- ISIN FI0009007660
Marimekko Oyj
INTERIM REPORT OF MARIMEKKO CORPORATION, 1 JANUARY – 31 MARCH 2015: Net sales grew, supported by international sales; operating result remained close to last year’s level, as expected
DGAP-News: Marimekko Oyj
2015-05-12 / 07:30
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Marimekko Corporation, Interim Report, 12 May 2015 at 8.30 a.m.
INTERIM REPORT OF MARIMEKKO CORPORATION, 1 JANUARY - 31 MARCH 2015: Net sales
grew, supported by international sales; operating result remained close to last
year's level, as expected
The first quarter in brief
-- Net sales grew by 4 percent to EUR 20.1 million (Q1 2014: 19.4).
-- Net sales at comparable exchange rates were up 2 percent.
-- Net sales were increased by the additional sales of stores opened in 2014
and in the early months of 2015, an increase in royalty income due to a
licensing agreement concluded in North America, and a strong dollar.
-- Operating result excluding nonrecurring items was EUR -1.3 million (-1.1).
Operating result was decreased by the considerable expenses related to the
closure of the Beverly Hills store and by a downturn in the sales margins
on wholesale sales. Operating result was improved by an increase in royalty
earnings in North America.
-- Marimekko continues to invest in growth while focusing on enhancing the
operations of its company-owned stores, on improving the general
profitability of its business, and on creating even more attractive design
and products.
Financial guidance for 2015
The full-year estimate for 2015 is unchanged: Based on the market outlook,
estimated sales development in the company's market areas, especially in
Finland, the company's growth targets as well as other estimated factors, the
Marimekko Group's year 2015 net sales are forecast to be at the same level as
in 2014 or lower. Operating profit excluding nonrecurring items in 2015 is
estimated to be lower than in 2014.
President Tiina Alahuhta-Kasko:
'The development in Marimekko's net sales and results in the first quarter was
in line with expectations. In the January-March period of 2015, our operating
result excluding nonrecurring items declined compared to the same period last
year. The operating result was decreased by the considerable expenses related
to the closure of our Beverly Hills store as well as a downturn in sales
margins on wholesale sales. However, the increased royalty income resulting
from a licensing contract we made with a North American company boosted the
period's operating result. We also succeeded in growing our net sales through
the positive development in international sales, although the state of
retailing in Finland, our important domestic market, continued to be difficult.
Net sales were boosted by the additional sales of new stores and the strong
dollar.
'We continue to focus on international growth, particularly in new markets in
the Asia-Pacific region. During the spring, new markets were opened up in
Bangkok and Singapore as well as Dubai in the Middle East. The main thrust in
expansion this year will be on openings of retailer-owned Marimekko stores. Our
goal is to open a total of 10-20 new Marimekko stores and shop-in-shops.
'Our investment in digital business continues. E-commerce has grown steadily as
a proportion of our overall sales, and particularly in Finland it has developed
well. Our aim is to enhance the customer experience and make it more inspiring
and seamless between our online and offline stores. This also involves the
recently started work on updating our store concept.
'We are also concentrating on strengthening our design and product development.
We see opportunities particularly in making our fashion, bags and accessories
even more attractive. We believe that the updates to be implemented in our
collections based on the new creative direction, combined with our efforts to
further enhance the customer experience, will make our brand even more
appealing both to existing and to new customers around the world.'
Key indicators
1-3/201 1-3/201 Change, 1-12/201
5 4 % 4
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Net sales, EUR million 20.1 19.4 4 94.2
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International sales, EUR million 10.4 9.3 12 42.1
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% of net sales 52 48 45
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EBITDA, EUR million -0.3 -0.7 58 9.9
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EBITDA excluding nonrecurring items, EUR -0.3 0.0 10.5
million
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Operating result, EUR million -1.3 -1.7 24 5.6
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Operating result excluding nonrecurring -1.3 -1.1 -23 6.3
items, EUR million
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Operating result margin, % -6.6 -9.0 5.9
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Operating result margin excluding -6.6 -5.6 6.7
nonrecurring items, %
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Result for the period, EUR million -1.1 -1.5 27 4.1
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Earnings per share, EUR -0.14 -0.19 29 0.51
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Cash flow from operating activities, -1.6 -2.2 26 9.9
EUR million
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Return on investment (ROI), % -12.4 -18.1 15.6
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Equity ratio, % 60.0 53.4 61.6
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Gross investments, EUR million 0.3 0.5 -42 2.1
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Personnel at the end of the period 445 476 -7 479
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outside Finland 115 111 4 129
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Brand sales*, EUR million 45.0 39.7 13 186.8
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outside Finland, EUR million 30.7 24.4 26 114.6
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proportion of international sales, % 68 62 61
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Number of stores** 148 136 8,8 144
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The change percentages in the table were calculated on exact figures before the
amounts were rounded to millions of euros.
* Estimated sales of Marimekko products at consumer prices. Brand sales are
calculated by adding together the company's own retail sales and the estimated
retail value of Marimekko products sold by other retailers. The estimate, based
on Marimekko's actual wholesale sales to these retailers, is unofficial and
does not include VAT. The key figure is not audited.
** Includes the company's own retail stores, retailer-owned Marimekko stores
and shop-in-shops with an area exceeding 30 sqm. The company's own retail
stores numbered 53 at the end of March 2015 (52). Information on changes is
available in the section Internationalisation and changes in the store network.
Financial calendar 2015
The interim report for January-June will be issued on Wednesday 19 August 2015
at 8.30 a.m. and the interim report for January-September on Thursday 5
November 2015 at 8.30 a.m.
