Quarterly Report • Feb 5, 2019
Quarterly Report
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1.1. – 31.12.2018
The January–December 2018 revenue and operating result decreased compared to pevious year due to postponement of frame agreement negotiations in the Finnish public sector and tightened market situation. Cash flow from operating activities increased significantly compared to previous year.
The Martela Group anticipates that its revenue and operating result in 2019 will improve slightly compared to the previous year. Traditionally Group's operating result accumulates during the second half of the year.
| 2018 | 2017 | Change | 2018 | 2017 | Change | |
|---|---|---|---|---|---|---|
| 10-12 | 10-12 | % | 1-12 | 1-12 | % | |
| Revenue | 27,8 | 29,6 | -5,9 % | 103,1 | 109,5 | -5,9 % |
| Operating result | -0,2 | 0,1 | -2,1 | 0,3 | ||
| Operating result % | -0,8 % | 0,3 % | -2,0 % | 0,2 % | ||
| Result before taxes | -0,2 | 0,1 | -2,5 | 0,0 | ||
| Result for the period | -0,1 | -0,3 | -2,4 | -0,6 | ||
| Earnings/share,eur | -0,02 | -0,07 | -0,57 | -0,15 | ||
| Return on investment % | 2,4 | 2,8 | -4,9 | 1,6 | ||
| Return on equity % | -1,5 | -4,7 | -11,4 | -2,7 | ||
| Equity ratio % | 39,2 | 40,8 | ||||
| Gearning % | 0,7 | 29,0 |
"The January–December 2018 revenue was EUR 103.1 million representing a decrease of 5.9% compared to previous year. Our revenue increased only in Norway and decreased in all other countries compared to previous year. Even though full year revenue in Finland decreased approximately EUR 1 million, revenue in the last quarter was almost at the same level when compared to last year. Full year revenue was impacted by postponement of frame agreement negotiations in the public sector. The impact was significant especially in the last quarter of the year. Excluding the public sector, we were able to grow in all other customer segments in Finland. Due to the postponement of frame agreement negotiations in the public sector also new orders in Finland decreased compared to last year.
Revenue in Sweden decreased compared to last year due to the change in the sales channel. The change in the sales channel is progressing according to plan and new orders increased in the last quarter compared to same period last year. The change in the sales channel in Norway has already progressed further, and this has impacted in higher revenue and new orders compared to last year. Revenue in Other countries decreased compared to last year. This is due to lack of larger projects in 2018.
Operating result decreased compared to last year and was EUR -2.1 million (0.3). This was mainly influenced by decreased sales volume and toughened competition which resulted to a lower sales margin. Actions done earlier this year to streamline internal processes and further centralize support functions to Finland will have postive impact to company's operating result starting from beginning of 2019. Delivery accuracy has remained on an excellent level and is considerably better than in year 2016 or 2017. Other expenses continued to decline compared to previous year.
Operating cash flow improved significantly and was EUR 7.4 million (-7.6). Improvement was strongly driven by enhanced invoicing process and improved turnover of receivables and on these we have returned to normal operating level.
Despite the challenges in market conditions have decreased our revenue and operating result in the short term, we strongly belive that basis for our strategy remains. Transformation in working and learning environments will continue, get stronger and expand. Working and learning environments will have to be able to adapt faster as needs and circumstances keep constantly changeing. This will require capabilites to follow and understand the use of space, and needs of the users and to be able to renew and optimize the space according to those needs. Martela has expanded the strategically important Pod family by introducing several new products into it. These are specifically planned to meet the requirements of constantly growing need of flexible spaces.
We believe that market conditions will remain challenging. In addition to this, postponement of frame agreement negotiations in the Finnish public sector will cause uncertainty in the first half of 2019. Positive development in other customer segments is supported by several new Nordic wide frame agreemewnts. In 2019 we will be focusing on increasing the sales volumes and to improve our profitability."
There has not been any major changes in the private sector market conditions. However demand for finnish public sector will temporaly be affected negatively by postponement of frame agreement negotiations. The demand for Martela's products and services is fundamentally affected also by the general economic situation and by the extent to which companies and the public sector need to stregthen the utilisation of their spaces and make their workplaces more effective as management tools.
