Published: 2009-11-05 08:00:00 CET
Marimekko Corporation - Interim report (Q1 and Q3)
MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 30 SEPTEMBER 2009
Marimekko Corporation        INTERIM REPORT                                     
                             5 November 2009 at 9 a.m.                          

MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 30 SEPTEMBER 2009           

In the January-September period of 2009, the Marimekko Group's net sales fell by
12% to EUR 51.8 million (EUR 59.0 million). Operating profit fell to EUR 3.9    
million (EUR 8.1 million). Operating profit without non-recurring items amounted
to EUR 4.5 million (EUR 8.1 million). Profit after taxes for the period was EUR 
3.0 million (EUR 6.0 million); earnings per share were EUR 0.37 (EUR 0.75). Cash
flow from operating activities before financial items and taxes stood at EUR 6.4
million (EUR 5.5 million). 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.                                       

                                1-9/      1-9/     Change,   1-12/              
                                2009      2008          %     2008              

Net sales, EUR 1,000          51,754    59,046      -12.3   81,107              
Exports and income from                                                         
 international operations,                                                      
 % of net sales                 30.1      29.9                27.0              
Operating profit, EUR 1,000    3,938     8,111      -51.5    9,956              
Operating profit without                                                        
 non-recurring items,                                                           
 EUR 1,000                     4,450     8,111      -45.1    9,956              
Profit before taxes,                                                            
 EUR 1,000                     3,985     8,124      -51.0    9,964              
Profit for the period,                                                          
 EUR 1,000                     2,962     6,012      -50.7    7,378              
Earnings per share, EUR         0.37      0.75      -50.7     0.92              
Earnings per share without                                                      
 non-recurring items, EUR       0.44      0.75      -41.3     0.92              
Equity per share, EUR           3.74      3.75       -0.3     3.92              
Return on equity (ROE), %       12.8      26.9                24.2              
Return on investment (ROI), %   17.3      33.8                32.3              
Equity ratio, %                 77.8      71.8                78.7              

Mika Ihamuotila, President and CEO:                                             

“The current year 2009 has been characterised by challenging market conditions. 
The sharp decline in consumer demand has reduced Marimekko's sales both in      
Finland and abroad. The situation varies in different markets, but there are no 
clear signs of improvement on the horizon so far. In these difficult market     
conditions, positive news comes from Japan where trends have been good; during  
the period under review, five new Marimekko concept stores were opened in Japan.
A new concept store was also opened in Copenhagen in July. After the review     
period, Marimekko has opened its refurbished shop in Stockholm and a new one in 
Tampere, Finland.                                                               

During the current year, we have taken action to improve the cost structure and 
efficiency of operations in order to adjust our operations to reduced demand and
slow down the fall in profitability. We have managed to improve the company's   
cash flow by cutting fixed costs and enhancing the efficiency of working capital
management; in the January-September period of 2009, the change in working      
capital was EUR 1.4 million (EUR -3.6 million) and cash flow from operating     
activities before financial items and taxes amounted to EUR 6.4 million (EUR 5.5
million). We believe that the reorganisation of operations, enhanced efficiency,
and the actions aimed at cutting fixed costs will increase our potential for    
growth in the coming years.                                                     

Despite the difficult operating environment, we are confident that Marimekko is 
heading in the right direction, and we will continue our long-term investment in
product development and internationalisation.”                                  

All of Marimekko's stock exchange releases are available on the company's       
website www.marimekko.com under Investors/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                                                            

Piia Pakarinen                                                                  
Tel. +358 9 758 7293                                                            
Fax +358 9 755 3051                                                             
Email: piia.pakarinen@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 400 people. The company's share is quoted on the NASDAQ OMX       
Helsinki Ltd.                                                                   


MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 30 SEPTEMBER 2009           

NET SALES                                                                       

July-September                                                                  
In the July-September period of 2009, the Marimekko Group's net sales fell by   
11.0% to EUR 19,492 thousand (EUR 21,913 thousand). In Finland, net sales fell  
by 10.1% to EUR 14,183 thousand (EUR 15,776 thousand). The difference in        
relation to the comparison period is partly due to revenues from a one-off      
promotion in the corresponding period of the previous year. Exports and income  
from international operations fell by 13.5%, totalling EUR 5,309 thousand (EUR  
6,137 thousand).                                                                

