Marimekko Corporation INTERIM REPORT
6 May 2010 at 9 a.m.
MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 31 MARCH 2010
In the January-March period of 2010, the Marimekko Group's net sales fell
slightly; operating result improved markedly. Net sales fell by 2% to EUR 16.0
million (EUR 16.3 million). Operating result increased to EUR 1.2 million
(EUR -0.02 million). Profit after taxes for the period was EUR 0.9 million
(EUR 0.01 million) and earnings per share were EUR 0.12 (EUR 0.00). The
full-year estimate for 2010 remains unchanged: the Group's net sales and
operating profit are expected to be approximately at the same level as in 2009.
1-3/ 1-3/ Change, 1-12/
2010 2009 % 2009
Net sales, EUR 1,000 16,008 16,263 -1.6 72,473
Operating result, EUR 1,000 1,223 -21 6,291
Profit before taxes,
EUR 1,000 1,233 13 6,354
Profit for the period,
EUR 1,000 928 13 4,701
Earnings per share, EUR 0.12 0.00 0.59
Equity per share, EUR 4.07 3.92 3.96
Cash flow from operating
activities EUR 1,000 -1,961 -447 9,941
Return on equity (ROE), % 11.5 0.17 14.8
Return on investment (ROI), % 15.1 0.03 20.1
Equity ratio, % 78.8 80.3 77.7
Mika Ihamuotila, President and CEO:
”Development in the first quarter was encouraging. The slight fall in our net
sales was attributable to an extensive price-led promotion organised in the
comparison period in Finland to reduce inventories. Average sales margin
improved, and the measures taken in 2009 to enhance operational efficiency
proved effective. Consequently, the operating result for the first quarter of
2010 improved noticeably from the previous year, albeit this was partly due to
the fact that marketing costs for the period were substantially lower than the
year before. Wholesale sales in Finland showed a positive trend. Some signs of
recovery were also evident abroad; in the market areas referred to as “the other
Nordic countries” and “the rest of Europe”, sales grew well.
We expect market conditions to remain relatively challenging during the
remainder of the year. Nevertheless, we will continue our long-term investment
in product development and building our international distribution network. Many
of our new products, such as the glassware launched in Milan in April, have had
a warm reception. I am pleased that we have found a more consistent operating
model that will underpin the Marimekko brand in different distribution channels.
We are now ready to take even bolder steps on the road to international growth.”
2010 calendar
Marimekko Corporation's interim report for the January-June period of 2010 will
be published on Thursday 12 August at 9 am, and the interim report for the
January-September period on Thursday 4 November at 9 am.
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
E-mail: piia.pakarinen@marimekko.fi
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Principal media
Marimekko's web site: 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 about 40 countries. Products with
Marimekko designs are also manufactured under licence in various countries. In
2009, the company's net sales amounted to EUR 72.5 million, of which
international sales accounted for 27.3%. The Group employs about 370 people. The
company's share is quoted on NASDAQ OMX Helsinki Ltd.
MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 31 MARCH 2010
MARKET SITUATION
The recovery speed of Europe's economy has been slower than in the United States
or Japan, not to mention the rest of Asia. The recovery of Finland's economy has
continued sluggishly, but confidence in the Finnish economy has not diminished.
The overall economic outlook is positive compared to the current poor situation.
(Confederation of Finnish Industries EK: Economic Review, 12 April 2010). From
January to March 2010, the value of retail sales in Finland rose by 2.3%
(Statistics Finland: Retail trade quick estimate, March 2010). In the
January-February period of 2010, retail sales of clothing (excluding sportswear)
grew by 1.2% (Textile and Fashion Industries TMA). Sales of womenswear fell by
1.6%, while sales of menswear rose by 4.4%, and sales of childrenswear by 6.3%.
Sales of bags decreased by 7.0%. From January to February 2010, exports of
clothing (SITC 84) fell by 15% and imports by 17%; exports of textiles (SITC 65)
declined by 8% and imports by 5% (National Board of Customs, monthly review,
February 2010).
NET SALES
In the January-March period of 2010, the Marimekko Group's net sales decreased
by 1.6% to EUR 16,008 thousand (EUR 16,263 thousand). Net sales in Finland fell
by 6.3% to EUR 10,185 thousand (EUR 10,874 thousand). The decrease was
attributable to an extensive price-led promotion organised in the comparison
period in Finland to reduce inventories. International sales rose by 8.1% to
EUR 5,823 thousand (EUR 5,389 thousand), which represented 36.4% (33.1%) of the
Group's net sales.