Revenue for October–December declined 5.9 % from the previous year and was EUR 27.8 million (29.6). Revenue declined in Finland by 2.0 %, Sweden by 43,9 % and in Norway by 13.1 %, revenue increased in Other countries by 31.3 %.
The Group's fourth-quarter operating result was EUR -0.2 million (0.1). The October–December result before taxes was EUR -0.2 million (0.1). The October–December result was EUR -0.1 million (-0.3).
Revenue for January–December was EUR 103.1 million (109.5) and decreased 5.9 % from the previous year. Compared to the previous year, revenue incresed in Norway by 26,2 % and declined in other areas. In Finland revenue declined by 1.2 %, in Sweden by 40.0% and in Other countries by 27.9 %.
Operating result for January–December was EUR -2.1 million (0.3). Decreased revenue and tightened competion and it's effect in decreasing margins had a significant impact on the operating result. Operating result was positively impacted by the sale of a land area in Finland and negatively impacted by expenses related to the IT system, large recycling projects and personnel expenses related to changes in the Group Management Team. In total these extraordinary expenses did not have an impact to Group's operating result.
The January–December result before taxes was EUR -2.5 million (0.0). The January–December net result was EUR -2.4 million (-0.6).
| 2018 | 2017 | Change | 2018 | 2017 | Change | |
|---|---|---|---|---|---|---|
| 10-12 | 10-12 | % | 1-12 | 1-12 | % | |
| Finland | 24,3 | 24,8 | -2,0 % | 86,2 | 87,3 | -1,2 % |
| Sweden | 1,7 | 3,0 | -43,9 % | 7,0 | 11,7 | -40,0 % |
| Norway | 1,0 | 1,2 | -13,1 % | 5,2 | 4,1 | 26,2 % |
| Other | 0,9 | 0,7 | 31,3 % | 4,6 | 6,4 | -27,9 % |
| Revenue total | 27,8 | 29,6 | -5,9 % | 103,1 | 109,5 | -5,9 % |
The cash flow from operating activities in January–December was EUR 7.4 million (-7.6). Cash flow from operating activities improved by EUR 4.0 million in the fourth quarter.
At the end of the period, interest-bearing liabilities stood at EUR 10.7 million (13.8) and net liabilities were EUR 0.1 million (6.6). At the end of the period, short-term limits of EUR 5.0 million were in use (6.8) and available limits stood at EUR 1.8 million.
The gearing ratio at the end of the period was 0.7 % (29.0) and the equity ratio was 39.2 % (40.8). Financial income and expenses were EUR -0.4 million (-0.2).
Financing arrangements include covenant clauses in which the ratio between the Group's net liabilities and EBITDA and the Group's equity ratio are examined. The key figures calculated at the end of the review period did fulfill the covenant. The balance sheet total stood at EUR 50.0 million (56.4) at the end of the period.
The Group's gross capital expenditure for January–December was EUR 1.7 million (2.1).
The Group employed an average of 510 people (508), which represents an increase of 2 persons or 0.4 %. The number of employees in the Group was 501 (507) at the end of the review period. Personnel costs in January–December totalled EUR 26.7 million (27.1).
| Personnel on average | 2018 | 2017 | Change |
|---|---|---|---|
| by country | 1-12 | 1-12 | % |
| Finland | 432 | 435 | -0,7 % |
| Sweden | 28 | 27 | 3,7 % |
| Norway | 11 | 10 | 10,0 % |
| Other | 39 | 36 | 8,3 % |
| Total | 510 | 508 | 0,4 % |
In line with its Lifecycle strategy Martela creates high-quality services for workplaces and learning environments along the full lifecycle. Our offering includes workplace and learning environment specification and planning, implementation and furnishing as well as continuous measurement and optimization.
To add to the traditional way of purchasing Martela has introduced a new service model, Workplace as a Service. The monthly service fee can include everything from one to all of the lifecycle phases.
During 2018 Martela expanded its product offering by introducing several new products to the strategically important Pod product family, which is designed for the increasing need for adaptable working environments.
