2016-08-11 07:30:02 CEST
2016-08-11 07:30:02 CEST
REGULATED INFORMATION
Marimekko - Half Year financial report
HALF-YEAR FINANCIAL REPORT OF MARIMEKKO CORPORATION, 1 January - 30 June 2016: Measures to improve efficiency boosted comparable operating result in the first half of the year; net sales also grew slightly
Marimekko Corporation, Half-year financial report, 11 August 2016 at 8.30 a.m.
HALF-YEAR FINANCIAL REPORT OF MARIMEKKO CORPORATION, 1 January - 30 June 2016:
Measures to improve efficiency boosted comparable operating result in the first
half of the year; net sales also grew slightly
January-June in brief
-- Net sales grew by 2 percent to EUR 44.5 million (1-6/2015: 43.6). Net sales
at comparable exchange rates also grew by 2 percent.
-- Net sales were supported by strong retail sales in Finland and by a
favourable trend in total sales in the Asia-Pacific region.
-- Comparable operating result grew relative to the same period last year and
was EUR 0.7 million
(-1.0).
-- Operating result for the review period was EUR -0.2 million (-1.0), which
includes a restructuring provision of EUR 0.8 million.
-- Operating result was boosted by a lower cost level, growth in retail sales
in Finland and Australia, and increased wholesale sales in the Asia-Pacific
region and North America.
The second quarter in brief
-- Net sales reached last year's level at EUR 23.5 million (Q2/2015: 23.4) in
spite of the fact that the timing of large wholesale deliveries fell in the
first quarter of the year, unlike in 2015.
-- Net sales were supported by strong retail sales in Finland and Australia as
well as increased royalties in North America.
-- Net sales at comparable exchange rates rose by 1 percent.
-- Comparable operating result grew relative to the same period last year and
was EUR 0.9 million (0.3).
-- Operating result for the review period was EUR 0.9 million (0.3).
-- Operating result was boosted by a lower cost level, growth in retail sales
in Finland and Australia as well as increased royalties in North America.
-- A drag was exerted on operating result by a decrease in relative wholesale
margins combined with the timing of large wholesale deliveries in the first
quarter of the year, unlike in 2015.
Financial guidance for 2016
The Marimekko Group's net sales for 2016 are forecast to be at the same level
as in 2015. Operating profit excluding restructuring costs is expected to be
higher than in the previous year.
Tiina Alahuhta-Kasko, President & CEO:
"Marimekko's first half of 2016 was in line with our expectations. We were able
both to increase our net sales and to improve our comparable operating result
by EUR 1.7 million relative to the previous year. The growth in net sales was
generated in our two main markets, Finland and the Asia-Pacific region. In
Finland, our net sales continued to be boosted by growth in outlet store sales,
which is typical in a price-sensitive market situation. In the Asia-Pacific
region, both retail and wholesale sales rose in the January-June period.
"I am pleased that our efforts to underpin our profitability have gradually
begun to bear fruit; thanks to a lower cost level, our comparable operating
result improved in the first half of the year. In addition, operating result
was improved by growth in retail sales in Finland and Australia, where we
strengthened our foothold and multi-channel service concept in April by opening
our own online store. Growth in wholesale sales in the Asia-Pacific region and
North America also improved our operating result in the first half of the year.
"Our revamped ready-to-wear collections hit the market this spring. We will
continue the long-term development of the collections with the aim of creating
new, beloved classics for our customers, as well as to further strengthen the
international competitiveness of our product portfolio. We are also constantly
developing the overall brand experience and operations in our stores through
our updated multi-channel store concept.
"The results of our brand development work have also begun to appear in earned
media. With our revamped ready-to-wear collections, our products have had a
stronger presence in both international and domestic channels focusing on
fashion and lifestyle. International interest in our brand was also indicated
by the limited-edition collection which was available in the United States
during the second quarter and which was created in collaboration with Target,
one of the country's largest retail chains. The Marimekko for Target collection
gained great visibility and strengthened the foundation from which we will
continue to build our brand awareness in the long term, especially in the North
American market."
Key figures
The guidelines on Alternative Performance Measures to be used by listed
companies in their financial reporting, published by the European Securities
and Markets Authority (ESMA), entered into force on 3 July 2016. As of the
first quarter of 2016, Marimekko Corporation uses the term "comparable" instead
of the previously used term “excluding nonrecurring items”. In addition, the
heading brand sales is given as an alternative non-IFRS key figure.
The items affecting comparability involve items not influencing ordinary
business operations or cash flow, which are items adjusted for comparability if
they arise from write-downs of assets, sales of assets, expenses of terminating
business operations, reorganisation expenses, changes in legislation, or legal
actions.
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 realised wholesale sales and royalty income,
is unofficial and does not include VAT.
EUR million 4-6/ 4-6/ Change, 1-6/ 1-6/ Change, 2015
2016 2015 % 2016 2015 %
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Net sales 23.5 23.4 0 44.5 43.6 2 95.7
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International sales 10.1 10.4 -3 20.9 20.8 1 43.0
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% of net sales 43 44 - 47 48 - 45
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EBITDA 1.9 1.4 39 1.9 1.1 75 6.1
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Comparable EBITDA 1.9 1.4 42 2.7 1.1 153 6.1
--------------------------------------------------------------------------------
Operating result 0.9 0.3 196 -0.2 -1.0 82 1.5
--------------------------------------------------------------------------------
Comparable operating result 0.9 0.3 - 0.7 -1.0 164 1.5
--------------------------------------------------------------------------------
Operating result margin, % 3.7 1.3 - -0.4 -2.4 - 1.6
--------------------------------------------------------------------------------
Comparable operating result 3.9 1.3 - 1.5 -2.4 - 1.6
margin, %
--------------------------------------------------------------------------------
Result for the period 0.7 0.1 - -0.3 -1.0 73 0.8
--------------------------------------------------------------------------------
Earnings per share 0.08 0.01 - -0.03 -0.12 73 0.10
--------------------------------------------------------------------------------
Cash flow from operating 0.9 1.7 -44 -3.0 0.0 - 6.3
activities
--------------------------------------------------------------------------------
Return on investment - - - 6.3 16.0 4.5
(ROI)*, %
--------------------------------------------------------------------------------
Equity ratio, % - - - 48.3 54.0 - 59.0
--------------------------------------------------------------------------------
Gross investments 1.2 0.5 123 1.4 0.8 72 3.6
--------------------------------------------------------------------------------
Personnel at the end of the - - - 469 475 -1 476
period
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outside Finland - - - 115 114 1 126
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Brand sales** 53.0 42.7 24 96.0 83.0 16 176.7
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outside Finland 36.5 25.7 42 65.3 51.8 26 105.4
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proportion of international 69 60 - 68 62 - 60
sales, %
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Number of stores*** - - - 158 150 5 153
--------------------------------------------------------------------------------
The change percentages in the table were calculated on exact figures before the
amounts were rounded to millions of euros.
