Annual / Quarterly Financial Statement • Feb 12, 2025
Annual / Quarterly Financial Statement
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MARTELA CORPORATION FINANCIAL STATEMENTS 1 JANUARY – 31 DECEMBER 2024
1
1 January – 31 December 2024
The January–December 2024 revenue and operating result decreased compared to previous year.
October–December 2024
Martela anticipates its revenue to increase in full-year 2025 compared to previous year and comparable operating profit close to zero result.
Key figures, EUR million
| 2024 | 2023 | Change | 2024 | 2023 | Change | |
|---|---|---|---|---|---|---|
| 10-12 | 10-12 | % | 1-12 | 1-12 | % | |
| Revenue | 24.7 | 26.4 | -6.3 % | 86.7 | 94.4 | -8.2 % |
| Operating result | -1.8 | 1.5 | -215.3 % | -6.5 | -2.4 | |
| Operating result % | -7.1 % | 5.8 % | -7.5 % | -2.5 % | ||
| Result Before taxes | -2.3 | 1.2 | -292.5 % | -8.2 | -3.3 | |
| Result for the period | -2.6 | 1.0 | -340.6 % | -8.7 | -3.5 | |
| Earnings/share. EUR | -0.55 | 0.22 | -337.15 % | -1.87 | -0.77 | |
| Return on investment % | -27.5 | 21.1 | -25.4 | -7.5 | ||
| Return on equity % | -107.2 | 35.6 | -362.6 | -31.3 | ||
| Equity ratio % | 2.5 | 20.0 | -87.4 % | |||
| Gearing % | 1 455.2 | 137.2 | 960.7 % |
Ville Taipale, CEO:
"In general, 2024 was a very challenging year due to the unfavorable market situation in the industry. In the Nordic countries, weak economic development combined with uncertainty in interest rate developments caused caution in organisations' procurement decisions, and some projects were postponed to the coming years. Employment development, especially in Finland and Sweden, was weak and occupancy rates in the office property market were at a low level in all our main market areas. In addition, export trade was weighed down by customers' increased inventory levels. The Group's deliveries were lower than in the previous year, and the competitive situation caused by the smaller market decerased margins and profitability.
In the fourth quarter, however, customer demand strengthened and we saw cautious signs of decerasing uncertainty. The Group's total new orders increased in the fourth quarter by approximately 25% year-onyear. Received orders increased particularly strongly in Finland and Sweden in the fourth quarter, but decreased in Norway and other countries. In the fourth quarter, we won, among other things, several significant office development projects. The order backlog for the beginning of 2025 is clearly higher than the situation a year ago.
Our operating result weakened clearly in the fourth quarter compared to the corresponding period last year and amounted to EUR -1.8 million. EUR (+1.5). The weakening of operating result was affected by lower revenue and deliveries of some projects and products with weak margins. In addition, the tight competition also weighed down margins in general. Operating result for January-December was EUR -6.5 million and in the corresponding period of the previous year EUR -2.4 million. The strong decline in operating result was firstly due to lower revenue, which could not be fully compensated by the structural efficiency measures carried out in the first quarter. In addition, the tight competition decreased margins, especially towards the end of the year. The result for the early part of 2024 was also burdened to some extent by strikes and work stoppages in Finland.
In 2025 we will focus strongly especially on improving profitability and cash flow. On 3.1.2025, we announced the start of new planning aimed at improving efficiency and profitability, and concrete results are expected already during the first half of 2025.
The main focus will be on immediate efficiency and profitability improvement measures. We will continue to invest in active customer work and work closely with our value chain partners. We will continue to develop our service channels and maintain our circular economy service model and the offering of the sustainably designed products.
The year was much more challenging than expected, but our investments in business development and the positive feedback received from customers create confidence in the future. The work for the best working environments continues."
Economic development in the Nordic countries as a whole was weak in 2024 and especially in the first half of 2024, which was also reflected as cautious purchasing decisions of Martela's customers. During the latter part of the year, market demand gradually picked up after a quiet start to the year, but the tight competitive situation lowered margins. For 2025, we expect a slight strengthening of demand due to the increased pent-up need. The need for changes in office spaces arises as work methods evolve. The materialization of this need will increase demand for Martela's services and furniture in the future. Workspaces will continue to be adapted to meet the needs of multi-location hybrid work, with a focus on their functionality and attractiveness. However, there are still significant uncertainties related to the strengthening of the general economic situation, particularly regarding the geopolitical situation and the development of interest rates.
Revenue and operating result
Revenue for October–December was EUR 24.7 million (26.4) and decreased 6.3% compared to previous year. Revenue increased in Finland by 3.4%. Revenue decreased in Sweden by 11.5%, in Norway by 3.6% and in other countries by 49.6% compared to previous year.
The Group's operating result in October–December was EUR -1.8 million (1.5).
