MARTELA OYJ'S FINANCIAL STATEMENTS, 1 JANUARY - 31 DECEMBER, 2007
Revenue for January-December was EUR 128.4 million (119.7), an increase of 7.3
per cent. Growth was especially robust in the Swedish, Norwegian and Polish
markets. The profit before taxes was EUR 7.6 million (3.7), including capital
gains from the sale of assets totalling EUR 2.5 million (1.1). The
equity-to-assets ratio was 46.7 per cent (42.4) and the gearing ratio was 16.0
per cent (53.0).
Accounting policies
The financial statements release has been prepared in compliance with the
recognition and measurement policies of the IFRS. The same accounting policies
have been applied as in the 2006 financial statements.
Market situation
The demand for office furniture began to grow in 2006 and this trend has
continued. In early 2007, the furniture sector in the Nordic countries
experienced some restructuring involving private equity investors. These changes
are not expected to have a material effect on Martela's competitive position in
the short term, at least.
Group structure
There were no changes in Group structure during the financial year or the
comparison period.
Segment reporting
Martela has one primary segment, which is the furnishing of offices and public
spaces. The revenue and result are as recorded in the consolidated financial
statements. The Group's secondary reporting segment is its customers by
geographical location.
Revenue
Revenue for January-December grew to EUR 128.4 million (119.7), an increase of
7.3 per cent. Revenue for the fourth quarter grew to EUR 37.0 million (36.8),
an increase of 0.4 per cent.
Invoicing by main market areas, January-December
--------------------------------------------------------------------------------
| | 1-12 | Percentage | 1-12 2006 | Percentage | Change, % |
| | 2007 | | | | |
--------------------------------------------------------------------------------
| Finland | 85.8 | 66.7% | 83.0 | 69.3% | 3.4% |
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| Scandinavia | 26.4 | 20.5% | 22.3 | 18.6% | 18.3% |
--------------------------------------------------------------------------------
| Other regions | 16.5 | 12.8% | 14.5 | 12.1% | 13.7% |
| 1) | | | | | |
--------------------------------------------------------------------------------
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| Total | 128.7 | 100.0% | 119.8 | 100.0% | 7.4% |
--------------------------------------------------------------------------------
1) The Polish market accounts for more than one half of the invoicing under
'Other regions'. The growth in Poland was 34 per cent.
Quarterly invoicing by main market areas
--------------------------------------------------------------------------------
| | 1/06 | 2/06 | 3/06 | 4/06 | 1/07 | 2/07 | 3/07 | 4/07 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 19.0 | 18.4 | 19.5 | 26.1 | 19.6 | 20.7 | 20.7 | 24.8 |
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| Scandinavia | 5.1 | 4.6 | 6.2 | 6.4 | 6.5 | 5.9 | 6.8 | 7.2 |
--------------------------------------------------------------------------------
| Other regions | 2.8 | 4.3 | 3.0 | 4.3 | 3.9 | 3.7 | 3.8 | 5.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | 26.9 | 27.3 | 28.8 | 36.8 | 30.0 | 30.3 | 31.3 | 37.1 |
--------------------------------------------------------------------------------
Group result
The Group result continued to grow according to plan in the final quarter and
operating profit was EUR 2.6 million (2.8). The January-December profit before
taxes increased to EUR 7.6 million (3.7). This includes EUR 2.5 million (1.1) in
non-recurring income from the sale of property, of which EUR 1.0 million was
recognised in the first quarter from ownership rearrangements at the Bodafors
plant. The property ownership was outsourced and some 50 per cent of the
factory's surface area was leased back on a long-term lease. The property at our
Oulu facility was also divested in the second quarter, bringing EUR 0.9 million
in capital gains. Operations in Oulu will continue under a long-term lease.
The operating profit for January-December, excluding non-recurring items, was
EUR 5.8 million (3.4), which was 4.5 per cent (2.8) of revenue.