* ROI and ROE are reported as 12-month rolling values as of the first review
period of 2016. Figures for the comparison periods have been restated
accordingly. This change improves comparability between review periods.
** 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 realised wholesale sales and royalty income, is unofficial and
does not include VAT. The key figure is not audited. The calculation method for
2015 figures has been restated to correspond to the licensing agreement terms.
*** 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 54 at the end of June 2016 (53). Information on changes is
available in the section Changes in the Store Network.
Reconciliation of key figures to IFRS
EUR million 4-6/ 4-6/ 1-6/ 1-6/ 2015
2016 2015 2016 2015
-------------------------------------------------------------------------------
Items affecting comparability
-------------------------------------------------------------------------------
Restructuring (employee benefit expenses) 0.0 - -0.8 - -
-------------------------------------------------------------------------------
Restructuring (other operating expenses) 0.0 - 0.0 - -
-------------------------------------------------------------------------------
Items affecting comparability in operating result 0.0 - -0.8 - -
-------------------------------------------------------------------------------
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EBITDA 1.9 1.4 1.9 1.1 6.1
-------------------------------------------------------------------------------
Items affecting comparability 0.0 - -0.8 - -
-------------------------------------------------------------------------------
Comparable EBITDA 1.9 1.4 2.7 1.1 6.1
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Operating result 0.9 0.3 -0.2 -1.0 1.5
-------------------------------------------------------------------------------
Items affecting comparability in operating result 0.0 - -0.8 - -
-------------------------------------------------------------------------------
Comparable operating result 0.9 0.3 0.7 -1.0 1.5
-------------------------------------------------------------------------------
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Net sales 23.5 23.4 44.5 43.6 95.7
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Operating result margin, % 3.7 1.3 -0.4 -2.4 1.6
-------------------------------------------------------------------------------
Comparable operating result margin, % 3.9 1.3 1.5 -2.4 1.6
-------------------------------------------------------------------------------
Financial calendar for 2016
The interim report for January-September will be issued on Thursday 3 November
2016 at 8.30 a.m.
Further information:
Tiina Alahuhta-Kasko, President & CEO, tel. +358 9 758 71
Elina Aalto, Chief Financial Officer, tel. +358 9 758 7261
MARIMEKKO CORPORATION
Corporate Communications
Asta Halme
Tel. +358 9 7587 233
asta.halme@marimekko.com
DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media
HALF-YEAR FINANCIAL REPORT OF MARIMEKKO CORPORATION, 1 January - 30 June 2016
OPERATING ENVIRONMENT
Risks in the global economy have increased, and growth estimates have been
slightly lowered. Weakened demand in Asia has slowed down world trade, and it
is believed that the unclear situation arising from the Brexit vote in the UK
will further hamper growth and be reflected in consumer confidence.
In the Finnish economy, a more upbeat trend prevails. The trend in retail trade
has improved, but the situation is still weaker than the average. Sales volume
has increased slightly in recent months, and mildly upward growth is expected
to continue for the rest of the year 2016. In June, retail trade confidence in
Finland was only slightly lower than the EU average.
In Finland, consumer confidence improved in June to a level it last attained
about five years ago. Ratings improved, particularly with regard to the
country's economic development and employment expectations.
(Confederation of Finnish Industries EK: Economic Review, 13 July 2016;
Confidence Indicators, July 2016; Business Tendency Survey, August 2016)
In the January-June period, the value of retail sales in Finland increased by
0.5 percent relative to the same period last year and the volume of sales,
which measures real growth, rose by 1.7 percent. (Statistics Finland: Turnover
of Trade, retail trade flash estimate, June 2016).
CHANGES IN THE STORE NETWORK
In 2016, the main thrust in expanding the Marimekko store network continues to
be on openings of retailer-owned Marimekko stores. The goal is to open around
10-20 new Marimekko stores and shop-in-shops. Of these, 1-2 would be
company-owned stores.
In the April-June period, two retailer-owned stores and one shop-in-shop were
opened. The stores are located in Taiwan and Thailand; the shop-in-shop is in
Tokyo, Japan. In addition, the company opened its own outlet store in Finland.
During the period under review, one retailer-owned Marimekko store in the
United States became a multi-brand store, which is why it no longer is included
in the total number of Marimekko stores.
Number of stores and shop-in-shops* 30.6.2016 30.6.2015 31.12.2015
---------------------------------------------------------------------
Finland 62 64 62
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Company-owned stores 24 24 25
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Company-owned outlet stores 12 11 11
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Retailer-owned stores 16 17 16
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Retailer-owned shop-in-shops 10 12 10
---------------------------------------------------------------------
----------------------------------------------------------------------
Scandinavia 11 10 11
---------------------------------------------------------------------
Company-owned stores 8 8 8
---------------------------------------------------------------------
Company-owned outlet stores - - -
---------------------------------------------------------------------
Retailer-owned stores - - -
---------------------------------------------------------------------
Retailer-owned shop-in-shops 3 2 3
---------------------------------------------------------------------
----------------------------------------------------------------------
EMEA 3 4 4
---------------------------------------------------------------------
Company-owned stores 1 2 2
---------------------------------------------------------------------
Company-owned outlet stores - - -
---------------------------------------------------------------------
Retailer-owned stores 2 2 2
---------------------------------------------------------------------
Retailer-owned shop-in-shops - - -
---------------------------------------------------------------------
----------------------------------------------------------------------
North America 23 23 24
---------------------------------------------------------------------
Company-owned stores 4 4 4
---------------------------------------------------------------------
Company-owned outlet stores 1 1 1
---------------------------------------------------------------------
Retailer-owned stores 1 2 2
---------------------------------------------------------------------
Retailer-owned shop-in-shops 17 16 17
---------------------------------------------------------------------
----------------------------------------------------------------------
Asia-Pacific 59 49 52
---------------------------------------------------------------------
Company-owned stores 4 3 4
---------------------------------------------------------------------
Company-owned outlet stores - - -
---------------------------------------------------------------------
Retailer-owned stores 47 42 44
---------------------------------------------------------------------
Retailer-owned shop-in-shops 8 4 4
---------------------------------------------------------------------
----------------------------------------------------------------------
Total 158 150 153
---------------------------------------------------------------------
Company-owned stores 41 41 43
---------------------------------------------------------------------
Company-owned outlet stores 13 12 12
---------------------------------------------------------------------
Retailer-owned stores 66 63 64
---------------------------------------------------------------------
Retailer-owned shop-in-shops 38 34 34
---------------------------------------------------------------------
* Includes shop-in-shops with an area exceeding 30 sqm.
