MARIMEKKO CORPORATION'S FINANCIAL STATEMENT BULLETIN
1 JANUARY - 31 DECEMBER 2007
Net sales rise. Earnings weaken slightly.
In 2007, the Marimekko Group's net sales rose by 8% to EUR 77.3 million (EUR
71.4 million). Operating profit fell by 3% to EUR 10.5 million (EUR 10.9
million). Profit after taxes for the financial year totalled EUR 7.7 million
(EUR 8.0 million). Earnings per share were EUR 0.96 (EUR 1.00). The Board of
Directors will propose to the Annual General Meeting that a dividend of EUR 0.65
per share be paid for 2007. In the 2008 financial year, growth in the Group's
net sales as well as the Group's relative profitability are estimated to remain
at 2007 levels.
MARIMEKKO CORPORATION'S FINANCIAL STATEMENT BULLETIN
1 JANUARY - 31 DECEMBER 2007
ACCOUNTING PRINCIPLES FOR THE FINANCIAL STATEMENT BULLETIN
The 2007 financial statement bulletin has been prepared in accordance with IFRS
recognition and measurement principles, and applying the same accounting
policies as for the 2006 financial statements. The information presented in this
financial statement bulletin has not been audited.
NET SALES
In 2007, the Marimekko Group's net sales increased by 8.2% to EUR 77,264
thousand (EUR 71,424 thousand). In Finland, net sales rose by 5.6% to EUR 56,826
thousand (EUR 53,826 thousand). Exports and income from international operations
increased by 16.1% and totalled EUR 20,438 thousand (EUR 17,598 thousand).
Exports and income from international operations accounted for 26.5% (24.6%) of
the Group's net sales.
The breakdown of the Group's net sales by product line was as follows: clothing,
38.9%, interior decoration, 46.3%, and bags, 14.8%. Net sales by market area
were: Finland, 73.5%, the other Nordic countries, 11.1%, the rest of Europe,
6.1%, North America, 5.3%, and other countries (Japan and other regions outside
Europe and North America), 4.0%.
In 2007, sales in Marimekko's own retail shops totalled EUR 29,958 thousand (EUR
29,209 thousand). Sales in the company's own shops in Finland rose by 2.3%
(2.5%). Sales to retailers in Finland increased by 9.2% (-2.8%). This increase
was primarily generated by substantial deliveries for one-off promotions.
NET SALES AND EARNINGS IN Q4
In the October-December period of 2007, the Marimekko Group's net sales rose by
12.5% to EUR 22,656 thousand (EUR 20,142 thousand). Net sales in Finland
increased by 13.9% to EUR 17,507 thousand (EUR 15,373 thousand); growth was
primarily generated by deliveries for one-off promotions. Exports and income
from international operations grew by 7.9% and totalled EUR 5,149 thousand (EUR
4,769 thousand). The Group's operating profit fell by 10.4% to EUR 3,382
thousand (EUR 3,776 thousand). Earnings per share fell to EUR 0.31 (EUR 0.35).
Earnings for the period were weakened by an increase in operating costs, the
decelerating trend in sales from exports and international operations and the
decrease in licensing income during the period.
REVIEWS BY BUSINESS UNIT
Clothing
In 2007, the Group's net sales of clothing fell by 0.9% to EUR 30,036 thousand
(EUR 30,309 thousand). Sales in Finland declined slightly, while good growth
continued in all export markets except the market area referred to as “other
countries”, where sales decreased. The briskest growth was seen in North America
and the market area referred to as “the rest of Europe”. Exports and income from
international operations accounted for 22.3% of net sales of clothing.
Interior decoration
In 2007, net sales of interior decoration products rose by 16.6% and amounted to
EUR 35,813 thousand (EUR 30,716 thousand). Buoyant growth was seen everywhere
except the market area referred to as “other countries”, which experienced a
distinct fall in sales. In Finland, sales received a significant boost from
substantial deliveries for one-off promotions. Exports and income from
international operations accounted for 28.3% of net sales of interior decoration
products.
Bags
Net sales of bags increased by 9.8% to EUR 11,415 thousand (EUR 10,399 thousand)
in 2007. In Finland, net sales rose slightly, while brisk growth was seen in all
export markets. Exports and income from international operations accounted for
31.6% of net sales of bags.
Business gifts and contract sales
Sales of business gifts and contract sales rose by 5.3%.
