Marimekko Corporation INTERIM REPORT
13 August 2009 at 9 a.m.
MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 30 JUNE 2009
In the January-June period of 2009, the Marimekko Group's net sales
decreased by
13% to EUR 32.3 million (EUR 37.1 million). Operating profit fell
to EUR 1.0
million (EUR 4.4 million). Profit after taxes for the financial
period was EUR
0.8 million (EUR 3.2 million) and earnings per share were EUR
0.10 (EUR 0.40).
The full-year estimate for 2009 is unchanged: net sales are
forecast to decrease
by about 10% from the year 2008 and operating result is
expected to decline
distinctly.
1-6/ 1-6/
Change, 1-12/
2009 2008
% 2008
Net sales, EUR 1,000 32,262
37,133 -13.1 81,107
Exports and income from
international operations,
% of net sales
31.8 31.0 27.0
Operating profit, EUR 1,000
1,037 4,364 -76.2 9,956
Profit before taxes,
EUR 1,000
1,084 4,378 -75.2 9,964
Profit for the period,
EUR 1,000
802 3,237 -75.2 7,378
Earnings per share,
EUR 0.10 0.40 -75.0 0.92
Equity per share,
EUR 3.47 3.40 2.1 3.92
Return on
equity (ROE), % 5.4 22.8 24.2
Return
on investment (ROI), % 7.3 28.1 32.3
Equity ratio, % 77.8 67.2 78.7
Mika Ihamuotila, President and CEO:
“Market conditions remained challenging in the second quarter of
2009. The
Group's net sales decreased and earnings weakened
significantly during the
period under review. The sharp decline in
consumer demand reduced Marimekko's
sales both in Finland and abroad. In
addition to the fall in sales, the
difference in relation to the
comparison period was increased by revenues from
individual promotions and
one-off income from sales of licensed products
recognised in the
corresponding period in 2008.
The weaker
demand particularly affected sales to domestic and foreign retailers.
The
sales from Marimekko's own retail shops were at the level of the comparison
period. Japan was a positive exception in the market trend, showing extremely
high growth, boosted by new shops. Sales declined in other key export
markets
and in Finland.
The outlook is still uncertain. The situation varies in
different markets, but
there are no clear signs of improvement on the
horizon so far. However, we will
continue investing in product development
and internationalisation. During the
current year, we have reviewed our cost
structure and taken steps for
improvement. We will continue our
actions aimed at lowering fixed costs to
ensure the company's
profitability and steady business development.”
2009 calendar
Marimekko's
interim report for the January-September period of 2009 will be
published
on Thursday 5 November 2009 at 9 am.
All
of Marimekko's stock exchange releases are available on the company's
website www.marimekko.com under Investors/
Stock releases.
For additional information, contact:
Mika Ihamuotila, President and CEO, tel. +358 9 758 71
Thomas Ekström, CFO, tel. +358 9 758 7261
MARIMEKKO CORPORATION
Group Communications
Marja Korkeela
Tel. +358 9 758 7238
Fax +358 9 759 1676
Email: marja.korkeela@marimekko.fi
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Principal media
Marimekko's website www.marimekko.com
Marimekko, established in 1951, is a
leading Finnish textile and clothing design
company renowned for its original
prints and colours. The company designs and
manufactures high-quality
clothing, interior decoration textiles, bags and other
accessories. Marimekko
products are sold in over 40 countries. Products with
Marimekko designs
are also manufactured under licence in various countries. In
2008, the
company's net sales amounted to EUR 81.1 million. Exports and
international operations accounted for 27.0% of the Group's net sales. The
Group
employs about 410 people. The company's share is quoted on the NASDAQ
OMX
Helsinki Ltd.
MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 30 JUNE
2009
NET SALES
April-June
In the April-June period of 2009, the Marimekko
Group's net sales decreased by
13.7% to EUR 15,999 thousand (EUR 18,539
thousand). In Finland, net sales fell
by 17.1% to EUR 11,116 thousand
(EUR 13,415 thousand). Exports and income from
international operations fell
by 4.7%, totalling EUR 4,883 thousand (EUR 5,124
thousand).