NET SALES
Net sales in January-June
In the January-June period, the Group's net sales grew by 2 percent and were
EUR 44,492 thousand (43,581). Net sales in Finland grew by 3 percent and
international sales by 1 percent relative to the same period last year. Retail
sales growth was 4 percent and wholesale sales were on a par with the previous
year's figures. Net sales were supported by strong retail sales in Finland and
by a favourable trend in total sales in the Asia-Pacific region.
Net sales in the second quarter
In the April-June period the Group's net sales were EUR 23,543 thousand
(23,446), reaching last year's level in spite of the fact that the timing of
large wholesale deliveries fell in the first quarter of the year, unlike in
2015. Net sales at comparable exchange rates rose by 1 percent. Net sales were
supported by strong retail sales in Finland and Australia as well as increased
royalties in North America.
Net sales by market area
(EUR 4-6/ 4-6/ Change Change 1-6/ 1-6/ Change Change 2015
1,000) 2016 2015 , % , 2016 2015 , % ,
% %
in in
cur-re cur-re
ncy ncy
terms terms
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finland 13,468 13,076 3 3 23,579 22,784 3 3 52,690
--------------------------------------------------------------------------------
Retail 10,596 9,878 7 7 17,312 16,084 8 8 37,613
sales
--------------------------------------------------------------------------------
Wholesal 2,844 3,113 -9 -9 6,171 6,522 -5 -5 14,669
e sales
--------------------------------------------------------------------------------
Royaltie 28 86 -67 -67 97 178 -46 -46 408
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Scandina 1,917 1,980 -3 -4 3,657 3,792 -4 -3 7,783
via
--------------------------------------------------------------------------------
Retail 1,325 1,331 0 -3 2,327 2,322 0 -1 4,841
sales
--------------------------------------------------------------------------------
Wholesal 592 649 -9 -6 1,330 1,470 -9 -6 2,942
e sales
--------------------------------------------------------------------------------
Royaltie - - - - - - - - -
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EMEA 2,042 2,145 -5 -5 4,323 4,413 -2 -2 8,280
--------------------------------------------------------------------------------
Retail 250 269 -7 -7 598 612 -2 -2 1,213
sales
--------------------------------------------------------------------------------
Wholesal 1,709 1,846 -7 -7 3,584 3,730 -4 -4 6,862
e sales
--------------------------------------------------------------------------------
Royaltie 83 30 177 177 141 71 99 99 205
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
North 2,244 2,054 9 9 3,878 4,157 -7 -6 9,227
America
--------------------------------------------------------------------------------
Retail 1,352 1,522 -11 -12 2,388 2,809 -15 -15 5,898
sales
--------------------------------------------------------------------------------
Wholesal 523 493 6 12 1,095 897 22 23 2,380
e sales
--------------------------------------------------------------------------------
Royaltie 368 40 - - 395 451 -12 -13 949
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Asia-Pac 3,872 4,190 -8 -4 9,055 8,436 7 9 17,672
ific
--------------------------------------------------------------------------------
Retail 859 726 18 25 1,647 1,436 15 21 3,159
sales
--------------------------------------------------------------------------------
Wholesal 3,014 3,465 -13 -12 7,408 7,000 6 5 14,513
e sales
--------------------------------------------------------------------------------
Royaltie - - - - - - - - -
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Internat 10,076 10,370 -3 -3 20,912 20,798 1 -1 42,962
ional
sales,
total
--------------------------------------------------------------------------------
Retail 3,786 3,847 -2 -3 6,959 7,180 -3 -1 15,111
sales
--------------------------------------------------------------------------------
Wholesal 5,838 6,453 -10 -7 13,417 13,096 2 0 26,696
e sales
--------------------------------------------------------------------------------
Royaltie 451 70 - - 536 522 3 1 1,154
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 23,543 23,446 0 1 44,492 43,581 2 2 95,652
--------------------------------------------------------------------------------
Retail 14,382 13,725 5 1 24,271 23,264 4 2 52,724
sales
--------------------------------------------------------------------------------
Wholesal 8,682 9,565 -9 -2 19,588 19,618 0 1 41,365
e sales
--------------------------------------------------------------------------------
Royaltie 479 156 - 191 633 700 -10 -10 1,563
s
--------------------------------------------------------------------------------
All figures in the table have been individually rounded to thousands of euros,
so there may be rounding differences in the totals.
Finland
In the January-June period, net sales in Finland grew by 3 percent to EUR
23,579 thousand (22,784). Comparable retail sales grew by 5 percent; growth by
outlet stores was 15 percent, while sales in other stores fell by 2 percent.
Wholesale sales were down by 5 percent.
In the April-June period, net sales in Finland grew by 3 percent to EUR 13,468
thousand (13,076). Comparable net sales grew by 4 percent; growth by outlet
stores was 15 percent, while sales in other stores fell by 5 percent. Wholesale
sales decreased by 9 percent.
Scandinavia
In the January-June period, net sales in Scandinavia fell by 4 percent and were
EUR 3,657 thousand (3,792). Euro-denominated retail sales held steady at the
previous year's level; retail sales at comparable exchange rates fell by 1
percent. Wholesale sales fell by 9 percent in euro terms and by 6 percent at
comparable exchange rates.
In the second quarter, net sales fell by 3 percent and were EUR 1,917 thousand
(1,980). Euro-denominated retail sales held steady at the previous year's
level; retail sales at comparable exchange rates fell by 3 percent. Wholesale
sales in euro terms fell by 9 percent and at comparable exchange rates by 6
percent.
