MARTELA CORPORATION INTERIM REPORT 21.10.2009 at 9.00 a.m.
MARTELA CORPORATION'S INTERIM REPORT, 1 JANUARY - 30 SEPTEMBER 2009
Consolidated revenue for January-September was EUR 71.1 million (100.1), a
decrease of 28.9 per cent. Operating profit for the same period was EUR 0.4
million (7.0). Revenue for the third quarter was down by 15.8 per cent, and
operating profit amounted to EUR 1.2 million (1.9). The cash flow from operating
activities in January-September was EUR 9.5 million (7.3). The equity ratio was
58.1 per cent (53.1) and the gearing ratio was -31.5 per cent (0.5).
Key figures
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| | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 |
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| EUR million | 2009 | 2008 | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net revenue | 25.8 | 30.7 | 71.1 | 100.1 | 141.2 |
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| Change in revenue % | -15.8 | -1.8 | -28.9 | 9.4 | 9.9 |
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| Operating profit excluding | 1.2 | 1.9 | 0.4 | 6.3 | 10.2 |
| non-recurring items | | | | | |
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| Operating profit % | 4.6 | 6.2 | 0.6 | 6.3 | 7.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on investment, % | | | 1.9 | 21.9 | 25.2 |
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| Return on equity, % | | | 0.0 | 19.1 | 23.8 |
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| Equity to asset ratio, % | | | 58.1 | 53.1 | 52.2 |
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| Gearing, % | | | -31.5 | 0.5 | -11.0 |
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| Earnings per share, eur | 0.00 | 1.08 | 1.89 |
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| Earnings per share (diluted), eur | 0.00 | 1.08 | 1.89 |
| | | | |
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| Average staff | | | 639 | 684 | 681 |
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| Revenue/employee (EUR | | | 111.3 | 146.3 | 207.3 |
| 1.000) | | | | | |
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Accounting policies
This interim report has been prepared in accordance with IAS 34, Interim
Financial Reporting, as approved by the EU. As from 1 January 2009, Martela
Group has applied the following new and amended standards: IFRS 8, Operating
Segments and IAS 1, Presentation of Financial Statements. In other respects, the
accounting policies are the same as those applied in the 2008 financial
statements.
Market
The demand for office furniture decreased significantly in comparison with the
figure for the same period in 2008. During the year new office construction has
been slower than in the previous year and fewer building permits has been
granted, too.
Group structure
There were no changes in Group structure during the review period or during the
same period the previous year.
Segment reporting
The segments presented in the interim report comply with the company's new
segment division. The comparison year's figures have also been rendered in the
same way. The business segments are based on the Group's internal organisational
structure and internal financial reporting.
Sales between segments are reported as part of the segments' revenue. The
segments' results presented are their operating profits, because tax items and
financial items are not allocated by segment. The Group's assets and liabilities
are not allocated or monitored by segment in the internal financial reporting.
Revenue and operating profit are as recorded in the consolidated financial
statements.
Business Unit Finland is responsible for sales and marketing, service production
and manufacturing in Finland. There are 23 service locations in Finland, nine of
which are Martela's and the rest are entrepreneur-run Martela Centres. The
Business Unit's logistics centre is located in Nummela.
Business Unit Sweden and Norway is responsible for sales in Sweden and Norway,
handled through about 70 dealers. In addition, the Business Unit has its own
sales and showroom facilities at three locations: Stockholm and Bodafors in
Sweden and Oslo in Norway. The Business Unit's logistics centre and order
handling are also located in Bodafors.
Business Unit Poland is responsible for the sales and distribution of Martela
products in Poland and eastern Central Europe. Sales in Poland are organized via
the sales network maintained by the Business Unit. The company has altogether 7
sales centres in Poland. The Business Unit's principal export countries are
Ukraine, Hungary, the Czech Republic and Slovakia, in each of which sales are
handled by established dealers. Business Unit Poland is based in Warsaw, where
it has its logistics centre and administration.