January-September                                                               
In the January-September period of 2009, the Marimekko Group's net sales fell by
12.3% to EUR 51,754 thousand (EUR 59,046 thousand). Net sales in Finland        
decreased by 12.7% to EUR 36,173 thousand (EUR 41,413 thousand). Exports and    
income from international operations fell by 11.6%, totalling EUR 15,581        
thousand (EUR 17,633 thousand). Exports and income from international operations
accounted for 30.1% (29.9%) 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,
41.1%; interior decoration, 40.6%; and bags, 18.3%. Net sales by market area    
were: Finland, 69.9%; the other Nordic countries, 10.3%; the rest of Europe,    
7.4%; North America, 4.5%; and other countries (Japan and other regions outside 
Europe and North America), 7.9%.                                                

During the January-September period of 2009, the sales from Marimekko's own
retail shops in Finland fell by 1.8% compared with the corresponding period in
2008. 
Sales to retailers in Finland decreased by 23.6%. The sharp fall in sales from  
the comparison period was partly due to significant one-off orders for          
promotions in the first and third quarters of 2008.                             

MARKET SITUATION                                                                

The recovery of the world economy seems to have begun, but the economic outlook 
for the near future is still bleak. Retail sales in Finland are forecast to     
continue to fall during the rest of the year, and employment is expected to     
decline sharply. (Confederation of Finnish Industries EK: Economic Review, 9    
October 2009). Consumers' confidence in the Finnish economy has improved, but   
people feel insecure about their own employment prospects. (Statistics Finland: 
Consumer Barometer, October 2009). In the January-September period of 2009, the 
value of retail sales in Finland fell by 3.3% (Statistics Finland: Retail trade 
quick estimate, September 2009). Retail sales of clothing (excluding sportswear)
fell by 2.9% (Textile and Fashion Industries TMA). Sales of womenswear fell by  
2.2%, sales of menswear by 5.2%, and sales of childrenswear by 2.5%. Sales of   
bags declined by 9.2% and sales of home textiles by 8.7%. In the January-August 
period of 2009, exports of clothing (SITC 84) fell by 16% and imports by 7%;    
exports of textiles (SITC 65) decreased by 24% and imports by 26% (National     
Board of Customs, monthly review, August 2009).                                 

REVIEWS BY BUSINESS UNIT                                                        

Clothing                                                                        
In the January-September period of 2009, net sales of clothing fell by 9.0% to  
EUR 21,253 thousand (EUR 23,367 thousand). In Japan, extremely vigorous growth  
continued. Sales also increased slightly in the market area referred to as “the 
rest of Europe”. Sales in Finland fell somewhat. In North America and the market
area referred to as “the other Nordic countries”, sales declined significantly. 
Exports and income from international operations accounted for 25.8% of net     
sales of clothing.                                                              

Interior decoration                                                             
Net sales of interior decoration products fell by 15.2% to EUR 21,029 thousand  
(EUR 24,812 thousand). Good growth continued in Japan. Sales fell sharply in    
Finland and the other Nordic countries. In North America and the market area    
referred to as “the rest of Europe”, sales declined slightly. Exports and income
from international operations accounted for 33.3% of net sales of interior      
decoration products.                                                            

Bags                                                                            
Net sales of bags fell by 12.8% to EUR 9,472 thousand (EUR 10,867 thousand). In 
Japan and in the market area referred to as “the rest of Europe”, good growth   
continued. Sales in other export markets and in Finland decreased substantially.
Exports and income from international operations accounted for 32.8% of net     
sales of bags.                                                                  

Business-to-business sales                                                      
Business-to-business sales fell by 9.2%. The fall was mainly due to substantial 
deliveries for one-off promotions in the corresponding period in 2008, higher   
than one-off orders for promotions during this year. The continuing downtrend in
the economy during the current year has also significantly reduced purchases by 
corporate clients.                                                              