Kalle Lehtonen started as Chief Financial Officer (CFO) as of April 25, 2018. The change has been announced in the stock exchange releases on April 25, 2018.
Ville Taipale was appointed to VP Customer Supply Management and member of the Management Team as of Septemebr 17,2018. The change has been announced in the stock exchange release on August 31, 2018.
VP, People and Sustainability Maija Kaski has decided to leave the company and to move to the next stage in her career. She left her duties on January 8, 2019. The change has been announced in the stock exchange release on November 30, 2018.
There were no changes in Group structure during the review period.
In January–December, a total 1 357 890 (1 950 776) of the company's series A shares were traded on the NASDAQ OMX Helsinki exchange, corresponding to 38.2 % (54.9) of the total number of series A shares.
The value of trading turnover was EUR 7.0 million (19.9), and the share price was EUR 2.96 at the end of the period (7.47). During January–December the share price was EUR 8.48 at its highest and EUR 2.91 at its lowest. At the end of December, equity per share was EUR 4.54 (5.46).
Martela did not purchase any of its own shares in January–December. Martela owns a total of 13 082 Martela A shares and its holding of treasury shares amounted to 0.3% of all shares and 0.1% of all votes. Out of the shares 12 036 were purchased at an average price of EUR 10.65 and 1 046 were transferred from Martela Corporation's joint account to the treasury shares reserve based on the decision by AGM on March 13, 2018.
In the effective share-based incentive programme there are two earning periods, which are 2017–2018 and 2019–2020. The Board of Directors will decide the earning criteria and the goals for each criterion of the programme at the beginning of each earning period.
The target group for the 2017–2018 and 2019-2020 earning periods is the Group's Management Team. The potential reward of the programme from the earning period 2017–2018 is based on the Group´s Earnings before Interest and Taxes (EBIT) and from the earning period 2019-2020 based on the Group's revenue and Earnings before Interest and Taxes (EBIT). No incentives will be paid for the earning period 2017–2018. The potential reward for the earning period 2019-2020 will be paid in one transaction as shares and a cash portion in year 2021.The cash portion is aimed to cover taxes and other costs related to the reward. The shares paid as reward may not be transferred during an approximate one-year restriction period established for the shares. For shares earned from the performance period 2019—2020, the restriction period will end on 30 April 2022. Management of the share-based incentive scheme has been outsourced to an external service provider.
Martela Corporation's Annual General Meeting was held on March 13, 2018. The AGM approved the financial statements for 2017 and discharged the members of the Board of Directors and the Managing Director from liability. The AGM decided, in accordance with the Board of Directors' proposal, to distribute a dividend of EUR 0.32 per share. The dividend was paid on April 12, 2018.
The number of members on the Board of Directors was confirmed as seven. Minna Andersson, Kirsi Komi, Eero Leskinen, Eero Martela, Heikki Martela, Anni Vepsäläinen were re-elected as members of the Board of Directors and Katarina Mellström was elected as a new member of the Board of Directors.
KPMG Oy Ab, Authorised Public Accountants, was reappointed as the company's auditor.
The AGM approved the Board of Directors' proposals, detailed in the meeting notice, to authorise the Board to acquire and/or dispose of Martela shares. The Annual General Meeting resolved, in accordance with the proposal of the Board of Directors, to amend the Articles 2 and 9 of the Articles of Association of the Company as follows:
The Company's line of business is to produce planning, execution and maintenance of work environments and to produce thereto related services, consulting, manufacturing, installing and relocating. In addition, the Company may own and possess shares, securities and other property.
The Company has one ordinary auditor who shall be an audit firm with an authorized public accountant as the auditor with principal responsibility. The term of office of the auditor expires at the closing of the first Annual General Meeting following his election."
The Annual General Meeting resolved to, in accordance with the Board's proposal, within the meaning of chapter 3, section 14 a (3) of the Companies Act, that the rights to shares in the book-entry system and the rights carried by the shares will be forfeited with regards to the shares in the joint account and that the aforementioned shares shall be passed to the Company.