Further information:
Tiina Alahuhta-Kasko, President, tel. +358 9 758 71
Thomas Ekström, Chief Financial Officer, tel. +358 9 758 7261
MARIMEKKO CORPORATION
Corporate Communications
Asta Halme
Tel. +358 9 7587 233
asta.halme@marimekko.com
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Key media
INTERIM REPORT OF MARIMEKKO CORPORATION, 1 January - 31 March 2015
OPERATING ENVIRONMENT
The global economy is growing at a moderate pace. Consumer expectations have
strengthened in Europe and the United States, but corporate estimates remain
uncertain. China and the United States continue to be the powerhouses of
growth. Signs of a budding upswing are visible in Japan and the euro zone, but
growth is modest. Economic conditions in Finland are still below average, but
the downturn seems to be coming to an end. The outlook for the next few months
is somewhat brighter, but no clear turn for the better is expected in the near
future.
Retail trade confidence in Finland remains modest, although the confidence
indicator rose in April. Confidence is still well below normal. Sales volume
has fallen, and sales expectations are low. Both retail and wholesale trade
declined in the winter. Wholesale sales are still falling, but retail trade has
slightly recovered from a bad winter. (Confederation of Finnish Industries EK:
Economic Review, 16 April 2015; Confidence Indicators, April 2015; Business
Tendency Survey, May 2015.)
In the January-March period of 2015, the value of retail sales in Finland fell
by 1.1 percent and the volume of sales, which measures real growth, declined by
0.1 percent (Statistics Finland: Turnover of Trade, retail trade flash
estimate, March 2015).
INTERNATIONALISATION AND CHANGES IN THE STORE NETWORK
Marimekko is undergoing a dynamic phase of internationalisation. In 2015, the
main thrust in expansion is on openings of retailer-owned Marimekko stores,
particularly in the Asia-Pacific region. The goal is to open a total of 10-20
new Marimekko stores and shop-in-shops. Of these, 1-3 would be company-owned
stores. The company will continue to enhance the operations of company-owned
stores opened in recent years and to improve their profitability.
During the period under review, three Marimekko stores and one shop-in-shop
were opened. Of the openings, a retailer-owned Marimekko store in Japan and a
shop-in-shop in China are in the Asia-Pacific region. In Marimekko's new market
of the Middle East, a retailer-owned Marimekko store was opened in Dubai. In
March, Marimekko's company-owned stores were closed in London and Beverly
Hills. After the end of the period, two retailer-owned Marimekko stores have
been opened in the Asia-Pacific region, one in Bangkok, Thailand and the other
in Singapore. A new store has also opened in Dubai.
Number of stores & shop-in-shops* 31.3.2015 31.3.2014 31.12.2014
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Finland 63 57 62
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Company-owned stores 24 23 24
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Company-owned outlet stores 11 9 10
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Retailer-owned stores 17 17 17
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Retailer-owned shop-in-shops 11 8 11
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Scandinavia 10 13 10
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Company-owned stores 8 8 8
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Company-owned outlet stores - - -
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Retailer-owned stores - 3 -
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Retailer-owned shop-in-shops 2 2 2
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EMEA** 5 4 3
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Company-owned stores 2 4 3
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Company-owned outlet stores - - -
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Retailer-owned stores 1 - -
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Retailer-owned shop-in-shops 2 - -
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North America 22 23 23
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Company-owned stores 4 5 5
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Company-owned outlet stores 1 1 1
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Retailer-owned stores 2 2 2
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Retailer-owned shop-in-shops 15 15 15
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Asia-Pacific 48 39 46
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Company-owned stores 3 2 3
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Company-owned outlet stores - - -
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Retailer-owned stores 40 34 39
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Retailer-owned shop-in-shops 5 3 4
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Total 148 136 144
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Company-owned stores 41 42 43
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Company-owned outlet stores 12 10 11
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Retailer-owned stores 60 56 58
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Retailer-owned shop-in-shops 35 28 32
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* Includes shop-in-shops with an area exceeding 30 sqm.
** The market area of Central and Southern Europe previously referred to in
Marimekko's financial disclosures has changed to EMEA (Europe and Middle East
Area) as a result of the partnership initiated in the Middle East during the
second quarter of 2014.
NET SALES
In the January-March period, consolidated net sales grew by 4 percent, reaching
EUR 20,135 thousand (19,376). Net sales at comparable exchange rates were up 2
percent. International sales rose by 12 percent; net sales in Finland fell by 3
percent.
Retail sales grew by 3 percent. The growth was mainly due to the additional
sales of the stores opened in 2014 and the appreciation the US dollar against
the euro.
Wholesale sales rose by 1 percent. Sales grew in EMEA and in North America.
Royalty income grew markedly, especially due to a licensing agreement concluded
in North America.