Exports and international operations                                            
During the review period, uncertainty about economic conditions continued,      
consumer demand declined further, and customers were cautious about making      
purchases. In the January-September period of 2009, Marimekko's exports and     
income from international operations fell by 11.6% and totalled EUR 15,581      
thousand (EUR 17,633 thousand). Sales trends varied greatly by country. Japan   
showed vigorous growth, while sales increased slightly in the market area       
referred to as “the rest of Europe”. In other export markets, sales fell. The   
major countries for exports were Japan, Sweden, the United States, Denmark and  
Norway.                                                                         

In the market area referred to as “the other Nordic countries”, sales in all    
product lines decreased considerably. Net sales fell to EUR 5,317 thousand,     
which was 31.9% less than the previous year (EUR 7,809 thousand). In addition to
a decrease in sales volumes, the weakening of the Swedish krona (by about 20%)  
as well as one-off income generated from sales of licensed products in the      
second quarter of 2008 contributed to the fall in net sales.                    

In the market area referred to as “the rest of Europe”, net sales rose by 2.0%  
to EUR 3,843 thousand (EUR 3,767 thousand). Sales of bags showed good growth;   
clothing sales grew slightly. Sales of interior decoration products fell        
somewhat.                                                                       

In North America, net sales fell by 19.7% to EUR 2,309 thousand (EUR 2,877      
thousand). Bag and clothing sales declined very sharply; sales of interior      
decoration products fell slightly.                                              

In the market area referred to as "other countries", net sales rose from the    
comparison period by 29.3%, totalling EUR 4,112 thousand (EUR 3,180 thousand).  
The growth was wholly generated by Japan, where sales of clothing, in           
particular, increased extremely vigorously. The five new Marimekko concept      
stores that were opened during the review period were the main source of growth.
At the end of the period, there were a total of twenty Marimekko concept stores 
and shop-in-shops in Japan.                                                     

Licensing                                                                       
Royalty earnings from sales of licensed products fell significantly compared    
with the corresponding period of the previous year. The fall was entirely due to
one-off income from licensing cooperation with H & M Hennes & Mauritz AB,       
recognised in the second quarter of 2008. During the review period, royalty     
earnings grew considerably in the United States and somewhat in Finland.        

Production and sourcing                                                         
During the January-September period of 2009, the production volume of the       
Herttoniemi textile printing factory fell by 26%. This was mostly due to the    
reduction of inventories and collections. After the old printing machine was    
taken out of use in June, production capacity has diminished and is in full use.
Production volumes at the Kitee and Sulkava factories remained at the same level
as in the corresponding period of the previous year. Subcontract manufacture of 
some products was reduced and their production transferred to the company's own 
factories during the period.                                                    

EARNINGS                                                                        

July-September                                                                  
In the July-September period of 2009, the Group's operating profit fell by 22.6%
on the comparison period, amounting to EUR 2,901 thousand (EUR 3,747 thousand). 
Operating profit includes a non-recurring cost provision of EUR 512 thousand    
related to personnel reductions resulting from savings and efficiency actions.  
The cost provision actually made was lower than announced earlier (EUR 800      
thousand), because a larger number than anticipated of the employees dismissed  
decided to work during the notice period or found other employment within the   
Group.                                                                          

Operating profit without non-recurring items stood at EUR 3,413 thousand (EUR   
3,747 thousand). In addition to reduced sales, profitability was affected by    
revenues from one-off promotions in the corresponding quarter of 2008, larger   
than in the review period. Increased lease expenses from shops also had a       
negative impact on profitability. On the other hand, as a result of efficiency  
enhancements and cost saving actions, fixed costs declined from the             
corresponding period of 2008.                                                   

Earnings per share were EUR 0.27 (EUR 0.35).                                    

January-September                                                               
In the January-September period of 2009, the Group's operating profit fell by   
51.5% to EUR 3,938 thousand (EUR 8,111 thousand). Operating profit as a         
percentage of net sales amounted to 7.6% (13.7%). Operating profit includes a   
non-recurring cost provision of EUR 512 thousand related to personnel reductions
resulting from savings and efficiency actions. The cost provision actually made 
was lower than announced earlier (EUR 800 thousand), because a larger number    
than anticipated of the employees dismissed decided to work during the notice   
period or found other employment within the Group.                              

