Marimekko Corporation INTERIM REPORT
6 May 2008 at 8:30 a.m.
MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 31 MARCH 2008
In the January-March period of 2008, the Marimekko Group's net sales rose by 10%
to EUR 18.6 million (EUR 16.9 million). Operating profit improved by 22% to EUR
1.8 million (EUR 1.5 million). Profit after taxes for the period grew by 22% to
EUR 1.4 million (EUR 1.1 million). Earnings per share rose to EUR 0.17 (EUR
0.14). The full-year estimate remains unchanged. In 2008, net sales growth and
the Group's relative profitability are expected to remain at 2007 levels.
1-3/ 1-3/ Change, 1-12/
2008 2007 % 2007
Net sales, EUR 1,000 18,594 16,912 9.9 77,264
Exports and income from
international operations,
% of net sales 34.3 31.4 26.5
Operating profit, EUR 1,000 1,824 1,497 21.8 10,487
Profit before taxes,
EUR 1,000 1,847 1,513 22.1 10,442
Profit for the period,
EUR 1,000 1,375 1,124 22.3 7,717
Earnings per share, EUR 0.17 0.14 22.3 0.96
Equity per share, EUR 3.83 3.49 3.66
Return on equity (ROE), % 18.3 16.4 27.4
Return on investment (ROI), % 24.3 20.7 35.0
Equity ratio, % 77.7 73.3 72.7
Marimekko's President and CEO Mika Ihamuotila:
“Strategic efforts were started up this spring with a view to developing
Marimekko's operations to achieve long-term growth and profitability. Marimekko
was prominently showcased in the international media in the first months of the
year thanks, for instance, to the company's co-operation with H & M Hennes &
Mauritz AB this spring. We will seek to benefit from the brand's international
visibility in our drive to expand internationally.
Trends in Marimekko's business operations were in line with expectations during
the first quarter of 2008. Sales grew in all key markets and profitability
remained at a good level. In Finland, however, almost all of the growth was
generated by substantial deliveries for one-off promotions. In exports, growth
remained brisk in all product lines. The result for the period was improved by
growth in net sales as well as a reduction in marketing expenses on the
comparison period. The earnings trend was weakened by increased operating costs
and a fall in royalty earnings from sales of licensed products.”
The company's interim report for the January-June period of 2008 will be
published on Thursday 21 August, and the interim report for the
January-September period on Wednesday 5 November.
All of Marimekko's stock exchange releases are available on the company's
website www.marimekko.com under Investors/Stock Exchange Releases.
For additional information, contact:
Mika Ihamuotila, President and CEO, tel. +358 9 758 71
Thomas Ekström, CFO, tel. +358 9 758 7261
MARIMEKKO CORPORATION
Group Communications
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
Marimekko is a leading Finnish textile and clothing design company that was
established in 1951. The company designs, manufactures and markets high-quality
clothing, interior decoration textiles, bags and other accessories under the
Marimekko brand, both in Finland and abroad. Marimekko products are also
manufactured under license in various countries. In 2007, the company's net
sales amounted to EUR 77.3 million. Exports and income from international
operations accounted for 26.5% of the Group's net sales. The Group employs about
400 people. The company's share is quoted on the OMX Nordic Exchange Helsinki.
For further information, visit www.marimekko.com
MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 31 MARCH 2008
ACCOUNTING PRINCIPLES
This interim report has been prepared in accordance with IAS 34: Interim
Financial Reporting and applying the same accounting policy as for the 2007
financial statements. The information presented in this interim report has not
been audited.
NET SALES
In the January-March period of 2008, the Marimekko Group's net sales rose by
9.9% to EUR 18,594 thousand (EUR 16,912 thousand). Net sales in Finland grew by
5.3% to EUR 12,222 thousand (EUR 11,609 thousand). Exports and income from
international operations increased by 20.2% and totalled EUR 6,372 thousand
(EUR 5,303 thousand). Exports and income from international operations accounted
for 34.3% (31.4%) of the Group's net sales.
The breakdown of the Group's net sales by product line was as follows: clothing,
42.2%, interior decoration, 40.8%, and bags, 17.0%. Net sales by market area
were: Finland, 65.7%, the other Nordic countries, 14.3%, the rest of Europe,
8.4%, North America, 5.9%, and other countries (Japan and other regions outside
Europe and North America), 5.7%.