Exports and international operations
In 2007, the Group's exports and income from international operations increased
by 16.1% to EUR 20,438 thousand (EUR 17,598 thousand). Sales of all product
lines grew well in all key export countries except for the market area referred
to as “other countries”, where sales of interior decoration products and
clothing fell. The major export countries were Sweden, the United States,
Denmark, Japan, Norway and Germany. Faster growth in exports was partly
attributable to the new Marimekko concept stores set up by retailers. A total of
seven concept stores and shop-in-shops were opened in 2007: in Graz, Austria;
Yokohama, Nagoya and Tokyo, Japan; Vancouver, Canada; Aalborg, Denmark; and
Silver Spring in metropolitan Washington DC, USA.
Net sales rose by 16.4% to EUR 8,581 thousand (EUR 7,373 thousand) in the market
area referred to as “other Nordic countries”. Net sales of all product lines
grew well, with the greatest increase seen in sales of interior decoration
products and bags. The briskest growth occurred in Denmark and Norway.
In the market area referred to as “the rest of Europe”, net sales rose by 29.3%
to EUR 4,725 thousand (EUR 3,655 thousand). Vigorous sales growth was seen in
all product lines, with the most notable rise in Germany, Italy and Great
Britain.
Net sales in North America rose by 19.3% to EUR 4,067 thousand (EUR 3,410
thousand). In relative terms, the greatest growth was seen in sales of clothing,
but growth was also good in the other product lines. New concept stores
established towards the end of 2006 and in 2007 contributed to the buoyant
growth. At the end of the 2007 financial year, there were a total of five
retailer-established Marimekko concept stores in North America, four in the
United States and one in Canada.
In the market area referred to as “other countries”, net sales fell by 3.0% to
EUR 3,065 thousand (EUR 3,160 thousand). Sales of bags continued to grow
vigorously, but sales of clothing and interior decoration products fell
significantly. The weaker trend in net sales was partly attributable to the
termination of licensing operations in Japan at the end of 2006, which resulted
in a substantial decrease in sales of interior decoration products. In 2006,
Marimekko's Japanese distributor Look Inc. set up a total of seven Marimekko
concept stores, whose opening purchases significantly raised sales for the year.
Three new Marimekko concept stores were opened in 2007. At the end of the 2007
financial year, there were a total of ten Marimekko concept stores and
shop-in-shops in Japan.
Licensing
Royalty earnings from sales of licensed products decreased significantly in
2007. Extremely buoyant growth continued in the Netherlands, but royalty
earnings in other countries fell substantially. Most of this decline was due to
the termination of licensing operations in Japan at the end of 2006. In March
2007, Marimekko began licensing co-operation with the Finnish company Itella
Corporation. The agreement covers the use of Marimekko patterns on packaging
materials and electronic postcards. In November 2007, Marimekko signed an
agreement with the Swedish company H & M Hennes & Mauritz AB, whereby Marimekko
licenses its patterns to H&M's summer 2008 collection. Thanks to this
co-operation, royalty earnings for the second quarter of 2008 will rise
substantially. Licensing co-operation with the US company Mara-Mi, Inc. ceased
at the end of 2007.
Production
The production volume of the Herttoniemi textile-printing factory increased by
10% during the 2007 financial year. Production volumes at the clothing factory
in Kitee and the bag factory in Sulkava remained at the same level as in the
previous year. The major investments of 2007 were the renewal of the stenter
frame in the textile-printing factory's finishing room as well as of fabric
inspection machinery.
The need to increase manufacturing capacity for all product lines increased
noticeably during 2007 and delivery times for some product groups had to be
extended. In order to improve delivery capacity, Marimekko took on new suppliers
and enhanced co-operation with existing subcontractors.
EARNINGS
In 2007, the Group's operating profit fell by 3.5% to EUR 10,487 thousand (EUR
10,864 thousand). Operating profit as a percentage of net sales amounted to
13.6% (15.2%). The Group's marketing expenses for 2007 totalled EUR 3,836
thousand (EUR 3,705 thousand), or 5.0% (5.2%) of net sales.
The Group's depreciation amounted to EUR 1,338 thousand (EUR 1,158 thousand),
representing 1.7% (1.6%) of the Group's net sales. Net financial expenses
totalled EUR 45 thousand (EUR 68 thousand), or 0.1% (0.1%) of the Group's net
sales.