Net sales by market area
(EUR 1,000) 1-3/2015 1-3/2014 Change, Change, % 1-12/2014
% In currency
terms
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Finland 9,707 10,037 -3 -3 52,034
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Retail sales 6,206 6,205 0 0 35,363
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Wholesale sales 3,410 3,753 -9 -9 16,245
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Royalties 92 79 16 16 425
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Scandinavia 1,812 1,907 -5 -1 8,452
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Retail sales 992 1,061 -7 -3 5,151
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Wholesale sales 821 846 -3 1 3,301
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Royalties - - -
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EMEA 2,268 1,837 23 23 7,554
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Retail sales 343 319 7 7 1,509
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Wholesale sales 1,884 1,480 27 27 5,882
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Royalties 41 38 9 9 162
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North America 2,102 1,511 39 14 8,584
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Retail sales 1,287 1,129 14 -7 5,983
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Wholesale sales 404 320 26 9 1,957
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Royalties 411 62 644
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Asia-Pacific 4,246 4,084 4 4 17,527
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Retail sales 711 514 38 29 2,675
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Wholesale sales 3,535 3,570 -1 -1 14,847
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Royalties - - 5
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International sales, 10,428 9,339 12 3 42,116
total
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Retail sales 3,332 3,023 10 -2 15,318
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Wholesale sales 6,643 6,216 7 4 25,987
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Royalties 452 100 811
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Total 20,135 19,376 4 2 94,150
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Retail sales 9,538 9,228 3 -1 50,682
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Wholesale sales 10,053 9,969 1 3 42,232
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Royalties 544 179 1,237
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All figures in the table have been individually rounded to thousands of euros,
so there may be rounding differences in the totals.
Finland
In the January-March period, net sales in Finland fell by 3 percent to EUR
9,707 thousand (10,037), which was attributable to a decrease in wholesale
sales. Retail sales were on a par with last year. Retail sales were decreased
by the three new stores opened in 2014. Comparable retail sales fell by 4
percent.
Scandinavia
Net sales in Scandinavia fell by 5 percent and were EUR 1,812 thousand (1,907).
Retail sales declined by 7 percent. Wholesale sales fell by 3 percent in euro
terms, but rose by 1 percent at comparable exchange rates.
EMEA
In EMEA, net sales grew by 23 percent to EUR 2,268 thousand (1,837). Wholesale
sales rose by 27 percent, partly due to deliveries for the start-up stock of
the retailer-owned store opened in Dubai. Growth was also seen in wholesale
deliveries to Belgium, Germany and France. Retail sales grew by 7 percent. The
Marimekko company-owned store in St Christopher's Place, London, was closed at
the end of March.
North America
In North America, net sales grew by 39 percent to EUR 2,102 thousand (1,511).
Net sales at comparable exchange rates rose by 14 percent, thanks to growth in
wholesale sales and licensing income. Retail sales fell by 7 percent at
comparable exchange rates. The fall in retail sales was due to the closure of
the Beverly Hills store in March and a 11 percent decline in sales in
comparable stores.
Asia-Pacific
Net sales in the Asia-Pacific region grew by 4 percent to EUR 4,246 thousand
(4,084). Wholesale sales fell by 1 percent. In the most important country in
this market area, Japan, wholesale sales declined by 6 percent. Retail sales
(Australian stores in Sydney and Melbourne) grew thanks to the additional sales
from the store opened in Melbourne in autumn 2014. Sales in comparable stores
fell in euro terms by 7 percent and in terms of the currency of sales by 13
percent. The opening of a new store close to another Melbourne store impacted
the comparable retail sales development negatively.
FINANCIAL RESULT
In the January-March period of 2015, the Group's operating result was EUR
-1,325 thousand (-1,748). Operating result for the comparison period included
EUR 669 thousand in nonrecurring expenses. The comparison period's operating
result excluding nonrecurring items was EUR -1,079 thousand. Operating result
was decreased by the considerable expenses related to the closure of the
Beverly Hills store and by a downturn in the sales margins on wholesale sales.
Operating result was improved by an increase in royalty earnings in North
America.
Marketing expenses for the first quarter were EUR 1,107 thousand (1,001), or 5
percent of consolidated net sales (5).
The Group's depreciation and impairments totalled EUR 1,047 thousand (1,082),
or 5 percent of net sales (6).
Operating result margin was -6.6 percent (-9.0). The comparison period's
operating result margin excluding nonrecurring items was -5.6 percent.
Net financial items were EUR 133 thousand (-72), or 1 percent of net sales (0).
Foreign exchange changes recorded in net financial items amounted to EUR 198
thousand (-3).
Result for the review period before taxes was EUR -1,192 thousand (-1,820).
Result after taxes was EUR -1,095 thousand (-1,498) and earnings per share were
EUR -0.14 (-0.19).
BALANCE SHEET
The consolidated balance sheet total as of 31 March 2015 was EUR 46,797
thousand (47,796). Equity attributable to the equity holders of the parent
company was EUR 28,030 thousand (25,495) or EUR 3.46 per share (3.15).
Non-current assets at the end of March 2015 were EUR 17,813 thousand (20,024).
At the end of the period under review, net working capital was EUR 15,501
thousand (16,970). Inventories were EUR 19,463 thousand (18,719).
CASH FLOW AND FINANCING
In the January-March period, cash flow from operating activities was EUR -1,639
thousand (-2,219) or EUR -0.20 per share (-0.27). Cash flow before cash flow
from financing activities was EUR -1,907 thousand (-2,684).
The Group's financial liabilities at the end of the period under review stood
at EUR 8,208 thousand (13,193).
At the end of the period under review, the Group's cash and cash equivalents
amounted to EUR 3,114 thousand (1,885). In addition, the Group had unused
committed long- and short-term credit lines of EUR 21,302 thousand (16,180).
The Group's equity ratio at the end of the period was 60.0 percent (53.4).
Gearing was 18.2 percent (44.4).
INVESTMENTS
The Group's gross investments in the first quarter were EUR 268 thousand (466),
or 1 percent of net sales (2). Most of the investments were devoted to IT
systems and building store premises.