In the review period, sales in Marimekko's own retail stores in Finland fell by
3.8% (+0.3%). Sales to retailers in Finland rose by 5.5% (-7.0%). This rise was
primarily generated by substantial deliveries for one-off promotions.
MARKET SITUATION
Growth in the world economy slowed and consumers' confidence in the economy
weakened in all developed industrial countries. In the January-February period
of 2008, the value of retail sales in Finland was up 10.9% (Statistics Finland,
Wholesale and retail trade 2008, February). In the January-March period of 2008,
retail sales of clothing decreased by 7.3%. Sales of womenswear fell by 6.3%,
menswear by 7.3%, and childrenswear by 8.6%. Sales of bags rose by 0.8% and home
textiles by 7.5% (Textile and Fashion Industries TMA). In the January-February
period of 2008, exports of clothing (SITC 84) increased by 3%; imports remained
at the same level as the year before. Exports of textiles (SITC 65) rose by 8%,
while imports fell by 2% (National Board of Customs, monthly review,
February/2008).
REVIEWS BY BUSINESS UNIT
Clothing
In the January-March period of 2008, net sales of clothing rose by 1.7% to
EUR 7,838 thousand (EUR 7,708 thousand). Net sales in Finland fell noticeably,
while brisk growth continued in all key export markets except the market area
referred to as "the rest of Europe", where sales remained at the same level as
in the comparison period. Exports and income from international operations
accounted for 35.6% of net sales of clothing.
Interior decoration
Net sales of interior decoration products rose by 11.6% to EUR 7,588 thousand
(EUR 6,798 thousand). There was a notable rise in net sales in Finland,
primarily thanks to deliveries for individual promotions. Buoyant growth
continued in all export markets except the market area referred to as “the rest
of Europe”, which experienced a noticeable fall in sales. The greatest growth
was seen in Japan. A contraction in income from licensing operations both in
Finland and abroad had an unfavourable impact on growth in sales of interior
decoration products. Exports and income from international operations accounted
for 33.9% of net sales of interior decoration products.
Bags
Net sales of bags increased by 31.7% to EUR 3,168 thousand (EUR 2,406 thousand).
Growth picked up both in Finland and export markets. Sales in Finland received a
substantial boost from a delivery for a one-off promotional campaign. A strong
growth rate was maintained in all export markets except North America, where
sales remained at the same level as in the comparison period. Exports and income
from international operations accounted for 31.8% of net sales of bags.
Business-to-business sales
Business-to-business sales (previously “business gifts and contract sales”) rose
by 97.9%. This growth was primarily generated by a delivery for an individual
promotional campaign.
Exports and international operations
Exports and income from international operations rose by 20.2% to EUR 6,372
thousand (EUR 5,303 thousand). Growth was brisk in all markets except the market
area referred to as “the rest of Europe”. The major export countries were
Sweden, Japan, the United States, Denmark, Norway and Germany. The growth in
exports was partly increased by the timing of Marimekko's spring 2008
deliveries; relatively more deliveries fell in the first quarter in 2008 than in
2007.
Growth remained brisk in the market area referred to as "other Nordic
countries". Net sales rose by 28.3% to EUR 2,654 thousand (EUR 2,069 thousand).
Sales increased significantly in all product lines. The greatest growth was seen
in Denmark.
In the market area referred to as "the rest of Europe", net sales fell by 0.1%
to EUR 1,562 thousand (EUR 1,563 thousand). Sales of bags continued to grow
extremely well; sales of clothing remained at the same level as in the
comparison period; sales of interior decoration products fell noticeably.
Vigorous growth continued in North America. Net sales rose by 22.1% to EUR 1,098
thousand (EUR 899 thousand). The greatest relative increase was seen in sales of
clothing. Growth in sales of interior decoration products also continued to be
favourable. Growth in bag sales slowed, with sales remaining at the same level
as in the previous year.
Sales in all product lines increased dramatically in the market area referred to
as "other countries", in which Japan is the major export country. Net sales for
the period rose by 37.0% to EUR 1,058 thousand (EUR 772 thousand). In February
2008, Marimekko's Japanese partner Look Inc. opened a Marimekko concept store in
Sapporo. At the end of the review period, there were a total of eleven Marimekko
concept stores and shop-in-shop outlets in Japan.