The Group's profit after taxes for the financial year totalled EUR 7,717
thousand (EUR 7,990 thousand), representing 10.0% (11.2%) of net sales. Earnings
per share were EUR 0.96 (EUR 1.00).
Earnings for the 2007 financial year were primarily weakened by a rise in
operating costs and a reduction in royalty earnings.
INVESTMENTS
The Group's gross investments during the financial year amounted to EUR 1,365
thousand (EUR 2,455 thousand), representing 1.8% (3.4%) of consolidated net
sales. The major investments focused on the renewal of textile printing
production equipment, the acquisition of information management systems, and the
construction of premises for the Joensuu store.
EQUITY RATIO AND FINANCING
At the end of the financial period, the equity ratio was 72.7% (70.5% on 31
December 2006). The ratio of interest-bearing liabilities minus financial assets
to shareholders' equity (gearing) was -15.2%, while it was -11.7% at the end of
the previous year.
The Group's interest-bearing liabilities amounted to EUR 1,791 thousand (EUR
2,642 thousand) at the end of the financial year. The Group's financing from
operations was EUR 9,054 thousand (EUR 9,147 thousand). At the end of 2007, the
Group's financial assets amounted to EUR 6,269 thousand (EUR 5,789 thousand).
SHARES AND SHARE PRICE TREND
Share capital
At the end of the 2007 financial year, the company's paid-in share capital, as
recorded in the Trade Register, amounted to EUR 8,040,000 and the number of
shares totalled 8,040,000. The accounting countervalue of a share is one (1)
euro.
Shareholdings
According to the book-entry register, the company had 5,331 (5,244) registered
shareholders at the end of the financial period. 19.60% of the shares were
registered in a nominee's name and 13.50% were in foreign ownership. At the end
of 2007, members of the Board of Directors and the president of the company
either directly or indirectly owned 10.00% of the company's share capital and
controlled 0.00% of the total votes conferred by the company's shares. Changes
in the shareholdings by members of the Board of Directors and the president of
the company are detailed later in this financial statement bulletin in the
section Flagging notifications/Workidea Oy and Muotitila Ltd.
Flagging notifications
Morgan Stanley & Co International plc
Morgan Stanley & Co International plc's share of Marimekko Corporation's share
capital and voting rights rose to 5.08%, or 408,689 shares, as a result of a
transaction made on 12 April 2007; and then fell to 4.77%, or 383,689 shares, as
a result of a transaction made on 20 April 2007.
Grantham, Mayo, Van Otterloo & Co. LLC
Grantham, Mayo, Van Otterloo & Co. LLC's share of Marimekko Corporation's share
capital and voting rights fell to 4.75%, or 382,200 shares, as a result of a
transaction made on 27 June 2007.
Workidea Oy and Muotitila Ltd
In a transaction made on 31 October 2007, Workidea Oy - a company controlled by
Kirsti Paakkanen - sold 10.00% of its holding in Marimekko Corporation to
Muotitila Ltd, a company controlled by Mika Ihamuotila. As the result of this
transaction, Workidea Oy's share of Marimekko Corporation's share capital and
voting rights fell from 20.00% to 10.00%, that is, to 804,000 shares. Workidea
Oy and Muotitila Ltd also issued notification of an agreement signed on 31
October 2007. This agreement grants Muotitila Ltd the right to acquire the
remaining shares in Marimekko Corporation held by Workidea Oy - a total of
804,000 - at any time before the end of 2008. If Muotitila Ltd exercises its
right, Workidea Oy's share of Marimekko Corporation's share capital and voting
rights will fall to 0.00% and Muotitila Ltd's share of Marimekko Corporation's
share capital and voting rights will exceed 1/5.
As part of the above agreement, Workidea Oy authorised Muotitila Ltd, as of 31
October 2007, to use the voting rights attached to the shares covered by the
agreement in ordinary matters handled by general meetings of shareholders. Based
on this authorisation, Workidea Oy's share of Marimekko Corporation's voting
rights fell below 1/20. The authorisation will be automatically cancelled if
Muotitila Ltd has not used its right to acquire the shares by the end of 2008.
After the transaction and agreement, Workidea Oy's share of Marimekko
Corporation's share capital stood at 10.00% and its voting rights - taking the
voting authorisation into account - at 0.00%. After the agreement and
transactions made on 31 October 2007, Muotitila Ltd's share of Marimekko
Corporation's share capital is 13.00% and its voting rights - taking the voting
authorisation into account - amount to 23.00%.
