Quarterly Report • Aug 6, 2013
Quarterly Report
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Consolidated revenue and operating result down on January–June of the previous year
| 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | |
|---|---|---|---|---|---|
| EUR mill. | 2013 | 2012 | 2013 | 2012 | 2012 |
| - Revenue | 29.3 | 35.1 | 61.1 | 67.1 | 142.7 |
| - Change in revenue, % | -16.6 | 15.0 | -8.9 | 15.9 | 9.2 |
| - Operating result | -2.6 | -0.9 | -4.0 | -1.8 | -0.9 |
| - Operating result, % | -8.9 | -2.6 | -6.6 | -2.7 | -0.6 |
| - Earnings/share, EUR | -0.74 | -0.29 | -1.11 | -0.56 | -0.51 |
| - Return on investment, % | -27.9 | -10.4 | -21.6 | -9.9 | -2.7 |
| - Return on equity, % | -47.1 | -16.8 | -38.2 | -16.1 | -7.2 |
| - Equity ratio, % | 36.3 | 43.1 | 41.2 | ||
| - Gearing, % | 51.2 | 33.2 | 33.1 |
The management guidance for the current year has been revised as follows: The Martela Group expects its revenue for 2013 to be down year on year and its operating result to be at or slightly below the 2012 level.
The preceding guidance was as follows:
The Martela Group anticipates that its revenue in 2013 will be at about the 2012 level, and that its operating result will show a year-on-year improvement.
In Finland, the demand for office furniture in the first half of 2013 was lower than in 2012. At present, demand focuses largely on various office alteration and enhancement projects instead of new offices. Among the other market areas Poland still showed some positive signs, and in Sweden the market was somewhat positive in the first half of the year, but there also were some signs of uncertainty. Over the last 12 months, demand from major corporations in Finland and Sweden in particular has increasingly focused on comprehensive solutions, which include both products and services.
Statistics on office construction are available for the first quarter of 2013, and according to these, 68 per cent fewer office buildings were completed in Finland in terms of square metres in the first quarter of 2013 than the previous year. At the same time, however, only very few building permits (-94%) were granted, and there were 82 per cent fewer new office building starts. In other words, the construction of office buildings was at a very low level in the first quarter. On the other hand it is not possible to make significant conclusions based on one quarter's statistics because there might be big variances in quarterly statistics.
Consolidated revenue for the second quarter was EUR 29.3 million (35.1), a decrease of 16.6 per cent on the previous year. Net revenue for January–June was EUR 61.1 million (67.1), a decline of 8.9% per cent. Most of the decline took place in Finland, where revenue was affected by lower demand and by the fact that customer projects were timed more towards the second half of the year. In Poland, however, revenue remained at the 2012 level, while in Sweden revenue was significantly higher than in 2012. In the other markets, the transfer of the Danish business at the end of 2012 from the Martela subsidiary to a dealer slightly reduced (2.1%) consolidated revenue for the period. In Russia, significant year-on-year revenue growth continued, but revenue still remains low in terms of euros.
The operating result for the second quarter was EUR -2.6 million (-0.9). The operating for January–June was EUR -4.0 million (-1.8). The consolidated operating result was substantially lower than the previous year due to lower revenue and a reduced sales margin on products. The lower sales margin is the result of a different product breakdown compared to the comparison period. In the second quarter, profitability in Finland was also weakened by the new ERP system implemented at the beginning of May. The issues have since been resolved and the system is now fully operational and should improve productivity in the future.
The Group's fixed costs decreased on the previous year due to adjustment measures taken already in 2012, including the discontinuation of the subsidiary in Denmark. In addition, the cost reduction effect of the personnel reductions and lay-offs agreed in the codetermination negotiations concluded in January 2013 began to have a gradual effect in the second quarter.