Revenue
Consolidated revenue for January-September was EUR 71.1 million (100.1), a
decrease of 28.9 per cent. The year-on-year drop in Business Unit Finland's
revenue was partly due to there being exceptionally large projects carried out
in Finland in the first quarter of the comparison period. The revenue of
Business Unit Sweden and Norway was down by 7.6 per cent, while that of Business
Poland was up by 0.3 per cent, calculated using local currencies. The overall
effect of exchange rate movements on consolidated revenue was approximately 4
percentage points.
Revenue for the third quarter decreased to EUR 25.8 million (30.7), a drop of
15.8 per cent.
Revenue by segment
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| EUR million | | | | | |
--------------------------------------------------------------------------------
| | Business | Business | Business | Other | Total |
| | unit | unit | unit | segments | |
| | Finland | Sweden & | Poland | | |
| | | Norway | | | |
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| 1.1.2009-30.9.2009 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| External Revenue | 47.5 | 11.1 | 7.4 | 5.1 | 71.1 |
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| Internal Revenue | 0.0 | 0.3 | 0.1 | 12.6 | 13.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total 2009 | 47.5 | 11.4 | 7.5 | 17.7 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1.1.2008-30.9.2008 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| External Revenue | 69.9 | 13.8 | 9.5 | 6.9 | 100.1 |
--------------------------------------------------------------------------------
| Internal Revenue | 0.0 | 0.3 | 0.0 | 15.4 | 15.7 |
--------------------------------------------------------------------------------
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| Total 2008 | 69.9 | 14.1 | 9.5 | 22.3 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| External revenue | -32.1 | -19.6 | -21.7 | -26.1 | -28.9 |
| change % | | | | | |
--------------------------------------------------------------------------------
Other segments include PO Korhonen Oy, Kidex Oy and Business Unit International,
which is responsible for export markets.
Change in external revenue and percentage of consolidated revenue
--------------------------------------------------------------------------------
| | 1-9 | 1-9 | | | 1-12 | |
--------------------------------------------------------------------------------
| EUR million | 2009 | 2008 | Change | Percenta | 2008 | Percentag |
| | | | % | ge | | e |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Business unit | 47.5 | 69.9 | -32.1 | 66.8 % | 101.4 | 71.9 |
| Finland | | | | | | |
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| Business unit | 11.1 | 13.8 | -19.6 | 15.6 % | 18.7 | 13.2 |
| Sweden & Norway | | | | | | |
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| Business unit | 7.4 | 9.5 | -21.7 | 10.4 % | 12.7 | 9.0 |
| Poland | | | | | | |
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| Other segments | 5.1 | 6.9 | -26.1 | 7.2% | 8.4 | 5.9 |
--------------------------------------------------------------------------------
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| Total | 71.1 | 100.1 | -28.9 | 100.0 % | 141.2 | 100.0 % |
--------------------------------------------------------------------------------
Consolidated result
The consolidated result for the third quarter was EUR 1.2 million (1.9). The
year-on-year decrease in operating profit was mainly due to the fall in revenue.
Operating profit for January-September was EUR 0.4 million (7.0). In May 2009,
PO Korhonen sold its factory property in Raisio. This transaction did not have a
material effect on the consolidated result. The result for 2008 included EUR 0.7
million in non-recurring income from the sale of assets.
Profit before taxes was EUR 0.1 million (6.6), and profit after taxes was EUR
0.0 million (4.4).
Operating profit excluding non-recurring items was 0.6 per cent of revenue
(6.3).
Operating profit by segment
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| | 1-9 | 1-9 | 1-12 |
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| EUR million | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
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| Business Unit Finland | 2.8 | 9.4 | 14.5 |
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| Business Unit Sweden & Norway | -0.9 | -1.1 | -1.6 |
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| Business Unit Poland | -0.3 | -0.3 | -0.6 |
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| Other Segments | 0.0 | 0.0 | -0.4 |
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| Other | -1.2 | -1.0 | -1.1 |
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| Total | 0.4 | 7.0 | 10.8 |
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Other segments include PO Korhonen Oy, Kidex Oy and Business Unit International,
which is responsible for export markets. The item ‘Others' includes
non-allocated Group functions and non-recurring sales gains and losses.
