Martela Corporation’s Half Year Financial Report 1 January – 30 June 2018

Helsinki, FINLAND


The January–June 2018 revenue remained on pevious year’s level and operating result declined slightly from the comparison period due to tightened market situation and increased sales costs. Cash flow from operating activities increased significantly compared to same period in previous year.

April–June 2018

  • Revenue was EUR 25.6 million (25.8), representing a change of -1.0 %
  • Operating result was EUR -0.9 million (-0.9)
  • Operating profit per revenue was -3.7 % (-3,5 %)
  • The result was EUR -1.0 million (-1.2)
  • Earnings per share amounted to EUR -0.25 (-0.30)

January–June 2018

  • Revenue was EUR 50.8 million (50.6), representing a change of 0.4 %
  • Operating result was EUR -1.8 million (-1.5)
  • Operating profit per revenue was -3.6 % (-3.0 %)
  • The result for the period declined and was EUR -2.2 million (-1.9)
  • Earnings per share amounted to EUR -0.52 (-0.45)


Outlook for 2018

The Martela Group anticipates that its revenue and operating result in 2018 will improve compared to the previous year. Due to normal seasonal variations, the Group’s operating result accumulates during the second half of the year.

Longer term quidance:

Together with the sharpened strategy in 2016 Martela set a financial target to reach 8 % operating result level without extraordinary items during 2018. This level will not be reached this year, but the company keeps this still as a long term goal.

Key figures, EUR million

Revenue25,625,8-1,0 %50,850,60,4 %109,5
Operating result-0,9-0,92,6 %-1,8-1,519,2 %0,3
Operating result %-3,7 %-3,5 % -3,6 %-3,0 % 0,2 %
Result before taxes-1,1-1,0-9,4 %-2,2-1,7-30,9 %0,0
Result for the period-1,0-1,215,7 %-2,2-1,9-15,2 %-0,6
Earnings/share,eur-0,25-0,30 -0,52-0,45 -0,15
Return on investment %-10,6-10,1 -10,2-8,2 1,6
Return on equity %-20,1-21,0 -20,8-16,0 -2,7
Equity ratio %   39,239,5 40,8
Gearning %   16,445,4 29,0


Matti Rantaniemi, CEO:

“The January–June 2018 revenue slightly increased compared to previous year. Operating result declined compared to previous year by EUR -0.3 million, being EUR -1.8 million (-1.5).
Revenue for January-June was EUR 50.8 million and increased by 0.4% compared to previous year. Revenue increased both in Finland and Norway, but decreased in Sweden and in other countries. I am very pleased that revenue in Finland is almost at the same level than in 2016 and that our Martela Lifecycle -strategy is generating positive results in Norway. Changing the sales channel to Martela Lifecycle -model in Sweden is progressing as planned.

New orders in Finland and Norway grew in the first half of 2018 compared to previous year, and declined in Sweden and in other countries. Overall Education market in Finland decreased compared to previous year.

Operating result decreased compared to the same period last year. This was mainly influenced by increased competition which resulted to lower sales margin. Operating result was also negatively impacted by short term investments to improve the customer experience. Delivery accuracy has remained on an excellent level and is considerably better than in year 2016 or 2017. Other expenses continued to decline compared to previous year. We have also continued to invest in developing the Martela collection.

Operating cash flow improved significantly and was at end of the period EUR 3.9 million (-11.2). Improvement was strongly driven by enhanced invoicing process and improved turnover of receivables. Last year’s training and reallocation of resources has resulted to this and we have returned to normal operating level.

We believe that market conditions will remain challenging and in the second half of this year we will be focusing on improving sales volumes and operating result as well as strengthening our financial position. Utilizing the full capabilities of our new IT system will support us achieving these goals.”  

Market situation

Market conditions are more challenging compared to previous years and this will continue impacting on the overall price level in the future. However the demand for Martela’s products and services is fundamentally affected by the general economic situation and by the extent to which companies and the public sector need to stregthen the utilisation of their spaces and make their workplaces more effective as management tools.


A briefing for analysts, portfolio managers and the media will take place on August 8, 2018 from 11.30 a.m. to 12.30 p.m. EET at Martela House at Takkatie 1, Helsinki. The results will be presented by Matti Rantaniemi, CEO.

Martela Corporation
Board of Directors

Matti Rantaniemi

Further information
Matti Rantaniemi, CEO, tel. +358 50 465 8194
Kalle Lehtonen, CFO, tel. +358 400 539 968

Nasdaq OMX Helsinki
Key news media

Our strategic direction is defined by our mission “Better working” and our vision “People-centric workplaces”. Martela supplies user-centric workplaces where the users and their wellbeing are what matter most. We focus on the Nordic countries because, based on our common open work culture and needs, the Nordic countries are leaders in hybrid workplaces.





2018_08082018 half year financial report