The breakdown of the Group's net sales by product line was as follows: clothing
45.1%, interior decoration 39.3%, and bags 15.6%. Net sales by market area were:
Finland 63.6%, the other Nordic countries 12.4%, the rest of Europe 9.0%, North
America 4.6%, and other countries (Japan and other regions outside Europe and
North America) 10.4%.
REVIEWS BY BUSINESS UNIT
Clothing
In the January-March period of 2010, net sales of clothing increased by 1.9% to
EUR 7,216 thousand (EUR 7,078 thousand). Sales in Finland decreased slightly.
Sales abroad rose in all markets except North America. In Japan, clothing sales
grew vigorously. International sales accounted for 33.5% of net sales of
clothing.
Interior decoration
Net sales of interior decoration products increased by 1.7% to EUR 6,289
thousand (EUR 6,185 thousand). Sales grew well in North America and the market
areas referred to as “the rest of Europe” and “the other Nordic countries”.
Sales in Finland decreased slightly. Sales in Japan also declined somewhat; the
fall was largely due to the opening of new concept stores and the deliveries of
their initial inventories in the corresponding period of the previous year.
International sales accounted for 37.8% of net sales of interior decoration
products.
Bags
Net sales of bags fell by 16.6% to EUR 2,503 thousand (EUR 3,000 thousand).
Sales declined in all market areas. International sales accounted for 41.3% of
net sales of bags.
Sales in Finland
In the January-March period of 2010, Marimekko's retail sales, i.e. sales by
Marimekko's own retail shops in Finland, declined by 15.1%. Domestic wholesale
sales increased by 4.9%. Both retail and wholesale sales in Finland were
adversely affected by the extensive price-led promotion organised in the
comparison period in Finland to reduce inventories. Business-to-business sales
are included in domestic wholesale sales figures and will no longer be reported
separately.
International sales
In the January-March period of 2010, Marimekko's international sales (previously
“exports and international operations”) showed tentative signs of recovery.
Sales increased by 8.1% to EUR 5,823 thousand (EUR 5,389 thousand). In the
market area referred to as "the other Nordic countries", net sales were up 17.0%
on the comparison period, totalling EUR 1,986 thousand (EUR 1,698 thousand). The
rise in the value of the Swedish krona contributed to the increase in net sales.
In the market area referred to as "the rest of Europe", sales rose to EUR 1,443
thousand, which was 10.8% up on the previous year (EUR 1,302 thousand). Net
sales in North America increased by 1.4% to EUR 732 thousand (EUR 722 thousand).
In the market area referred to as "other countries", net sales fell by 0.3% to
EUR 1,662 thousand (EUR 1,667 thousand).
Licensing
Royalty earnings from sales of licensed products increased significantly during
the period under review. The growth was generated by a one-off collaboration in
Japan. Royalty earnings grew somewhat in Finland and fell slightly in the United
States.
Production
During the January-March period of 2010, the output of the Herttoniemi textile
printing factory increased by 19%. The production volume of the Sulkava factory
remained at the same level as in the corresponding period of the previous year.
The output of the Kitee factory declined as a result of the changes to the
production structure and the personnel reductions implemented in 2009.
EARNINGS
In the January-March period of 2010, the Group's operating result increased to
EUR 1,233 thousand (EUR -21 thousand). Operating result as a percentage of net
sales was 7.6% (-0.1%). Marketing expenses for the period amounted to EUR 666
thousand (EUR 1,104 thousand), representing 4.2% (6.8%) of the Group's net
sales.
Earnings for the period were improved by an increase in average sales margin as
well as a reduction in fixed costs, achieved through operational efficiency
enhancements. The fact that marketing costs for the period were approximately
EUR 400 thousand lower than the year before also contributed to the increase in
earnings. Full-year marketing expenses will be at the same level as in 2009.
The Group's depreciation amounted to EUR 357 thousand (EUR 350 thousand),
representing 2.2% (2.2%) of net sales. Net financial income totalled EUR 10
thousand (EUR 34 thousand), or 0.1% (0.2%) of net sales.
Profit for the period after taxes stood at EUR 928 thousand (EUR 13 thousand),
representing 5.8% (0.1%) of net sales. Earnings per share were EUR 0.12 (EUR
0.00).
INVESTMENTS
The Group's gross investments amounted to EUR 275 thousand (EUR 188 thousand),
representing 1.7% (1.2%) of net sales. The majority of investments were directed
at acquisitions and updates of computer software.