Fautor SPRLU
Fautor SPRLU's share of Marimekko Corporation's share capital and voting rights
rose to 5.04%, or 405,000 shares, as a result of a transaction made on 1
November 2007; and then rose again to 10.58%, or 850,377 shares, as a result of
a transaction made on 21 November 2007.
Authorisations
At the end of the report year, 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 financial year, a total of 5,300,535 Marimekko shares were traded,
representing 65.9% of the shares outstanding. The total value of Marimekko's
share turnover was EUR 82,334,422. In 2007, the lowest price of the Marimekko
share was EUR 13.10, the highest was EUR 19.20, and the average price was EUR
16.23. At the end of the financial year, the final price of the share was
EUR 18.20. The company's market capitalisation at the end of 2007 was EUR
146,328,000 (EUR 117,786,000 on 31 December 2006).
PERSONNEL
The number of Marimekko personnel increased by 3.8% in 2007. During the
financial year, the number of employees averaged 405 (393). At the end of the
year, the Group employed 411 (396) people, of whom 17 (14) worked abroad
MANAGEMENT CHANGES
On 31 October 2007, President Kirsti Paakkanen submitted her resignation,
effective as of 1 February 2008. Also on 31 October 2007, Marimekko
Corporation's Board of Directors appointed Mika Ihamuotila, Ph.D. (Econ.), as
the company's new president, effective as of 1 February 2008.
Kirsi Räikkönen was appointed the Group's marketing and development director as
of 16 April 2007, when she also became a member of the management group. Mervi
Metsänen-Kalliovaara was appointed the Group's sales director and member of the
management group as of 1 February 2008.
RISK MANAGEMENT AND MAJOR RISKS
The major risks to Marimekko's business operations have been detailed in the
company's 2006 Annual Report. No significant changes in these risks occurred
during the 2007 financial year.
BOARD OF DIRECTORS AND AUDITORS
The Annual General Meeting of 12 April 2007 resolved that the company's Board of
Directors shall have three members. Mr Matti Kavetvuo, M.Sc. (Eng.), B.Sc.
(Econ.), and Mrs Kirsti Paakkanen, President, were re-elected as members of the
Board of Directors until the end of the next Annual General Meeting. Tarja
Pääkkönen, Ph.D. (Eng.), was elected as a new member. At its organisation
meeting held after the Annual General Meeting, the Board of Directors elected
Matti Kavetvuo as Chairman of the Board.
The Annual General Meeting also confirmed that Nexia Tilintarkastus Oy,
Authorised Public Accountants, will continue as regular auditor, with Mr Seppo
Tervo, Authorised Public Accountant, as chief auditor, and Mr Matti Hartikainen,
Authorised Public Accountant, as deputy auditor of the company.
THE BOARD OF DIRECTORS' PROPOSAL FOR THE DIVIDEND FOR THE 2007 FINANCIAL YEAR
A dividend of EUR 0.65 per share was paid for 2006 to a total of EUR
5,226,000.00. The Board of Directors will propose to the Annual General Meeting
that a dividend of EUR 0.65 per share be paid for 2007. The proposed dividends
represent 67.7% of the Group's earnings per share for the financial year. On 31
December 2007, the parent company's distributable funds amounted to
EUR 17,934,598.73. The Board will propose 8 April 2008 as the dividend record
date and 15 April 2008 as the dividend payout date.
OUTLOOK FOR 2008
Growth in the world economy is expected to slow during 2008. Marimekko operates
in an industry in which changes in the business climate are reflected in
consumption demand. In recent years, Marimekko's growth in Finland has levelled
off and exports have increasingly been driving growth.
Based on the business climate outlook and Marimekko's business estimates, growth
in the Marimekko Group's net sales in the 2008 financial year as well as the
Group's relative profitability are forecast to remain at 2007 levels.
Helsinki, 24 January 2008
MARIMEKKO CORPORATION
Board of Directors
For additional information, please contact:
Thomas Ekström, CFO, tel. +358 9 758 7261
Marja Korkeela, Group Communications, tel. +358 9 758 7238
All of Marimekko's 2007 stock exchange releases are available on the company's
web site www.marimekko.com under Investors/Stock Exchange Releases.