EMEA
In the January-June period, net sales fell by 2 percent and were EUR 4,323
thousand (4,413). Retail sales declined by 2 percent and wholesale sales by 4
percent.
In the second quarter, net sales fell by 5 percent to EUR 2,042 thousand
(2,145). Both retail and wholesale sales declined by 7 percent.
North America
In the January-June period, net sales in North America fell by 7 percent to EUR
3,878 thousand (4,157). Retail sales declined by 15 percent, but net sales were
supported by 22 percent growth in euro-denominated wholesale sales. Wholesale
sales at comparable exchange rates increased by 23 percent. The decline in
retail sales was partly attributable to the absence of sales from the Beverly
Hills store, which was closed towards the end of the first quarter of the
comparison year, and to long-lasting construction works in the vicinity of some
stores, including the flagship store in New York City, which still have further
reduced footfall.
In the April-June period, net sales in North America rose by 9 percent and were
EUR 2,244 thousand (2,054). The increase in net sales was largely due to higher
royalties than in the comparison period, being EUR 368 thousand (40). Retail
sales fell in euro terms by 11 percent and at comparable exchange rates by 12
percent. Retail sales continued to be adversely affected by long-lasting
construction works in the vicinity of some stores. Wholesale sales grew by 6
percent in euro terms and by 12 percent at comparable exchange rates.
Asia-Pacific region
Net sales in the Asia-Pacific region grew in the January-June period by 7
percent to EUR 9,055 thousand (8,436). The trend was positive in both retail
and wholesale sales. Retail sales (Australia) grew by 15 percent in euro terms
and by 21 percent in terms of the sales currency. Sales by comparable stores
rose in euro terms by 1 percent and in terms of the sales currency by 6
percent. Euro-denominated wholesale sales improved by 6 percent; at comparable
exchange rates growth was 5 percent.
In the April-June period, net sales fell by 8 percent and were EUR 3,872
thousand (4,190). The decline in net sales was mainly due to the fact that the
timing of large wholesale deliveries fell in the first quarter of the year,
unlike in 2015. Wholesale sales fell by 13 percent in euro terms and by 12
percent at comparable exchange rates. Retail sales (Australia) grew by 18
percent in euro terms and by 25 percent in terms of the sales currency. Sales
by comparable stores fell in euro terms by 4 percent and grew by 1 percent in
terms of the sales currency.
FINANCIAL RESULT
In the January-June period of 2016, the Group's operating result grew relative
to the same period last year and was EUR -188 thousand (- 1,031), which
includes a restructuring provision of EUR 847 thousand. Comparable operating
result was EUR 659 thousand (-1,031). Operating result was boosted by a lower
cost level and growth in retail sales in Finland and Australia combined with
growth in wholesale sales in the Asia-Pacific region and North America. The
comparison period's costs included considerable expenses related to the Beverly
Hills store's closure. A drag was exerted on operating result by
discount-driven retail sales, lower wholesale sales in Finland, reduced retail
sales in North America, and by a decrease in relative wholesale margins.
In the April-June period, the Group's operating result grew to EUR 871 thousand
(294). Comparable operating result was EUR 915 thousand (294). Operating result
was boosted by a lower cost level and growth in Finnish and Australian retail
sales as well as higher royalties in North America. A drag was exerted on
operating result by a decrease in relative wholesale margins combined with the
timing of large deliveries in the first quarter of the year, unlike in 2015.
Marketing expenses for the January-June period totalled EUR 2,084 thousand
(2,544) or 5 percent of the Group’s net sales (6).
The Group’s depreciation and impairments in the first half of the year totalled
EUR 2,089 thousand (2,119) or 5 percent of net sales (5).
In the January-June period of 2016, operating result margin was -0.4 percent
(-2.4) and comparable operating result margin was 1.5 percent (-2.4). In the
April-June period, operating result margin was 3.7 percent (1.3) and comparable
operating result margin was 3.9 percent (1.3).
Net financial expenses in the January-June period were EUR 145 thousand (121)
or 0 percent of net sales (0). Foreign exchange changes recorded in net
financial items amounted to EUR -11 thousand (3).
Result for the first half of the year before taxes was EUR -333 thousand
(-1,152). Result after taxes was
EUR -273 thousand (-1,006) and earnings per share were EUR -0.03 (-0.12).
BALANCE SHEET
The consolidated balance sheet total as of 30 June 2016 was EUR 49,365 thousand
(46,964). Equity attributable to the equity holders of the parent company was
EUR 23,794 thousand (25,335) or EUR 2.94 per share (3.13).
Non-current assets at the end of June 2016 were EUR 16,482 thousand (17,433).
At the end of the period under review, net working capital was EUR 18,551
thousand (14,946). Inventories were EUR 22,145 thousand (18,561).
CASH FLOW AND FINANCING
In the January-June period of 2016, cash flow from operating activities was EUR
-3,032 thousand (29) or EUR -0.37 per share (0.00). Cash flow before cash flow
from financing activities was EUR -4,616 thousand
(-761).
In the April-June period, cash flow from operating activities was EUR 931
thousand (1,668) or EUR 0.12 per share (0.21). Cash flow before cash flow from
financing activities was EUR -235 thousand (1,146).
The Group’s financial liabilities at the end of the period under review stood
at EUR 13,857 thousand (10,503).
At the end of the review period, the Group’s cash and cash equivalents amounted
to EUR 3,260 thousand (3,648). In addition, the Group had unused committed
long- and short-term credit lines of EUR 6,451 thousand (12,015).
The Group's equity ratio at the end of June 2016 was 48.3 percent (54.0).
Gearing was 44.5 percent (27.1).
INVESTMENTS
The Group's gross investments in the January-June period were EUR 1,358
thousand (790) or 3 percent of net sales (2). Most of the investments were
devoted to renewal of the washing machine at the company's fabric printing
factory in Helsinki, IT systems and building store premises.
PERSONNEL
In the January-June period, the number of employees averaged 467 (458). At the
end of the period, the Group had 469 employees (475), of whom 115 (114) worked
outside Finland. The number of employees working outside Finland was broken
down as follows: Scandinavia 52 (41), EMEA 5 (9), North America 35 (44) and
Asia-Pacific 23 (20). The personnel at company-owned stores totalled 263 (265)
at the end of June.