EQUITY RATIO AND FINANCING
The Group's equity ratio was 78.8% at the end of the period (80.3% on 31 March
2009, 77.7% on 31 December 2009). The ratio of interest-bearing liabilities
minus financial assets to shareholders' equity (gearing) was -24.5%, while it
was -16.8% at the end of the corresponding period in the previous year (-32.2%
on 31 December 2009).
At the end of the period, the Group's financial liabilities stood at EUR 0 (EUR
185 thousand). The Group's financial assets at the end of the period amounted to
EUR 8,009 thousand (EUR 5,478 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 6,778 (6,526) shareholders
at the end of the period. Of the shares, 13.6% were registered in a nominee's
name and 15.9% were in foreign ownership. The number of shares owned either
directly or indirectly by members of the Board of Directors and the President of
the company was 1,086,440, 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 31 March 2010
Number of Percentage
shares and of holding
votes and votes
1. Muotitila Ltd 1,045,200 13.00
2. Semerca Investment Ltd 850,377 10.58
3. ODIN Finland 403,704 5.02
4. Varma Mutual Employment
Pension Insurance Company 385,920 4.80
5. Nordea Nordic Small Cap Fund 288,594 3.59
6. Ilmarinen Mutual Pension
Insurance Company 265,419 3.30
7. Veritas Pension Insurance Company 220,000 2.74
8. Sairanen Seppo 71,379 0.89
9. Mutual Fund Tapiola Finland 58,555 0.73
10. Foundation for Economic Education 50,000 0.62
11. Scanmagnetics Oy 40,000 0.50
12. Haapanala Auvo 35,000 0.43
13. Westerberg Olof 33,600 0.42
14. Fromond Elsa 32,200 0.40
15. Karvonen Eero 27,900 0.34
Total 3,807,848 47.36
Nominee-registered 1,090,224 13.56
Others 3,141,928 39.08
Total 8,040,000 100.00
Flaggings
SEB Asset Management S.A.'s share of Marimekko Corporation's share capital and
voting rights rose to 5.13%, or 412,259 shares, as a result of a transaction
concluded on 5 February 2010.
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 482,796 Marimekko shares were traded,
representing 6.0% of the shares outstanding. The total value of Marimekko's
share turnover was EUR 5,259,915. The lowest price of the Marimekko share was
EUR 10.00, the highest was EUR 11.89, and the average price was EUR 10.67. At
the end of the review period, the final price of the share was EUR 11.89. The
company's market capitalisation on 31 March 2010 was EUR 95,595,600
(EUR 65,928,000 on 31 March 2009, EUR 82,812,000 on 31 December 2009).
PERSONNEL
During the January-March period of 2010, the number of employees averaged 371
(411). At the end of the period, the Group employed 370 (407) people, of whom 18
(14) worked abroad.
RISK MANAGEMENT AND MAJOR RISKS
No changes have occurred in the common risk factors since the review presented
in the report of the Board of Directors on 2 February 2010. The particular risks
in the near future are associated with the development of consumers' purchasing
behaviour. The management and monitoring of change and ensuring sufficient core
expertise are emphasised in risk management.
RESEARCH AND DEVELOPMENT
Marimekko's product planning and development costs arise from the design of
collections. Design costs are recorded in expenses.
THE ENVIRONMENT, HEALTH AND SAFETY
Responsibility for the environment and nature is an integral aspect of
Marimekko's business. In environmental matters, the company's business
supervision is largely based on legislation and other regulations.
Environmental, health and safety issues are reported in the 2009 Annual Report.
The framework for reporting is provided by the G3 guidelines of the Global
Reporting Initiative (GRI).
MAJOR EVENTS AFTER THE CLOSE OF THE REVIEW PERIOD
Decisions of the Annual General Meeting
Marimekko Corporation's Annual General Meeting, held on 15 April 2010, adopted
the company's financial statements for 2009 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 0.45 per share for
the 2009 financial year, totalling EUR 3,618,000.00. The dividend payout record
date was 20 April 2010, and the dividend payout date 27 April 2010.
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 Board is
chaired by Pekka Lundmark and vice-chaired by Mika Ihamuotila. The term of
office for the Board runs until the end of the next Annual General Meeting.
The Annual General Meeting re-elected PricewaterhouseCoopers Oy, Authorised
Public Accountants, as the company's auditor, with Kim Karhu, Authorised Public
Accountant, as chief auditor. It was decided that the auditor's fee would be
paid as per invoice.
Amendment of the Articles of Association
The Annual General Meeting approved the Board of Directors' proposal for
amendment of Article 9 of the Articles of Association. The amendment was
detailed in the Notice of the Annual General Meeting published on 17 March 2010.