The Group's result has not developed in a satisfactory manner and it is apparent that economic conditions will remain uncertain in the near future. At the same time Group's operational environment has changed. Importance of customized, service and trading products has clearly increased. As a consequence, Martela will adjust its operations to correspond to the changing conditions. The Group has begun planning for measures to reduce its costs. The goal is to reduce costs by an annual level of EUR 6 million by the end of 2014. In addition to reducing fixed costs, the Group is also preparing measures to improve its delivery and supply chains in order to reduce its variable costs. Opportunities to lower costs will be sought in various cost groups and it is likely that there will be an effect on personnel. The principal measures under consideration are transfers of production between business locations and merging of support functions, and reorganising and improving the productivity of poorly performing businesses. At the same time, the Group will invest resources in improving its ability to offer even better comprehensive solutions, including services, especially to meet the growing customer need for Activity Based Office solutions.
Profit before taxes for January–June was EUR -4.6 million (-2.3), and profit after taxes was EUR -4.5 million (-2.3).
The business segments are based on the Group's operating structure and internal financial reporting.
Sales between segments are reported as part of the segments' revenue. The segment results presented are their operating results, 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. The revenue and operating result are as recorded in the consolidated financial statements.
Business Unit Finland is responsible for sales and marketing, service production and product manufacturing in Finland. Martela has an extensive sales and service network covering the whole of Finland, with a total of 28 sales centres. The Business Unit's logistics centre is in Nummela.
Business Unit Sweden & Norway's sales are handled through 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. The sales company in Oslo acts as a supporting organisation for Norway's dealer network.
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. There are a total of 7 sales centres in Poland. Business Unit Poland is based in Warsaw, where it has its logistics centre and administration.
'Other segments' includes the business activities of Kidex Oy and Business Unit International. Business Unit International's main market areas are Russia, Denmark and Estonia. Exports are also made to the Netherlands, Germany and Japan. In addition, the unit is responsible for managing the Group's key international accounts. In Russia, sales are organised by the unit's own subsidiaries, and in other markets through local authorised importers.
| EUR mill. | Finland | Sweden & Norway |
Poland | Other segments |
Total |
|---|---|---|---|---|---|
| 1 Jan 2013 – 30 Jun 2013 | |||||
| External revenue Internal revenue |
41.8 0.0 |
11.2 0.8 |
5.2 0.0 |
3.0 5.0 |
61.1 5.9 |
| Total 2013 | 41.8 | 12.0 | 5.2 | 8.0 | |
| 1 Jan 2012 – 30 Jun 2012 | |||||
| External revenue Internal revenue |
47.2 0.0 |
9.3 0.9 |
5.2 0.0 |
5.4 6.3 |
67.1 7.1 |
| Total 2012 | 47.2 | 10.2 | 5.2 | 11.7 | |
| External revenue change, % | -11.5% | 19.8% | 0.7% | -44.6% | -8.9% |
| 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | |||||
|---|---|---|---|---|---|---|---|---|---|
| EUR mill. | 2013 | 2012 | Change, % |
2013 | 2012 | Change, % |
Percentage of total |
2012 | Percentage of total |
| Finland Sweden & |
20.1 | 25.5 | -21.1% | 41.8 | 47.2 | -11.5% | 68.4% | 98.1 | 68.7% |
| Norway | 5.1 | 4.5 | 14.9% | 11.2 | 9.3 | 19.8% | 18.3% | 20.1 | 14.1% |
| Poland Other |
2.7 | 2.4 | 13.7% | 5.2 | 5.2 | 0.7% | 8.5% | 12.7 | 8.9% |
| segments | 1.4 | 2.8 | -51.1% | 3.0 | 5.4 | -44.6% | 4.9% | 11.9 | 8.3% |
| Total | 29.3 | 35.1 | -16.6% | 61.1 | 67.1 | -8.9% | 100.0% | 142.7 | 100.0% |
| 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | |
|---|---|---|---|---|---|
| EUR mill. | 2013 | 2012 | 2013 | 2012 | 2012 |
| Finland | -1.0 | 1.2 | -1.0 | 1.4 | 3.9 |
| Sweden & Norway | -0.4 | -0.5 | -0.8 | -0.7 | -0.7 |
| Poland | -0.2 | -0.6 | -0.5 | -1.1 | -1.2 |
| Other segments | -0.5 | -0.5 | -1.1 | -1.3 | -3.0 |
| Others | -0.5 | -0.5 | -0.6 | -0.1 | 0.2 |
| Total | -2.6 | -0.9 | -4.0 | -1.8 | -0.9 |
'Other segments' includes Kidex Oy and Business Unit International. Business Unit International is responsible for the Group's other export markets. The figures for 2012 include the Group's subsidiary in Denmark, the operations of which terminated on 31 December 2012. The item 'Others' includes nonallocated Group functions and non-recurring sales gains and losses.