MARIMEKKO CORPORATION
Group Communications
Marja Korkeela
Tel. +358 9 758 7238
Fax +358 9 759 1676
Email: marja.korkeela@marimekko.fi
DISTRIBUTION: OMX Nordic Exchange Helsinki
Principal media
Marimekko's website www.marimekko.com
APPENDICES TO THE FINANCIAL STATEMENT BULLETIN
Consolidated income statement
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in shareholders' equity
Key figures of the Group
Net sales by market area and product line
Segment information
Quarterly trend in net sales and earnings
----------------
APPENDICES
This financial statement bulletin has been prepared in accordance with IAS 34,
applying the same accounting policies as for the 2006 financial statements. In
addition, the following new or amended standards and interpretations have been
adopted as from 1 January 2007:
IFRS 7 Financial Instruments: Disclosures. The Group estimates that the adoption
of this standard primarily affects the scope of the notes to the annual
financial statements.
IAS 1 (amended) Presentation of Financial Statements: Capital Disclosures. The
amendment does not affect this financial statement bulletin.
IFRIC 9 Reassessment of Embedded Derivatives. The application of the
interpretation does not affect this financial statement bulletin.
IFRIC 10 Interim Financial Reporting and Impairment. The application of the
interpretation does not affect this financial statement bulletin.
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 10-12/ 10-12/ 1-12/ 1-12/
2007 2006 2007 2006
NET SALES 22,656 20,142 77,264 71,424
Other operating
income 18 16 74 60
Increase or decrease
in inventories of
completed and
unfinished products -227 -120 901 -33
Raw materials and
consumables 9,215 7,659 31,885 27,868
Employee benefit
expenses 4,814 4,192 16,799 15,407
Depreciation and
impairment 356 312 1,388 1,158
Other operating
expenses 4,680 4,099 17,730 16,154
OPERATING PROFIT 3,382 3,776 10,487 10,864
Financial income 37 36 153 124
Financial expenses -44 -50 -198 -192
-7 -14 -45 -68
PROFIT BEFORE TAXES 3,375 3,762 10,442 10,796
Income taxes 889 983 2,725 2,806
NET PROFIT FOR
THE PERIOD 2,486 2,779 7,717 7,990
Distribution
To equity holders of
the parent company 2,486 2,779 7,717 7,990
Earnings per share
calculated on the
profit attributable
to equity holders of
the parent
company, EUR 0.31 0.35 0.96 1.00
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 31.12.2007 31.12.2006
ASSETS
NON-CURRENT ASSETS
Tangible assets 9,956 9,992
Intangible assets 411 348
Available-for-sale
investments 20 20
10,387 10,360
CURRENT ASSETS
Inventories 18,281 16,304
Trade and other
receivables 5,533 5,717
Tax receivables 220 -
Cash and cash equivalents 6,269 5,789
30,303 27,810
ASSETS, TOTAL 40,690 38,170
SHAREHOLDERS' EQUITY
AND LIABILITIES
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT COMPANY
Share capital 8,040 8,040
Retained earnings 21,355 18,861
Shareholders' equity, total 29,395 26,901
NON-CURRENT LIABILITIES
Deferred tax liabilities 676 614
Interest-bearing liabilities 185 841
861 1,455
CURRENT LIABILITIES
Trade and other payables 8,810 7,803
Tax liabilities 18 210
Interest-bearing liabilities 1,606 1,801
10,434 9,814
Liabilities, total 11,295 11,269
SHAREHOLDERS' EQUITY AND
LIABILITIES, TOTAL 40,690 38,170
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) 2007 2006
CASH FLOW FROM OPERATING
ACTIVITIES
Net profit for the period 7,717 7,990
Adjustments
Depreciation and impairment 1,338 1,158
Financial income and expenses 45 68
Taxes 2,725 2,806
Cash flow before change
in working capital 11,825 12,022
Change in working capital -752 -1,886
Cash flow from operating
activities before
financial items and taxes 11,073 10,136
Paid interest and payments