Flaggings
SEB Asset Management S.A.'s share of Marimekko Corporation's share capital and
voting rights fell to 0.00%, or 0 shares, as a result of a share loan
arrangement on 15 April 2010, and then reverted to 5.13%, or 412,259 shares, at
the termination of the share loan on 28 April 2010.
The combined share of the entities managed by Credit Suisse Group AG in
Marimekko Corporation's share capital and voting rights rose to 5.60%, or
450,000 shares, as a result of a transaction made on 20 April 2010. After the
transaction, Credit Suisse Securities (Europe) Ltd held 400,000 Marimekko shares
and Credit Suisse Securities (USA) LLC 50,000 shares. The combined share of the
above-mentioned entities managed by Credit Suisse Group AG in Marimekko
Corporation's share capital and voting rights fell below 5.00% as a result of a
transaction made on 23 April 2010.
OUTLOOK FOR THE REMAINDER OF 2010
Marimekko Corporation operates in a field where economic trends affect its
business activities. Net sales declined slightly in the first quarter of 2010,
while earnings improved noticeably. Market conditions are expected to remain
relatively challenging in the rest of the year.
The majority of the Group's net sales are generated in Finland. In recent years,
however, exports have increasingly been driving Marimekko's net sales growth.
During the current year, Marimekko's exports are estimated to grow slightly. In
2009, the Group's net sales and earnings included significant revenues generated
from individual promotions. This year, similar revenues that increase net sales
and improve earnings are estimated to be lower. Furthermore, earnings will be
burdened by additional investments that the company has decided to focus on
developing its international distribution network.
The full-year estimate for 2010 remains unchanged: the Group's net sales and
operating profit are expected to be approximately at the same level as in 2009.
Helsinki, 6 May 2010
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 was prepared in accordance with IAS 34: Interim Financial
Reporting. The same accounting principles were applied as in the 2009 financial
statements.
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, 31 March
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) 1-3/ 1-3/ Change, 1-12/
2010 2009 % 2009
NET SALES 16,008 16,263 -1.6 72,473
Other operating income 7 23 -69.6 41
Increase or decrease
in inventories of completed
and unfinished products 1,517 194 -2,135
Raw materials and consumables 7,490 6,809 10.0 26,890
Employee-benefit expenses 4,216 4,535 -7.0 18,202
Depreciation 357 350 2.0 1,394
Other operating expenses 4,246 4,807 -11.7 17,602
OPERATING PROFIT/LOSS 1,223 -21 6,291
Financial income -2 24 -108.3 86
Financial expenses 12 10 20.0 -23
10 34 -70.6 63
PROFIT BEFORE TAXES 1,233 13 6,354
Income taxes 305 - 1,653
NET INCOME FOR THE PERIOD 928 13 4,701
Distribution of net income
to equity holders
of the parent company 928 13 4,701
Basic and diluted earnings
per share calculated on
the profit attributable to
equity holders of the
parent company, EUR 0.12 0.00 0.59
COMPREHENSIVE CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 1-3/ 1-3/ 1-12/
2010 2009 2009
Net income for the period 928 13 4,701
Other comprehensive income
Change in translation difference - -4 4
COMPREHENSIVE INCOME
FOR THE PERIOD 928 9 4,705
Distribution of net income
to equity holders
of the parent company 928 9 4,705
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 31.3.2010 31.3.2009 31.12.2009
ASSETS
NON-CURRENT ASSETS
Tangible assets 9,553 9,811 9,805
Intangible assets 578 434 409
Available-for-sale financial
assets 20 20 20
10,151 10,265 10,234
CURRENT ASSETS
Inventories 16,162 16,735 15,229
Trade and other receivables 7,247 6,618 5,241
Current tax assets 18 268 18
Cash and cash equivalents 8,009 5,478 10,245
31,436 29,099 30,733
ASSETS, TOTAL 41,587 39,364 40,967
SHAREHOLDERS' EQUITY AND
