothing (excluding
sportswear) grew by 1.1%. Sales of womenswear decreased by 0.3%, while sales of
menswear rose by 2.2% and sales of childrenswear by 3.9%. Sales of bags grew by
4.3%. (Finnish Textile and Fashion Industries TMA). In the January-October
period of 2012, exports of clothing (SITC 84) rose by 10%, while imports fell
by 4%; exports of textiles (SITC 65) declined by 3% and imports by 2% (National
Board of Customs, monthly review, October 2012).
INTERNATIONALISATION AND CHANGES IN THE STORE NETWORK
On the basis of good experience in Northern Europe and the United States,
Marimekko invested more in 2012 in expanding its company-owned store network.
This changed the ratio of wholesale to retail and tied up a larger proportion
of the company's capital and resources than before.
During 2012, a total of 19 new Marimekko stores and shop-in-shops were opened,
of which 12 were outside Finland. The stores opened in the course of the year
were divided as follows: 11 company-owned, 4 retailer-owned stores and 4
shop-in-shops. New stores were opened in all the company's main market areas.
In Finland, one company-owned store was closed during the financial year.
In the final quarter of the year, seven Marimekko stores were opened: in
Finland a company-owned store in Helsinki, a retailer-owned store in Kuopio and
a shop-in-shop in Salo; in North America company-owned stores in Beverly Hills
and Palo Alto; and in the Asia-Pacific region company-owned stores in Sydney
and Melbourne.
Number of stores & shop-in-shops 31 Dec. 2012 31 Dec. 2011
------------------------------------------------------------
------------------------------------------------------------
Finland 48 42
------------------------------------------------------------
Company-owned stores 28 26
------------------------------------------------------------
Scandinavia 12 10
------------------------------------------------------------
Company-owned stores 7 5
------------------------------------------------------------
Central and Southern Europe 5 5
------------------------------------------------------------
Company-owned stores 4 4
------------------------------------------------------------
North America 16 11
------------------------------------------------------------
Company-owned stores 6 2
------------------------------------------------------------
Asia-Pacific 27 22
------------------------------------------------------------
Company-owned stores 2 -
------------------------------------------------------------
------------------------------------------------------------
TOTAL 108 90
------------------------------------------------------------
Company-owned stores 47 37
------------------------------------------------------------
NET SALES
Year 2012
In 2012, the Marimekko Group's net sales rose by 14.2%, powered by
international sales, reaching EUR 88,471 thousand (77,442). Net sales in
Finland grew by 5.1% and international sales by 30.7%.
Q4 of 2012
In the October-December period of 2012, the Group's net sales rose, fuelled by
international sales, by 9.2% and were EUR 25,748 thousand (23,581). In Finland,
net sales were on a par with the same period in the previous year.
International sales grew by 28.0%.
NET SALES BY MARKET AREA
(EUR 1,000) 10-12/ 10-12/ Change,% 1-12/ 1-12/ Change,%
2012 2011 2012 2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finland 15,555 15,617* -0.4 52,344 49,807* 5.1
--------------------------------------------------------------------------------
Retail sales 10,096 8,926 13.1 34,000 28,267 20.3
--------------------------------------------------------------------------------
Wholesale sales 5,090 6,405 -20.5 17,546 20,584 -14.8
--------------------------------------------------------------------------------
Royalties 369 286 29.0 798 956 -16.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Scandinavia 2,063 2,210* -6.7 7,856 7,518* 4.5
--------------------------------------------------------------------------------
Retail sales 944 795 18.7 3,299 2,241 47.2
--------------------------------------------------------------------------------
Wholesale sales 1,119 1,412 -20.8 4,554 5,269 -13.6
--------------------------------------------------------------------------------
Royalties - 3 -100.0 3 8 -62.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Central and Southern 1,875 1,821* 2.9 7,783 6,691* 16.3
Europe
--------------------------------------------------------------------------------
Retail sales 426 418 1.9 1,492 1,394 7.0
--------------------------------------------------------------------------------
Wholesale sales 1,422 1,375 3.3 6,185 5,183 19.3
--------------------------------------------------------------------------------
Royalties 27 28 -3.6 106 114 -7.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
North America 2,809 2,152* 30.5 7,743 4,960* 56.1
--------------------------------------------------------------------------------
Retail sales 1,742 972 79.2 4,020 972 313.6
--------------------------------------------------------------------------------
Wholesale sales 955 910 4.9 3,193 3,430 -6.9
--------------------------------------------------------------------------------
Royalties 112 270 -58.5 530 558 -5.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Asia-Pacific 3,446 1,781* 93.5 12,745 8,466* 50.5
--------------------------------------------------------------------------------
Retail sales 655 - 655 -
--------------------------------------------------------------------------------
Wholesale sales 2,791 1,781 56.7 12,087 8,458 42.9
--------------------------------------------------------------------------------
Royalties - - 3 8 -62.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
International sales, total 10,193 7,964* 28.0 36,127 27,635* 30.7
--------------------------------------------------------------------------------
Retail sales 3,767 2,185 72.4 9,466 4,607 105.5
--------------------------------------------------------------------------------
Wholesale sales 6,287 5,478 14.7 26,019 22,340 16.5
--------------------------------------------------------------------------------
Royalties 139 301 -53.8 642 688 -6.7
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL 25,748 23,581 9.2 88,471 77,442 14.2
--------------------------------------------------------------------------------
Retail sales 13,863 11,111 24.8 43,466 32,874 32.2
--------------------------------------------------------------------------------
Wholesale sales 11,377 11,883 -4.3 43,565 42,924 1.5
--------------------------------------------------------------------------------
Royalties 508 587 -13.5 1,440 1,644 -12.4
--------------------------------------------------------------------------------
* Due to adjustments made in internal sales reporting structures, the
previously reported sales figures by market area have changed.