The new Board of Directors convened after the AGM and elected from its members Heikki Martela as Chairman and Eero Leskinen as Vice Chairman.
Responsibility forms an integral part of Martela's strategy and operations. We support the responsibility of our customer companies by offering sustainable solutions for the workplace throughout its entire life cycle and by ensuring the responsible recycling of any furniture that is no longer needed. The company's Martela Lifecycle -model covers the entire lifecycle of the workplace. The Group has a quality and environmental system certified by an independent certifier, and they guarantee that operations are continuously improved, client expectations met and environmental matters taken into consideration.
Further information on the responsibility of the Group's operations can be found in the annually published responsibility report. Martela's responsibility reporting includes extensive non-financial information (NFI) required by the new accounting legislation. It has been published since 2010. All reports are available on the Martela website.
Martela Corporation is a Finnish limited liability company that is governed in its decision-making and management by Finnish legislation, especially the Finnish Limited Liability Companies Act, by other regulations concerning public listed companies, and by its Articles of Association. The company complies with the NASDAQ OMX Guidelines for Insiders and the Corporate Governance Code 2015 for Finnish listed companies published by the Securities Market Association. More information on Martela's governance can be found on the company's website.
Martela Group lowered its revenue and operating result guidance for 2018 with the stock exchange release on the 9th of January 2019.
No other significant events requiring reporting have taken place since the January–December period, and operations have continued according to plan.
The principal risk regarding profit performance relates to the general economic uncertainty and the consequent effects on the overall demand in Martela's operating environment. Due to the project-based nature of the sector, forecasting short-term developments is challenging. Also postponement of frame agreement negotiations in the Finnish public sector will cause uncertainty in the first half of 2019.
The Martela Group anticipates that its revenue and operating result in 2019 will improve sligthly compared to the previous year. Traditionally Group's operating result accumulates during the second half of the year.
The Board of Directors will propose to the AGM that a dividend of EUR 0.10 per share be distributed for 2018.
Martela Corporation's AGM will be held on 14 March 2019 at 3 p.m. in Martela House, Helsinki. The notice of the Annual General Meeting will be published in a separate release.
Martela Corporation's consolidated financial statements have been prepared in compliance with the IAS 34 standard and the International Financial Reporting Standards (IFRS) valid on 31 December 2018. The figures in the release have been rounded and the total sum of individual figures may differ from the total presented in the release. The annual figures presented in this financial statements release have been audited.
IFRS 9 presents revised guidance on the recognition and measurement of financial instruments. This also includes a new accounting model for credit losses that is applied in the determination of impairment recognised on financial assets. The standard's provisions concerning general hedge accounting have also been revised. IFRS 9 also carries forward the guidance on the recognition and de-recognition of financial instruments from IAS 39. The company has not applied the standard retroactively. The standard has not had an impact on Martel Oyj opening balance sheet of 1 January 2018.
IFRS 15 lays down a comprehensive framework for determining when revenue can be recognised and to what extent. In accordance with IFRS 15, an entity shall recognise revenue as a monetary amount that reflects the consideration to which the entity expects to be entitled in exchange for the goods or services in question. IFRS 15 includes a five-step model for recognising revenue from contracts with customers. According to the standard, revenue must be allocated to performance obligations based on relative transaction prices. A performance obligation is defined as a promise to transfer goods and/or services to a customer. The recognition takes place over time or at a specific point in time, with the passing of control as the key criterion. Significant part of Martela Oyj revenue is derived from product sales and revenue from these are recognised when products have been delivered to the customer. Application of the standard did not have any impact to Martela Oyj revenue or result.