Licensing
Royalty earnings from sales of licensed products fell significantly both in
Finland and abroad.
Production
In the January-March period of 2008, the production volume of the Herttoniemi
textile printing factory decreased by 9% on the comparison period. Production
volumes at the factories in Kitee and Sulkava remained at the same level as in
the corresponding period of the previous year.
EARNINGS
In the January-March period of 2008, the Group's operating profit improved by
21.8% to EUR 1,824 thousand (EUR 1,497 thousand). Operating profit as a
percentage of net sales was 9.8% (8.9%). The Group's marketing expenses for the
period totalled EUR 759 thousand (EUR 1,165 thousand), representing 4.1% (6.9%)
of net sales.
The Group's depreciation amounted to EUR 329 thousand (EUR 322 thousand), or
1.8% (1.9%) of net sales. Net financial income totalled EUR 23 thousand (EUR 16
thousand), representing 0.1% (0.1%) of net sales.
Profit for the period after taxes amounted to EUR 1,375 thousand (EUR 1,124
thousand), or 7.4% (6.6%) of net sales. Earnings per share were EUR 0.17
(EUR 0.14).
Sales growth and reduced marketing expenses improved the result for the period,
whereas the earnings trend was slowed by increased operating costs and a fall in
royalty earnings from sales of licensed products.
INVESTMENTS
The Group's gross investments amounted to EUR 137 thousand (EUR 500 thousand),
representing 0.7% (3.0%) of net sales. The major investments were made in the
construction of the Turku shop which will open in autumn 2008, as well as in
trade fair and store furnishings.
EQUITY RATIO AND FINANCING
Equity ratio was 77.7% at the end of the period (73.3% on 31 March 2007, 72.7%
on 31 December 2007). The ratio of interest-bearing liabilities minus financial
assets to shareholders' equity (gearing) was -7.5%, while it was -4.5% at the
same time in the previous year (-15.2% on 31 December 2007).
At the end of the period, the Group's interest-bearing liabilities amounted to
EUR 841 thousand (EUR 2,212 thousand). The Group's financing from operations was
EUR 1,704 thousand (EUR 1,446 thousand), and its financial assets amounted to
EUR 3,163 thousand (EUR 3,482 thousand) at the end of the period.
SHARES AND SHARE PRICE TREND
Share capital
At the end of the review period, the company's fully paid-up share capital as
recorded in the Trade Register amounted to EUR 8,040,000 and the number of
shares totalled 8,040,000. The accounting countervalue of a share is one (1)
euro.
Shareholdings
According to the book-entry register, Marimekko had 5,680 (5,152) registered
shareholders at the end of the review period. 19.1% of the shares were
registered in a nominee's name and 13.5% were in foreign ownership. At the end
of the period, the number of shares owned either directly or indirectly by
members of the Board of Directors and the president of the company was
1,851,400, representing 23.0% of the share capital and total votes conferred by
the company's shares.
Largest shareholders according to the book-entry register on
31 March 2008
Percentage of holding and votes
1. Muotitila Ltd 13.00 *)23.00
2. Fautor S.P.R.L. 10.58 10.58
3. Workidea Oy 10.00 *)0.00
4. ODIN Finland 2.78 2.78
5. Evli Select Fund 1.87 1.87
6. Varma Mutual Employment
Pension Insurance Company 1.34 1.34
7. Ilmarinen Mutual Pension Insurance Company 0.89 0.89
8. Foundation for Economic Education 0.62 0.62
9. Miettinen Kari 0.60 0.60
10. Scanmagnetics Oy 0.50 0.50
11. Fromond Elsa 0.40 0.40
12. Westerberg Olof 0.37 0.37
13. Säästöpankki Itämeri 0.35 0.35
14. Karvonen Eero 0.35 0.35
15. Mäki Uolevi 0.34 0.34
*) Taking into account the voting authorisation granted by Workidea Oy to
Muotitila Ltd on 31 October 2007. Detailed information on the authorisation can
be found in the section ‘Shares and shareholders / Flagging notifications' in
Marimekko's 2007 Annual Report.
Authorisations
At the end of the review period, the Board of Directors had no valid
authorisations to carry out share issues or issue convertible bonds or bonds
with warrants, or to acquire or surrender Marimekko shares.