Finland
In 2012, sales in Finland grew by 5.1% and reached EUR 52,344 thousand. Retail
sales rose by 20.3%. Sales were boosted by three stores opened in the last
quarter of 2011 and three stores opened in 2012. Comparable growth in sales by
company-owned stores was 10.8%. Wholesale sales fell by 14.8%. This was due
partly to changes effected in the retailer network in line with the company's
distribution strategy.
In the final quarter of the year, retail sales grew by 13.1%. Comparable growth
in sales by company-owned stores was 1.4%. Wholesale sales fell by 20.5%.
Scandinavia
Sales in Scandinavia rose by 4.5%, reaching EUR 7,856 thousand. Retail sales
grew by 47.2%. Sales were boosted by three stores opened in 2011 and by two
stores opened in Sweden in 2012. Comparable sales by company-owned stores fell
by 12.2%. Wholesale sales decreased by 13.6%. Consumers' purchasing behaviour
continued to be cautious in all countries, but particularly in Sweden.
In the final quarter of the year, retail sales grew by 18.7%. Comparable sales
by company-owned stores were down by 13.5%. Wholesale sales fell by 20.8%.
Central and Southern Europe
In Central and Southern Europe, net sales for 2012 grew to EUR 7,783 thousand,
which was up by 16.3% on the previous year. Retail sales rose by 7.0% which was
attributable to sales by the small company-owned store opened in London near
the end of 2011. Comparable growth in sales by company-owned stores was 0.6%.
Wholesale sales grew by 19.3%. Sales performed well in Belgium, Germany, the UK
and France. The weak Italian economy impacted consumer demand and made itself
felt in a downturn in sales.
In the final quarter of the year, retail sales grew by 1.9%. Comparable sales
by company-owned stores fell by 2.5%. Wholesale sales grew by 3.3%.
North America
Net sales in North America grew by 56.1% and were EUR 7,743 thousand. When
measured in the invoicing currency (mainly the US dollar), sales showed growth
of about 44%. The increase in net sales came from the New York flagship store
as well as the four stores opened in the latter half of 2012. Marimekko also
expanded its distribution in Canada: during 2012, a shop-in-shop was opened in
EQ3's new flagship store in Toronto. Wholesale sales fell short of
expectations, however, and declined by 6.9%.
In the final quarter of the year, retail sales grew by 79.2%. Comparable sales
by company-owned stores fell by 22.5%. Wholesale sales rose by 4.9%.
Asia-Pacific
The strong trend in wholesale sales seen in the previous year in the
Asia-Pacific region continued throughout the period under review. In 2012,
sales in the region grew by 50.5% and were EUR 12,745 thousand. Wholesale sales
rose by 42.9%. Sales exceeded expectations in all countries, but Japan yielded
clearly the largest slice of growth. During the year, one new retailer-owned
store and a shop-in-shop were opened in Tokyo. Improved sales were also
contributed to by a new store opened in Hong Kong. Investments made in
Australia made themselves felt, and wholesale sales also grew there. In
addition, Marimekko opened two company-owned stores in Australia in the last
quarter of the year.
In the final quarter of the year, wholesale sales grew by 56.7%.
FINANCIAL RESULT
Year 2012
In 2012, the Group's operating profit was EUR 2,019 thousand (3,528). A drag on
operating profit was exerted by the loss posted by stores in Sweden and the
United States at the launching stage, expenses related to expansion of
business, and a decline in wholesale sales in Finland, Scandinavia and the
United States. Operating profit was also substantially burdened by the high
expenses and low cost-effectiveness of in-house manufacturing in Finland.