on other financial expenses -207 -194
Interest received 150 119
Taxes paid -3,094 -3,005
CASH FLOW FROM
OPERATING ACTIVITIES 7,922 7,056
CASH FLOW FROM
INVESTING ACTIVITIES
Investments in tangible
and intangible assets -1,365 -2,455
CASH FLOW FROM
INVESTING ACTIVITIES -1,365 -2,455
CASH FLOW FROM
FINANCING ACTIVITIES
Short-term loans drawn 4,150 3,000
Short-term loans repaid -4,000 -3,100
Long-term loans repaid -941 -946
Finance leasing debts paid -60 -55
Dividends paid -5,226 -5,226
CASH FLOW FROM
FINANCING ACTIVITIES -6,077 -6,327
Change in cash and
cash equivalents 480 -1,726
Cash and cash equivalents
at the beginning of the period 5,789 7,515
Cash and cash equivalents
at the end of the period 6,269 5,789
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Equity attributable to equity holders of the parent company
(EUR 1,000) Transla- Share-
tion Fair value holders'
Share differ- and other Retained equity,
capital ences reserves earnings total
Adjusted share-
holders' equity
1 Jan. 2006 8,040 16,097 24,137
Net profit for
the period 7,990
Dividends paid -5,226
Shareholders'
equity
31 Dec. 2006 8,040 18,861 26,901
Adjusted share-
holders' equity
1 Jan. 2007 8,040 18,861 26,901
Net profit for
the period 7,717
Dividends paid -5,226
Shareholders'
equity
31 Dec. 2007 8,040 3 21,355 29,395
KEY FIGURES
2007 2006 Change, %
Earnings per
share, EUR 0.96 1.00 -3.4
Equity per share, EUR 3.66 3.35 9.3
Share of exports and
international operations,
% of net sales 26.2 24.6
Return on equity
(ROE), % 27.4 31.3
Return on
investment (ROI), % 35.0 38.2
Equity ratio, % 72.7 70.5
Gross investments,
EUR 1,000 1,365 2,455 -44.4
Gross investments,
% of net sales 1.8 3.4
Contingent liabilities,
EUR 1,000 18,710 14,513
Average personnel 405 393 3.1
Personnel at the end
of the period 411 396 3.8
Number of shares
at the end of
the period (1,000) 8,040 8,040
Number of shares
outstanding,
average (1,000) 8,040 8,040
NET SALES BY MARKET AREA AND PRODUCT LINE
BY MARKET AREA, OCTOBER-DECEMBER
(EUR 1,000) 10-12/2007 10-12/2006 Change, %
Finland 17,507 15,373 13.9
Other Nordic countries 2,156 2,019 6.8
Rest of Europe 1,017 872 16.6
North America 1,251 1,267 -1.3
Other countries 725 611 18.7
TOTAL 22,656 20,142 12.5
BY PRODUCT LINE, OCTOBER-DECEMBER
(EUR 1,000) 10-12/2007 10-12/2006 Change, %
Clothing 7,136 7,285 -2.0
Interior decoration 12,619 10,360 21.8
Bags 2,901 2,497 16.2
TOTAL 22,656 20,142 12.5
BY MARKET AREA, JANUARY-DECEMBER
(EUR 1,000) 1-12/2007 1-12/2006 Change, %
Finland 56,826 53,826 5.6
Other Nordic countries 8,581 7,373 16.4
Rest of Europe 4,725 3,655 29.3
North America 4,067 3,410 19.3
Other countries 3,065 3,160 -3.0
TOTAL 77,264 71,424 8.2
BY PRODUCT LINE, JANUARY-DECEMBER
(EUR 1,000) 1-12/2007 1-12/2006 Change, %
Clothing 30,036 30,309 -0.9
Interior decoration 35,813 30,716 16.6
Bags 11,415 10,399 9.8
TOTAL 77,264 71,424 8.2
SEGMENT INFORMATION
(EUR 1,000) 2007 2006
Net sales
Finland 56,826 53,826
Other countries 20,438 17,598
Total 77,264 71,424
Assets
Finland 39,094 36,662
Other countries 2,469 2,228
Eliminations -873 -720
Total 40,690 38,170
Investments
Finland 1,303 2,365
Other countries 62 90
Total 1,365 2,455
QUARTERLY TREND IN NET SALES AND EARNINGS
(EUR 1,000) IV/2007 III/2007 II/2007 I/2007
Net sales 22,656 20,699 16,997 16,912
Operating profit 3,382 3,965 1,643 1,497
Earnings per share, EUR 0.31 0.36 0.15 0.14
(EUR 1,000) IV/2006 III/2006 II/2006 I/2006
Net sales 20,142 18,357 16,751 16,174
Operating profit 3,776 3,492 2,144 1,452
Earnings per share, EUR 0.35 0.32 0.20 0.13
MARIMEKKO CORPORATION'S FINANCIAL STATEMENT BULLETIN 1 JANUARY - 31 DECEMBER 2007
| Source: Marimekko Oyj
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