Share trading
During the review period, a total of 454,564 Marimekko shares were traded,
representing 5.5% of the shares outstanding. The total value of Marimekko's
share turnover was EUR 6,536,470. The lowest price of the Marimekko share was
EUR 13.35, the highest was EUR 18.20, and the average price was EUR 14.41. At
the end of the review period, the final price of the share was EUR 15.15. The
company's market capitalisation on 31 March 2008 was EUR 121,806,000
(EUR 134,991,600 on 31 March 2007, EUR 146,328,000 on 31 December 2007).
PERSONNEL
The number of Marimekko personnel increased by 2.2% in the January-March period
of 2008. During the period, the number of employees averaged 413 (403). At the
end of the period, the Group employed 412 (403) people, of whom 17 (17) worked
abroad.
CHANGES IN THE COMPANY'S MANAGEMENT
On 1 February 2008, Mika Ihamuotila, Ph.D. (Econ.), became the company's new
president. As of 1 February 2008, the company's management group comprises Mika
Ihamuotila as Chairman with members Thomas Ekström (Chief Financial Officer),
Marja Korkeela (Group communications and investor relations), Päivi Lonka
(exports and licensing sales), Sirpa Loukamo (clothing and accessories), Mervi
Metsänen-Kalliovaara (domestic wholesale, business-to-business sales, sales
development), Piia Rossi (company-owned retail stores), Kirsi Räikkönen (brand
and marketing communications) and Helinä Uotila (production, purchases, and
interior decoration).
RISK MANAGEMENT AND MAJOR RISKS
Marimekko's risk management policy and the major risks to the company's business
operations have been detailed in the 2007 Annual Report. No significant changes
in these risks occurred during the review period.
RESEARCH AND DEVELOPMENT
The company's product planning and development costs arise from the design of
collections. Design costs are recorded in expenses.
THE ENVIRONMENT
Responsibility for the environment and nature is an integral aspect of
Marimekko's business. Co-operation agreements require Marimekko's subcontractors
and other partners to commit themselves to shouldering their environmental
responsibilities. In environmental matters, the company's business supervision
is largely based on legislation and other regulations. Marimekko's production
processes do not generate any waste that is classified as hazardous or
detrimental to health. The environmental impacts of production and other
business operations are monitored regularly by testing the materials used in the
products and developing production processes and operating methods. In late
2007, the company launched a project to develop a social responsibility
management system for the entire Group. This project will be continued during
the 2008 financial year.
MAJOR EVENTS AFTER THE CLOSE OF THE REVIEW PERIOD
ANNUAL GENERAL MEETING
Marimekko Corporation's Annual General Meeting, held on 3 April 2008, adopted
the company's accounts for 2007, discharged the President and members of the
Board from liability, and approved the Board of Directors' proposal for payment
of a dividend for 2007 of EUR 0.65 per share, totalling EUR 5,226,000.00. The
record date was 8 April 2008 and the dividend payout date 15 April 2008.
The Annual General Meeting resolved that the company's Board of Directors shall
have five (5) members. Tarja Pääkkönen was re-elected to the Board of Directors.
Ami Hasan, Mika Ihamuotila, Joakim Karske and Pekka Lundmark were elected as new
members. At its organisation meeting held after the Annual General Meeting, the
Board of Directors elected Pekka Lundmark as Chairman and Mika Ihamuotila as
Vice Chairman of the Board. The Board of Directors' term of office runs until
the end of the next Annual General Meeting.
The Annual General Meeting also resolved that the remuneration of the Chairman
of the Board will be EUR 20,000 per year and the remuneration of each other
Board member EUR 15,000 per year. It was further decided that the President of
Marimekko Corporation will not receive any remuneration for being a member of
the Board.
The Annual General Meeting elected PricewaterhouseCoopers Ltd, Authorised Public
Accountants, as the company's regular auditor, with Kim Karhu, Authorised Public
Accountant, as chief auditor. It was decided that the auditor's fee will be paid
as invoiced.
FLAGGING NOTIFICATIONS
Morgan Stanley & Co Incorporated's share of Marimekko Corporation's share
capital and voting rights rose to 5.44%, or 438,083 shares, as a result of a
transaction made on 7 April 2008; and then fell to 0.90%, or 73,083 shares, as a
result of a transaction made on 9 April 2008.