Operating profit was boosted by wholesale growth in the Asia-Pacific region and
in Central and Southern Europe as well as by an improvement in the
profitability of retailing in Finland. Average sales margin grew, in spite of
the fact that inventories were reduced at the same time.
Marketing expenses for the year totalled EUR 5,132 thousand (4,115), or 5.8% of
the Group's net sales (5.3).
The Group's depreciation grew as a result of considerable investments and was
EUR 3,550 thousand (2,216), representing 4.0% of net sales (2.9).
Operating profit margin was 2.3% (4.6).
Net financial expenses were EUR 606 thousand (-187), or 0.7% of net sales (0.2).
Profit for the financial year before taxes was EUR 1,413 thousand (3,715).
Profit after taxes was EUR 1,100 thousand (2,826) and earnings per share were
EUR 0.14 (0.35).
Q4 of 2012
In the October-December period of 2012, the Group's operating profit was EUR 13
thousand (1,645). A drag on operating profit was exerted by the loss posted by
stores in Sweden and the United States at the launching stage, expenses related
to expansion of business, and a decline in wholesale sales in Finland,
Scandinavia and the United States. Operating profit was also substantially
burdened by the high expenses and low cost-effectiveness of in-house
manufacturing in Finland. Operating profit was boosted by wholesale growth in
the Asia-Pacific region and in Central and Southern Europe as well as by an
improvement in the profitability of retailing in Finland. Average sales margin
grew, in spite of the fact that inventories were reduced at the same time.
BALANCE SHEET
The Group's balance sheet total as at 31 December 2012 was EUR 54,961 thousand
(48,580). Equity attributable to the equity holders of the parent company was
EUR 29,996 thousand (32,663), or EUR 3.71 per share (4.06).
Non-current assets at the end of 2012 were EUR 24,977 thousand (17,418). As of
March 2012, tangible assets include the present value of future lease payments
for the new 30-year land lease on the property of the Helsinki head office and
printing factory. The present value of the future lease payments is EUR 3,324
thousand.
At the year end, net working capital was EUR 15,034 thousand (19,214).
Inventories were EUR 18,947 (21,348).
CASH FLOW AND FINANCING
In 2012, cash flow from operating activities was EUR 8,605 thousand (651), or
EUR 1.06 per share (0.08). Cash flow before cash flow from financing activities
was EUR 1,033 thousand
(-8,569).
In the October-December period of 2012, cash flow from operating activities was
EUR 6,066 thousand (2,467), or EUR 0.75 per share (0.31). Cash flow before cash
flow from financing activities was EUR 3,960 thousand (-1,224).
The Group's financial liabilities at the end of 2012 were EUR 9,317 thousand
(4,944). As of the end of March, financial liabilities include the present
value of future lease payments for the new 30-year land lease on the property
of the Helsinki head office and printing factory. The present value of the
future lease payments is EUR 3,324 thousand.
At the end of the period under review, the Group's cash and cash equivalents
were EUR 3,106 thousand (1,620). Additionally, the Group had unused committed
credit lines amounting to EUR 10,683 thousand (5,056).
The Group's equity ratio at the year end was 54.6% (67.2). Gearing was 52.7%
(10.2).
INVESTMENTS
The Group's gross investments were EUR 7,582 thousand (9,220), or 8.6% of net
sales (11.9). Most of the investments went to building new stores and to
refurbishing the property in Herttoniemi. The Group's total investments were
estimated at roughly EUR 6 million. The estimate was exceeded due to
higher-than-anticipated building costs for stores.
PERSONNEL
In 2012, the number of employees averaged 497 (402). At the end of the year,
the Group had 535 (434) employees, of whom 103 (63) worked outside Finland. The
number of employees working abroad was broken down as follows: Scandinavia 24
(19), Central and Southern Europe 14 (12), North America 53 (32) and
Asia-Pacific 12 (0). The personnel at company-owned stores totalled 235 (180)
at the year end.
CHANGES IN MANAGEMENT
Marimekko's Marketing Director and member of the Management Group Malin Groop
resigned from the company on 15 August 2012 and she has since served the
company as a consultant for strategic projects related to brand development.
Acting Marketing Director Tiina Alahuhta-Kasko was appointed as the Group's
Marketing Director and member of the Management Group from 15 August 2012.
Alahuhta-Kasko has been in the company's employ since 2005.
SHARES AND SHAREHOLDERS
Share capital
At the end of 2012, 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 7,417 (6,898) shareholders
at the end of 2012. Of the shares, 5.9% (13.6) were registered in a nominee's
name and 15.0% (15.9) were in foreign ownership. The number of shares owned
either directly or indirectly by members of the Board of Directors and the
President of the company was 1,338,930 (1,150,930), representing 16.6% of the
number and voting rights of the company's shares (14.3).