PERSONNEL
In the January-March period of 2015, the number of employees averaged 453
(478). At the end of the period, the Group had 445 (476) employees, of whom 115
(111) worked outside Finland. The number of employees working outside Finland
was broken down as follows: Scandinavia 38 (33), EMEA 12 (14), North America 47
(50) and Asia-Pacific 18 (14). The personnel at company-owned stores totalled
219 (227) at the end of the period.
SHARES AND SHAREHOLDERS
Share capital and number of shares
At the end of March 2015, 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 8,089,610.
Shareholdings
According to the book-entry register, Marimekko had 7,151 shareholders at the
end of the period under review (7,292). Of the shares, 21.6 percent were owned
by nominee-registered or non-Finnish holders (21.2). The number of shares owned
either directly or indirectly by members of the Board of Directors and the
President and CEO of the company was 1,328,598 (1,348,358), representing 16.4
percent of the number and voting rights of the company's shares (16.7).
Information about the largest shareholders can be found on the company's
website company.marimekko.com under Investors/Share information.
Share trading and the company's market capitalisation
In the January-March period of 2015, a total of 216,812 Marimekko shares were
traded, representing 2.7 percent of the shares outstanding. The total value of
Marimekko's share turnover was EUR 2,189,943. The lowest price of the Marimekko
share was EUR 9.00, the highest was EUR 10.90 and the average price was EUR
10.10. At the end of March, the closing price of the share was EUR 10.55. The
company's market capitalisation on 31 March 2015 was EUR 85,345,386
(83,322,983).
Authorisations
At the end of the period, Marimekko's 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.
EVENTS SINCE THE END OF THE REVIEW PERIOD
Changes in management and governance structure
On 11 February 2015, Marimekko's Board of Directors decided to appoint Tiina
Alahuhta-Kasko as the new President of Marimekko Corporation. She has served as
the company's Chief Operating Officer since 2014 and has also been the
company's Chief Marketing Officer and member of the Management Group since
2011. Tiina Alahuhta-Kasko, M. Sc. (Econ.), CEMS MIM, has worked for Marimekko
since 2005. The duties of the Chief Operating Officer will in the future be
incorporated into the President's duties, so the company will not appoint a new
Chief Operating Officer. A Marketing Director is being sought to lead marketing
efforts.
In the same connection, Marimekko's Board of Directors decided on a full-time
executive service agreement with Mika Ihamuotila. As CEO, his duties include,
inter alia, responsibility for the development and implementation of
Marimekko's strategy together with the President and Management Group as well
as an active senior role in managing the company's financial affairs and
stakeholder relations. Mika Ihamuotila also has a senior role in developing
leadership within the Marimekko Group. Ihamuotila's CEO contract and the duties
thereunder are not dependent on status as a member or chairman of the Board of
Directors.
Both appointments took effect following the Annual General Meeting of 9 April
2015. At the constitutive meeting of Marimekko's Board of Directors held after
the AGM, Mika Ihamuotila was elected chairman of the Board of Directors, and
his position is thus Chairman and CEO.
In February, the Board of Directors also decided that, as part of the change in
Marimekko's governance structure, the company will establish an Audit and
Remuneration Committee, all members of which shall be independent of the
company and its significant shareholders. The Board of Directors elected by the
Annual General Meeting of 9 April 2015 appointed the first Audit and
Remuneration Committee from among its members. Elina Björklund was elected as
chair and the ordinary members are Joakim Karske and Catharina
Stackelberg-Hammarén. In addition to the regular duties and supervision
allocated to the Audit and Remuneration Committee, the committee also discusses
and prepares matters related to the executive management's terms of contract
and remuneration.
Resolutions of the Annual General Meeting
The Annual General Meeting of Marimekko Corporation held on 9 April 2015
adopted the financial statements for 2014 and discharged the members of the
Board of Directors and the President and CEO from liability. The Annual General
Meeting approved the Board of Directors' proposal to pay a dividend of EUR 0.35
per share for the 2014 financial year, totalling EUR 2,831,364. The dividend
payment record date was 13 April 2015 and the dividend payment date was 20
April 2015.
The number of members of the Board of Directors was confirmed as six. Elina
Björklund, Arthur Engel, Mika Ihamuotila, Joakim Karske and Catharina
Stackelberg-Hammarén were re-elected to the Board and Mikko-Heikki Inkeroinen
was elected as a new member. Mika Ihamuotila serves as chairman and Elina
Björklund as deputy chair. The term in office of the members of the Board of
Directors lasts until the closing of the Annual General Meeting following the
one at which they were elected.
It was decided that the annual remuneration payable to the members of the Board
would be as follows: EUR 40,000 to the chairman and EUR 30,000 to the deputy
chair and EUR 22,000 to the other members. According to the resolution by the
Annual General Meeting, approximately 40 percent of the annual remuneration
will be paid in Marimekko Corporation's shares acquired from the market and the
remainder in cash. The shares will be acquired directly on behalf of the Board
members within two weeks from the release of the interim report for 1 January -
31 March 2015 or, if this is not possible due to insider regulations, on the
first possible date thereafter. It was also resolved that persons who have a
full-time employment or service relationship with the company will receive no
remuneration for their board membership or chairmanship. Mika Ihamuotila will
therefore not be paid annual remuneration for chairing the Board of Directors.
It was further decided that no separate remuneration will be paid for committee
work to people elected to committees. The remuneration to be paid to the deputy
chair of the Board of Directors also takes into account work in chairing the
Audit and Remuneration Committee.
The Annual General Meeting voted to re-elect PricewaterhouseCoopers Oy,
Authorised Public Accountants, as the company's auditor and that the auditor's
fee would be paid as per invoice. Ylva Eriksson, Authorised Public Accountant,
will serve as chief auditor.