Result by quarter-year
--------------------------------------------------------------------------------
| | 1/06 | 2/06 | 3/06 | 4/06 | 1/07 | 2/07 | 3/07 | 4/07 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 26.9 | 27.2 | 28.8 | 36.8 | 29.9 | 30.4 | 31.2 | 37.0 |
--------------------------------------------------------------------------------
| Other | 0.2 | 0.6 | 0.1 | 0.5 | 1.7 | 1.3 | 0.0 | 0.0 |
| income | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating | -0.1 | 0.9 | 0.8 | 2.8 | 1.7 | 2.6 | 1.4 | 2.6 |
| profit | | | | | | | | |
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| Operating | -0.2% | 3.2% | 2.9% | 7.7% | 5.6% | 8.5% | 4.7% | 7.0% |
| profit, % | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit | -0.3 | 0.6 | 0.7 | 2.7 | 1.5 | 2.4 | 1.3 | 2.4 |
| before | | | | | | | | |
| taxes | | | | | | | | |
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Key figures
--------------------------------------------------------------------------------
| | 2007 | 2006 | 2005 | 2004 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 128.4 | 119.7 | 102.2 | 100.7 |
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| Change in revenue, % | 7.3 | 17.1 | 1.5 | -1.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit excluding | 5.8 | 3.4 | 1.1 | -2.6 |
| non-recurring items | | | | |
--------------------------------------------------------------------------------
| Operating profit excluding | 4.5 | 2.8 | 1.1 | -2.6 |
| non-recurring items, % | | | | |
--------------------------------------------------------------------------------
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| Return on investment, % | 19.6 | 11.0 | 4.3 | -2.2 |
--------------------------------------------------------------------------------
| Return on equity, % | 19.8 | 11.4 | -0.5 | -8.1 |
--------------------------------------------------------------------------------
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| Equity-to-assets ratio, % | 46.7 | 42.4 | 40.8 | 39.3 |
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| Gearing ratio, % | 16.0 | 53.0 | 62.8 | 56.4 |
--------------------------------------------------------------------------------
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| Average staff | 663 | 626 | 610 | 662 |
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| Revenue/person (EUR 1,000) | 193.7 | 191.3 | 167.6 | 152.2 |
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Capital expenditure
The Group's gross capital expenditure for January-December was EUR 3.2 million
(1.8). EUR 0.7 million of this was attributable to the ownership rearrangements
at the Bodafors plant, as a result of which the long-term lease liability for
the part leased back was recognised in the consolidated balance sheet in
accordance with the IFRS. The remaining capital expenditure concerned production
replacements and IT investments.
Staff
The Group employed 663 (626) people on average, up by 5.9 per cent. At the end
of 2007, the Group employed 655 people (632).
Average staff by region
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| | 1-12/07 | 1-12/06 | Change, % |
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| Finland | 518 | 501 | 3.4% |
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| Scandinavia | 71 | 75 | -5.3% |
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| Poland | 74 | 50 | 48.0% |
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| Group total | 663 | 626 | 5.9% |
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Staff by quarter-year
--------------------------------------------------------------------------------
| | 1/06 | 2/06 | 3/06 | 4/06 | 1/07 | 2/07 | 3/07 | 4/07 |
--------------------------------------------------------------------------------
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| Average staff | 611 | 632 | 636 | 632 | 629 | 660 | 664 | 661 |
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| Staff at end of | 600 | 660 | 629 | 632 | 628 | 689 | 644 | 655 |
| period | | | | | | | | |
--------------------------------------------------------------------------------
| Revenue/person, | 44.0 | 43.0 | 45.3 | 58.3 | 47.5 | 46.0 | 47.0 | 56.0 |
| EUR 1,000 | | | | | | | | |
--------------------------------------------------------------------------------
Temporary labour employed in the summer months by the Finnish units raises the
figures for the second and third quarters.
Product development
Product development and collection management is the responsibility of two
Group-level organisations: the 'Office' business unit, which is responsible for
workstation furniture, and the 'Surroundings' business unit, which is
responsible for furniture for lobbies and other public spaces.
During 2007, product development employed 22 people (21) and product development
expenses accounted for 2.4 per cent (2.1) of revenue.
The Pinta workstation collection was launched at the Stockholm Furniture Fair in
the first quarter of 2007. Pinta is based on a single, uniform range of
tabletops, with base options to suit specific customer needs. At the Stockholm
fair, Martela also introduced screen and storage solutions that improve
acoustics.
In April, the Surroundings business unit introduced new furniture for
surroundings at the Milan Furniture Fair in Italy. They included Stefan
Lindfors' Menu chair and Samuli Naamanka's Sides chair.