The new standard will replace IAS 17 and the related interpretations. IFRS 16 requires lessees to recognise leases as lease payment obligations and related asset items in the balance sheet. Balance sheet entry is very similar to the accounting treatment of finance leases under IAS 17. There are two concessions regarding the recognition of leases in the balance sheet, relating to leases with a short term of 12 months at most, and leases for assets valued at no more than USD 5,000. For lessors, the accounting treatment of leases will remain largely the same as under the current IAS 17. The standard's most significant effect concerns the accounting treatment of operating leases. The implementation of the standard will increase Martela's balance sheet by approximately EUR 6.5 million and decrease the equity ratio by 4,5 %-units. In the income statement, the operating expences will decrease by approximately EUR 0,1 million (rental costs will decrease by approximately EUR 2,5 million and the depreciations will increase by approximately EUR 2,4 million) and the financial expenses will increase by approximately EUR 0,1 million. In the cash flow statement , the part of the rental payments classified as repayment of loans will be reclassified from operational to financing activities (the effect is estimated to be EUR 2,5 million).
| 2018 | 2017 | 2018 | 2017 | |
|---|---|---|---|---|
| 10-12 | 10-12 | 1-12 | 1-12 | |
| Revenue | 27 835 | 29 580 | 103 100 | 109 537 |
| Other operating income | 221 | 358 | 1 094 | 752 |
| Employee benefit expenses | -6 886 | -6 465 | -26 703 | -27 091 |
| Operating expenses | -20 728 | -22 848 | -76 984 | -80 300 |
| Depreciation and impairment | -651 | -549 | -2 576 | -2 638 |
| Operating profit/loss | -210 | 76 | -2 070 | 260 |
| Financial income and expenses | 48 | 57 | -381 | -232 |
| Profit/loss before taxes | -162 | 133 | -2 451 | 28 |
| Taxes | 84 | -417 | 84 | -664 |
| Profit/loss for the period | -78 | -284 | -2 367 | -636 |
| Translation differences | 59 | -192 | -130 | -230 |
| Actuarial gains and losses | 113 | -271 | 113 | -271 |
| Acturial gains and losses, deferred taxes | -25 | 9 | -25 | 9 |
| Total comprehensive income | 69 | -738 | -2 408 | -1 128 |
| Basic earnings per share, eur | -0,02 | -0,07 | -0,57 | -0,15 |
| Diluted earnings per share,eur | -0,02 | -0,07 | -0,57 | -0,15 |
| Allocation of net profit for the period: | ||||
| To equity holders of the parent Allocation of total comprehensive income: |
-78 | -284 | -2 367 | -636 |
| To equity holders of the parent | 69 | -738 | -2 408 | -1 128 |
| GROUP BALANCE SHEET (EUR 1000) | 31.12.2018 31.12.2017 |
||||
|---|---|---|---|---|---|
| ASSETS | |||||
| Non-current assets | |||||
| Intangible assets | 6 776 | 7 297 | |||
| Tangible assets | 4 581 | 5 186 | |||
| Investments | 53 | 53 | |||
| Deferred tax assets | 122 | 142 | |||
| Investment properties | 0 | 600 | |||
| Total | 11 531 | 13 278 | |||
| Current assets | |||||
| Inventories | 8 544 | 8 863 | |||
| Receivables | 19 326 | 27 015 | |||
| Cash and cash equivalents | 10 594 | 7 283 | |||
| Total | 38 464 | 43 161 | |||
| Total assets | 49 995 | 56 439 | |||
| EQUITY AND LIABILITIES | |||||
| Equity | |||||
| Share capital | 7 000 | 7 000 | |||
| Share premium account | 1 116 | 1 116 | |||
| Other reserves | -9 | -9 | |||
| Translation differences | -939 | -810 | |||
| Retained earnings | 10 738 | 14 342 | |||
| Treasury shares | -128 | -128 | |||
| Share-based incentives | 1 013 | 1 114 | |||
| Total | 18 791 | 22 625 | |||
| Non-current liabilities | |||||
| Interest-bearing liabilities | 3 956 | 6 206 | |||
| Deferred tax liabilities | 383 | 491 | |||
| Pension obligations | 442 | 565 | |||
| Total | 4 781 | 7 262 | |||
| Current liabilities | |||||
| Interest-bearing | 6 319 | 7 065 | |||
| Non-interest bearing | 20 105 | 19 486 | |||
| Total | 26 424 | 26 551 | |||
| Total liabilities | 31 204 | 33 814 | |||
| Equity and liabilities, total | 49 995 | 56 439 |
| CONSOLIDATED CASH FLOW STATEMENT (EUR 1000) |
2018 1-12 |
2017 1-12 |
|---|---|---|