The largest shareholders according to the book-entry register on 31 December
2012
Number of shares Percentage of shares
and votes and votes
--------------------------------------------------------------------------------
1. Muotitila Ltd 1,297,700 16.04
--------------------------------------------------------------------------------
2. Semerca Investments SA 850,377 10.51
--------------------------------------------------------------------------------
3. Varma Mutual Employment Pension 385,920 4.77
Insurance Company
--------------------------------------------------------------------------------
4. ODIN Finland 344,251 4.26
--------------------------------------------------------------------------------
5. Ilmarinen Mutual Pension 265,419 3.28
Insurance Company
--------------------------------------------------------------------------------
6. Keva 235,845 2.92
--------------------------------------------------------------------------------
7. Veritas Pension Insurance Company 220,000 2.72
--------------------------------------------------------------------------------
8. Danske Fund Finnish Small Cap 155,000 1.92
--------------------------------------------------------------------------------
9. OP-Finland Small Firm Fund 150,414 1.86
--------------------------------------------------------------------------------
10. Nordea Nordic Small Cap Fund 101,500 1.25
--------------------------------------------------------------------------------
Total 4,006,426 49.53
--------------------------------------------------------------------------------
Nominee-registered 478,419 5.91
--------------------------------------------------------------------------------
Other 3,604,765 44.56
--------------------------------------------------------------------------------
Total 8,089,610 100.00
--------------------------------------------------------------------------------
Share trading and the company's market capitalisation
During 2012, a total of 1,788,378 Marimekko shares were traded, representing
22.1% of the shares outstanding. The total value of Marimekko's share turnover
was EUR 26,043,996. The lowest price of the Marimekko share was EUR 9.92, the
highest was EUR 17.15 and the average price was EUR 14.48. At the year end, the
closing price of the share was EUR 14.30. The company's market capitalisation
on 31 December 2012 was EUR 115,681,423 (79,435,200).
Flaggings
SEB Asset Management S.A.'s share of Marimekko Corporation's share capital and
voting rights declined to 1.64%, or 132,152 shares, due to a stock loan on 11
April 2012 and rose to 6.00%, or 482,752 shares, at the termination of the
stock loan on 22 May 2012.
The combined holding of funds administered by ODIN Forvaltning AS in the number
and voting rights of Marimekko Corporation's shares declined to less than 5.00%
as a result of a transaction concluded on 20 November 2012.
The share of Muotitila Ltd, a company controlled by Mika Ihamuotila, of the
number and voting rights of Marimekko Corporation's shares exceeded 3/20, or
increased to 16.04% as a result of a transaction concluded on 20 November 2012.
After the transaction, Muotitila Ltd holds 1,297,700 Marimekko shares.
SEB Asset Management S.A.'s share of the number and voting rights of Marimekko
Corporation's shares fell below 1/20, or declined to 0.00% as a result of a
transaction concluded on 21 November 2012.
Authorisations
The Annual General Meeting of 17 April 2012 authorised the Board of Directors
to decide on a directed offering of shares to the personnel, in deviation from
the shareholders' pre-emptive right, in one or more offerings. The total number
of new shares to be offered for subscription pursuant to the authorisation may
not exceed 150,000 shares, representing approximately 1.9% of the total number
of the company's shares. The authorisation includes the right of the Board of
Directors to decide on all the other terms of the share issue. The
authorisation is in effect for two years from the date of the Annual General
Meeting's decision.
At the end of 2012, the Board of Directors had no other valid authorisations to
carry out share issues or issue convertible bonds or bonds with warrants, or to
acquire or surrender Marimekko shares.
Personnel share offering
Marimekko Corporation's Board of Directors decided on 13 August 2012 on the
terms of a personnel share offering. In the personnel share offering, a total
of 150,000 new shares in the company were offered, in deviation from the
shareholders' pre-emptive right, to the personnel and designers for
subscription in Finland.
The company's Board of Directors approved subscriptions in the personnel share
issue for a total of 49,610 new shares, with a subscription price totalling EUR
501,449. The shares subscribed for in the share issue represent a total of 0.61
per cent of the company's shares and the voting rights they confer after the
share issue. The majority of those entitled to subscribe took part in the share
issue. Subscriptions were placed by 308 company employees and freelance
designers out of a total of 510 who were entitled.
MAJOR RISKS AND FACTORS OF UNCERTAINTY
The key strategic risks for the near future are associated with overall
economic trends and the consequent uncertainty in the operating environment as
well as the management of expansion. The global economic cycle and factors of
uncertainty affect consumers' purchasing behaviour and buying power in all of
the company's market areas. The severe problems of the international financial
markets dampen the prospects for retail sales as well as Marimekko's growth and
earnings outlook.
Marimekko is undergoing a phase of extensive internationalisation and change.