The environment
The aim of Martela's environmental management policy is to provide customers
with durable, long-lasting products that promote safety and high quality in the
working environment, and whose production harms the natural environment as
little as possible.
Martela Oyj applies the ISO 14001:2004 standard in its environmental management.
The aim of the environmental management programs is to reduce the environmental
load of Martela's products throughout their life cycles, and to increase the
reuse and recycling of materials. Martela pays particular attention to the
recycling and potential re-use of discarded furniture by offering recycling
services to its customers. Martela Oyj's environmental system certification will
be valid until the end of 2008 and also covers Kidex Oy's operations. P.O.
Korhonen Oy also has its own certified environmental system. Environmental
management is discussed in the annual report.
Finance
Cash flow from operating activities for January-December was EUR 9.9 million
(0.9). Cash flow from investing activities was EUR 0.7 million positive as a
result of the sale of property. EUR 1.2 million in loans were granted to
Alexander Management Oy to finance the acquisition of shares for a three-year
share-based incentive system. Interest-bearing liabilities decreased by EUR 2.7
million from the beginning of the year, and totalled EUR 14.4 million (17.1) at
year-end. Liquid assets amounted to EUR 9.7 million (3.9) at the end of the
period. The equity-to-assets ratio rose to 46.7 per cent (42.4) and gearing
improved correspondingly to 16.0 per cent (53.0).
Cash flows by quarter-year
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| | 1/06 | 2/06 | 3/06 | 4/06 | 1/07 | 2/07 | 3/07 | 4/07 |
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| Cash flow from | 2.6 | 0.0 | -2.1 | 0.4 | 2.6 | 2.3 | -1.9 | 6.9 |
| operations | | | | | | | | |
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| Cash flow from | -0.1 | 0.2 | 0.1 | 0.9 | 0.8 | 0.9 | -0.4 | -0.5 |
| investing | | | | | | | | |
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| Cash flow from | -1.0 | -1.0 | 1.2 | -2.2 | -2.5 | -1.2 | 0.6 | -1.8 |
| financing | | | | | | | | |
--------------------------------------------------------------------------------
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| Change in | 1.5 | -0.7 | -1.0 | -0.9 | 1.0 | 2.0 | -1.8 | 4.6 |
| liquid assets | | | | | | | | |
--------------------------------------------------------------------------------
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| Liquid assets | 5.0 | 6.5 | 5.7 | 4.8 | 3.9 | 4.9 | 6.9 | 5.1 |
| at start of | | | | | | | | |
| period | | | | | | | | |
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| Liquid assets | 6.5 | 5.7 | 4.8 | 3.9 | 4.9 | 6.9 | 5.1 | 9.7 |
| at end of | | | | | | | | |
| period | | | | | | | | |
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Shares
During January-December, 1,159,509 (1,076,693) of the company's A shares were
traded on the OMX Nordic Exchange in Helsinki, corresponding to 32.7 per cent
(30.3) of all A shares. The value of trading was EUR 10.0 million (7.3). The
increase was partly caused by the acquisition of shares in the first quarter by
Alexander Management Oy for the three-year share-based incentive system. A total
of 143,166 shares were acquired for EUR 1.2 million in cash. The value of a
share was EUR 6.50 at the beginning of the year and EUR 8.35 at the end. During
the review period the share price was EUR 10.35 at its highest and EUR 6.39 at
its lowest. At the end of December, equity per share was EUR 7.2 (6.1).
Treasury shares
Martela did not buy back any of its own shares in 2007. On 31 December 2007,
Martela held 67,700 of its own A shares, which had been purchased at an average
price of EUR 10.65. Martela's holding of treasury shares amounts to 1.6 per cent
of all shares and 0.4 per cent of all votes.
2007 Annual General Meeting
The Annual General Meeting of Martela Oyj was held on Tuesday, 20 March, 2007.
The AGM adopted the financial statements and discharged those responsible for
the accounts from further liability. The AGM decided, in accordance with the
Board of Directors' proposal, to distribute a dividend of EUR 0.25 per share.
The meeting elected Heikki Ala-Ilkka, Tapio Hakakari, Heikki Martela, Pekka
Martela, Jori Keckman and Jaakko Palsanen as members of the Board of Directors
for the next term. Matti Lindström was elected as the staff representative and
Raimo Santala as his deputy.