Reinforcing store operations in Helsinki
Marimekko announced at the end of April that it is reinforcing its store
operations in the centre of Helsinki. Marimekko's flagship store in the
Galleria Esplanad mall will be updated and will move to new premises in the
shopping centre. The company will also open a totally new store in the Forum
shopping mall. The new stores will open in the autumn. The changes are not
estimated to have an essential impact on the company's results.
MAJOR RISKS AND FACTORS OF UNCERTAINTY
The key strategic risks for the near future are associated with the weakening
of consumer confidence, overall economic trends, and the consequent uncertainty
in the operating environment especially in Finland. Near-term strategic risks
also include risks related to the management of the company's expansion,
digitalisation of retail, and changes in Marimekko's design and product
assortment.
Marimekko products are sold in approximately 40 countries. The key markets are
Northern Europe, North America and the Asia-Pacific region. There are Marimekko
stores in 17 countries. In addition to Finland, Marimekko has company-owned
stores in other Nordic countries, Germany, the United States and Australia. The
global economic cycle and factors of uncertainty affect consumers' purchasing
behaviour and buying power in all of the company's market areas. The long-term
problems in the global economy continue to dampen the prospects for retail as
well as Marimekko's prospects for growth and earnings.
Marimekko is undergoing a phase of extensive internationalisation and change.
The distribution of products is being expanded in all key market areas. Growth
is based on opening retailer-owned Marimekko stores and shop-in-shops as well
as on setting up company-owned stores and expanding e-commerce. In recent
years, expansion has called for larger or new country organisations, which
burdens the cost-effectiveness of the company. Expanding the network of
company-owned stores and building international e-commerce have increased the
company's investments, lease liabilities of store premises and inventories as
well as the company's fixed costs. Furthermore, partnership agreements, the
choice of partners as well as store lease agreements in the company's key
market areas involve risks.
The company's ability to design, develop and commercialise new products that
meet consumers' expectations while maintaining profitable in-house production,
sustainable sourcing and effective logistics has an impact on the company's
sales and profitability. Moreover, intellectual property rights play a vital
role in the company's success, and the company's ability to manage these rights
may have an impact on the company's value. Agreements with freelance designers
and fees paid to designers based on these agreements are an essential part of
the management of the intellectual property rights.
The company's operational risks prominently include those related to the
management and success of expansion projects, the operational reliability of
procurement and logistics processes and information systems, and changes in the
prices of raw materials and other procurement items. As a result of new
products, the share of in-house production has diminished, and the company uses
subcontractors for its manufacturing to an increasing extent. Therefore, the
company's dependence on the supply chain has increased. Any delays or
disturbances in supply, or fluctuations in the quality of products, may have a
momentary harmful impact on business. As the operations are being expanded and
diversified, risks related to the management of inventories also increase.
Among the company's economic risks, those related to the structure of sales,
increased investments, price trends for factors of production, changes in cost
structure, increased operational costs, customers' liquidity, changes in
exchange rates (particularly the US dollar, Swedish krona and Australian
dollar), and taxation may have an impact on the company's financial status.
MARKET OUTLOOK AND GROWTH TARGETS IN 2015
Overall uncertainty in the global economy is forecast to continue, and this may
impact consumers' purchasing behaviour in all of Marimekko's market areas.
In particular, the situation in the retail trade in Marimekko's important
domestic market, Finland, has remained difficult and this trend seems set to
continue. During the first quarter of the year, comparable retail sales fell by
roughly 4 percent. In April, retail sales took a slightly better track due to
growth in promotional sales by outlet stores and the webshop. Deteriorating
consumer confidence, declining purchasing power and rising unemployment cast a
significant shadow over Marimekko's retail sales expectations for 2015 and are
reflected in retailers' increasing reluctance to replenish their stocks. No
major nonrecurring promotional deliveries which would support wholesale sales
are in sight. However, the stores opened in 2014 are boosting sales.
The Asia-Pacific region, Marimekko's second-biggest market, plays an important
part in the company's internationalisation, and the company still sees a
growing demand for its products in this area. In recent years, new markets have
been opened up in China, Hong Kong and Taiwan, and the number of Marimekko
stores in the region has more than doubled to 50. In 2015, new markets are
being opened up at least in Singapore and Thailand (Bangkok). In Australia, the
outlook is bright, and Marimekko's retail sales have developed well, even
better than forecast. Although sales in these countries are expected to grow,
their combined share of Marimekko's net sales is still relatively small
compared with Japan, which is clearly the most important single country in this
area to the company. The appreciation of the euro against the yen and an
increase in sales tax which came into force last spring impacted negatively on
Marimekko's Japanese wholesale sales in 2014. This year and in the years ahead,
sales in Japan are forecast to develop more modestly than in past years.
Potential sales growth in the Japanese market will increasingly be based on
organic growth and new stores will be opened at the rate of a few per year.
During the first quarter of the year, sales in Japan fell by 6 percent.
In the United States, the economy as a whole is growing, but the development in
Marimekko's foreign-currency-denominated retail and wholesale sales in North
America is expected to be on like-for-like terms roughly on a par with that of
the previous year. The appreciation of the US dollar is expected to boost sales
in euro terms markedly. However, owing to the loss-making nature of Marimekko's
North American business, the appreciation of the dollar will impact negatively
on the company's operating result in 2015. The Beverly Hills store was closed
in March, which resulted in substantial expenses during the first quarter of
the year. Royalty income from North America is forecast to grow in 2015 due to
a licensing agreement concluded with a North American company.