Financial position
The Group's financial position remains strong. At the end of the third quarter,
interest-bearing liabilities were EUR 9.5 million (11.8), and net liabilities
were EUR -9.9 million (0.1). At the end of the review period, the gearing ratio
was -31.5 per cent (0.5) and the equity ratio was 58.1 per cent (53.1). Net
financing costs amounted to EUR -0.3 million (-0.5).
The cash flow from operating activities in January-September was EUR 9.5 million
(7.3).
The balance sheet total at the end of the review period was EUR 54.6 million
(60.8).
Capital expenditure
The Group's gross capital expenditure in January-September totalled EUR 1.7
million (2.3). The capital expenditure mainly concerned production replacements
and IT investments.
Personnel
The Group employed an average of 639 (684) persons, a year-on-year decrease of
6.6 per cent.
Average personnel by region
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| | 1-9 | 1-9 | 1-12 |
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| | 2009 | 2008 | 2008 |
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| Finland | 486 | 522 | 520 |
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| Scandinavia | 62 | 72 | 71 |
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| Poland | 90 | 90 | 90 |
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| Russia | 1 | 0 | 0 |
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| Group total | 639 | 684 | 681 |
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In March, Martela concluded its codetermination negotiations with personnel in
the parent company, Martela Corporation. The outcome of the negotiations was
that 15 people were given notice of termination, and layoffs affecting the
entire workforce have been agreed, estimated to correspond to a work input of 30
person work years.
Product development and Martela's collection
Product development and the management of Martela's collection are the
responsibility of two Group-level organisations. Brand & Product Portfolio is
responsible for collection and brand management, while Product Development and
Marketing is responsible for the development of innovative products and the
Group's marketing communications.
At the Stockholm Furniture Fair in February, Martela's theme was ‘The Light of
Snow'. Martela exhibited a number of new products at its snow-white stand. The
Spot series by Pekka Toivola and Iiro Viljanen was complemented with easily
movable screens, side tables and workstation desks. The Big cabinet by Pekka
Toivola also serves as a space divider. The Pinta ES, a pure and simple design,
is the newest addition to the range of electrically adjustable desks.
New products were also introduced in the surroundings furniture ranges: the Form
conference chair by Jukka Setälä, and the SoftX lobby furniture series by Julia
Läufer and Marcus Keichel. As a concept product we exhibited the Tree W space
divider, designed by Professor Eero Aarnio.
At the Milan Furniture Fair in April, Martela set up its own exhibition under
the theme ‘Black Swan'. The name came from the Swan XL floor lamp, another Eero
Aarnio design. Another new product introduced at Milan was Diagonal, the
brainchild of Stockholm-based design office o4i; it is an innovative piece of
furniture for public indoor spaces, providing flexible seating for groups of
people or for private conversations.
Shares
During January-September, 624,743 (625,159) of the company's A shares were
traded on NASDAQ OMX Helsinki Ltd, corresponding to 17.6 per cent (17.6) of all
A shares.
The value of trading was EUR 4.3 million (5.5), and the share price was EUR 5.29
at the beginning of the year and EUR 7.41 at the end of the third quarter.
During January-September the share price was EUR 8.00 at its highest and EUR
5.21 at its lowest. At the end of September, equity per share was EUR 7.82
(7.87).
On 5 March 2009, ODIN Forvaltning AS announced that the holdings of funds
managed by ODIN in Martela Corporation fell to 2.85 per cent following a share
transaction made on 5 March 2009.
Treasury shares
The company did not purchase any Martela shares in January-September. On 30
September 2009, Martela owned a total of 67,700 of Martela A shares, purchased
at an average price of EUR 10.65. Martela's holding of treasury shares amounts
to 1.6 per cent of all shares and 0.4 per cent of all votes.