SHARES AND SHAREHOLDERS
Share capital and number of shares
At the end of June 2016, 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 7,350 shareholders at the
end of the period under review (7,120). Of the shares, 9.8 percent were owned
by nominee-registered or non-Finnish holders (22.0). The number of shares owned
either directly or indirectly by members of the Board of Directors and the
President & CEO of the company as at 30 June 2016 was 1,330,515 (1,325,806) or
16.5 percent of the number and voting rights of the company’s shares (16.4).
Information about the largest shareholders can be found on the company's
website at company.marimekko.com under Investors/Share
information/Shareholders.
Share trading and the company’s market capitalisation
In the January-June period, a total of 1,561,989 Marimekko shares were traded,
representing 19.3 percent of the shares outstanding. The total value of
Marimekko’s share turnover was EUR 12,329,818. The lowest price of the
Marimekko share was EUR 6.06, the highest was EUR 8.70 and the average price
was EUR 7.89. At the end of June 2016, the closing price of the share was EUR
7.13. The company’s market capitalisation on 30 June 2016 was EUR 57,678,919
(78,064,737).
Authorisations
At the end of the review period, the Board of Directors had no valid
authorisations to carry out share issues or to issue convertible bonds or bonds
with warrants, or to acquire or surrender Marimekko shares.
CHANGES IN MANAGEMENT
Marimekko announced on 15 June 2016 that the company and its Chief Marketing
Officer and member of the Management Group Lasse Lindqvist had mutually agreed
that Lindqvist would stand down from his position on 15 June 2016. Marimekko
has launched a recruitment process for a new Chief Marketing Officer for the
company. During the recruitment process, Marimekko's Chief Sales Officer Päivi
Lonka is in charge of the marketing organisation in close collaboration with
Creative Director Anna Teurnell.
MAJOR RISKS AND FACTORS OF UNCERTAINTY
The major strategic risks for the near future are associated with developments
in consumer confidence, overall economic trends, and the consequent
fluctuations in the operating environment, especially in Finland. Near-term
strategic risks also include risks related to the management of the company’s
expansion, digitisation of retailing, and changes in Marimekko’s design,
product assortment and the focal points of collections.
Marimekko products are sold in approximately 40 countries. The company's key
markets are Northern Europe, North America and the Asia-Pacific region. There
are Marimekko stores in 17 countries. In addition to Finland, Marimekko has
company-owned stores in other Nordic countries, Germany, the United States and
Australia. The global economic cycle and factors of uncertainty affect
consumers’ purchasing behaviour and buying power in all of the company’s market
areas.
Marimekko is undergoing a phase of internationalisation and change. The
distribution of products is being expanded in all key markets. Growth is based
mainly on opening retailer-owned Marimekko stores and shop-in-shops as well as
on setting up company-owned stores and expanding e-commerce.
In recent years, expansion has called for larger or entirely new country
organisations, which burdens the cost-effectiveness of the company. Expanding
the network of company-owned stores and building international e-commerce have
increased the company’s investments, lease liabilities of store premises and
inventories as well as the company’s fixed costs. Furthermore, major
partnership agreements, the selection of partners as well as store lease
agreements in the company’s key market areas involve risks. Maintaining
competitiveness demands efficiency and the constant re-evaluation of
operations.
The company’s ability to design, develop and commercialise new products that
meet consumers’ expectations while maintaining profitable in-house production,
sustainable sourcing and effective logistics has an impact on the company’s
sales and profitability. Moreover, intellectual property rights play a vital
role in the company's success, and the company’s ability to manage these rights
may have an impact on the company’s value. Agreements with freelance designers
and fees paid to designers based on these agreements are also an essential part
of the management of intellectual property rights.
The company’s operational risks prominently include those related to the
management and success of expansion projects, the operational reliability of
procurement and logistics processes and information systems, and changes in the
prices of raw materials and other procurement items. The company primarily uses
subcontractors for its manufacturing. The revamped collections have also
brought new partners into the company’s supply chain. Any delays or
disturbances in supply, or fluctuations in the quality of products, may have a
momentary harmful impact on business. As the operations are being expanded and
diversified, risks related to the management of inventories also increase.
Among the company’s financial risks, those related to the structure of sales,
increased investments, price trends for factors of production, changes in cost
structure, increased operational costs, customers’ liquidity, changes in
exchange rates (particularly the US dollar, Swedish krona and Australian
dollar), and taxation may have an impact on the company’s financial status.
MARKET OUTLOOK AND GROWTH TARGETS IN 2016
General uncertainty in the global economy is forecast to continue, and this is
reflected in consumers' purchasing behaviour and consumption habits in all of
Marimekko's market areas. The main thrust in Marimekko's operations in 2016 is
on improving efficiency and results. Securing competitiveness will facilitate
stronger growth potential in future years. Growth is forecast to be modest in
2016 and to focus on retailer-owned Marimekko stores. Retailers’ wariness
towards additional purchases and in selecting new suppliers continues to be
reflected in Marimekko's wholesale sales expectations also in 2016.
Furthermore, the significance of developing the company’s own online store and
other online sales channels is expected to grow. The first collections created
entirely under the direction of the new Creative Director were brought to the
market at the beginning of 2016. With the updated collections Marimekko is
reaching out also to new target groups in addition to the company’s current
customers.
The situation in retail trade in Marimekko’s important domestic market Finland
has remained clearly below the normal level, but the outlook for the next six
months is more positive than before. In spite of slight improvement in consumer
confidence, weak purchasing power and uncertainty in the labour market are
overshadowing prospects in 2016. Nonrecurring promotional deliveries will have
a positive effect on the company's sales this year.
The Asia-Pacific region, Marimekko's second-biggest market, plays an important
part in the company's internationalisation. In recent years, new markets have
been opened up in China, Hong Kong, Taiwan, Singapore and Thailand. Although
sales in new markets are expected to grow, their combined proportion of
Marimekko's net sales is still relatively small compared with Japan, which is
clearly the most important single market in this region to the company. This
year and in the next few years, the trend in sales in Japan is expected to be
more moderate than in the previous years. Sales are supported by developing the
operations of Marimekko stores there and by optimising the product range. New
stores will be opened in Japan at an estimated rate of a few stores per year.