The Group has a stable financial position even it has weakened. Interest-bearing liabilities at the end of the period amounted to EUR 15.6 million (12.5) and net liabilities were EUR 10.6 million (8.6). The gearing ratio at the end of the period was 51.2 per cent (33.2), and the equity ratio was 36.3 per cent (43.1). Group's loans don't include any covenant clauses.
The equity ratio was reduced by 1.6 per cent as a result of implementation of the IAS19 standard, in accordance with which the company's pension liabilities have now been presented. Net financial expenses were EUR 0.3 million (0.3).
The cash flow from operating activities in January-June was EUR 0.5 million (-2.1). Cash flow was boosted by a decrease in working capital in the review period. The balance sheet total at the end of the period was EUR 57.7 million (61.0).
The Group's gross capital expenditure for January-June was EUR 1.8 million (1.6), which was mainly on the ERP project and production replacements.
The Group employed an average of 751 (825) persons, which is a year-on-year decrease of 9.0 per cent. The personnel number decreased in all main markets as a result of adjustment measures.
Average personnel by region
| 1-6 | 1-6 | 1-12 | |
|---|---|---|---|
| 2013 | 2012 | 2012 | |
| Finland | 599 | 648 | 637 |
| Scandinavia | 62 | 75 | 76 |
| Poland | 78 | 92 | 81 |
| Russia | 12 | 10 | 12 |
| Group total | 751 | 825 | 806 |
The 'New Way of Working' trend continued to have an impact in the first half of the year, rapidly changing the business. Martela responded to the changing customer need with new products and space concepts. PodMeeting was added to the Pod family of products and is a small, movable corner sofa that is a natural place for many of the encounters we have in modern activity-based offices. Another important product introduction that took place in the second quarter was the launch of the Alku series of desks. Alku consists of dynamically designed lightweight desks, which are typically key products in modern offices. Alku is available in many different versions, including the increasingly popular workbench. Movie Button, which is specially aimed at Martela's school collection, complemented the Movie product family. It is a round sofa to be placed in the middle of a space, offering new opportunities for furnishing learning environments.
Martela's web modernisation also proceeded according to plan, with Martela's country units implementing visually dynamic sites adjusted to their local customer needs. The photo gallery has also been completely renewed, and the new gallery was launched in April. It provides architects with high-quality images to use in offers and projects.
In May, Martela published its third GRI-based corporate responsibility report. The report has already won praise from our customers.
There were no changes in Group structure during the review period.
During January–June, 319,694 (173,905) of the company's A shares were traded on NASDAQ OMX Helsinki.
This corresponds to 9.0 per cent (4.9) of all A shares.
The value of trading turnover was EUR 1.5 million (1.1), and the share price was EUR 5.02 at the beginning of the year and EUR 3.91 at the end of the second quarter. During January-June the share price was EUR 5.50 at its highest and EUR 3.75 at its lowest. At the end of June, equity per share was EUR 5.12 (6.43).