Acquisition of shares for the share-based incentive scheme and the management of
the scheme have been outsourced to an external service provider, Evli Alexander
Management Oy. These shares have been treated in the consolidated financial
statements for 2008 and 2009 under equity. On 30 September 2009, 56,227 shares
under the incentive scheme were still undistributed.
2009 Annual General Meeting
The Annual General Meeting was held on 17 March 2009. The meeting approved the
financial statements and discharged the responsible parties from liability for
the 2008 financial year. The AGM decided, in accordance with the Board of
Directors' proposal, to distribute a dividend of EUR 0.60 per share, totalling
EUR 2,452,740. Heikki Ala-Ilkka, Tapio Hakakari, Heikki Martela, Pekka Martela,
Jori Keckman and Jaakko Palsanen were elected as members of the Board of
Directors for the next term. KPMG Oy Ab, Authorised Public Accountants, was
elected as the company's auditor.
The AGM also approved the Board of Directors' proposals, detailed in the meeting
notice, to authorise the Board to acquire and/or dispose of Martela shares.
The new Board of Directors convened after the Annual General Meeting and elected
Heikki Ala-Ilkka as Chairman and Pekka Martela as Vice Chairman.
Post-balance sheet events
No significant events requiring reporting have taken place since the
January-September period and operations have continued according to plan.
Short-term risks
The greatest risk to profit performance is related to the continuation of
general economic uncertainty and the consequent effects on the overall demand
for office furniture.
Outlook for 2009
The general economic uncertainty will have an effect on the company's
performance in 2009. Revenue will decrease from the previous year, and operating
profit will also be lower than in 2008. The company is continuously examining
its cost structure for improvements and is continuing to increase the efficiency
of its operations.
GROUP INCOME STATEMENT (EUR 1000)
2009 2008 2009 2008 2008
1-9 1-9 7-9 7-9 1-12
Revenue 71.108 100.076 25.825 30.657 141.153
Other operating income 0.620 1.141 0.232 0.160 1.422
Employee benefits expenses -19.733 -23.070 -5.819 -6.822 -31.452
Operating expenses -49.277 -68.802 -18.245 -21.188 -97.154
Depreciation and impairment -2.290 -2.312 -0.805 -0.856 -3.115
Operating profit/loss 0.428 7.032 1.188 1.951 10.854
Financial income and expenses -0.280 -0.457 -0.092 -0.195 -0.651
Profit/loss before taxes 0.148 6.575 1.096 1.757 10.202
Income tax -0.140 -2.141 -0.304 -0.808 -2.666
Profit/loss for the period 0.008 4.435 0.792 0.948 7.537
Other comprehensive income
Translation differences 0.020 0.036 0.102 -0.008 -0.357
Total comprehensive income 0.028 4.471 0.894 0.940 7.180
Basic earnings per share, eur 0.00 1.08 0.20 0.23 1.89
Diluted earnings per share, eur 0.00 1.08 0.20 0.23 1.89
Allocation of net profit for
the period:
To equity holders of the parent 0.008 4.435 0.792 0.948 7.537
Allocation of total comprehensive
income:
To equity holders of the parent 0.028 4.471 0.894 0.940 7.180
GROUP BALANCE SHEET (EUR 1000) 30.9.2009 31.12.2008 30.09.2008
ASSETS
Non-current assets
Intangible assets 0.766 0.724 0.718
Tangible assets 12.173 13.461 13.841
Investments 0.039 0.039 0.039
Deferred tax assets 0.301 0.304 0.245
Pension receivables 0.072 0.072 0.035
Receivables 0.000 0.000 0.630
Investment properties 0.600 0.600 0.600
Total 13.951 15.200 16.108
Current assets
Inventories 8.950 10.825 13.505
Receivables 12.320 24.252 19.537
Financial assets at fair value 1.089 1.038 2.031
through profit and loss
Cash and cash equivalents 18.323 13.581 9.588
Total 40.682 49.696 44.661
Total assets 54.633 64.896 60.770
EQUITY AND LIABILITIES
Equity attributable to shareholders
of the parent
Share capital 7.000 7.000 7.000
Share premium account 1.116 1.116 1.116
Other reserves 0.117 0.117 0.117
Translation differences -0.466 -0.486 -0.093
Retained earnings 24.543 27.335 24.552
Treasury shares -1.200 -1.610 -0.721
Share-based incentives 0.420 0.270 0.210
Total 31.530 33.742 32.181
Non-current liabilities
Interest-bearing liabilities 6.548 8.024 8.989
Deferred tax liability 1.286 1.403 1.477
Total 7.834 9.427 10.466
Current liabilities
Interest-bearing 2.916 2.869 2.777
Non-interest bearing 12.353 18.858 15.346
Total 15.269 21.727 18.123
Total liabilities 23.103 31.154 28.589
Equity and liabilities, total 54.633 64.896 60.770
STATEMENT OF CHANGES IN EQUITY (EUR 1000)
Equity attributable to equity holders of the parent
Share Share Other Transl. Retained Treasury Total
capital premium reserves diff. earnings shares
account and share-
based inc.