| Cash flows from operating activities | ||
| Cash flows from sales | 110 436 | 104 970 |
| Cash flow from other operating income | 397 | 515 |
| Payments on operating costs | -104 114 | -109 660 |
| Net cash from operating activities before financial items and taxes |
6 718 | -4 176 |
| Interests paid | -242 | -294 |
| Interests received | 3 | 5 |
| Other financial items | -142 | 46 |
| Dividends received | 4 | 7 |
| Taxes paid | 1 056 | -3 209 |
| Net cash from operating activities (A) | 7 397 | -7 622 |
| Cash flows from investing activities | ||
| Capital expenditure on tangible and intangible assets | -975 | -2 165 |
| Proceeds from sale of tangible and intangible assets | 1 213 | 237 |
| Proceeds from sale of other investments | 0 | 0 |
| Net cash used in investing activities (B) | 238 | -1 928 |
| Cash flows from financing activities | ||
| Proceeds from short-term loans | 6 000 | 8 723 |
| Repayments of short-term loans | -8 984 | -3 740 |
| Dividends paid and other profit distibution | -1 326 | -1 520 |
| Net cash used in financial activities (C) | -4 309 | 3 463 |
| Change in cash and cash equivalents ( A+B+C) (+ increase, - decrease) |
3 326 | -6 087 |
| Cash and cash equivalents in the beginning of the | ||
| period | 7 283 | 13 425 |
| Translation differences | -16 | -55 |
| Cash and cash equivalents at the end of period | 10 594 | 7 283 |
| (EUR 1000) | Share capital |
Share premium |
Other resrves |
Translation diff |
Retained earnings |
Tresury shares |
Equity total |
|---|---|---|---|---|---|---|---|
| Equity attributable to equity holders of the parent | account | ||||||
| 1.1.2017 | 7 000 | 1 116 | -9 | -579 | 18 148 | -502 | 25 174 |
| Profit/loss for the period | -636 | -636 | |||||
| Translation diff. | 0 | 0 | |||||
| Ohter change Items resulting from remeasurement of the net debt |
-262 | -262 | |||||
| related to defined benefit plans | -230 | -230 | |||||
| Dividends | -1 290 | -1 290 | |||||
| Whitholding taxes from dividends | -230 | -230 | |||||
| Share-based incentives | -273 | 374 | 101 | ||||
| 31.12.2017 | 7 000 | 1 116 | -9 | -810 | 15 456 | -128 | 22 625 |
| 01.01.2018 | 7 000 | 1 116 | -9 | -810 | 15 456 | -128 | 22 625 |
| Profit/loss for the period | -2 367 | -2 367 | |||||
| Items resulting from remeasurement of the net debt | |||||||
| related to defined benefit plans | 88 | 88 | |||||
| Translation diff. | -130 | -130 | |||||
| Dividends | -1 125 | -1 125 | |||||
| Whitholding taxes from dividends | -201 | -201 | |||||
| Share-based incentives | -101 | 0 | -101 | ||||
| 31.12.2018 | 7 000 | 1 116 | -9 | -939 | 11 751 | -128 | 18 791 |
| CONTINGENT LIABILITIES | 31.12.2018 | 31.12.2017 | |
|---|---|---|---|
| Mortgages and shares pledged | 21 859 | 22 485 | |
| Other commitments | 308 | 243 | |
| Rental commitments | 7 785 | 8 591 | |
| DEVELOPMENT OF SHARE PRICE | 2018 | 2017 | |
| 1-12 | 1-12 | ||
| Share price at the end of period, eur | 2,96 | 7,47 | |
| Highest price, eur | 8,48 | 14,00 | |
| Lowest price, eur | 2,91 | 7,08 | |
| Average price, eur | 5,18 | 10,22 |
| KEY SHARE-RELATED FIGURES | 2018 | 2017 |
|---|---|---|
| 1-12 | 1-12 | |
| Number of shares at the end of period, thousands | 4155,6 | 4155,6 |
| Basic earnings/share, eur | -0,57 | -0,15 |
| Diluted earnings/share, eur | -0,57 | -0,15 |
| Price/Earnings, P/E | -5,18 | -48,6 |
| Equity/share, eur | 4,54 | 5,46 |
| Dividend/share, eur (2018 Board proposal) | 0,1 | 0,32 |
| Dividend/earnings per share % | -17,5 | -208,4 |
| Effective dividend yield % | 3,4 % | 4,3 % |
| Price of A-share at the end of period, eur | 2,96 | 7,47 |
The number of registered Martela Corporation shares was 4 155 600 on 31 December 2018. The shares are divided into A and K shares. Each A share carries 1 vote and each K share carries 20 votes at a general meeting of shareholders. Information on major shareholders can be found from corporation's web pages. Members of the company's Board of Directors held a total of 6.2 % of the shares and 14.0 % of the votes. The company's CEO held 6,667 Martela Corporation shares on 31 December 2018.