The distribution of products is being expanded in all key market areas. Unlike
before, the focus of growth has increasingly been on opening company-owned
stores outside Finland. This calls for larger or brand-new country
organisations in these market areas, which will exert a drag on the
cost-effectiveness of the company, especially in the early stages of expansion.
Moreover, expanding the network of company-owned stores will increase the
company's investments, lease liabilities of store premises, and inventories,
and it will raise the company's fixed costs. It follows from this that a larger
portion of Group net sales will come from sales by the company's own retail
stores, which will add to the seasonality of the business and shift the bulk of
net sales and profit accumulation to the last quarter, thus having a negative
impact on profitability in the first half of the year. Furthermore,
partnerships and the choice of partners in the company's key market areas also
involve risks.
The company's ability to develop and commercialise new products that meet
consumers' expectations while maintaining profitable and effective in-house
production has an impact on the company's sales and profitability.
The company's key operational risks prominently include those related to the
management of expansion projects, the operational reliability of procurement
and logistics processes, and changes in cost 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 temporary 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, customers' liquidity, and changes in exchange rates may have an
impact on the company's financial status.
RESEARCH AND DEVELOPMENT
Marimekko's product planning and development costs arise from the design of
collections. Design costs are recorded in expenses.
THE ENVIRONMENT, HEALTH AND SAFETY
Responsibility for the environment and nature is an integral aspect of
Marimekko's business. The company's environmental monitoring is largely based
on legislation and other regulations. The waste materials formed in Marimekko's
manufacturing are handled and sorted appropriately. In the interest of
monitoring the environmental impact of production and other business
operations, the company develops its operating models and conducts regular
tests on the materials used in products. Cooperation agreements require
Marimekko's subcontractors and other partners to commit themselves to
shouldering their environmental responsibilities. The company seeks to save
energy by developing its production methods, investing in energy-efficient
machinery and equipment, and monitoring energy consumption. Safety and
well-being in the workplace are actively monitored and improved at Marimekko,
in collaboration with the workplace safety committee and occupational
healthcare.
In 2012, Marimekko continued the long-term development of a corporate social
responsibility management system. The company has chosen sourcing and design as
the key areas for the next few years. Marimekko's Yearbook contains a more
extensive report on environmental, health and safety issues and a summary is
also included in each interim report. The framework for reporting is provided
by the G3 guidelines of the Global Reporting Initiative (GRI).
DECISIONS OF THE ANNUAL GENERAL MEETING
The decisions of Marimekko Corporation's Annual General Meeting are reported in
the stock exchange release dated 17 April 2012 as well as in the interim report
dated 9 May 2012.
CHANGES TO THE GROUP STRUCTURE
In 2012, a subsidiary was set up in Australia, Marimekko PTY Ltd, which is
wholly owned by Marimekko Corporation.
THE BOARD OF DIRECTORS' PROPOSAL FOR THE DIVIDEND FOR THE 2012 FINANCIAL YEAR
A dividend of EUR 0.55 per share was paid for 2011 to a total of EUR 4,422,000.
The Board of Directors will propose to the Annual General Meeting that a
dividend of EUR 0.25 per share be paid for 2012. The proposed dividends
represent 178.6% of the Group's earnings per share and 23,5% of the cash flow
from operating activities for the financial year. On 31 December 2012, the
parent company's distributable funds amounted to EUR 19,549,850.44, of which
EUR 1,957,492.29 was profit for the financial year. The Board will propose 26
April 2013 as the dividend record date, and 7 May 2013 as the dividend payout
date.
Market outlook and growth targets
The general uncertainty in the global economy is forecast to continue, and this
may impact consumers' purchasing behaviour in all of Marimekko's market areas.
The prospects for the European economic trend have deteriorated and growth is
slow in the region. In the United States and Asia, economic forecasts are
distinctly better than in Europe, but growth is fairly slow. In Finland, market
conditions are fair, but the economic prospects for trade and industry in
Finland for the next few months have deteriorated markedly and retail sales are
forecast to decline. (Confederation of Finnish Industries EK: Business Tendency
Survey, November 2012, and Economic Review, December 2012). The weak trend in
Marimekko's own stores in Finland at the end of 2012 and lower consumer
confidence overshadow prospects for this year in Finland.
The stores opened in 2012 and the other considerable investments made in the
expansion of the distribution network will generate a marked increase in sales
in 2013. The main thrust in expansion during 2013 will be on openings of
retailer-owned Marimekko stores and shop-in-shops. Furthermore, the company
will invest in developing the business of the stores it opened in 2012. The aim
is to open 15 to 24 Marimekko stores and shop-in-shops this year, 4 to 6 of
which will be company-owned.