January-June
In the January-June
period of 2009, the Marimekko Group's net sales fell by
13.1% to EUR
32,262 thousand (EUR 37,133 thousand). Net sales in Finland
decreased
by 14.2% to EUR 21,990 thousand (EUR 25,637 thousand). Exports and
income
from international operations fell by 10.6%, totalling EUR 10,272
thousand (EUR 11,496 thousand). Exports and income from international
operations
accounted for 31.8% (31.0%) of the Group's net sales. The fall in
net sales was
largely due to a slowdown in demand caused by weak market
conditions. Wholesale
sales both in Finland and abroad were especially
affected by the slowdown. The
difference in relation to the comparison
period was also increased by revenues
from individual promotions and one-off
income from sales of licensed products in
the corresponding period of the
previous year.
The breakdown of the
Group's net sales by product line was as follows: clothing
42.0%; interior
decoration 40.1%; and bags 17.9%. Net sales by market area were:
Finland
68.2%; the other Nordic countries 10.2%; the rest of Europe 7.6%; North
America 4.8%; and other countries (Japan and other regions outside Europe and
North America) 9.2%.
During the January-June period of 2009, the sales from Marimekko's own
retail
shops in Finland increased by 0.8% (0.7%). Sales to retailers in
Finland
decreased by 22.3% (-0.8%). The sharp decrease in sales from
the comparison
period was partly due to significant one-off orders for
promotions in the first
quarter of 2008.
MARKET SITUATION
The downtrend in the economy during the first
half of 2009 was more severe than
expected. The situation in Finland is still
bleak. The economic outlook for the
second half of the year is slightly
brighter, but no signs of recovery are
visible as yet. During the
remainder of the year, the downtrend in production
and sales is expected to
continue in most sectors, and employment is expected to
decline considerably.
The global market trend indicators have continued to rise,
and a more
optimistic attitude has spread since the spring. However, the world
economy
is estimated to decrease significantly during the current year.
(Confederation of Finnish Industries EK: Business Tendency Survey, August
2009).
The economic conditions for the textile and clothing industry are
very bleak,
and no rapid improvement is expected. The conditions for trade
have weakened
throughout the current year, and the downtrend is estimated
to continue during
the remainder of the year. (Confederation of Finnish
Industries EK: Business
Tendency Survey, August 2009). In the January-June
period of 2009, the Finnish
retail trade decreased by 3.4% (Statistics
Finland: Retail trade quick estimate,
June 2009). Retail sales of clothing
(excluding sportswear) decreased by 2.1%
(Textile and Fashion Industries
TMA). Sales of wWomenswear fell by 1.2%, sales
of menswear by 5.2%, and
sales of childrenswear by 0.9%. Sales of bags declined
by 7.1% and sales of
home textiles by 11.3%. In the January-May period of 2009,
exports of
clothing (SITC 84) fell by 19% and imports by 6%; exports of textiles
(SITC
65) decreased by 26% and imports by 28% (National Board of Customs,
monthly review, May 2009).
REVIEWS BY BUSINESS UNIT
Clothing
In the January-June period of 2009, net sales of clothing declined
by 11.7% to
EUR 13,560 thousand (EUR 15,351 thousand). In Finland and the
market area
referred to as “the rest of Europe”, sales decreased
slightly. In North America
and the market area referred to as “the other
Nordic countries”, sales fell
significantly. In contrast, extremely
vigorous growth continued in Japan.
Exports and income from
international operations accounted for 24.7% of net
sales of clothing.
Interior
decoration
Net
sales of interior decoration products decreased by 13.5% to EUR 12,938
thousand (EUR 14,965 thousand). In Japan, strong growth continued. In North
America and the market area referred to as "the rest of Europe”, sales
declined
slightly. Sales in Finland and the other Nordic countries continued
to decrease
substantially. Exports and income from international operations
accounted for
37.1% of net sales of interior decoration products.
Bags
Net sales of bags decreased by 15.4% to EUR 5,764
thousand (EUR 6,817 thousand).
In Japan, sales continued to grow vigorously.
Good growth also continued in the
market area referred to as “the rest of
Europe”. Sales in other export markets
and Finland decreased considerably.