Martela did not purchase any of its own shares in January–June. On 30 June 2013, Martela owned a total of 67,700 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.
Share acquisition for the share-based incentive scheme has been outsourced to an external service provider. These shares have been entered under equity in the consolidated financial statements for 30 June 2013. On 30 June 2013, 38,647 shares under the incentive scheme were still undistributed.
Martela Corporation's Annual General Meeting was held on 14 March 2013. The AGM approved the financial statements for 2012 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 0.20 per share. The dividends were paid on 26 March 2013.
The number of members on the Board of Directors was confirmed as seven. Heikki Ala-Ilkka, Heikki Martela, Pekka Martela, Pinja Metsäranta, Yrjö Närhinen and Jaakko Palsanen were re-elected to the Board, and Kirsi Komi was elected as a new member. KPMG Oy Ab, Authorised Public Accountants, was appointed again 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 from its members Heikki Ala-Ilkka as Chairman and Pekka Martela as Vice Chairman.
On 8 July 2013, Martela announced that Martela Corporation and Nordea AB had signed a five-year cooperation agreement concerning Scandinavia on the supply of office furniture and associated services.
No other significant events requiring reporting have taken place since the January–June period and operations have continued according to plan.
The principal risk to profit performance is related to the continuation of general economic uncertainty and the consequent effects on the overall demand for office furniture.
The Martela Group expects its revenue for 2013 to be down year on year and its operating result to be at or slightly below the 2012 level.
This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, as approved by the EU. Requirements of renewed IAS 19 standard have been taken into account when preparing this interim report. The calculation methods of the interim report are the same as those applied in the 2012 financial statements.
The figures in this release have been rounded, and so the combined sum of individual figures may differ from the sums presented. This report is unaudited.
| 2013 | 2012 | 2013 | 2012 | 2012 | |
|---|---|---|---|---|---|
| 1-6 | 1-6 | 4-6 | 4-6 | 1-12 | |
| Revenue | 61 132 | 67 088 | 29 277 | 35 088 | 142 686 |
| Other operating income | 206 | 158 | 174 | -55 | 409 |
| Employee benefits expenses | -19 946 | -19 973 | -10 173 | -10 344 | -38 617 |
| Operating expenses | -43 771 | -47 457 | -21 048 | -24 816 | -101 969 |
| Depreciation and impairment | -1 647 | -1 633 | -827 | -798 | -3 421 |
| Operating profit/loss | -4 026 | -1 817 | -2 597 | -925 | -912 |
| Financial income and expenses | -298 | -291 | -168 | -169 | -633 |
| Share of result in associated undertakings | -245 | -203 | -157 | -110 | -300 |
| Profit/loss before taxes | -4 569 | -2 311 | -2 922 | -1 204 | -1 845 |
| Income tax | 94 | 29 | -65 | 14 | -203 |
| Profit/loss for the period | -4 475 | -2 282 | -2 987 | -1 190 | -2 048 |
| Other comprehensive income: | |||||
| Translation differences | -138 | 114 | -208 | 9 | 230 |
| Actuarial gains and losses | 0 | 0 | 0 | 0 | -126 |
| Total comprehensive income | -4 613 | -2 168 | -3 195 | -1 181 | -1 944 |
| Basic earnings per share, eur | -1,11 | -0,56 | -0,74 | -0,29 | -0,51 |