| KEY FIGURES/RATIOS | 2018 2017 1-12 1-12 |
||
|---|---|---|---|
| Operating profit/loss, EUR thousand | -2 070 | 260 | |
| -% in relation to revenue | -2,0 | 0,2 | |
| Profit/loss before taxes, EUR thousand | -2 451 | 28 | |
| -% in relation to revenue | -2,4 | 0,0 | |
| Profit/loss for the period, EUR thousand | -2 367 | -636 | |
| -% in relation to revenue | -2,3 | -0,6 | |
| Basic earnings per share, eur | -0,57 | -0,15 | |
| Diluted earnings per share, eur | -0,57 | -0,15 | |
| Equity/share, eur | 4,54 | 5,46 | |
| Equity ratio % | 39,2 | 40,8 | |
| Return on equity % | -11,4 | -2,7 | |
| Return on investment % | -4,9 | 1,6 | |
| Interest-bearing net-debt, EUR million | 0,1 | 6,6 | |
| Gearing % | 0,7 | 29,0 | |
| Capital expenditure, EUR million | 1,7 | 2,1 | |
| -% in relation to revenue | 1,6 | 2,0 | |
| Personnel at the end of period | 501 | 507 | |
| Personnel on average | 510 | 508 | |
| Revenue/employee, EUR thousand | 202,2 | 215,6 |
| Earnings / share | = | Profit attributable to the equity holders of the parent Average share issue-adjusted number of shares |
|---|---|---|
| Equity / share, EUR | = | Equity attributable to the equity holders of the parent Share issue-adjusted number of shares at year end |
| Return on equity, % | = | Profit/loss for the financial year x 100 Equity (average during the year) |
| Return on investment, % | = | (Pre-tax profit/loss + interest expenses + other financial expenses) x 100 Balance sheet total - Non-interest-bearing liabilities (average during year) |
| Equity ratio, % | = | Equity x 100 Balance sheet total - advances received |
| Gearing, % | = | Interest-bearing liabilities-cash and cash equivalents and liquid asset securities x 100 Equity |
| Personnel on average | = | Month-end average calculation of the number of personnel in active employment |
| Interest-bearing net debt | = | Interest-bearing debt - cash and other liquid financial assets |
A briefing for analysts, portfolio managers and the media will take place on February 5, 2019 from 11.30 a.m. to 12.30 p.m. EET at Martela House at Takkatie 1, Helsinki. The results will be presented by Matti Rantaniemi, CEO.
The Martela 2018 Annual Report will be published on the company's website during the week 9/2019.
Martela Corporation Board of Directors
Matti Rantaniemi CEO
Further information Matti Rantaniemi, CEO, tel. +358 50 465 8194 Kalle Lehtonen, CFO, tel. +358 400 539 968
Distribution Nasdaq OMX Helsinki Key news media
www.martela.com
Our strategic direction is defined by our mission "Better working" and our vision "People-centric workplaces". Martela supplies user-centric workplaces where the users and their wellbeing are what matter most. We focus on the Nordic countries because, based on our common open work culture and needs, the Nordic countries are leaders in hybrid workplaces.
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