Reino Tikkanen, Authorised Public Accountant, was elected as the auditor of the
company, with KPMG Oy Ab as the deputy auditor.
The AGM also approved the Board of Directors' proposals detailed in the Meeting
notice to authorise the Board to acquire and/or dispose of the company's own
shares.
The authorisation applies to the company's A shares and to a maximum of 5 per
cent of the company's share capital or 207,780 A shares. The shares may be
assigned as part of the salary and incentive system, as consideration when the
company acquires property associated with its business operations and as
consideration in any merger or acquisition, in a way and to the extent decided
by the Board of Directors. Assignment of shares can also be carried out in
public trading on the OMX Nordic Exchange Helsinki. The authorisation is valid
for 12 months from the decision of the Annual General Meeting.
The new Board of Directors convened after the Annual General Meeting and elected
Heikki Ala-Ilkka as Chairman and Pekka Martela as Deputy Chairman.
Share-based incentive system
On 14 February 2007, Martela's Board of Directors decided on a share-based
incentive system for key personnel for 2007-2009. The number of A shares that
can be earned through the system depends on the attainment of targets. The
maximum bonus for the whole system is 153,000 Martela Oyj A shares and cash to
the amount needed to cover taxes and similar charges, estimated to approximate
the value of the shares to be paid. The company has outsourced management of the
incentive system to Alexander Management Oy, which acquired all the necessary
shares from OMX Nordic Exchange Helsinki during the first quarter with a EUR 1.2
million loan granted by Martela.
Post-balance sheet events
Non-business-related assets were sold in early 2008, which will improve the
result of the first quarter by some EUR 0.6 million.
In the beginning of 2008, Martela made a decision to found a company in Russia.
According to its plan, the company will import and market Martela products and
promote the Martela brand in Russia. Sales to key customers will take place
through the new company directly and to other customers through the Martela
dealer network. Until now, Martela's sales in Russia have taken place from
Finland through local dealers.
Short-term risks
The greatest risks to the profit development is related to the continuation of
economic growth in general and the consequent trend in overall demand for office
furniture. The price trend of materials and components purchased also affects
the future outlook.
2008 Annual General Meeting and the Board's profit distribution proposal
Martela Oyj's Annual General Meeting will be held on Tuesday, 1 April 2008. The
Board of Directors will propose to the AGM that the Board be authorised to
acquire and convey the company's own shares, and to amend the articles of
association mainly to conform with the new Limited Liability Companies Act which
came into force in 2006. Furthermore, the Board of Directors will propose that a
dividend of EUR 0.50 per share be distributed for 2007. The parent company's
distributable funds amount to EUR 31,665,067.06. Shareholders registered in the
shareholder register maintained at the Finnish Central Securities Depository Ltd
on the record date for dividend payment, Friday, 4 April 2008, will be entitled
to the dividend as proposed by the Board. Dividend payments will be made on
Friday, 11 April 2008. The notice of Annual General Meeting will be published in
a separate stock exchange announcement.
Board members and auditors
Shareholders representing a total of over 50 per cent of the company's votes
have informed the company that they will propose that the following current
members be re-elected to the Board: Heikki Ala-Ilkka, Tapio Hakakari, Jori
Keckman, Heikki Martela, Pekka Martela and Jaakko Palsanen. The above-mentioned
shareholders have also announced that they will propose that Reino Tikkanen,
Authorised Public Accountant, be re-elected as the company's auditor, and that
KPMG Oy, Authorised Public Accountants, be re-elected as deputy, until the end
of the next AGM.
Outlook for 2008
The Group's result for 2008 is expected to improve on 2007. The outlook is
supported by the solid order books of early 2008 and the continuing growth of
office construction.