| Diluted earnings per share, eur | -1,11 | -0,56 | -0,74 | -0,29 | -0,51 |
| Allocation of net profit for the period: | |||||
| To equity holders of the parent | -4 475 | -2 282 | -2 987 | -1 190 | -2 048 |
| Allocation of total comprehensive income: | |||||
| To equity holders of the parent | -4 613 | -2 168 | -3 195 | -1 181 | -1 944 |
| Non-current assets | |||
|---|---|---|---|
| Intangible assets | 6 994 | 6 031 | 5 377 |
| Tangible assets | 11 918 | 12 881 | 12 970 |
| Investments | 55 | 97 | 55 |
| Deferred tax assets | 175 | 185 | 327 |
| Pension receivables | 0 | 55 | 155 |
| Receivables | 9 | 10 | 9 |
| Investment properties | 600 | 600 | 600 |
| Total | 19 751 | 19 859 | 19 493 |
| Current assets | |||
| Inventories | 15 279 | 13 142 | 14 726 |
| Receivables | 17 710 | 23 751 | 22 900 |
| Financial assets at fair value | |||
| through profit and loss | 0 | 0 | 0 |
| Cash and cash equivalents | 4 997 | 7 589 | 3 847 |
| Total | 37 986 | 44 483 | 41 473 |
| Total assets | 57 737 | 64 342 | 60 966 |
| Equity | |||
|---|---|---|---|
| Share capital | 7 000 | 7 000 | 7 000 |
| Share premium account | 1 116 | 1 116 | 1 116 |
| Other reserves | -9 | -9 | 117 |
| Translation differences | -144 | -6 | -122 |
| Retained earnings | 13 116 | 18 401 | 18 167 |
| Treasury shares | -1 050 | -1 050 | -1 050 |
| Share-based incentives | 710 | 710 | 811 |
| Total | 20 739 | 26 162 | 26 039 |
| Non-current liabilities | |||
| Interest-bearing liabilities | 9 181 | 9 331 | 6 919 |
| Deferred tax liabilities | 1 169 | 1 269 | 1 224 |
| Other liabilities | 0 | 151 | 150 |
| Pension obligations | 861 | 904 | 778 |
| Total | 11 211 | 11 655 | 9 071 |
| Current liabilities | |||
| Interest-bearing | 5 567 | 6 010 | 4 791 |
| Non-interest bearing | 20 220 | 20 515 | 21 065 |
| Total | 25 787 | 26 525 | 25 856 |
| Total liabilities | 36 998 | 38 180 | 34 927 |
| Equity and liabilities, total | 57 737 | 64 342 | 60 966 |
Equity attributable to equity holders of the parent
| Share | Share | Other | Trans. | Retained | Treasury | Total | |
|---|---|---|---|---|---|---|---|
| capital | premium | reserves | diff. | earnings | shares | ||
| account | |||||||
| 01.01.2012 | 7 000 | 1 116 | 117 | -236 | 23 809 | -1 050 | 30 756 |
| Introduction of IAS 19R | -778 | -778 | |||||
| 01.01.2012 | 7 000 | 1 116 | 117 | -236 | 23 031 | -1 050 | 29 978 |
| Total comprehensive income | 114 | -2 282 | -2 168 | ||||
| Dividends | -1 822 | -1 822 | |||||
| Share-based incentives | 51 | 51 | |||||
| 30.06.2012 | 7 000 | 1 116 | 117 | -122 | 18 978 | -1 050 | 26 039 |
| 01.01.2013 | 7 000 | 1 116 | 117 | -6 | 19 889 | -1 050 | 27 066 |
| Introduction of IAS 19R | -126 | -778 | -904 | ||||
| 01.01.2013 | 7 000 | 1 116 | -9 | -6 | 19 111 | -1 050 | 26 162 |
| Total comprehensive income | -138 | -4 475 | -4 613 | ||||
| Dividends | -810 | -810 | |||||
| Share-based incentives | 0 | 0 | |||||
| 30.06.2013 | 7 000 | 1 116 | -9 | -144 | 13 826 | -1 050 | 20 739 |
Revised IAS 19 Employee Benefits standard changed the recognition of actuarial gains and losses. Those are now recognised immediately in the statement of comprehensive income. Due to the change Group's equity on 31.12.2012 decreased by million 0.9 EUR and net debt in relation to employee benefits increased up to million 0.9 EUR. Accordingly the profit of 2012 in comprehensive income decreased by million 0.1 EUR. The data for the comparison periods has been restated according the revised standard.