Sales expectations in Scandinavia and EMEA are moderate. In the Middle East,
two new stores were opened in Dubai in spring 2015. Deliveries of start-up
stocks to the new stores boosted sales in the market area during the first
quarter of the year.
In 2015, the main thrust in expansion is on openings of retailer-owned
Marimekko stores. The aim is to open a total of 10-20 new Marimekko stores and
shop-in-shops. Of these, 1-3 would be company-owned. Furthermore, the company
will continue the operational enhancement and the improvement of profitability
of company-owned stores opened in recent years. Changes in the business
locations of company-owned stores may affect sales negatively during the
current year.
The expenses of marketing measures scheduled for 2015 are expected to be higher
than last year, meaning more than EUR 5 million (4.7). The total investments
for 2015 of the Marimekko Group are estimated as being in excess of EUR 3
million (2.1). The majority of investments will be directed at building new
store premises and purchasing new furniture as well as developing data systems
in support of business operations.
FINANCIAL GUIDANCE FOR 2015
The full-year estimate for 2015 is unchanged: Based on the market outlook,
estimated sales development in the company's market areas, especially in
Finland, the company's growth targets as well as other estimated factors, the
Marimekko Group's year 2015 net sales are forecast to be at the same level as
in 2014 or lower. Operating profit excluding nonrecurring items in 2015 is
estimated to be lower than in 2014.
Helsinki, 12 May 2015
MARIMEKKO CORPORATION
The Board of Directors
INTERIM REPORT 1 JANUARY - 31 MARCH 2015, TABLE SECTION
The information presented in the interim report has not been audited. There may
be differences in totals due to rounding to the nearest thousand euros.
APPENDICES
Accounting principles
Formulas for key figures
Consolidated income statement and comprehensive consolidated income statement
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in shareholders' equity
Key figures
Segment information
Net sales by market area
Net sales by product line
Quarterly development of net sales and earnings
ACCOUNTING PRINCIPLES
This interim report was prepared in accordance with IAS 34. Marimekko has
applied the same accounting principles were applied as in the 2014 financial
statements in this interim report, although at the start of the financial year
the company adopted certain new and amended IFRS standards as described in the
financial statements for 2014. The adoption of new and updated standards has
had no effect on the figures stated during the period under review.
FORMULAS FOR KEY FIGURES
Earnings per share (EPS), EUR:
(Profit before taxes - income taxes) / Number of shares (average for the
financial year)
Equity per share, EUR:
Shareholders' equity / Number of shares, 31 March
Return on equity (ROE), %:
(Profit before taxes - income taxes) X 100 / Shareholders' equity (average for
the financial year)
Return on investment (ROI), %:
(Profit before taxes + interest and other financial expenses) X 100 / (Balance
sheet total - non-interest-bearing liabilities (average for the financial
year))
Equity ratio, %:
Shareholders' equity X 100 / (Balance sheet total - advances received)
Gearing, %:
Interest-bearing net debt X 100 / Shareholders' equity
Net working capital:
Inventories + trade and other receivables + current tax assets - trade and
other payables - current tax liability
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 1-3/20 1-3/20 1-12/20
15 14 14
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 20,135 19,376 94,150
--------------------------------------------------------------------------------
Other operating income 58 54 230
--------------------------------------------------------------------------------
Increase or decrease in inventories of completed and 1,260 705 -692
unfinished products
--------------------------------------------------------------------------------
Raw materials and consumables -7,931 -7,761 -32,767
--------------------------------------------------------------------------------
Employee benefit expenses -6,747 -6,777 -25,543
--------------------------------------------------------------------------------
Depreciation and impairments -1,047 -1,082 -4,283
--------------------------------------------------------------------------------
Other operating expenses -7,053 -6,263 -25,503
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
OPERATING RESULT -1,325 -1,748 5,592
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income 200 0 252
--------------------------------------------------------------------------------
Financial expenses -67 -72 -360
--------------------------------------------------------------------------------
133 -72 -108
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RESULT BEFORE TAXES -1,192 -1,820 5,485
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income taxes 97 322 -1,370
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET RESULT FOR THE PERIOD -1,095 -1,498 4,114
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution of net result to equity holders of the -1,095 -1,498 4,114
parent company
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Basic and diluted earnings per share calculated on the -0,14 -0.19 0.51
result attributable to equity holders of the parent
company, EUR
--------------------------------------------------------------------------------
COMPREHENSIVE CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 1-3/20 1-3/20 1-12/20
15 14 14
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net result for the period -1,095 -1,498 4,114
--------------------------------------------------------------------------------
Items that could be reclassified to profit or loss at a
future point in time
--------------------------------------------------------------------------------
Change in translation difference 80 4 -36
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
COMPREHENSIVE RESULT FOR THE PERIOD -1,015 -1,494 4,078
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution of net result to equity holders of the -1,015 -1,494 4,078
parent company
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 31.3.2015 31.3.2014 31.12.2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT ASSETS
--------------------------------------------------------------------------------
Intangible assets 1,607 1,766 1,561
--------------------------------------------------------------------------------
Tangible assets* 16,187 17,913 16,702
--------------------------------------------------------------------------------
Available-for-sale financial assets 16 16 16
--------------------------------------------------------------------------------
Deferred tax assets 3 330 -
--------------------------------------------------------------------------------
17,813 20,024 18,279
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT ASSETS
--------------------------------------------------------------------------------
Inventories 19,463 18,719 17,558
--------------------------------------------------------------------------------
Trade and other receivables 6,241 7,029 7,286
--------------------------------------------------------------------------------
Current tax assets 166 140 -
--------------------------------------------------------------------------------
Cash and cash equivalents 3,114 1,885 4,079
--------------------------------------------------------------------------------
28,983 27,772 28,924
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ASSETS, TOTAL 46,797 47,796 47,203
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT COMPANY
--------------------------------------------------------------------------------
Share capital 8,040 8,040 8,040
--------------------------------------------------------------------------------
Reserve for invested non-restricted equity 502 502 502
--------------------------------------------------------------------------------
Translation differences 6 -34 -74
--------------------------------------------------------------------------------
Retained earnings 19,482 16,987 20,577
--------------------------------------------------------------------------------
Shareholders' equity, total 28,030 25,495 29,045
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES
--------------------------------------------------------------------------------
Deferred tax liabilities - - 4
--------------------------------------------------------------------------------
Provisions 190 190 190
--------------------------------------------------------------------------------
Financial liabilities 4,698 9,820 3,696
--------------------------------------------------------------------------------
Finance lease obligations 3,285 3,276 3,261
--------------------------------------------------------------------------------
8,173 13,286 7,150
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT LIABILITIES
--------------------------------------------------------------------------------
Trade and other payables 10,369 8,918 10,053
--------------------------------------------------------------------------------
Current tax liabilities - - 778
--------------------------------------------------------------------------------
Finance lease liabilities 225 97 176
--------------------------------------------------------------------------------
10,594 9,016 11,008
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liabilities, total 18,767 22,301 18,158
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES, TOTAL 46,797 47,796 47,203
--------------------------------------------------------------------------------
* At the end of the review period, tangible assets included assets acquired
under finance lease agreements in the amount of EUR 3,359 thousand (31 March
2014: 3,268; 31 December 2014: 3,298).
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) 1-3/201 1-3/201 1-12/201
5 4 4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net result for the period -1,095 -1,498 4,114
--------------------------------------------------------------------------------
Adjustments
--------------------------------------------------------------------------------
Depreciation and impairments 1,047 1,082 4,283
--------------------------------------------------------------------------------
Other non-cash transactions 0 89 89
--------------------------------------------------------------------------------
Financial income and expenses -133 72 108
--------------------------------------------------------------------------------
Taxes -97 -322 1,370
--------------------------------------------------------------------------------
Cash flow before change in working capital -279 -577 9,965
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in working capital -1,242 -1,432 45
--------------------------------------------------------------------------------
Increase (-) / decrease (+) in current 1,074 267 -460
non-interest-bearing trade receivables
--------------------------------------------------------------------------------
Increase (-) / decrease (+) in inventories -1,904 -613 547
--------------------------------------------------------------------------------
Increase (+) / decrease (-) in current -412 -1,086 -42
non-interest-bearing liabilities
--------------------------------------------------------------------------------
Cash flow from operating activities before financial -1,520 -2,009 10,010
items and taxes
--------------------------------------------------------------------------------
Paid interest and payments on other financial -67 -71 -360
expenses
--------------------------------------------------------------------------------
Interest received -1 - 45
--------------------------------------------------------------------------------
Taxes paid -52 -139 156
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES -1,639 -2,219 9,851
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Investments in tangible and intangible assets -268 -466 -2,063
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES -268 -466 -2,063
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Long-term loans drawn 1 002 1,586 -
--------------------------------------------------------------------------------
Long-term loans paid - - -4,538
--------------------------------------------------------------------------------
Finance lease liabilities paid -60 -18 -150
--------------------------------------------------------------------------------
Dividends paid - - -2,022
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES 943 1,568 -6,710
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in cash and cash equivalents -965 -1,116 1,078
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the 4,079 3,001 3,001
period
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 3,114 1,885 4,079
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(EUR 1,000) Equity attributable to equity holders of the parent company
--------------------------------------------------------------------------------
Share Invested Translation Retained Shareholde
capita non-restricted differences earnings rs'
l equity reserve equity,
total
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' 8,040 502 -38 18,485 26,989
equity
1 January 2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Comprehensive
result
--------------------------------------------------------------------------------
Net result for the -1,498 -1,498
period
--------------------------------------------------------------------------------
Translation 4 4
differences
--------------------------------------------------------------------------------
Total 4 -1,498 -1,494
comprehensive
result for the
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Transactions with
owners
--------------------------------------------------------------------------------
Dividends paid
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' 8,040 502 -34 16,987 25,495
equity
31 March 2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' 8,040 502 -74 20,577 29,045
equity
1 January 2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Comprehensive
result
--------------------------------------------------------------------------------
Net result for the -1,095 -1,095
period
--------------------------------------------------------------------------------
Translation 80 80
differences
--------------------------------------------------------------------------------
Total 80 -1,095 -1,015
comprehensive
result for the
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Transactions with
owners
--------------------------------------------------------------------------------
Dividends paid
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' 8,040 502 6 19,482 28,030
equity
31 March 2015
--------------------------------------------------------------------------------
KEY FIGURES
1-3/2015 1-3/2014 Change, % 1-12/2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share, EUR -0.14 -0.19 29 0.51
--------------------------------------------------------------------------------
Equity per share, EUR 3.46 3.15 10 3.59
--------------------------------------------------------------------------------
Return on equity (ROE), % -15.4 -22.8 14.7
--------------------------------------------------------------------------------
Return on investment (ROI), % -12.4 -18.1 15.6
--------------------------------------------------------------------------------
Equity ratio, % 60.0 53.4 61.6
--------------------------------------------------------------------------------
Gearing, % 18.2 44.4 10.5
--------------------------------------------------------------------------------
Gross investments, EUR 1,000 268 466 -42 2,063
--------------------------------------------------------------------------------
Gross investments, % of net sales 1 2 2
--------------------------------------------------------------------------------
Contingent liabilities, EUR 1,000 33,766 36,768 -8 34,310
--------------------------------------------------------------------------------
Average personnel 453 478 -5 473
--------------------------------------------------------------------------------
Personnel at the end of the period 445 476 -7 479
--------------------------------------------------------------------------------
Number of shares at the end of the 8,089,610 8,089,610 8,089,610
period
--------------------------------------------------------------------------------
Number of shares outstanding, 8,089,610 8,089,610 8,089,610
average
--------------------------------------------------------------------------------
*Does not include machinery and equipment acquired under finance lease
agreements EUR 133 thousand (74).