Exports and income from international
operations accounted for 36.8% of
net sales of bags.
Business-to-business sales
Business-to-business sales
declined by 58.0%. The decrease was mainly due to
significant one-off
orders for promotions recognised in the corresponding period
in 2008. The
continuing downtrend in the economy during the current year has
also
significantly reduced purchases by corporate clients.
Exports and international operations
Uncertainty about economic conditions continued, and consumer demand
declined
further in almost all export markets. During the January-June
period of 2009,
Marimekko's exports and income from international
operations decreased by 10.6%,
totalling EUR 10,272 thousand (EUR 11,496
thousand). In Japan, the extremely
positive trend continued and sales
growth was significantly higher than
expected. Sales increased
slightly in the market area referred to as “the rest
of Europe”. In other
export markets, sales declined. Japan became the largest
export country
during the review period, the other major countries for exports
being
Sweden, the United States, Denmark and Norway.
In the market area referred to as “the other Nordic countries”, sales in
all
product lines decreased substantially. Net sales fell to EUR 3,288
thousand,
which was 37.3% less than the previous year (EUR 5,248
thousand). In addition to
a decrease in sales volumes, the weakening in the
value of the Swedish krona
(approx. 20%) as well as one-off income from
licensed products recognised in the
comparison period contributed to the fall
in net sales.
In the market area referred to as
“the rest of Europe”, net sales increased by
0.7% to EUR 2,469 thousand (EUR
2,451 thousand). Sales of bags continued to grow
well; sales of clothing and
interior decoration products decreased slightly.
In North America, net
sales fell by 18.3% to EUR 1,563 thousand (EUR 1,913
thousand). Sales of
clothing and bags declined significantly, while sales of
interior
decoration products fell only slightly.
In
the market area referred to as "other countries", net sales rose from the
comparison period by 56.7%, totalling EUR 2,952 thousand (EUR 1,884
thousand).
This growth was entirely generated in Japan, where sales of all
product lines
rose extremely vigorously. The growth was attributable to
both increased sales
in existing concept shops and the opening of three new
stores during the first
quarter of the year. At the end of June 2009, there
were a total of eighteen
Marimekko concept shops and shop-in-shops in
Japan.
Licensing
Royalty earnings from sales of
licensed products decreased considerably during
the period. The difference
compared to the previous year was entirely due to
one-off income from
licensing cooperation with H & M Hennes & Mauritz AB
recognised in the
second quarter of 2008. In the review period, royalty earnings
in the United
States grew extremely vigorously; a slight increase was seen in
Finland.
Production and sourcing
During the January-June period of 2009, the production volume of the
Herttoniemi
textile printing factory decreased by 28%. This was mostly due to
the reduction
of inventories and collections. The old printing machine in the
Herttoniemi
factory was taken out of use in June. Production continues
with the printing
machine acquired in 2004. Production volumes at the
Kitee and Sulkava factories
remained at the same level as in the
corresponding period of the previous year.
Subcontracting was decreased
concerning certain products, and production was
transferred to the Group's
own factories.
EARNINGS
April-June
In the
April-June period of 2009, the Group's operating profit fell by 58.4% on
the
comparison period, amounting to EUR 1,058 thousand (EUR 2,540 thousand).
Earnings per share were EUR 0.10 (EUR 0.23). In addition to a decline in
sales,
the difference in relation to the comparison period was attributable
to revenues
from individual promotions and significant one-off income from
sales of licensed
products in the corresponding period of 2008.
January-June
In the January-June period of 2009, the Group's
operating profit declined by
76.2% to EUR 1,037 thousand (EUR 4,364
thousand). Operating profit as a
percentage of net sales amounted to
3.2% (11.8%). Marketing expenses for the
period totalled EUR 1,724
thousand (EUR 1,667 thousand), representing 5.3%
(4.5%) of net sales.
The Group's
depreciation amounted to EUR 697 thousand (EUR 655 thousand),
representing 2.2% (1.8%) of net sales. Net financial income totalled EUR 47
thousand (EUR 14 thousand), or 0.2% (0.0%) of net sales.