| CONSOLIDATED CASH FLOW STATEMENT (EUR 1 000) | 2013 | 2012 | 2012 |
|---|---|---|---|
| Cash flows from operating activities | 1-6 | 1-6 | 1-12 |
| Cash flow from sales | 65 647 | 69 608 | 143 990 |
| Cash flow from other operating income | 200 | 158 | 394 |
| Payments on operating costs | -64 813 | -71 415 | -143 434 |
| Net cash from operating activities | |||
| before financial items and taxes | 1 034 | -1 649 | 950 |
| Interest paid | -154 | -112 | -514 |
| Interest received | 17 | 23 | 33 |
| Other financial items | -92 | -70 | -126 |
| Dividends received | 0 | 0 | 1 |
| Taxes paid | -280 | -320 | -345 |
| Net cash from operating activities (A) | 525 | -2 128 | -2 |
| Cash flows from investing activities | |||
| Capital expenditure on tangible and | -1 593 | -1 710 | -3 504 |
| intangible assets | |||
| Proceeds from sale of tangible and | 6 | 0 | 15 |
| intangible assets | |||
| Capital expenditure on subsidiary shares | 0 | -2 975 | -2 975 |
| Capital expenditure on other investments | 0 | 0 | -200 |
| Net cash used in investing activities (B) | -1 587 | -4 685 | -6 664 |
| Cash flows from financing activities | |||
| Proceeds from short-term loans | 5 500 | 2 375 | 10 876 |
| Repayments of short-term loans | -5 354 | -688 | -7 762 |
| Proceeds from long-term loans | 0 | 0 | 4 000 |
| Repayments of long-term loans | -739 | -1 211 | -3 103 |
| Dividends paid and other profit distribution | -810 | -1 822 | -1 822 |
| Net cash used in financial activities (C) | -1 403 | -1 346 | 2 189 |
| Change in cash and cash equivalents ( A+B+C) (+ increase, - decrease) |
-2 465 | -8 159 | -4 477 |
| Cash and cash equivalents in the beginning of period | 7 589 | 11 947 | 11 947 |
| Translation differences | -127 | 59 | 120 |
| Cash and cash equivalents at the end of period | 4 997 | 3 847 | 7 589 |
| Segment revenue | 2013 | 2012 | 2013 | 2012 | 2012 |
|---|---|---|---|---|---|
| 1-6 | 1-6 | 4-6 | 4-6 | 1-12 | |
| Business Unit Finland | |||||
| external | 41 792 | 47 222 | 20 096 | 25 475 | 98 054 |
| internal | 0 | 0 | 0 | 0 | 2 |
| Business Unit Sweden and Norway | |||||
| external | 11 169 | 9 326 | 5 122 | 4 458 | 20 095 |
| internal | 836 | 861 | 500 | 384 | 2 222 |
| Business Unit Poland | |||||
| external | 5 189 | 5 155 | 2 697 | 2 371 | 12 673 |
| internal | 12 | 0 | 12 | 0 | 1 |
| Other segments | |||||
| external | 2 981 | 5 385 | 1 362 | 2 784 | 11 865 |
| internal | 5 017 | 6 282 | 2 405 | 3 043 | 13 170 |
| Total external revenue | 61 132 | 67 088 | 29 277 | 35 088 | 142 686 |
| Segment operating profit/loss | 2013 | 2012 | 2013 | 2012 | 2012 |
| 1-6 | 1-6 | 4-6 | 4-6 | 1-12 | |
| Business Unit Finland | -990 | 1 386 | -990 | 1 188 | 3 871 |
| Business Unit Sweden and Norway | -776 | -704 | -403 | -470 | -720 |
| Business Unit Poland | -506 | -1 070 | -223 | -649 | -1 224 |
| Other segments | -1 128 | -1 340 | -526 | -468 | -3 044 |
| Other | -626 | -89 | -455 | -526 | 205 |
| Total operating profit/loss | -4 026 | -1 817 | -2 597 | -925 | -912 |
Other segments include Kidex Oy and Business Unit International, which is responsible for export markets. The item "Other" includes non-allocated Group functions and non-recurring sales gains and losses.