In addition, shop-in-shops located mainly in department stores are also planned
to be opened in Japan. In Australia, the outlook is positive and the market is
expected to grow through in-house retailing, quality department stores and the
company’s own online store. Most of the Marimekko stores to be opened in 2016
will be located in the Asia-Pacific region.
Marimekko's sales in North America are expected to fall short of the previous
year's level. Long-lasting construction works in the vicinity of Marimekko’s
flagship store in New York, which plays a significant part in the company’s
sales, are still ongoing and continue to reduce footfall. The design
collaboration carried out in the second quarter of the year with the US retail
chain Target is expected to support the building of Marimekko's international
brand recognition in the long term. The company will continue to work to
improve the profitability of its existing stores and to lighten the operational
cost structure while seeking new sales channels to compensate for possible
changes in wholesale agreements.
Sales expectations in Scandinavia are modest. A positive trend can be seen in
the Swedish market. In Norway and Denmark, an update of the distribution
channel structure is still under way. However, these markets are expected to
offer potential for the brand in the long term.
Sales expectations are also modest in EMEA. In order to raise the global
profile of the brand and to promote growth, Marimekko continues to focus on
cooperation with well-known department stores and other distribution channels
in this market area.
The main thrust in expansion in 2016 continues to be on openings of
retailer-owned Marimekko stores. The aim is to open around 10-20 new Marimekko
stores and shop-in-shops. Of these, 1-2 would be company-owned. Also, the
company focuses strongly on the operational enhancement and the improvement of
profitability of Marimekko stores opened in recent years.
The expenses of marketing operations in 2016 are expected to be at the same
level as or lower than in 2015 (EUR 5.1 million). The total investments for
2016 of the Marimekko Group are estimated at approximately EUR 3 million (3.2).
Most of investments will be devoted to acquiring new washing machinery for the
company’s printing factory in Helsinki, building new store premises and
purchases of fittings, as well as improving data systems supporting business
operations.
FINANCIAL GUIDANCE FOR 2016
The Marimekko Group's net sales for 2016 are forecast to be at the same level
as in 2015. Operating profit excluding restructuring costs is expected to be
higher than in the previous year.
Helsinki, 10 August 2016
Marimekko Corporation
Board of Directors
HALF-YEAR FINANCIAL REPORT OF MARIMEKKO CORPORATION, 1 January - 30 June 2016:
TABLE SECTION
The quarterly information for 2016 is not audited. There may be differences in
totals due to rounding to the nearest thousand euros.
APPENDICES
Accounting principles
Formulas for key figures
Consolidated income statement and comprehensive consolidated income statement
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in shareholders' equity
Key figures
Segment information
Net sales by market area
Net sales by product line
Quarterly trend in net sales and earnings
ACCOUNTING PRINCIPLES
This half-year financial report was prepared in compliance with IAS 34.
Marimekko has applied the same accounting principles in this report as were
applied in the 2015 financial statements, although at the start of the
financial year the company adopted certain new and amended IFRS standards as
described in the financial statements for 2015. The adoption of new and updated
standards has had no effect on the figures stated for the period under review.
FORMULAS FOR KEY FIGURES
Comparable EBITDA:
Operating result - depreciation - impairments - items affecting comparability
Comparable operating result:
Operating result - items affecting comparability in operating result
Comparable operating result margin, %
Operating result - items affecting comparability in operating result x 100 /
Net sales
Earnings per share (EPS), EUR:
(Profit before taxes - income taxes) / Adjusted number of shares (average for
the financial year)
Equity per share, EUR:
Shareholders’ equity / Number of shares, 30 June
Return on equity (ROE), %:
Rolling 12 months (Profit before taxes - income taxes) X 100 / Shareholders’
equity (average for the financial year)
Return on investment (ROI), %:
Rolling 12 months (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 - tax liability
- current provisions - trade and other payables
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 4-6/20 4-6/20 1-6/201 1-6/201 2015
16 15 6 5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 23,543 23,446 44,492 43,581 95,652
--------------------------------------------------------------------------------
Other operating income 126 52 240 110 335
--------------------------------------------------------------------------------
Increase or decrease in inventories 786 -1,073 3,586 187 367
of completed and unfinished products
--------------------------------------------------------------------------------
Raw materials and consumables -9,603 -7,376 -19,458 -15,307 -35,208
--------------------------------------------------------------------------------
Employee benefit expenses -6,042 -6,566 -13,497 -13,313 -26,232
--------------------------------------------------------------------------------
Depreciation and impairments -1,022 -1,072 -2,089 -2,119 -4,511
--------------------------------------------------------------------------------
Other operating expenses -6,917 -7,117 -13,460 -14,170 -28,861
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
OPERATING RESULT 871 294 -188 -1,031 1,542
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income 3 20 3 23 49
--------------------------------------------------------------------------------
Financial expenses -20 -275 -147 -144 -297
--------------------------------------------------------------------------------
-17 -254 -145 -121 -247
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RESULT BEFORE TAXES 854 40 -333 -1,152 1,294
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income taxes -167 50 60 147 -491
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET RESULT FOR THE PERIOD 687 90 -273 -1,006 803
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution of net result to equity 687 90 -273 -1,006 803
holders of the parent company
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Basic and diluted earnings per share 0.08 0.01 -0.03 -0.12 0.10
calculated on the result
attributable to equity holders of
the parent company, EUR
--------------------------------------------------------------------------------
COMPREHENSIVE CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 4-6/20 4-6/20 1-6/20 1-6/20 2015
16 15 16 15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net result for the period 687 90 -273 -1,006 803
--------------------------------------------------------------------------------
Items that could be reclassified to profit - - - - -
or loss at a future point in time
--------------------------------------------------------------------------------
Change in translation difference -228 47 -231 127 112
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
COMPREHENSIVE RESULT FOR THE PERIOD 459 137 -504 -879 915
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution of net result to equity 459 137 -504 -879 915
holders of the parent company
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 30.6.2016 30.6.2015 31.12.2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT ASSETS
--------------------------------------------------------------------------------
Intangible assets 1,921 1,643 1,856
--------------------------------------------------------------------------------
Tangible assets 14,546 15,597 15,486
--------------------------------------------------------------------------------
Available-for-sale financial assets 16 16 16
--------------------------------------------------------------------------------
Deferred tax assets - 177 -
--------------------------------------------------------------------------------
16,482 17,433 17,359
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT ASSETS
--------------------------------------------------------------------------------
Inventories 22,145 18,561 18,488
--------------------------------------------------------------------------------
Trade and other receivables 7,211 7,217 5,966
--------------------------------------------------------------------------------
Current tax assets 267 104 -
--------------------------------------------------------------------------------
Cash and cash equivalents 3,260 3,648 4,249
--------------------------------------------------------------------------------
32,882 29,530 28,703
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ASSETS, TOTAL 49,365 46,964 46,061
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SHAREHOLDERS’ EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT COMPANY
--------------------------------------------------------------------------------
Share capital 8,040 8,040 8,040
--------------------------------------------------------------------------------