OUTLOOK FOR THE REMAINDER OF 2008
Growth in the world economy is expected to slow in 2008. Marimekko operates in
an industry in which changes in the business climate are reflected in
consumption demand. In recent years, exports have increasingly been driving net
sales growth.
Based on the business climate outlook and Marimekko's business estimates, the
Group's relative profitability and net sales growth for the 2008 financial year
are forecast to remain at 2007 levels. Deliveries for individual promotions in
Finland and one-off income from sales of licensed products have a significant
impact on net sales growth and earnings.
Helsinki, 6 May 2008
MARIMEKKO CORPORATION
Board of Directors
GENERAL CLAUSE
This interim report contains forward-looking statements that are based on the
factors and assumptions currently available to Marimekko's management as well as
on the company's current decisions and plans. Forward-looking statements contain
assumptions that are subject to uncertainties. Actual results may therefore
deviate substantially from these assumptions. Uncertainty factors include
changes in general economic trends, the market situation, competition, currency
exchange rates and the company's own business operations.
APPENDICES TO THE INTERIM REPORT
Consolidated income statement
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in shareholders' equity
Key indicators
Consolidated net sales by market area and product line
Segment information
Quarterly trend in net sales and earnings
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 1-3/ 1-3/ Change, 1-12/
2008 2007 % 2007
NET SALES 18,594 16,912 9.9 77,264
Other operating income 10 18 -44.4 74
Increase or decrease in
inventories of completed
and unfinished products 1,861 857 117.2 642
Raw materials and
consumables 9,217 7,252 27.1 31,626
Employee benefit
expenses 4,422 4,046 9.3 16,799
Depreciation and
impairment 329 322 2.2 1,338
Other operating
expenses 4,673 4,670 0.1 17,730
OPERATING PROFIT 1,824 1,497 21.8 10,487
Financial income 53 46 15.2 153
Financial expenses -30 -30 0.0 -198
23 16 43.8 -45
PROFIT BEFORE TAXES 1,847 1,513 22.1 10,442
Income taxes 472 389 21.3 2,725
NET PROFIT FOR THE PERIOD 1,375 1,124 22.3 7,717
Distribution
To equity holders of
the parent company 1,375 1,124 7,717
Earnings per share
calculated on the
profit attributable to
equity holders of the
parent company, EUR 0.17 0.14 22.3 0.96
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 31.3.2008 31.3.2007 31.12.2007
ASSETS
NON-CURRENT ASSETS
Tangible assets 9,761 10,204 9,956
Intangible assets 415 314 411
Available-for-sale
investments 20 20 20
10,196 10,538 10,387
CURRENT ASSETS
Inventories 19,076 16,767 18,281
Trade and other
receivables 7,162 7,457 5,533
Tax receivables 220 - 220
Cash and cash equivalents 3,163 3,482 6,269
29,621 27,706 30,303
ASSETS, TOTAL 39,817 38,244 40,690
SHAREHOLDERS' EQUITY
AND LIABILITIES
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT COMPANY
Share capital 8,040 8,040 8,040
Retained earnings 22,730 19,992 21,355
Shareholders' equity, total 30,770 28,032 29,395
NON-CURRENT LIABILITIES
Deferred tax liabilities 705 638 676
Interest-bearing liabilities 185 841 185
890 1,479 861
CURRENT LIABILITIES
Trade and other payables 7,483 7,152 8,810
Tax liabilities 18 210 18
Interest-bearing liabilities 656 1,371 1,606
8,157 8,733 10,434
Liabilities, total 9,047 10,212 11,295
SHAREHOLDERS' EQUITY AND
LIABILITIES, TOTAL 39,817 38,244 40,690
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) 1-3/2008 1-3/2007 1-12/2007