Profit for the period after taxes decreased by 75.2% to EUR 802
thousand (EUR
3,237 thousand), representing 2.5% (8.7%) of net sales.
Earnings per share were
EUR 0.10 (EUR 0.40).
Earnings for the period were affected by a sharp
decline in sales. In addition,
the difference in relation to the comparison
period was increased by revenues
from individual promotions and significant
one-off income from sales of licensed
products in the corresponding period
2008.
INVESTMENTS
The Group's gross
investments amounted to EUR 521 thousand (EUR 368 thousand),
representing
1.6% (1.0%) of net sales. The majority of investments were made in
the
refurbishment of shops and renovation of the Herttoniemi property.
EQUITY RATIO AND FINANCING
The equity ratio of the Group was 77.8% at the end of the period (67.2%
on 30
June 2008, 78.7% on 31 December 2008). The ratio of interest-bearing
liabilities
minus financial assets to shareholders' equity (gearing) was
-8.1%, while it was
2.6% at the end of the corresponding period in the
previous year (-18.8% on 31
December 2008).
At the end of the period, the Group's
financial liabilities stood at EUR 0 (EUR
4,970 thousand). The Group's
financial assets at the end of the period amounted
to EUR 2,258 thousand (EUR
4,251 thousand).
SHARES AND SHARE PRICE
TREND
Share capital
At the end of
the period, 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 8,040,000.
Shareholdings
According to the book-entry register, Marimekko had 6,729 (5,877)
shareholders
at the end of the period. 11.8% of the shares were registered
in a nominee's
name and 18.0% were in foreign ownership. At the end of the
period, the number
of shares owned either directly or indirectly by members
of the Board of
Directors and the President of the company was
1,088,399, representing 13.5% of
the total share capital and of the votes
conferred by the company's shares.
The largest shareholders according
to the book-entry register on 30 June 2009
Number of Percentage of
shares and votes holding and votes
1. Muotitila Ltd
1,045,200 13.00
2. Semerca Investment
Ltd 850,377 10.58
3. ODIN Finland
413,253 5.14
4. Varma Mutual
Employment
Pension
Insurance Company 385,920 4.80
5.
Ilmarinen Mutual
Pension Insurance Company 265,419 3.30
6. Veritas Pension Insurance
Company Ltd. 220,000 2.74
7. Nordea Nordenfonden 173,106 2.15
8. Evli Select Fund 150,054 1.87
9. Sairanen, Seppo 71,379 0.89
10. Nacawi Ab 60,300 0.75
11. Foundation for
Economic Education 50,000
0.62
12. Mutual Fund Tapiola Finland 50,000
0.62
13. Scanmagnetics Oy 40,000
0.50
14. Mutual Fund Nordea Nordic
Small Cap 38,904
0.48
15. Haapanala, Auvo 33,000
0.41
Total 3,846,912
47.85
Nominee-registered 1,456,800
11.84
Others 2,736,288
40.31
Total
8,040,000 100.00
Flaggings
As a result of a transaction
made on 8 April 2009, Barclays Capital Securities
Limited's share of
Marimekko Corporation's share capital and voting rights rose
to 6.09%, or
490,00 shares; and then fell to 0.00%, or 0 shares, as a result of
a
transaction made on 14 April 2009.
Fautor S.P.R.L.'s share of Marimekko Corporation's share capital and voting
rights fell to 0.00%, or 0 shares, as a result of a transaction concluded
on 18
June 2009. Semerca Investments S.A.'s share of Marimekko Corporation's
share
capital and voting rights rose to 10.58%, or 850,377 shares, as a
result of a
transaction concluded on 18 June 2009. According to Marimekko
Corporation's
knowledge, Semerca Investments S.A. is the parent company
of Fautor S.P.R.L.
Authorisations
At the end of the review period, the Board of
Directors had no valid
authorisations to carry out share issues or
issue convertible bonds or bonds
with warrants, or to acquire or surrender
Marimekko shares.