The planned total investments for 2013 of the Marimekko Group are estimated as
being in excess of EUR 3 million. The majority of investments will be directed
at building new store premises and purchasing new furniture.
Financial guidance
Due to the current market conditions and the change undergone by the company
recently, it is very difficult to forecast the financial result for 2013. The
Marimekko Group's net sales are estimated to grow by over 5% in 2013 and
operating profit is forecast to be, at the most, at the same level as in 2012.
The increased proportion of retail sales will further boost the seasonal nature
of business, so the major portion of operating profit will, as is typical,
accrue in the second half of the year.
Helsinki, 31 January 2013
MARIMEKKO CORPORATION
Board of Directors
The information presented in the financial statements bulletin has not been
audited.
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
Segment information
Net sales by market area
Net sales by product line
Quarterly trend in net sales and earnings
ACCOUNTING PRINCIPLES
This financial statements bulletin was prepared in accordance with IAS 34. The
same accounting principles were applied as in the 2011 financial statements.
The new or amended standards and interpretations that have become effective in
2012 and whose contents are presented in the financial statements for 2011 have
had no effect on the information in the financial statements bulletin.
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, 31 December
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
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 10-12/ 10-12/ 1-12/ 1-12/
2012 2011 2012 2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 25,748 23,581 88,471 77,442
--------------------------------------------------------------------------------
Other operating income 55 - 97 2
--------------------------------------------------------------------------------
Increase or decrease in inventories of completed 740 809 2,192 -2,353
and unfinished products
--------------------------------------------------------------------------------
Raw materials and consumables 8,751 7,478 29,515 30,287
--------------------------------------------------------------------------------
Employee benefit expenses 7,320 5,885 24,384 20,030
--------------------------------------------------------------------------------
Depreciation 1,021 766 3,550 2,216
--------------------------------------------------------------------------------
Other operating expenses 7,958 6,998 26,908 23,736
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
OPERATING PROFIT 13 1,645 2,019 3,528
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income 17 203 48 246
--------------------------------------------------------------------------------
Financial expenses -325 31 -654 -59
--------------------------------------------------------------------------------
-308 234 606 187
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RESULT BEFORE TAXES -295 1,879 1,413 3,715
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income taxes 44 468 313 889
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET RESULT FOR THE PERIOD -339 1,411 1,100 2,826
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution of net result to equity holders of -339 1,411 1,100 2,826
the parent company
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Basic and diluted earnings per share calculated -0.04 0.18 0.14 0.35
on the result attributable to equity holders of
the parent company, EUR
--------------------------------------------------------------------------------
COMPREHENSIVE CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 10-12/ 10-12/ 1-12/ 1-12/
2012 2011 2012 2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net result for the period -339 1,411 1,100 2,826
--------------------------------------------------------------------------------
Other comprehensive income
--------------------------------------------------------------------------------
Change in translation difference 1 17 10 -28
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
COMPREHENSIVE RESULT FOR THE PERIOD -338 1,428 1,110 2,798
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution of net result to equity holders of -338 1,428 1,110 2,798
the parent company
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 31.12.2012 31.12.2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT ASSETS
--------------------------------------------------------------------------------
Tangible assets 21,976 14,966
--------------------------------------------------------------------------------
Intangible assets 2,663 2,296
--------------------------------------------------------------------------------
Available-for-sale financial assets 16 16
--------------------------------------------------------------------------------
Deferred tax assets 322 140
--------------------------------------------------------------------------------
24,977 17,418
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT ASSETS
--------------------------------------------------------------------------------
Inventories 18,947 21,348
--------------------------------------------------------------------------------
Trade and other receivables 6,571 7,680
--------------------------------------------------------------------------------
Current tax assets 1,360 514
--------------------------------------------------------------------------------
Cash and cash equivalents 3,106 1,620
--------------------------------------------------------------------------------
29,984 31,162
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ASSETS, TOTAL 54,961 48,580
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
COMPANY
--------------------------------------------------------------------------------
Share capital 8,040 8,040
--------------------------------------------------------------------------------
Invested non-restricted equity reserve 502 -
--------------------------------------------------------------------------------
Translation differences -8 -18
--------------------------------------------------------------------------------
Retained earnings 21,462 24,641
--------------------------------------------------------------------------------
Shareholders' equity, total 29,996 32,663
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES
--------------------------------------------------------------------------------
Deferred tax liabilities 480 630
--------------------------------------------------------------------------------
Financial liabilities 9,317 4,944
--------------------------------------------------------------------------------