Operating profit without non-recurring items stood at EUR 4,450 thousand (EUR   
8,111 thousand). Operating profit was affected by a sharp fall in sales. The    
difference in relation to the comparison period was also increased by revenues  
from individual promotions in the corresponding period of 2008, larger than in  
the review period, as well as significant one-off income from sales of licensed 
products. Furthermore, increased lease expenses from shops had a negative impact
on profitability. On the other hand, savings of about EUR 300 thousand in fixed 
costs compared with the corresponding period of 2008 were achieved through      
efficiency enhancements and cost saving actions.                                

Marketing expenses for the period totalled EUR 2,217 thousand (EUR 2,561        
thousand), representing 4.3% (4.3%) of net sales. The marketing costs in the    
period were lower than usual. Full-year marketing expenses are at the same level
as in 2008.                                                                     

The Group's depreciation amounted to EUR 1,031 thousand (EUR 983 thousand),     
representing 2.0% (1.7%) of net sales. Net financial income totalled EUR 47     
thousand (EUR 13 thousand), or 0.1% (0.0%) of net sales.                        

Profit for the period after taxes fell by 50.7% to EUR 2,962 thousand (EUR 6,012
thousand), representing 5.7% (10.2%) of net sales. Earnings per share were EUR  
0.37 (EUR 0.75).                                                                

INVESTMENTS                                                                     

The Group's gross investments amounted to EUR 782 thousand (EUR 803 thousand),  
representing 1.5% (1.4%) of net sales. The majority of investments were directed
at the refurbishment of shops and the renovation of the Herttoniemi facilities. 

EQUITY RATIO AND FINANCING                                                      

The Group's equity ratio was 77.8% at the end of the period (71.8% on 30        
September 2008, 78.7% on 31 December 2008). The ratio of interest-bearing       
liabilities minus financial assets to shareholders' equity (gearing) was -20.3%,
while it was -6.2% 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 
3,820 thousand). The Group's financial assets at the end of the period amounted 
to EUR 6,091 thousand (EUR 5,704 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 6,723 (5,967) shareholders  
at the end of the period. Of the shares, 13.6% 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 1,090,093, representing 13.6% 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 September   
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                      414,553                 5.16              
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 220,000                 2.74              
7.  Nordea Nordenfonden               173,506                 2.16              
8.  Sairanen Seppo                     71,379                 0.89              
9.  Nacawi Ab                          60,300                 0.75              
10. Foundation for                                                              
    Economic Education                 50,000                 0.62              
11. Mutual Fund Tapiola Finland        50,000                 0.62              
12. Scanmagnetics Oy                   40,000                 0.49              
13. Nordea Nordic Small Cap Fund       38,904                 0.48              
14. Haapanala Auvo                     33,000                 0.41              
15. Fromond Elsa                       32,200                 0.40              
Total                               3,730,758                46.40              
Nominee-registered                  1,095,852                13.63              
Others                              3,213,390                39.97              
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 1,430,520 Marimekko shares were traded,    
representing 17.8% of the shares outstanding. The total value of Marimekko's    
share turnover was EUR 13,194,771. The lowest price of the Marimekko share was  
EUR 7.50, the highest was EUR 11.44, and the average price was EUR 9.57. At the 
end of the review period, the final price of the share was EUR 10.37. The       
company's market capitalisation on 30 September 2009 was EUR 83,374,800 (EUR    
95,676,000 on 30 September 2008, EUR 67,134,000 on 31 December 2008).           

PERSONNEL                                                                       

During the January-September period of 2009, the number of employees averaged   
408 (410). At the end of the period, the Group employed 403 (409) 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 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.                                                                     

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, left the company on 31 August 2009.                    