01.01.2008 7.000 1.116 0.117 -0.129 22.127 -0.721 29.510
Translation diff. 0.000
Other change 0.244 0.244
Profit/loss for
the period, compr. 0.036 4.435 4.471
Total rec. income 0.036 4.679 4.715
and expense
Dividends -2.044 -2.044
30.09.2008 7.000 1.116 0.117 -0.093 24.762 -0.721 32.181
1.1.2009 7.000 1.116 0.117 -0.486 27.605 -1.610 33.742
Translation diff. 0.000
Other change -0.260 0.410 0.150
Profit/loss for
the period, compr. 0.020 0.008 0.028
Total rec. income
and expense 0.020 -0.252 0.410 0.178
Dividends -2.390 -2.390
30.09.2009 7.000 1.116 0.117 -0.466 24.963 -1.200 31.530
CONSOLIDATED CASH FLOW STATEMENT (EUR 1000)
2009 2008 2008
1-9 1-9 1-12
Cash flows from operating activities
Cash flow from sales 81.905 102.768 138.477
Cash flow from other operating income 0.363 0.392 0.687
Payments on operating costs -71.131 -93.953 -124.654
Net cash from operating activities
before financial items and taxes 11.137 9.207 14.510
Interest paid -0.385 -0.544 -0.844
Interest received 0.156 0.175 0.268
Other financial items 0.016 -0.048 -0.060
Taxes paid -1.438 -1.500 -2.116
Net cash from operating activities (A) 9.486 7.289 11.758
Cash flows from investing activities
Capital expenditure on tangible and
intangible assets -1.537 -1.928 -2.206
Proceeds from sale of tangible and
intangible assets 1.268 1.602 1.489
Repayments of loans receivables 0.000 0.022 0.022
Net cash used in investing activities (B) -0.269 -0.303 -0.694
Cash flows from financing activities
Proceeds from short-term loans 0.008 - 0.129
Repayments of short-term loans -0.611 -0.627 -0.795
Repayments of long-term loans -1.427 -2.506 -3.365
Dividends paid and other profit distribution -2.390 -1.972 -1.972
Net cash used in financial activities (C) -4.421 -5.105 -6.003
Change in cash and
cash equivalents (A+B+C) 4.796 1.881 5.061
(+ increase, - decrease)
Cash and cash equivalents at the beginning of
period 14.620 9.691 9.691
Translation differences -0.004 0.048 -0.132
Cash and cash equivalents at the end of period 19.412 11.619 14.620
SEGMENT REPORTING (EUR 1 000)
Segment revenue 2009 2008 2009 2008 2008
1-9 1-9 7-9 7-9 1-12
Business Unit Finland
external 47.479 69.885 16.624 21.701 101.430
internal 0.000 0.000 0.000 0.000 0.000
Business Unit Sweden and Norway
external 11.122 13.836 3.296 3.736 18.689
internal 0.321 0.252 0.178 0.145 0.301
Business Unit Poland
external 7.431 9.491 3.300 2.939 12.722
internal 0.044 0.033 0.024 0.015 0.049
Other segments
external 5.076 6.864 2.605 2.281 8.312
internal 12.601 15.410 4.482 5.057 21.379
Total external revenue 71.108 100.076 25.825 30.657 141.153
Segment operating profit/loss 2009 2008 2009 2008 2008