GROUP INCOME STATEMENT (EUR 1000)
2007 2006 2007 2006
1-12 1-12 10-12 10-12
Revenue 128.445 119.727 36.992 36.845
Other operating income 3.023 1.429 0.068 0.568
Employee benefits expenses -28.723 -27.562 -7.834 -8.373
Operating expenses -91.236 -85.763 -25.819 -25.335
Depreciation and impairment -3.231 -3.332 -0.825 -0.868
Operating profit/loss 8.278 4.499 2.582 2.837
% of turnover 6.4 3.8 7.0 7.7
Financial income and expenses -0.726 -0.798 -0.181 -0.143
Profit/loss before taxes 7.552 3.701 2.401 2.694
% of turnover 5.9 3.1 6.5 7.3
Income tax -2.165 -0.977 -0.714 -0.484
Profit/loss for the period 5.387 2.723 1.686 2.209
% of turnover 4.2 2.3 4.6 6.0
Basic earnings per share, eur 1.3 0.7 0.4 0.5
Diluted earnings per share, eur 1.3 0.7 0.4 0.5
GROUP BALANCE SHEET (EUR 1000) 31.12.2007 31.12.2006
ASSETS
Non-current assets
Intangible assets 0.633 0.662
Tangible assets 14.151 15.784
Investments 0.053 0.062
Deferred tax assets 0.240 0.776
Pension receivables 0.035 0.018
Receivables 0.623 0.000
Investment properties 1.203 1.166
Total 16.938 18.468
Current assets
Inventories 13.635 11.938
Receivables 23.536 24.792
Financial assets at fair value through
profit and loss 2.004 1.943
Cash and cash equivalents 7.686 1.968
Total 46.861 40.641
Total assets 63.800 59.109
EQUITY AND LIABILITIES
Equity attributable to equity holders
of the parent
Share capital 7.000 7.000
Share premium account 1.116 1.116
Other reserves 0.117 0.117
Translation differences -0.129 -0.129
Retained earnings 22.060 17.542
Treasury shares -0.721 -0.721
Share-based incentives 0.067 0.000
Total 29.510 24.925
Non-current liabilities
Interest-bearing liabilities 10.453 12.844
Deferred tax liability 1.553 0.175
Total 12.006 13.019
Current liabilities
Interest-bearing 3.969 4.271
Non-interest bearing 18.315 16.894
Total 22.284 21.165
Total liabilities 34.290 34.184
Equity and liabilities, total 63.800 59.109
STATEMENT OF CHANGES IN EQUITY (EUR 1000)
Share Share Other Trans. Retained Treasury Total
capital premium reserves diff. earnings shares
account and share-
based inc.
01.01.2006 7.000 1.116 0.117 -0.108 15.432 -0.721 22.836
Translation diff. -0.021 -0.021
Profit/loss for
the period 2.723 2.723
Total recognized
income and expense
for the fin.year -0.021 2.723 2.702
Dividends paid -0.613 -0.613
31.12.2006 7.000 1.116 0.117 -0.129 17.542 -0.721 24.925
1.1.2007 7.000 1.116 0.117 -0.129 17.542 -0.721 24.925
Translation diff. 0.000 0.000
Profit/loss for
the period 5.387 5.387
Other change 0.220 0.220
Total recognized
income and expense
for the fin.year 5.607 5.607
Dividends paid -1.022 -1.022
31.12.2007 7.000 1.116 0.117 -0.129 22.127 -0.721 29.510
CONSOLIDATED CASH FLOW STATEMENT (EUR 1000)
2007 2006
1-12 1-12
Cash flows from operating activities
Cash flow from sales 130.834 114.537
Cash flow from other operating income 0.550 0.364
Payments on operating costs -121.090 -113.292
Net cash from operating activities
before financial items and taxes 10.294 1.609
Interest paid -0.842 -0.691
Interest received 0.082 0.048
Other financial items -0.021 -0.084
Dividends received 0.001 0.003
Taxes paid 0.381 -0.018
Net cash from operating activities (A) 9.895 0.867
Cash flows from investing activities
Capital expenditure on tangible and
intangible assets -2.256 -1.840
Proceeds from sale of tangible and
intangible assets 2.028 2.992
Proceeds from sale of shares in subsidiaries 2.150 -
Loans granted -1.193 -
Repayments of loans receivables 0.011 0.006
Net cash used in investing activities (B) 0.740 1.158
Cash flows from financing activities
Proceeds from short-term loans 0.976 1.783
Repayments of short-term loans -1.704 -1.546