Share trading
During the review period, a total
of 1,185,738 Marimekko shares were traded,
representing 14.7% of the
shares outstanding. The total value of Marimekko's
share turnover was EUR
10,730,919. The lowest price of the Marimekko share was
EUR 7.50, the
highest was EUR 11.44, and the average price was EUR 9.18. At the
end of the
review period, the final price of the share was EUR 9.60. The
company's market capitalisation on 30 June 2009 was EUR 77,184,000 (EUR
111,756,000 on 30 June 2008, EUR 67,134,000 on 31 December 2008).
PERSONNEL
During the January-June period of 2009, the number of employees
averaged 410
(411). At the end of the period, the Group employed 409 (407)
people, of whom 16
(16) worked abroad.
RISK MANAGEMENT AND MAJOR RISKS
Marimekko's risk management policy and the major
risks to the company's business
operations have been detailed in the 2008
Annual Report and Financial Statements
as well as in the interim report for
the first quarter of 2009. No changes have
taken place in these risk factors
during the period under review.
In the near future, the main
risks for Marimekko's business are associated with
general economic
development and the consequent increased uncertainty in the
operating
environment. In order to manage the risks, business activity
monitoring and especially cost management have been further enhanced.
RESEARCH AND DEVELOPMENT
Marimekko's product planning and development costs arise from the
design of
collections. Design costs are recorded in expenses.
ENVIRONMENT, HEALTH, AND SAFETY
Responsibility for the environment and nature is an
integral aspect of
Marimekko's business. In environmental matters,
the company's business
supervision is largely based on legislation
and other regulations. The framework
for Marimekko's social responsibility
reporting is provided by the G3 guidelines
of the Global Reporting Initiative
(GRI). Detailed information on environmental
issues and their reporting can
be found in the 2008 Annual Report.
MARIMEKKO-OWNED RETAIL
SHOP AND SUBSIDIARY IN THE UNITED KINGDOM
The Marimekko
store in London was acquired from Skandium Ltd on 1 April 2009.
The store's
operations are administered by Marimekko UK Ltd, a subsidiary
established at the end of March 2009.
DECISIONS OF THE ANNUAL GENERAL MEETING
Marimekko Corporation's Annual General Meeting, held on 8 April 2009,
adopted
the company's financial statements for 2008 and discharged the
President and
members of the Board from liability. The Annual General
Meeting approved the
Board of Directors' proposal for a dividend payment
of EUR 0.55 per share for
the 2008 financial year, totalling EUR
4,422,000.00. The dividend payout record
date was 15 April 2009, and the
dividend payout date 22 April 2009.
The Annual General Meeting
confirmed that the company's Board of Directors shall
have five (5) members.
Ami Hasan, Mika Ihamuotila, Joakim Karske, Pekka Lundmark
and Tarja Pääkkönen
were re-elected to the Board of Directors. The term of
office for the
Board runs until the end of the next Annual General Meeting. At
its
organisation meeting held after the Annual General Meeting, the Board of
Directors elected Pekka Lundmark as Chairman and Mika Ihamuotila as Vice
Chairman of the Board.
The Annual General Meeting re-elected PricewaterhouseCoopers Oy,
Authorised
Public Accountants, as the company's regular auditor, with Kim
Karhu, Authorised
Public Accountant, as chief auditor. It was decided that the
auditors' fee would
be paid as per invoice.
Amendment of the Articles of Association
The Annual General Meeting approved the Board of
Directors' proposal to amend
the Articles 3, 4, 5, 6, 8, 9, 11, 12 and 13
of Marimekko Corporation's Articles
of Association. The amendments have been
detailed in the Notice of the Annual
General Meeting published on 16 March
2009. The Articles of Association approved
at the Annual General Meeting are
appended to the stock exchange release dated 8
April 2009.
MAJOR EVENTS AFTER THE
CLOSE OF THE REVIEW PERIOD
Changes in company
management
Ms Malin Groop,
Marimekko's Marketing Manager, was appointed as the Group's
Marketing
Director and member of the Management Group as of 1 August 2009. Ms
Marja
Korkeela, Head of Group Communications and Investor Relations and member
of
the Management Group, will leave the company on 31 August 2009. As of 1
August 2009, the Management Group is composed of Mika Ihamuotila as Chairman,
with members Thomas Ekström (finance and administration), Malin Groop
(marketing), Päivi Lonka (international sales), Mervi
Metsänen-Kalliovaara
(domestic wholesale, business-to-business sales,
and sales development), Niina
Nenonen (clothing, bags, and accessories),
Piia Rossi (company-owned retail
shops), and Helinä Uotila (production,
purchases, and interior decoration).