1-9 1-9 7-9 7-9 1-12
Business Unit Finland 2.816 9.384 0.839 2.864 14.517
Business Unit Sweden and Norway -0.932 -1.132 -0.207 -0.126 -1.599
Business Unit Poland -0.300 -0.246 -0.029 -0.013 -0.549
Other segments 0.053 0.050 0.301 0.118 -0.421
Other -1.209 -1.024 0.284 -0.892 -1.094
Total operating profit/loss 0.428 7.032 1.188 1.951 10.854
TANGIBLE ASSETS 1.1-30.9.2009
Land Buildings Machinery Other Work in
areas & equipment tangibles progress
Acquisitions 0.000 0.102 1.154 0.067 0.096
Decreases -0.023 -0.706 0.000 0.000 0.000
TANGIBLE ASSETS 1.1-30.9.2008
Land Buildings Machinery Other Work in
areas & equipment tangibles progress
Acquisitions 0.000 0.028 2.003 0.021 -0.132
Decreases 0.000 -0.008 -0.127 0.000 0.000
RELATED PARTY AND SHARE-BASED INCENTIVE PROGRAMME
The CEO and the group's management and some key-persons are included in a long-
term incentive scheme, extending from 2007 to the end of 2009.
KEY FIGURES/RATIOS
2009 2008 2008
1-9 1-9 1-12
Operating profit/loss 0.428 7.032 10.854
- in relation to revenue 0.6 7.0 7.7
Profit/loss before taxes 0.148 6.575 10.202
- in relation to revenue 0.2 6.6 7.2
Profit/loss for the period 0.008 4.435 7.537
- in relation to revenue 0.0 4.4 5.3
Basic earnings per share, eur 0.00 1.08 1.89
Diluted earnings per share, eur 0.00 1.08 1.89
Equity/share, eur 7.82 7.87 8.47
Equity ratio 58.1 53.1 52.2
Return on equity * 0.0 19.1 23.8
Return on investment * 1.9 21.9 25.2
Interest-bearing net-debt, eur million -9.9 0.1 -3.7
Gearing ratio -31.5 0.5 -11.0
Capital expenditure, eur million 1.7 2.3 2.9
- in relation to revenue, % 2.4 2.3 2.1
Personnel at the end of period 620 673 670
Average personnel 639 684 681
Revenue/employee, eur thousand 111.3 146.3 207.3
Key figures are calculated according to formulae as presented in Annual Report
2008.
* When calculating return on equity and return on investment the profit/loss for
the period has been multiplied in interim reports.
CONTINGENT LIABILITIES
30.9.2009 31.12.2008 30.9.2008
Mortgages and shares pledged 14.487 14.566 17.055
Guarantees 0.000 0.000 0.000
Other commitments 0.299 0.332 0.267
RENTAL COMMITMENTS 7.015 8.964 9.399
DEVELOPMENT OF SHARE PRICE 2009 2008 2008
1-9 1-9 1-12
Share price at the end of period, EUR 7.41 7.52 5.29
Highest price, EUR 8.00 10.05 10.05
Lowest price, EUR 5.21 7.32 5.10
Average price, EUR 6.91 8.85 8.30
This interim report has not been audited.
Helsinki, 21 October 2009
Martela Corporation
Board of Directors
Heikki Martela
CEO
Additional information
Heikki Martela, CEO, tel. +358 50 502 4711
Mats Danielsson, Finance Director, tel. +358 50 394 8575
Distribution
NASDAQ OMX Nordic
Main news media
www.martela.com