Repayments of long-term loans -3.108 -2.689
Dividends -1.022 -0.613
Net cash used in financing activities (C) -4.858 -3.065
Change in cash and
cash equivalents (A+B+C) 5.778 -1.041
(+ increase, - decrease)
Cash and cash equivalents at the beginning of
period 3.911 4.963
Translation differences 0.002 -0.010
Cash and cash equivalents at the end of period 9.691 3.911
KEY FIGURES/RATIOS
2007 2006
1-12 1-12
Revenue EUR million 128.4 119.7
Change in revenue, % 7.3 17.1
Exports and international operations, 42.8 36.7
EUR million
In relation to revenue, % 33.3 30.7
Gross capital expenditure on fixed 3.2 1.8
assets, EUR million
In relation to revenue, % 2.5 1.5
Research and development expenses, 3.1 2.5
EUR million
In relation to revenue, % 2.4 2.1
Average personnel 663 626
Change in personnel, % 5.9 2.6
Personnel at year end 655 632
Turnover / employee, EUR thousand 193.7 191.3
Return on equity, % 19.8 11.4
Return on investment, % 19.6 11.0
Equity ratio, % 46.7 42.4
Interest-bearing net-debt, EUR million 4.7 13.2
Gearing ratio, % 16.0 53.0
Key share-related figures
Number of shares, at the end of period (1000) 4155.6 4155.6
Basic earnings per share, EUR 1.3 0.7
Diluted earnings per share, EUR 1.3 0.7
Price/earnings ratio (PE) 6.3 9.8
Equity per share, EUR 7.2 6.1
Dividend/share, EUR 0.50* 0.25
Dividend/earnings, % 37.9 37.5
Effective dividend yield, % 6.0 3.8
Price of A-share 31.12. EUR 8.35 6.50
*) Proposal of the Board of Directors
The largest shareholders, 31.12.2007
No.of shares % of total
(A+K-series) votes
Marfort Oy 524 574 38.8
Ilmarinen Mutual Pension Insurance Company 335 400 2.1
OP
Suomi arvo 273 700 1.7
Odin Finland 228 400 1.5
Mutual Fund Nordea Nordic Small Cap 220 343 1.4
Palsanen Leena 199 634 9.6
FIM Fenno Mutual Fund 193 900 1.2
Pohjola P & C Insurance company 170 000 1.1
Suomen Argentor Oy 162 700 1.0
Martela Heikki 158 356 7.3
Evli Alexander Management Oy 143 166 0.9
Martela Matti 115 238 7.8
Lindholm Tuija 93 546 5.8
Nordea pankki Suomi Oyj 89 523 0.6
Palsanen Jaakko 85 868 0.8
Martela Pekka 69 282 8.9
Other shareholders 1 091 970 9.4
Total 4 155 600 100.0
The number of registered Martela Oyj shares on 31.12.2007 was 4.155,600.
The shares are divided into A and K shares. Each A share carries 1 vote and
each K share 20 votes in a general shareholders' meeting.
The company's board of directors and CEO together hold 8.4% of the shares and
17.2% of the votes.
Segments
2007 (EUR 1,000)
Geographical segments Finland Scandinavia Other Elim. Unalloc. Total
areas
Turnover 85.503 26.551 16.391 128.445
Segment assets 52.337 8.197 6.791 -8.197 4.672 63.800
Capital expenditure 2.088 0.843 0.317 3.248
2006 (EUR 1,000)
Geographical segments Finland Scandinavia Other Elim. Unalloc. Total
areas
Turnover 82.920 22.364 14.414 0.029 119.727
Segment assets 49.215 10.003 4.377 -8.684 4.198 59.109
Capital expenditure 1.598 0.078 0.148 1.824
CONTINGENT LIABILITIES
31.12.2007 31.12.2006
Mortgages and shares pledged 15.673 20.739
Guarantees - 0.115
Other commitments 0.317 0.323
Rental commitments 10.674 9.753
DEVELOPMENT OF SHARE PRICE 2007 2006
1-12 1-12
Share price at the end of period, EUR 8.35 6.50
Highest price, EUR 10.35 8.16
Lowest price, EUR 6.39 5.99
Average price, EUR 8.64 6.82
Annual Reports in Finnish and English will be published during the week 12.
The first Interim Report for the period January 1 - March 31, 2008 will be
published on April 23, 2008.
Helsinki, February 20, 2008
Martela Oyj
Board of Directors
Heikki Martela
CEO
For more information, please contact
Heikki Martela, CEO, tel. +358 50 502 4711
Distribution
OMX Nordic exchange
Main news media
www.martela.com