LIABILITIES
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT COMPANY
Share capital 8,040 8,040 8,040
Translation differences 2 -6 2
Retained earnings 24,711 23,517 23,783
Shareholders' equity, total 32,753 31,551 31,825
NON-CURRENT LIABILITIES
Deferred tax liabilities 693 705 683
CURRENT LIABILITIES
Trade and other payables 7,557 6,905 7,874
Current tax liabilities 584 18 585
Financial liabilities - 185 -
8,141 7,108 8,459
Liabilities, total 8,834 7,813 9,142
SHAREHOLDERS' EQUITY AND
LIABILITIES,TOTAL 41,587 39,364 40,967
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) 1-3/ 1-3/ 1-12/
2010 2009 2009
CASH FLOW FROM OPERATING ACTIVITIES
Net profit for the period 928 13 4,701
Adjustments
Depreciation according to plan 357 350 1,394
Financial income and expenses -10 -35 -63
Taxes 305 - 1,653
Cash flow before change in working
capital 1,580 328 7,685
Change in working capital -2,905 -179 2,997
Increase (-) / decrease (+)
in current non-interest-bearing
trade receivables -1,664 122 834
Increase (-) / decrease (+)
in inventories -933 551 2,055
Increase (-) / decrease (+)
in current non-interest-bearing
liabilities -308 -852 108
Cash flow from operating activities
before financial items and taxes -1,325 149 10,682
Paid interest and payments on other
financial expenses 12 11 -24
Interest received -2 56 120
Taxes paid -646 -663 -837
CASH FLOW FROM OPERATING ACTIVITIES -1,961 -447 9,941
CASH FLOW FROM INVESTING ACTIVITIES
Investments in tangible
and intangible assets -275 -188 -1,202
CASH FLOW FROM INVESTING ACTIVITIES -275 -188 -1,202
CASH FLOW FROM FINANCING ACTIVITIES
Short-term loans repaid - - -185
Dividends paid - - -4,422
CASH FLOW FROM FINANCING ACTIVITIES - - -4,607
Change in cash and cash equivalents -2,236 -635 4,133
Cash and cash equivalents
at the beginning of the period 10,245 6,112 6,112
Cash and cash equivalents
at the end of the period 8,009 5,478 10,245
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. 2009 8,040 -2 23,504 31,542
Comprehensive
income for the
period -4 13 9
Dividends paid - -
Shareholders'
equity
31 March 2009 8,040 -6 23,517 31,551
Shareholders'
equity
1 Jan. 2010 8,040 2 23,783 31,825
Comprehensive
income for the
period - 928 928
Dividends paid - -
Shareholders'
equity
31 March 2010 8,040 2 24,711 32,753
KEY INDICATORS
1-3/ 1-3/ Change, 1-12/
2010 2009 % 2009
Earnings per share, EUR 0.12 0.00 0.59
Equity per share, EUR 4.07 3.92 3.8 3.96
Return on equity (ROE), % 11.5 0.17 14.8
Return on investment (ROI), % 15.1 0.03 20.1
Equity ratio, % 78.8 80.3 77.7
Gearing, % -24.5 -16.8 -32.2
Gross investments, EUR 1,000 275 188 1,202
Gross investments,
% of net sales 1.7 1.2 1.7
Contingent liabilities
EUR 1,000 10,645 18,056 -41.0 11,306
Average personnel 371 411 -9.7 400
Personnel at the end of
the period 370 407 -9.2 370
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) 1-3/2010 1-3/2009 Change, % 1-12/2009
Finland 10,185 10,874 -6.3 52,711
Other Nordic countries 1,986 1,698 17.0 7,042
Rest of Europe 1,443 1,302 10.8 4,821
North America 732 722 1.4 3,003
Other countries 1,662 1,667 -0.3 4,896
TOTAL 16,008 16,263 -1.6 72,473
NET SALES BY PRODUCT LINE
(EUR 1,000) 1-3/2010 1-3/2009 Change, % 1-12/2009
Clothing 7,216 7,078 1.9 27,466
Interior decoration 6,289 6,185 1.7 32,687
Bags 2,503 3,000 -16.6 12,320
TOTAL 16,008 16,263 -1.6 72,473
SEGMENT INFORMATION
(EUR 1,000) 1-3/2010 1-3/2009 Change, % 1-12/2009
Marimekko business
Net sales 16,008 16,263 -1.6 72,473
Operating result 1,223 -21 6,291
Assets 41,587 39,364 5.6 40,967
QUARTERLY TREND IN NET SALES AND EARNINGS
(EUR 1,000) 1-3/ 10-12/ 7-9/ 4-6/
2010 2009 2009 2009
Net sales 16,008 20,719 19,492 15,999
Operating result 1,223 2,353 2,901 1,058
Earnings per share, EUR 0.12 0.22 0.27 0.10
(EUR 1,000) 1-3/ 10-12/ 7-9/ 4-6/
2009 2008 2008 2008
Net sales 16,263 22,061 21,913 18,539
Operating result -21 1,845 3,747 2,540
Earnings per share, EUR 0.00 0.17 0.35 0.23