Reserve for invested non-restricted equity 502 502 502
--------------------------------------------------------------------------------
Translation differences -193 53 38
--------------------------------------------------------------------------------
Retained earnings 15,445 16,740 18,549
--------------------------------------------------------------------------------
Shareholders’ equity, total 23,794 25,335 27,129
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES
--------------------------------------------------------------------------------
Deferred tax liabilities 134 - 9
--------------------------------------------------------------------------------
Provisions 135 190 190
--------------------------------------------------------------------------------
Financial liabilities 6,451 6,985 3,834
--------------------------------------------------------------------------------
Finance lease liabilities 3,163 3,275 3,231
--------------------------------------------------------------------------------
9,882 10,451 7,264
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT LIABILITIES
--------------------------------------------------------------------------------
Trade and other payables 11,071 10,936 11,189
--------------------------------------------------------------------------------
Current tax liabilities - - 226
--------------------------------------------------------------------------------
Provisions 374 - -
--------------------------------------------------------------------------------
Financial liabilities 4,000 - -
--------------------------------------------------------------------------------
Finance lease liabilities 243 242 253
--------------------------------------------------------------------------------
15,688 11,178 11,668
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liabilities, total 25,571 21,629 18,932
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SHAREHOLDERS’ EQUITY AND LIABILITIES, TOTAL 49,365 46,964 46,061
--------------------------------------------------------------------------------
The Group has no liabilities resulting from derivative contracts, and there are
no outstanding guarantees or any other contingent liabilities which have been
granted on behalf of the management of the company or its shareholders.
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) 1-6/201 1-6/201 2015
6 5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net result for the period -273 -1,006 803
--------------------------------------------------------------------------------
Adjustments
--------------------------------------------------------------------------------
Depreciation and impairments 2,089 2,119 4,511
--------------------------------------------------------------------------------
Financial income and expenses 145 121 247
--------------------------------------------------------------------------------
Taxes -60 -147 491
--------------------------------------------------------------------------------
Cash flow before change in working capital 1,901 1,088 6,054
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in working capital -4,522 -831 1,502
--------------------------------------------------------------------------------
Increase (-) / decrease (+) in current -1,245 72 1,216
non-interest-bearing trade
receivables
--------------------------------------------------------------------------------
Increase (-) / decrease (+) in inventories -3,657 -1,003 -930
--------------------------------------------------------------------------------
Increase (+) / decrease (-) in current 380 100 1,216
non-interest-bearing liabilities
--------------------------------------------------------------------------------
Cash flow from operating activities before financial -2,620 257 7,556
items and taxes
--------------------------------------------------------------------------------
Paid interest and payments on other financial expenses -148 -144 -305
--------------------------------------------------------------------------------
Interest received 3 20 49
--------------------------------------------------------------------------------
Taxes paid -267 -104 -986
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES -3,032 29 6,313
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Investments in tangible and intangible assets -1,584 -790 -3,171
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES -1,584 -790 -3,171
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-term loans drawn 4,000 - -
--------------------------------------------------------------------------------
Long-term loans drawn 2,616 3,289 139
--------------------------------------------------------------------------------
Finance lease liabilities -158 -128 -280
--------------------------------------------------------------------------------
Dividends paid -2,831 -2,831 -2,831
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES 3,627 330 -2,973
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in cash and cash equivalents -989 -431 170
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the 4,249 4,079 4,079
period
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 3,260 3,648 4,249
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
(EUR 1,000) Equity attributable to equity holders of the parent company
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share Reserve for Transl Retained Shareholder
capital invested ation earnings s’ equity,
non-restricted differ total
equity ences
--------------------------------------------------------------------------------
Shareholders’ 8,040 502 -74 20,577 29,045
equity 1 January
2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Comprehensive
result
--------------------------------------------------------------------------------
Net result for the -1,006 -1,006
period
--------------------------------------------------------------------------------
Translation 127 127
differences
--------------------------------------------------------------------------------
Total 127 -1,006 -879
comprehensive
result for the
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Transactions with
owners
--------------------------------------------------------------------------------
Dividends paid -2,831 -2,831
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders’ 8,040 502 53 16,740 25,335
equity 30 June
2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders’ 8,040 502 38 18,549 27,129
equity 1 January
2016
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Comprehensive
result
--------------------------------------------------------------------------------
Net result for the -273 -273
period
--------------------------------------------------------------------------------
Translation -231 -231
differences
--------------------------------------------------------------------------------
Total -231 -273 -504
comprehensive
result for the
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Transactions with
owners
--------------------------------------------------------------------------------
Dividends paid -2,831 -2,831
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders’ 8,040 502 -193 15,445 23,794
equity 30 June
2016
--------------------------------------------------------------------------------
KEY FIGURES
1-6/2016 1-6/2015 Change, % 2015
--------------------------------------------------------------------------------
Earnings per share, EUR -0.03 -0.12 73 0.10
--------------------------------------------------------------------------------
Equity per share, EUR 2.94 3.13 -6 3.35
--------------------------------------------------------------------------------
Return on equity (ROE), % ( * 6.3 17.3 - 2.9
--------------------------------------------------------------------------------
Return on investment (ROI), % (* 6.3 16.0 - 4.5
--------------------------------------------------------------------------------
Equity ratio, % 48.3 54.0 - 59.0
--------------------------------------------------------------------------------
Gearing, % 44.5 27.1 - 11.3
--------------------------------------------------------------------------------
Gross investments, EUR 1,000 1,358 790 72 3,591
--------------------------------------------------------------------------------
Gross investments, % of net sales 3 2 - 4
--------------------------------------------------------------------------------
Contingent liabilities, EUR 1,000 33,555 33,755 -1 36,252
--------------------------------------------------------------------------------
Average personnel 467 458 2 460
--------------------------------------------------------------------------------
Personnel at the end of the period 469 475 -1 476
--------------------------------------------------------------------------------
Number of shares at the end of the 8,089,610 8,089,610 - 8,089,610
period
--------------------------------------------------------------------------------
Number of shares outstanding, 8,089,610 8,089,610 - 8,089,610
average
--------------------------------------------------------------------------------
* ROI and ROE are reported as 12-month rolling values as of the first review
period of 2016. Figures for comparison periods have been restated accordingly.