OUTLOOK FOR THE REMAINDER OF 2009
Marimekko Corporation operates
in a field where economic trends affect its
business activities. The
majority of the Group's net sales come from Finland. In
recent years, however,
exports have increasingly been driving Marimekko's net
sales growth. A
significant part of the growth has been attributable to the
acquisition
of new customers and the opening of concept stores. In 2008, the
Group's
earnings and growth in net sales were largely attributable to
significant individual promotional deliveries in Finland and one-off income
from
sales of licensed products.
In the first half of 2009, Marimekko's net sales decreased and profit
fell
considerably due to a sharp decline in demand caused by the
economic recession.
The difficult market situation continues and there are
not yet any signs of
recovery. The outlook for the Finnish economy is
particularly bleak. The
downtrend in trade is expected to continue
during the latter half of the year.
In uncertain market conditions, it is
extremely difficult to estimate the sales
trend. According to the company's
current knowledge, deliveries during the
remainder of the year will
include some one-off items that improve net sales and
earnings. However, the
value of these items will be smaller than in 2008. In the
last quarter of
2009, the decline in sales compared to the previous year is
expected to
slow down, as sales already fell considerably both in Finland and
abroad in
the corresponding period of 2008. The full-year estimate for 2009 is
unchanged: net sales are forecast to decrease by about 10% from the year 2008
and operating result is expected to decline distinctly.
During 2009, the Marimekko Group's earnings trend has declined
considerably due
to the difficult market conditions. The company has reviewed
its cost structure
and taken steps to adjust costs to correspond to the
current market conditions.
The actions aimed at savings in fixed costs will
be continued to ensure the
company's profitability and steady business
development.
Helsinki, 13 August 2009
MARIMEKKO CORPORATION
Board of Directors
Information presented in the
interim report has not been audited.
APPENDICES
Accounting principles
Consolidated income
statement and comprehensive consolidated income statement
Consolidated
balance sheet
Consolidated cash flow statement
Consolidated statement of changes in shareholders' equity
Key indicators
Consolidated net sales by market area and product line
Segment information
Quarterly trend in net sales and earnings
Accounting principles
This interim report has been prepared in accordance with IAS
34:
Interim Financial Reporting and applying the same
accounting policy as for the
2008 financial statements. In addition, on 1
January 2009 the Group adopted the
following new or amended standards
published by the IASB in 2008:
IAS 1 standard (amended)
In accordance with the
amended IAS 1 standard, Marimekko Corporation presents
both the
consolidated and comprehensive consolidated income statements.
IFRS
8
The operational segment reported by the Marimekko Group is the Marimekko
business.
FORMULAS FOR THE KEY FIGURES
Earnings per share (EPS), EUR:
(Profit before extraordinary items - taxes (excl. of taxes on
extraordinary
items)) / Number of shares (average for the financial
period)
Equity per share, EUR:
Shareholders' equity / Number of shares, 30
June
Return on equity (ROE), %:
(Profit before extraordinary items -
taxes (excl. of taxes on extraordinary
items)) X 100 / Shareholders'
equity (average for the financial period)