Financial lease 3,324 -
--------------------------------------------------------------------------------
13,121 5,574
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT LIABILITIES
--------------------------------------------------------------------------------
Trade and other payables 11,844 10,328
--------------------------------------------------------------------------------
Current tax liabilities - 15
--------------------------------------------------------------------------------
11,844 10,343
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liabilities, total 24,965 15,917
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES, TOTAL 54,961 48,580
--------------------------------------------------------------------------------
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) 1-12/201 1-12/201
2 1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net profit for the period 1,100 2,826
--------------------------------------------------------------------------------
Adjustments
--------------------------------------------------------------------------------
Depreciation according to plan 3,550 2,216
--------------------------------------------------------------------------------
Other non-cash transactions 143 -
--------------------------------------------------------------------------------
Unrealised exchange rate gains - -416
--------------------------------------------------------------------------------
Financial income and expenses 606 -187
--------------------------------------------------------------------------------
Taxes 313 890
--------------------------------------------------------------------------------
Cash flow before change in working capital 5,712 5,329
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in working capital 4,674 -3,454
--------------------------------------------------------------------------------
Increase (-) / decrease (+) in current non-interest-bearing 930 -969
trade receivables
--------------------------------------------------------------------------------
Increase (-) / decrease (+) in inventories 2,401 -4,175
--------------------------------------------------------------------------------
Increase (-) / decrease (+) in current non-interest-bearing 1,343 1,690
liabilities
--------------------------------------------------------------------------------
Cash flow from operating activities before financial items 10,386 1,875
and taxes
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Paid interest and payments on other financial expenses -650 129
--------------------------------------------------------------------------------
Interest received 47 66
--------------------------------------------------------------------------------
Taxes paid -1,178 -1,419
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES 8,605 651
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Investments in tangible and intangible assets -7,572 -9,220
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES -7 572 -9 220
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Proceeds from share issue 502 -
--------------------------------------------------------------------------------
Long-term loans drawn 4,373 4,944
--------------------------------------------------------------------------------
Dividends paid -4,422 -4,422
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES 453 522
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in cash and cash equivalents 1,486 -8,047
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the period 1,620 9,667
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 3,106 1,620
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(EUR 1,000) Equity attributable to equity holders of the parent
company
--------------------------------------------------------------------------------
Share Invested Translatio Retained Shareholde
capita non-restricted n earnings rs'
l equity reserve difference equity,
s total
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity 8,040 10 26,237 34,287
1 January 2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Comprehensive result
--------------------------------------------------------------------------------
Net result for the 2,826 2,826
period
--------------------------------------------------------------------------------
Translation -28 -28
differences
--------------------------------------------------------------------------------
Total comprehensive -28 2,826 2,798
result for the
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Transactions with
owners
--------------------------------------------------------------------------------
Dividends paid -4,422 -4,422
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity 8,040 -18 24,641 32,663
31 December 2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity 8,040 -18 24,641 32,663
1 January 2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Comprehensive result
--------------------------------------------------------------------------------
Net result for the 1,100 1,100
period
--------------------------------------------------------------------------------
Translation 10 10
differences
--------------------------------------------------------------------------------
Total comprehensive 10 1,100 1,110
result for the
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Transactions with
owners
--------------------------------------------------------------------------------
Share issue 502 502
--------------------------------------------------------------------------------
Share-based 143 143
transactions,
personnel share
issue
--------------------------------------------------------------------------------
Dividends paid -4,422 -4,422
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity 8,040 502 -8 21,462 29,996
31 December 2012
--------------------------------------------------------------------------------
KEY FIGURES
1-12/2012 1-12/2011 Change, %
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Earnings per share, EUR 0.14 0.35 -60.0
------------------------------------------------------------------------------
Equity per share, EUR 3.71 4.06 -8.6
------------------------------------------------------------------------------
Return on equity (ROE), % 3.5 8.4
------------------------------------------------------------------------------
Return on investment (ROI), % 4.1 11.4
------------------------------------------------------------------------------
Equity ratio, % 54.6 67.2
------------------------------------------------------------------------------
Gearing, % 52.7 10.2
------------------------------------------------------------------------------