SEGMENT INFORMATION
(EUR 1,000) 1-3/2015 1-3/2014 Change, % 1-12/2014
------------------------------------------------------------
------------------------------------------------------------
Marimekko business
------------------------------------------------------------
Net sales 20,135 19,376 4 94,150
------------------------------------------------------------
Operating result -1,325 -1,748 24 5,592
------------------------------------------------------------
Assets 46,797 47,796 -2 47,203
------------------------------------------------------------
NET SALES BY MARKET AREA
(EUR 1,000) 1-3/2015 1-3/2014 Change, Change, % 1-12/2014
% In currency
terms
--------------------------------------------------------------------------------
Finland 9,707 10,037 -3 -3 52,034
--------------------------------------------------------------------------------
Retail sales 6,206 6,205 0 0 35,363
--------------------------------------------------------------------------------
Wholesale sales 3,410 3,753 -9 -9 16,245
--------------------------------------------------------------------------------
Royalties 92 79 16 16 425
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Scandinavia 1,812 1,907 -5 -1 8,452
--------------------------------------------------------------------------------
Retail sales 992 1,061 -7 -3 5,151
--------------------------------------------------------------------------------
Wholesale sales 821 846 -3 1 3,301
--------------------------------------------------------------------------------
Royalties - - -
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EMEA 2,268 1,837 23 23 7,554
--------------------------------------------------------------------------------
Retail sales 343 319 7 7 1,509
--------------------------------------------------------------------------------
Wholesale sales 1,884 1,480 27 27 5,882
--------------------------------------------------------------------------------
Royalties 41 38 9 9 162
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
North America 2,102 1,511 39 14 8,584
--------------------------------------------------------------------------------
Retail sales 1,287 1,129 14 -7 5,983
--------------------------------------------------------------------------------
Wholesale sales 404 320 26 9 1,957
--------------------------------------------------------------------------------
Royalties 411 62 644
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Asia-Pacific 4,246 4,084 4 4 17,527
--------------------------------------------------------------------------------
Retail sales 711 514 38 29 2,675
--------------------------------------------------------------------------------
Wholesale sales 3,535 3,570 -1 -1 14,847
--------------------------------------------------------------------------------
Royalties - - 5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
International sales, 10,428 9,339 12 3 42,116
total
--------------------------------------------------------------------------------
Retail sales 3,332 3,023 10 -2 15,318
--------------------------------------------------------------------------------
Wholesale sales 6,643 6,216 7 4 25,987
--------------------------------------------------------------------------------
Royalties 452 100 811
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 20,135 19,376 4 2 94,150
--------------------------------------------------------------------------------
Retail sales 9,538 9,228 3 -1 50,682
--------------------------------------------------------------------------------
Wholesale sales 10,053 9,969 1 3 42,232
--------------------------------------------------------------------------------
Royalties 544 179 1,237
--------------------------------------------------------------------------------
All figures in the table have been individually rounded to thousands of euros,
so there may be rounding differences in the totals.
NET SALES BY PRODUCT LINE
(EUR 1,000) 1-3/2015 1-3/2014 Change, % 1-12/2014
----------------------------------------------------------------
----------------------------------------------------------------
Fashion 8,845 8,027 10 36,256
----------------------------------------------------------------
Home 6,970 7,560 -8 37,703
----------------------------------------------------------------
Bags & accessories 4,319 3,789 14 20,191
----------------------------------------------------------------
TOTAL 20,135 19,376 4 94,150
----------------------------------------------------------------
QUARTERLY DEVELOPMENT OF NET SALES AND EARNINGS
(EUR 1,000) 1-3/2015 10-12/2014 7-9/2014 4-6/2014
-----------------------------------------------------------------
-----------------------------------------------------------------
Net sales 20,135 26,089 26,811 21,874
-----------------------------------------------------------------
Operating result -1,325 1,946 4,875 519
-----------------------------------------------------------------
Earnings per share, EUR -0.14 0.15 0.49 0.05
-----------------------------------------------------------------
-----------------------------------------------------------------
(EUR 1,000) 1-3/2014 10-12/2013 7-9/2013 4-6/2013
-----------------------------------------------------------------
-----------------------------------------------------------------
Net sales 19,376 25,465 24,875 22,957
-----------------------------------------------------------------
Operating result -1,748 -565 3,093 -1,158
-----------------------------------------------------------------
Earnings per share, EUR -0.19 -0.07 0.22 -0.13
-----------------------------------------------------------------
News Source: NASDAQ OMX
---------------------------------------------------------------------
2015-05-12 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Financial/Corporate News and Press Releases.
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Language: English
Company: Marimekko Oyj
Finland
ISIN: FI0009007660
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