EFFICIENCY ENHANCEMENT AND STATUTORY EMPLOYER-EMPLOYEE NEGOTIATIONS REGARDING   
OPERATIONS IN FINLAND                                                           

On 13 August 2009, Marimekko announced the start of Group-wide statutory        
employer-employee negotiations regarding possible temporary lay-offs and a      
permanent reduction in the number of employees in Finland. The maximum number of
permanent reductions was not expected to exceed 35 employees. The aim of the    
negotiations was to adapt the company's cost structure to the rapidly           
deteriorating market situation and improve the company's ability to develop its 
operations as well as safeguard the conditions for the stable development of the
company. Annual cost savings of about EUR 1.5 million were being sought by      
various measures.                                                               

MAJOR EVENTS AFTER THE CLOSE OF THE REVIEW PERIOD                               

Completion of statutory employer-employee negotiations                          
On 7 October 2009, Marimekko announced that its Group-wide statutory            
employer-employee negotiations concerning the entire Group, begun in August     
2009, had been completed. The company stated that reorganisation of functions   
and rationalisation of operations would result in the elimination of 35         
positions. In addition, the company announced that it needed to fill eight new  
positions; where possible, these positions would be filled by internal          
transfers. Temporary layoffs have been rejected for the rest of 2009, but       
certain functions will be prepared for possible lay-offs until 31 May 2010. The 
personnel cutbacks and other measures to be taken are expected to bring annual  
cost savings of approximately EUR 1.5 million in total. The annual costs of the 
new positions are estimated at about EUR 0.4 million. The company announced     
that, in connection with the personnel reductions, it would make a non-recurring
cost provision of EUR 0.8 million for the third quarter of 2009. The cost       
provision actually made amounted to EUR 0.5 million, because a larger number    
than anticipated of the employees dismissed decided to work during the notice   
period or found other employment within the Group.                              

Changes in company management                                                   
Ms Mervi Metsänen-Kalliovaara, Marimekko's Sales Director and a member of its   
Management Group left the company on 7 October 2009. As of 7 October 2009, the  
Marimekko Group's Management Group is composed of Mika Ihamuotila as Chairman,  
with members Thomas Ekström (finance, control and investor relations), Malin    
Groop (marketing) Päivi Lonka (international sales), Niina Nenonen (clothing,   
bags and accessories), Piia Rossi (company-owned retail stores), 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 nine months 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 with no signs of recovery   
yet. The downtrend in trade is expected to continue during the rest of the year,
and it is still difficult to estimate the trend in consumer demand. Sales trends
in Marimekko's own retail shops will have a substantial impact on the Group's   
net sales and earnings in the final quarter of the year. Deliveries during the  
last quarter of 2009 will include some one-off items that increase net sales and
improve earnings, but the value of these items will be smaller than in 2008.    
However, the decline in sales is expected to slow towards the end of the year,  
compared with the corresponding period the year before, as sales already fell   
considerably both in Finland and abroad in the last quarter of 2008 as a result 
of the rapid deterioration in market conditions.                                

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.                                                                     

Helsinki, 5 November 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)             7-9/     7-9/     1-9/     1-9/      1-12/              
                        2009     2008     2009     2008       2008              

NET SALES             19,492   21,913   51,754   59,046     81,107              
Other operating                                                                 
 income                    4       17       35       41        244              
Increase or decrease                                                            
 in inventories of                                                              
 completed and                                                                  
 unfinished products   1,163     -528    1,396    2,036        185              
Raw materials and                                                               
 consumables           6,695    8,749   19,212   25,500     33,597              
Employee benefit                                                                
 expenses              4,349    3,946   13,542   13,154     18,287              
Depreciation             334      328    1,031      983      1,324              
Other operating                                                                 
 expenses              4,054    4,632   12,670   13,375     18,372              

OPERATING PROFIT       2,901    3,747    3,938    8,111      9,956              

Financial income           7       52       60      153        205              
Financial expenses        -7      -53      -13     -140       -197              
                           0       -1       47       13          8              

PROFIT BEFORE TAXES    2,901    3,746    3,985    8,124      9,964              

Income taxes             741      971    1,023    2,112      2,586              

NET INCOME FOR                                                                  
THE PERIOD             2,160    2,775    2,962    6,012      7,378              

Distribution of                                                                 
 net income to equity                                                           
 holders of                                                                     
 the parent company    2,160    2,775     2,962   6,012      7,378              