The change improves comparability between review periods.
SEGMENT INFORMATION
(EUR 1,000) 1-6/2016 1-6/2015 Change, % 2015
---------------------------------------------------------
Marimekko business
---------------------------------------------------------
Net sales 44,492 43,581 2 95,652
---------------------------------------------------------
Operating result -188 -1,031 82 1,542
---------------------------------------------------------
Assets 49,365 46,964 7 46,061
---------------------------------------------------------
NET SALES BY MARKET AREA
(EUR 4-6/ 4-6/ Change Change, 1-6/ 1-6/ Change Change 2015
1,000) 2016 2015 , % % 2016 2015 , % ,
in %
cur-ren in
cy curren
terms cy
terms
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finland 13,468 13,076 3 3 23,579 22,784 3 3 52,690
--------------------------------------------------------------------------------
Retail 10,596 9,878 7 7 17,312 16,084 8 8 37,613
sales
--------------------------------------------------------------------------------
Wholesa 2,844 3,113 -9 -9 6,171 6,522 -5 -5 14,669
le
sales
--------------------------------------------------------------------------------
Royalti 28 86 -67 -67 97 178 -46 -46 408
es
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Scandin 1,917 1,980 -3 -4 3,657 3,792 -4 -3 7,783
avia
--------------------------------------------------------------------------------
Retail 1,325 1,331 0 -3 2,327 2,322 0 -1 4,841
sales
--------------------------------------------------------------------------------
Wholesa 592 649 -9 -6 1,330 1,470 -9 -6 2,942
le
sales
--------------------------------------------------------------------------------
Royalti - - - - - - - - -
es
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EMEA 2,042 2,145 -5 -5 4,323 4,413 -2 -2 8,280
--------------------------------------------------------------------------------
Retail 250 269 -7 -7 598 612 -2 -2 1,213
sales
--------------------------------------------------------------------------------
Wholesa 1,709 1,846 -7 -7 3,584 3,730 -4 -4 6,862
le
sales
--------------------------------------------------------------------------------
Royalti 83 30 177 177 141 71 99 99 205
es
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
North 2,244 2,054 9 9 3,878 4,157 -7 -6 9,227
Americ
a
--------------------------------------------------------------------------------
Retail 1,352 1,522 -11 -12 2,388 2,809 -15 -15 5,898
sales
--------------------------------------------------------------------------------
Wholesa 523 493 6 12 1,095 897 22 23 2,380
le
sales
--------------------------------------------------------------------------------
Royalti 368 40 - - 395 451 -12 -13 949
es
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Asia-Pa 3,872 4,190 -8 -4 9,055 8,436 7 9 17,672
cific
--------------------------------------------------------------------------------
Retail 859 726 18 25 1,647 1,436 15 21 3,159
sales
--------------------------------------------------------------------------------
Wholesa 3,014 3,465 -13 -12 7,408 7,000 6 5 14,513
le
sales
--------------------------------------------------------------------------------
Royalti - - - - - - - - -
es
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Interna 10,076 10,370 -3 -3 20,912 20,798 1 -1 42,962
tional
sales,
total
--------------------------------------------------------------------------------
Retail 3,786 3,847 -2 -3 6,959 7,180 -3 -1 15,111
sales
--------------------------------------------------------------------------------
Wholesa 5,838 6,453 -10 -7 13,417 13,096 2 0 26,696
le
sales
--------------------------------------------------------------------------------
Royalti 451 70 - - 536 522 3 1 1,154
es
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 23,543 23,446 0 1 44,492 43,581 2 2 95,652
--------------------------------------------------------------------------------
Retail 14,382 13,725 5 1 24,271 23,264 4 2 52,724
sales
--------------------------------------------------------------------------------
Wholesa 8,682 9,565 -9 -2 19,588 19,618 0 1 41,365
le
sales
--------------------------------------------------------------------------------
Royalti 479 156 - 191 633 700 -10 -10 1,563
es
--------------------------------------------------------------------------------
All figures in the table have been individually rounded to thousands of euros,
so there may be rounding differences in the totals.
NET SALES BY PRODUCT LINE
(EUR 1,000) 4-6/201 4-6/201 Change, 1-6/201 1-6/201 Change, 2015
6 5 % 6 5 %
--------------------------------------------------------------------------------
Fashion 10,027 9,314 8 18,041 18,159 -1 38,810
--------------------------------------------------------------------------------
Home 7,826 8,261 -5 14,821 15,232 -3 34,715
--------------------------------------------------------------------------------
Bags & 5,690 5,871 -3 11,629 10,190 14 22,127
accessories
--------------------------------------------------------------------------------
Total 23,543 23,446 0 44,492 43,581 2 95,652
--------------------------------------------------------------------------------
QUARTERLY TREND IN NET SALES AND EARNINGS
(EUR 1,000) 4-6/2016 1-3/2016 10-12/2015 7-9/2015
-----------------------------------------------------------------
Net sales 23,543 20,948 27,481 24,590
-----------------------------------------------------------------
Operating result 871 -1,059 1,345 1,228
-----------------------------------------------------------------
Earnings per share, EUR 0.08 -0.12 0.15 0.08
-----------------------------------------------------------------
-----------------------------------------------------------------
(EUR 1,000) 4-6/2015 1-3/2015 10-12/2014 7-9/2014
-----------------------------------------------------------------
Net sales 23,446 20,135 26,089 26,811
-----------------------------------------------------------------
Operating result 294 -1,325 1,946 4,875
-----------------------------------------------------------------
Earnings per share, EUR 0.01 -0.14 0.15 0.49
-----------------------------------------------------------------
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