| TANGIBLE ASSETS 1.1-30.6.2013 | Land | Buildings | Machinery | Other | Work in |
|---|---|---|---|---|---|
| areas | & equipment | tangibles | progress | ||
| Acquisitions | 0 | 33 | 1 114 | 0 | -630 |
| Decreases | 0 | 0 | -68 | 0 | 0 |
| TANGIBLE ASSETS 1.1-30.6.2012 | Land | Buildings | Machinery | Other | Work in |
|---|---|---|---|---|---|
| areas | & equipment | tangibles | progress | ||
| Acquisitions | 0 | 87 | 464 | 0 | 94 |
| Decreases | 0 | -6 | -22 | 0 | 0 |
The CEO and the group's management are included in a long-term share-based incentive scheme, extending to the end of 2013.
| KEY FIGURES/RATIOS | 2013 | 2012 | 2012 |
|---|---|---|---|
| 1-6 | 1-6 | 1-12 | |
| Operating profit/loss | -4 026 | -1 817 | -912 |
| - in relation to revenue | -6,6 | -2,7 | -0,6 |
| Profit/loss before taxes | -4 569 | -2 311 | -1 845 |
| - in relation to revenue | -7,5 | -3,4 | -1,3 |
| Profit/loss for the period | -4 475 | -2 282 | -2 048 |
| - in relation to revenue | -7,3 | -3,4 | -1,4 |
| Basic earnings per share, eur | -1,11 | -0,56 | -0,51 |
| Diluted earnings per share, eur | -1,11 | -0,56 | -0,51 |
| Equity/share, eur | 5,12 | 6,43 | 6,46 |
| Equity ratio | 36,3 | 43,1 | 41,2 |
| Return on equity * | -38,2 | -16,1 | -7,2 |
| Return on investment * | -21,6 | -9,9 | -2,7 |
| Interest-bearing net-debt, eur million | 10,6 | 8,6 | 8,6 |
| Gearing ratio | 51,2 | 33,2 | 33,1 |
| Capital expenditure, eur million | 1,8 | 1,6 | 4,0 |
| - in relation to revenue | 2,9 | 2,4 | 2,8 |
| Personnel at the end of period | 797 | 866 | 801 |
| Average personnel | 751 | 825 | 806 |
| Revenue/employee, eur thousand | 81,4 | 81,3 | 177,0 |
Key figures are calculated according to formulae as presented in Annual Report 2012. * When calculating return on equity and return on investment the profit/loss for the period has been multiplied in interim reports.
| CONTINGENT LIABILITIES | 30.6.2013 | 31.12.2012 | 30.6.2012 |
|---|---|---|---|
| Mortgages and shares pledged | 23 530 | 21 594 | 20 173 |
| Other commitments | 875 | 873 | 2 202 |
| Rental commitments | 13 089 | 15 083 | 15 263 |
| DEVELOPMENT OF SHARE PRICE | 2013 1-6 |
2012 1-6 |
2012 1-12 |
| Share price at the end of period, eur | 3,91 | 5,62 | 5,02 |
| Highest price, eur | 5,50 | 7,50 | 7,50 |
| Lowest price, eur | 3,75 | 5,52 | 5,00 |
| Average price, eur | 4,54 | 6,59 | 5,92 |
Martela Corporation Board of Directors Heikki Martela Managing Director
Additional information Heikki Martela, Managing Director, tel. +358 50 502 4711 Markku Pirskanen, Finace Director, tel. +358 40 517 4606
Distribution NASDAQ OMX Helsinki Main news media www.martela.com
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