Basic and diluted                                                               
 earnings per share                                                             
 calculated on the                                                              
 profit attributable                                                            
 to equity holders of                                                           
 the parent                                                                     
 company, EUR           0.27     0.35     0.37     0.75       0.92              


COMPREHENSIVE CONSOLIDATED INCOME STATEMENT                                     

(EUR 1,000)                   7-9/    7-9/    1-9/    1-9/   1-12/              
                              2009    2008    2009    2008    2008              

Net income for the period    2,160   2,775   2,962   6,012   7,378              
Other comprehensive income                                                      
 Change in translation                                                          
 difference                    -10      11      -9      14      -5              

TOTAL COMPREHENSIVE                                                             
INCOME FOR THE PERIOD        2,150   2,786   2,953   6,026   7,373              

Distribution of net income                                                      
 to equity holders of                                                           
 the parent company          2,150   2,786   2,953   6,026   7,373              


CONSOLIDATED BALANCE SHEET                                                      

(EUR 1,000)                  30.9.2009    30.9.2008     31.12.2008              

ASSETS                                                                          

NON-CURRENT ASSETS                                                              
Tangible assets                  9,739        9,807          9,948              
Intangible assets                  417          380            458              
Available-for-sale                                                              
 financial assets                   20           20             20              
                                10,176       10,207         10,426              

CURRENT ASSETS                                                                  
Inventories                     15,548       18,958         17,286              
Trade and other receivables      6,605        7,309          6,109              
Current tax assets                 268          220            268              
Cash and cash equivalents        6,092        5,704          6,112              
                                28,513       32,191         29,775              

ASSETS, TOTAL                   38,689       42,398         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            -11           17             -2              
Retained earnings               22,044       22,138         23,504              
Shareholders' equity, total     30,073       30,195         31,542              

NON-CURRENT LIABILITIES                                                         
Deferred tax liabilities          688           712            705              
Financial liabilities               -           185              -              
                                  688           897            705              

CURRENT LIABILITIES                                                             
Trade and other payables        7,928         7,659          7,751              
Current tax liabilities             -            12             18              
Financial liabilities               -         3,635            185              
                                7,928        11,306          7,954              

Liabilities, total              8,616        12,203          8,659              

SHAREHOLDERS' EQUITY AND                                                        
LIABILITIES, TOTAL             38,689        42,398         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)                              1-9/      1-9/      1-12/              
                                         2009      2008       2008              

CASH FLOW FROM OPERATING ACTIVITIES                                             

Net profit for the period               2,962     6,012      7,378              
Adjustments                                                                     
 Depreciation according to plan         1,031       983      1,324              
 Financial income and expenses            -47       -13         -8              
 Taxes                                  1,024     2,113      2,586              
Cash flow before change                                                         
 in working capital                     4,970     9,095     11,280              

Change in working capital               1,403    -3,596       -629              
 Increase (-) / decrease (+) in current                                         
 non-interest-bearing trade receivables  -486    -1,793       -574              
 Increase (-) / decrease (+) in                                                 
 inventories                            1,737      -677        995              
 Increase (-) / decrease (+) in                                                 
 current non-interest-bearing                                                   
 liabilities                              152    -1,126     -1,050              
Cash flow from operating activities                                             
 before financial items and taxes       6,373     5,499     10,651              

Paid interest and payments on                                                   
 other financial expenses                 -14      -132       -200              
Interest received                          94       168        201              
Taxes paid                             -1,085    -2,101     -2,616              

CASH FLOW FROM OPERATING ACTIVITIES     5,368     3,434      8,036              

CASH FLOW FROM INVESTING ACTIVITIES                                             

Investments in tangible                                                         
 and intangible assets                   -782      -803     -1,362              

CASH FLOW FROM INVESTING ACTIVITIES      -782      -803     -1,362              

CASH FLOW FROM FINANCING ACTIVITIES                                             

Short-term loans drawn                      -     4,600      4,600              
Short-term loans repaid                  -185    -2,100     -5,550              
Long-term loans repaid                      -      -470       -655              
Dividends paid                         -4,422    -5,226     -5,226              