Return on investment
(ROI), %:
(Profit before
extraordinary items + interest and other financial expenses) X
100 /
(Balance sheet total - non-interest-bearing liabilities (average for the
financial period))
Equity ratio, %:
Shareholders' equity X 100 / (Balance sheet total - advances received)
Gearing, %:
Interest-bearing net debt X 100 / Shareholders' equity
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 4-6/ 4-6/ 1-6/ 1-6/
1-12/
2009 2008 2009
2008 2008
NET SALES 15,999 18,539 32,262
37,133 81,107
Other operating
income 8 14
31 24 244
Increase or decrease
in inventories of
completed and
unfinished products 427
703 233 2,564 185
Raw materials and
consumables 5,708
7,534 12,517 16,751 33,597
Employee benefit
expenses
4,658 4,786 9,193 9,208 18,287
Depreciation
347 326 697 655 1,324
Other operating
expenses
3,809 4,070 8,616 8,743 18,372
OPERATING
PROFIT 1,058 2,540 1,037 4,364 9,956
Financial income 29 48 53 101 205
Financial expenses -16 -57 -6 -87 -197
13 -9 47 14 8
PROFIT BEFORE TAXES 1,071 2,531 1,084 4,378 9,964
Income taxes 282 669 282 1,141
2,586
NET INCOME FOR
THE PERIOD 789 1,862 802
3,237 7,378
Distribution of
net income to equity
holders of
the parent company 789 1,862
802 3,237 7,378
Basic and diluted
earnings per share
calculated on the
profit attributable
to equity holders of
the parent
company, EUR
0.10 0.23 0.10 0.40 0.92
COMPREHENSIVE
CONSOLIDATED INCOME STATEMENT
(EUR
1,000) 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2009 2008 2009 2008 2008
Net income for
the period 789 1,862 802 3,237 7,378
Other comprehensive income
Change in translation
difference 1 3 1 3 -5
TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD 790 1,865 803 3,240
7,373
Distribution of net income
to equity holders of
the parent company 790 1,865 803
3,240 7,373
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 30.6.2009
30.6.2008 31.12.2008
ASSETS
NON-CURRENT ASSETS
Tangible assets
9,807 9,691 9,948
Intangible assets
423 389 458
Available-for-sale
financial assets
20 20 20
10,250 10,100 10,426
CURRENT ASSETS
Inventories
16,716 20,274 17,286
Trade and other
receivables 6,397 5,755 6,109
Current tax
assets 268 501 268
Cash and
cash equivalents 2,258 4,251 6,112
25,639 30,781 29,775
ASSETS, TOTAL 35,889 40,881 40,201
SHAREHOLDERS' EQUITY
AND LIABILITIES
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT COMPANY
Share capital 8,040 8,040
8,040
Translation differences -1 6
-2
Retained earnings 19,884 19,363
23,504
Shareholders' equity, total 27,923 27,409
31,542
NON-CURRENT LIABILITIES
Deferred tax liabilities 703
721 705
Financial liabilities -
185 -
703
906 705
CURRENT LIABILITIES
Trade and other payables 7,263
7,781 7,751
Current tax liabilities
- - 18
Financial liabilities
- 4,785 185
7,263 12,566 7,954
Liabilities, total
7,966 13,472 8,659
SHAREHOLDERS' EQUITY
AND
LIABILITIES, TOTAL
35,889 40,881 40,201
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/ 1-6/ 1-12/
2009 2008
2008
CASH FLOW FROM OPERATING ACTIVITIES
Net profit for the period 802
3,237 7,378
Adjustments
Depreciation according to plan 697
655 1,324
Financial income and expenses
-47 -14 -8
Taxes
282 1,141 2,586
Cash flow before change
in working capital
1,734 5,019 11,280
Change in working capital
833 -3,219 -629
Increase (-) / decrease (+)
in current
non-interest-bearing
trade receivables 752 -218 -574
Increase (-) /
decrease (+) in
inventories
570 -1,994 995
Increase
(-) / decrease (+) in
current non-interest-bearing
liabilities -489 -1,007 -1,050
Cash flow from operating activities