CASH FLOW FROM OPERATING
ACTIVITIES
Net profit for the period 1,376 1,124 7,717
Adjustments
Depreciation according to plan 329 322 1,338
Financial income and expenses -23 -16 45
Taxes 472 389 2,725
Cash flow before change
in working capital 2,154 1,819 11,825
Change in working capital -3,764 -2,862 -598
Cash flow from operating
activities before
financial items and taxes -1,610 -1,043 11,227
Paid interest and payments
on other financial expenses -20 -14 -207
Interest received 83 69 150
Taxes paid -472 -389 -3,094
CASH FLOW FROM
OPERATING ACTIVITIES -2,019 -1,377 8,076
CASH FLOW FROM
INVESTING ACTIVITIES
Investments in tangible
and intangible assets -137 -500 -1,519
CASH FLOW FROM
INVESTING ACTIVITIES -137 -500 -1,519
CASH FLOW FROM
FINANCING ACTIVITIES
Short-term loans drawn - 100 4,150
Short-term loans repaid -950 -500 -4,000
Long-term loans repaid - - -941
Finance leasing debts paid - -30 -60
Dividends paid - - -5,226
CASH FLOW FROM
FINANCING ACTIVITIES -950 -430 -6,077
Change in cash and
cash equivalents -3,106 -2,307 480
Cash and cash equivalents
at the beginning of the period 6,269 5,789 5,789
Cash and cash equivalents
at the end of the period 3,163 3,482 6,269
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. 2007 8,040 18,861 26,901
Net profit for
the period 1,124
Shareholders'
equity
31 March 2007 8,040 7 19,985 28,032
Adjusted share-
holders' equity
1 Jan. 2008 8,040 21,355 29,395
Net profit for
the period 1,375
Shareholders'
equity
31 March 2008 8,040 22,730 30,770
KEY INDICATORS
1-3/ 1-3/ Change, 1-12/
2008 2007 % 2007
Earnings per share, EUR 0.17 0.14 22.3 0.96
Equity per share, EUR 3.83 3.49 9.7 3.66
Share of exports and
international operations,
% of net sales 34.3 31.4 26.5
Return on equity (ROE), % 18.3 16.4 27.4
Return on
investment (ROI), % 24.3 20.7 35.0
Equity ratio, % 77.7 73.3 72.7
Gross investments,
EUR 1,000 137 500 -72.6 1,365
Gross investments,
% of net sales 0.7 3.0 1.8
Contingent liabilities,
EUR 1,000 17,388 15,032 15.7 18,710
Average personnel 413 403 2.5 405
Personnel at the end
of the period 412 403 2.2 411
Number of shares
at the end of
the period (1,000) 8,040 8,040 8,040
Number of shares
outstanding,
average (1,000) 8,040 8,040 8,040
NET SALES BY MARKET AREA AND PRODUCT LINE
BY MARKET AREA
(EUR 1,000) 1-3/2008 1-3/2007 Change, % 1-12/2007
Finland 12,222 11,609 5.3 56,826
Other Nordic countries 2,654 2,069 28.3 8,581
Rest of Europe 1,562 1,563 -0.1 4,725
North America 1,098 899 22.1 4,067
Other countries 1,058 772 37.0 3,065
TOTAL 18,594 16,912 9.9 77,264
BY PRODUCT LINE
(EUR 1,000) 1-3/2008 1-3/2007 Change, % 1-12/2007
Clothing 7,838 7,708 1.7 30,036
Interior decoration 7,588 6,798 11.6 35,813
Bags 3,168 2,406 31.7 11,415
TOTAL 18,594 16,912 9.9 77,264
SEGMENT INFORMATION
(EUR 1,000) 1-3/2008 1-3/2007 Change, % 1-12/2007
Net sales
Finland 12,222 11,609 5.3 56,826
Other countries 6,372 5,303 20.2 20,438
Total 18,594 16,912 9.9 77,264
Assets
Finland 39,230 37,912 3.5 39,094
Other countries 1,991 1,609 23.7 2,469
Eliminations -1,404 -1,277 -873
Total 39,817 38,233 4.1 40,690
Investments
Finland 137 482 -71.6 1,303
Other countries 0 18 62
Total 137 500 -72.6 1,365
QUARTERLY TREND IN NET SALES AND EARNINGS
(EUR 1,000) 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2008 2007 2007 2007 2007
Net sales 18,594 22,656 20,699 16,997 16,912
Operating profit 1,824 3,382 3,965 1,643 1,497
Earnings per share, EUR 0.17 0.31 0.36 0.15 0.14
(EUR 1,000) 10-12/ 7-9/ 4-6/ 1-3/
2006 2006 2006 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