Gross investments, EUR 1,000 7,582 9,220 -17.8
------------------------------------------------------------------------------
Gross investments, % of net sales 8.6 11.9
------------------------------------------------------------------------------
Contingent liabilities, EUR 1,000 39,986 27,610 44.8
------------------------------------------------------------------------------
Average personnel 497 402 23.6
------------------------------------------------------------------------------
Personnel at year end 535 434
------------------------------------------------------------------------------
Number of shares at year end (1,000) 8,090 8,040
------------------------------------------------------------------------------
Number of shares outstanding, average (1,000) 8,046 8,040
------------------------------------------------------------------------------
SEGMENT INFORMATION
(EUR 1,000) 1-12/2012 1-12/2011
----------------------------------------
----------------------------------------
Marimekko business
----------------------------------------
Net sales 88,471 77,442
----------------------------------------
Operating profit 2,019 3,528
----------------------------------------
Assets 54,961 48,580
----------------------------------------
NET SALES BY MARKET AREA
(EUR 1,000) 10-12/ 10-12/ Change, % 1-12/ 1-12/ Change,
2012 2011 2012 2011 %
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finland 15,555 15,617* -0.4 52,344 49,807* 5.1
--------------------------------------------------------------------------------
Retail sales 10,096 8,926 13.1 34,000 28,267 20.3
--------------------------------------------------------------------------------
Wholesale sales 5,090 6,405 -20.5 17,546 20,584 -14.8
--------------------------------------------------------------------------------
Royalties 369 286 29.0 798 956 -16.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Scandinavia 2,063 2,210* -6.7 7,856 7,518* 4.5
--------------------------------------------------------------------------------
Retail sales 944 795 18.7 3,299 2,241 47.2
--------------------------------------------------------------------------------
Wholesale sales 1,119 1,412 -20.8 4,554 5,269 -13.6
--------------------------------------------------------------------------------
Royalties - 3 -100.0 3 8 -62.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Central and Southern 1,875 1,821* 2.9 7,783 6,691* 16.3
Europe
--------------------------------------------------------------------------------
Retail sales 426 418 1.9 1,492 1,394 7.0
--------------------------------------------------------------------------------
Wholesale sales 1,422 1,375 3.3 6,185 5,183 19.3
--------------------------------------------------------------------------------
Royalties 27 28 -3.6 106 114 -7.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
North America 2,809 2,152* 30.5 7,743 4,960* 56.1
--------------------------------------------------------------------------------
Retail sales 1,742 972 79.2 4,020 972 313.6
--------------------------------------------------------------------------------
Wholesale sales 955 910 4.9 3,193 3,430 -6.9
--------------------------------------------------------------------------------
Royalties 112 270 -58.5 530 558 -5.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Asia-Pacific 3,446 1,781* 93.5 12,745 8,466* 50.5
--------------------------------------------------------------------------------
Retail sales 655 - 655 -
--------------------------------------------------------------------------------
Wholesale sales 2,791 1,781 56.7 12,087 8,458 42.9
--------------------------------------------------------------------------------
Royalties - - 3 8 -62.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
International sales, 10,193 7,964* 28.0 36,127 27,635* 30.7
total
--------------------------------------------------------------------------------
Retail sales 3,767 2,185 72.4 9,466 4,607 105.5
--------------------------------------------------------------------------------
Wholesale sales 6,287 5,478 14.7 26,019 22,340 16.5
--------------------------------------------------------------------------------
Royalties 139 301 -53.8 642 688 -6.7
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL 25,748 23,581 9.2 88,471 77,442 14.2
--------------------------------------------------------------------------------
Retail sales 13,863 11,111 24.8 43,466 32,874 32.2
--------------------------------------------------------------------------------
Wholesale sales 11,377 11,883 -4.3 43,565 42,924 1.5
--------------------------------------------------------------------------------
Royalties 508 587 -13.5 1,440 1,644 -12.4
--------------------------------------------------------------------------------
* Due to adjustments made in internal sales reporting structures, the
previously reported sales figures by market area have changed.
NET SALES BY PRODUCT LINE
(EUR 1,000) 10-12/ 10-12/ Change,% 1-12/ 1-12/ Change,%
2012 2011 2012 2011
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Clothing 7,811 7,817 -0.1 30,936 28,351 9.1
-----------------------------------------------------------------------
Interior decoration 12,700 11,714 8.4 38,122 34,003 12.1
-----------------------------------------------------------------------
Bags 5,237 4,050 29.3 19,413 15,088 28.7
-----------------------------------------------------------------------
TOTAL 25,748 23,581 9.2 88,471 77,442 14.2
-----------------------------------------------------------------------
QUARTERLY TREND IN NET SALES AND EARNINGS
(EUR 1,000) 10-12/2012 7-9/2012 4-6/2012 1-3/2012
-----------------------------------------------------------------
-----------------------------------------------------------------
Net sales 25,748 24,214 19,701 18,808
-----------------------------------------------------------------
Operating result 13 3,486 -545 -935
-----------------------------------------------------------------
Earnings per share, EUR -0.04 0.31 -0.03 -0.10
-----------------------------------------------------------------
-----------------------------------------------------------------
(EUR 1,000) 10-12/2011 7-9/2011 4-6/2011 1-3/2011
-----------------------------------------------------------------
-----------------------------------------------------------------
Net sales 23,581 19,812 16,815 17,234
-----------------------------------------------------------------
Operating result 1,645 2,321 -798 360
-----------------------------------------------------------------
Earnings per share, EUR 0.18 0.21 -0.07 0.04
-----------------------------------------------------------------
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