CASH FLOW FROM FINANCING ACTIVITIES    -4,607    -3,196     -6,831              

Change in cash and cash equivalents       -21      -565       -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               6,091     5,704      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                              14      6,012           6,026              

Dividends paid                              -5,226          -5,226              

Shareholders'                                                                   
 equity                                                                         
 30 Sept. 2008      8,040            17     22,138          30,195              


Shareholders'                                                                   
 equity                                                                         
 1 Jan. 2009        8,040             -2    23,504          31,542              

Comprehensive                                                                   
 income for the                                                                 
 period                               -9     2,962           2,953              

Dividends paid                              -4,422          -4,422              

Shareholders'                                                                   
 equity                                                                         
 30 Sept. 2009       8,040           -11    22,044          30,073              


KEY INDICATORS                                                                  

                                1-9/      1-9/    Change,    1-12/              
                                2009      2008          %     2008              

Earnings per share, EUR         0.37      0.75      -50.7     0.92              
Equity per share, EUR           3.74      3.75       -0.3     3.92              
Share of exports and                                                            
 international operations,                                                      
 % of net sales                 30.1      29.9                27.0              
Return on equity (ROE), %       12.8      26.9                24.2              
Return on investment (ROI), %   17.3      33.8                32.3              
Equity ratio, %                 77.8      71.8                78.7              
Gearing, %                     -20.3      -6.2               -18.8              
Gross investments, EUR 1,000     782       803       -2.7    1,362              
Gross investments,                                                              
 % of net sales                  1.5       1.4                 1.7              
Contingent liabilities,                                                         
 EUR 1,000                     16,828   16,843       -0.1   17,861              
Average personnel                 408      410       -0.5      411              
Personnel at the end of                                                         
 the period                       403      409       -1.5      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)     7-9/    7-9/ Change,   1-9/    1-9/ Change,  1-12/              
                2009    2008       %   2009    2008       %   2008              

Finland       14,183  15,776  -10.1  36,173  41,413  -12.7  59,175              
Other Nordic                                                                    
 countries     2,029   2,561  -20.8   5,317   7,809  -31.9   9,423              
Rest of Europe 1,374   1,316    4.4   3,843   3,767    2.0   4,700              
North America    746     964  -22.6   2,309   2,877  -19.7   3,994              
Other                                                                           
 countries     1,160   1,296  -10.5   4,112   3,180   29.3   3,815              
TOTAL         19,492  21,913  -11.0  51,754  59,046  -12.3  81,107              

NET SALES BY PRODUCT LINE                                                       

(EUR 1,000)     7-9/    7-9/ Change,   1-9/    1-9/ Change,  1-12/              
                2009    2008       %   2009    2008       %   2008              

Clothing       7,693   8,016   -4.0  21,253  23,367   -9.0  29,898              
Interior                                                                        
 decoration    8,091   9,847  -17.8  21,029  24,812  -15.2  37,747              
Bags           3,708   4,050   -8.4   9,472  10,867  -12.8  13,462              
TOTAL         19,492  21,913  -11.0  51,754  59,046  -12.3  81,107              


SEGMENT INFORMATION                                                             

(EUR 1,000)             1-9/2009   1-9/2008  Change, %   1-12/2008              

Marimekko business                                                              
 Net sales                51,754     59,046      -12.3      81,107              
 Operating profit          3,938      8,111      -51.5       9,956              
 Assets                   38,689     42,398       -8.7      40,201              

QUARTERLY TREND IN NET SALES AND EARNINGS                                       

(EUR 1,000)                 7-9/        4-6/        1-3/    10-12/              
                            2009        2009        2009      2008              

Net sales                 19,492      15,999      16,263    22,061              
Operating result           2,901       1,058         -21     1,845              
Earnings per share, EUR     0.27        0.10        0.00      0.17              

(EUR 1,000)                 7-9/        4-6/        1-3/    10-12/              
                            2008        2008        2008      2007              

Net sales                 21,913      18,539      18,594    22,656              
Operating result           3,747       2,540       1,824     3,382              
Earnings per share, EUR     0.35        0.23        0.17      0.31


marimekko_interim report_q3_2009.pdf