before financial items and taxes 2,567 1,800 10,651
Paid interest and payments on
other financial expenses -7 -78 -200
Interest received 62 96
201
Taxes paid -1,348 -1,422
-2,616
CASH FLOW FROM OPERATING ACTIVITIES 1,274 396
8,036
CASH FLOW FROM INVESTING ACTIVITIES
Investments in tangible
and intangible assets -521
-368 -1,362
CASH FLOW FROM INVESTING ACTIVITIES
-521 -368 -1,362
CASH FLOW FROM FINANCING ACTIVITIES
Short-term loans drawn
- 4,600 4,600
Short-term loans repaid
-185 -950 -5,550
Long-term loans repaid
- -470 -655
Dividends paid
-4,422 -5,226 -5,226
CASH FLOW FROM
FINANCING ACTIVITIES -4,607 -2,046 -6,831
Change in
cash and cash equivalents -3,854 -2,018 -157
Cash
and cash equivalents
at the beginning of the period 6,112 6,269 6,269
Cash and cash equivalents
at the end of the period 2,258 4,251 6,112
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(EUR 1,000)
Equity attributable to equity holders of the parent
company
Shareholders'
Share Translation Retained
equity,
capital differences
earnings total
Shareholders'
equity
1 Jan. 2008 8,040
3 21,352 29,395
Comprehensive
income for the
period
3 3,237 3,240
Dividends paid
-5,226 -5,226
Shareholders'
equity
30 June 2008
8,040 6 19,363 27,409
Shareholders'
equity
1 Jan. 2009 8,040 -2 23,504 31,542
Comprehensive
income for the
period 1 802
803
Dividends paid -4,422
-4,422
Shareholders'
equity
30 June 2009 8,040 -1
19,884 27,923
KEY INDICATORS
1-6/ 1-6/ Change, 1-12/
2009 2008 % 2008
Earnings per share, EUR
0.10 0.40 -75.0 0.92
Equity per share, EUR
3.47 3.40 2.1 3.92
Share of exports and
international
operations,
% of net
sales 31.8 31.0 27.0
Return
on equity (ROE), % 5.4 22.8 24.2
Return on investment (ROI), % 7.3 28.1 32.3
Equity ratio, % 77.8 67.2 78.7
Gearing, % -8.1 2.6 -18.8
Gross investments, EUR 1,000 521 368 1,362
Gross investments,
% of net sales 1.6 1.0 1.7
Contingent liabilities,
EUR 1,000 17,444 17,382 0.4
17,861
Average personnel 410 411 -0.2
411
Personnel at the end of
the period 409 407
0.4 414
Number of shares at the end
of the period (1,000) 8,040 8,040
8,040
Number of shares outstanding,
average (1,000) 8,040
8,040 8,040
NET SALES BY MARKET AREA
(EUR 1,000) 4-6/ 4-6/
Change, 1-6/ 1-6/ Change, 1-12/
2009
2008 % 2009 2008 % 2008
Finland
11,116 13,415 -17.1 21,990 25,637 -14.2 59,175
Other
Nordic
countries 1,590 2,594 -38.7 3,288 5,248 -37.3 9,423
Rest of Europe 1,167 889 31.3 2,469 2,451 0.7 4,700
North America 841 815 3.2 1,563 1,913 -18.3 3,994
Other
countries 1,285 826 55.9 2,952 1,884 56.7 3,815
TOTAL 15,999 18,539 -13.7 32,262 37,133 -13.1 81,107
NET SALES BY PRODUCT LINE
(EUR 1,000) 4-6/ 4-6/ Change, 1-6/ 1-6/ Change,
1-12/
2009 2008 % 2009 2008
% 2008
Clothing 6,482 7,513 -13.7 13,560 15,351
-11.7 29,898
Interior
decoration 6,753 7,377 -8.5 12,938
14,965 -13.5 37,747
Bags 2,764 3,649 -24.3
5,764 6,817 -15.4 13,462
TOTAL 15,999 18,539 -13.7
32,262 37,133 -13.1 81,107
SEGMENT INFORMATION
(EUR 1,000)
1-6/2009 1-6/2008 Change, % 1-12/2008
Marimekko business
Net sales
32,262 37,133 -13.1 81,107
Operating
profit 1,037 4,364 -76.2 9,956
Assets
35,889 40,881 -12.2 40,201
QUARTERLY TREND IN NET SALES AND EARNINGS
(EUR 1,000) 4-6/ 1-3/ 10-12/ 7-9/
2009 2009 2008 2008
Net sales 15,999 16,263 22,061
21,913
Operating result 1,058 -21 1,845
3,747
Earnings per share, EUR 0.10 0.00
0.17 0.35
(EUR 1,000) 4-6/ 1-3/
10-12/ 7-9/
2008 2008
2007 2007
Net sales 18,539
18,594 22,656 20,699
Operating result 2,540
1,824 3,382 3,965
Earnings per share, EUR 0.23
0.17 0.31 0.36
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