The October–December result before taxes was EUR -2.3 million (1.2) and net result EUR -2.6 million (1.0).
Revenue for January–December was EUR 86.7 million (94.4) and decreased by 8.2% from previous year. Revenue decreased in Finland by 1.7%. in Sweden by 10.0%. in Norway by 31.1% and in Other countries by 32.7% compared to previous year.
The Group's operating result in January–December was EUR -6.5 million (-2.4).
The January–December result before taxes was EUR -8.2 million (-3.3) and net result EUR -8.7 million (-3.5).
| 2024 | 2023 | Change | 2024 | 2023 | Change | |
|---|---|---|---|---|---|---|
| 10-12 | 10-12 | % | 1-12 | 1-12 | % | |
| Finland | 18.3 | 17.7 | 3.4 % | 66.2 | 67.3 | -1.7 % |
| Sweden | 3.0 | 3.4 | -11.5 % | 8.6 | 9.6 | -10.0 % |
| Norway | 1.6 | 1.6 | -3.6 % | 4.8 | 7.0 | -31.1 % |
| Other | 1.8 | 3.6 | -49.6 % | 7.1 | 10.5 | -32.7 % |
| Revenue total | 24.7 | 26.4 | -6.3 % | 86.7 | 94.4 | -8.2 % |
| Income from the sale of goods | 20.9 | 20.6 | 1.6 % | 71.5 | 77.7 | -8.0 % |
| Income from the sale of services | 3.8 | 4.2 | -9.5 % | 15.2 | 16.7 | -9.1 % |
Revenue by country, EUR million
Cumulative revenue from the sale of goods includes EUR 4,583 thousand (4,287) income from furniture which is based on customer agreements and is classified as rental income.
The cash flow from operating activities in January–December was EUR 0.1 million (0.3).
At the end of the period, interest-bearing liabilities stood at EUR 20.8 million including EUR 16.3 million lease liabilities according to IFRS 16. At the end of the comparison period the interest-bearing liabilities stood at EUR 18.2 million including EUR 16.8 million lease liabilities according to IFRS 16.
Net liabilities were EUR 16.9 million (13.1). At the end of the period, short-term limits of EUR 0.0 million were in use (0.0).
The gearing ratio at the end of the period was 1 455,2% (137.2) and the equity ratio was 2.5% (20.0). Financial income and expenses were EUR -1.7 million (-0.9).
The balance sheet total stood at EUR 54.7 million (55.7) at the end of the period.
The Group's gross capital expenditure for January–December was EUR 0.4 million (2.3).
The Group employed an average of 372 people (403), change -7,7%. The number of employees in the Group was 360 (386) at the end of the review period. Personnel costs in January–December totalled EUR 22.3 million (23.0).
| Personnel on average | 2024 | 2023 | Change |
|---|---|---|---|
| by country | 1-12 | 1-12 | % |
| Finland | 302 | 326 | -7.4 % |
| Sweden | 25 | 29 | -13.8 % |
| Norway | 14 | 15 | -6.7 % |
| Other | 31 | 33 | -6.1 % |
| Total | 372 | 403 | -7.7 % |
In line with its Lifecycle strategy Martela creates high-quality services for workplaces and learning environments along their full lifecycle. Our offering includes workplace and learning environment specification and planning, implementation and furnishing as well as continuous measurement and optimisation.
To add to the traditional way of purchasing Martela has introduced two new service models, Workplace as a Service and Learning environment as a Service. The monthly service fees can include everything from one to all of the lifecycle phases.
In January–December, a total of 1,962,972 (1,122,349) of the company's series A shares were traded on the NASDAQ OMX Helsinki exchange, corresponding to 48.7% (28.3) of the total number of series A shares.
The value of trading turnover was EUR 2.2 million (2.1), and the share price was EUR 0.85 at the end of the period (1.28). During January–December the share price was EUR 1.59 at its highest and EUR 0.81 at its lowest. At the end of December, equity per share was EUR 0.25 (2.09).
During 2024, Martela received three notifications pursuant to Chapter 9, Section 5 of the Finnish Securities Markets Act.
Martela Corporation has received an announcement from Isku-Yhtymä Oy, on September 18, 2024, in accordance with the Finnish Securities Market Act Chapter 9, Section 5. According to the announcement, the total number of Martela Corporation shares owned by Isku-Yhtymä Oy has decreased below 5 % and 10 % of the share capital in Martela plc, as a result of share transactions concluded on September 17, 2024.
Martela Corporation has received an announcement from Isku Inspira Oy, on September 18, 2024, in accordance with the Finnish Securities Market Act Chapter 9, Section 5. According to the announcement, the total number of Martela Corporation shares owned by Isku Inspira Oy has increased above 5 % of the share capital in Martela plc, as a result of share transactions concluded on September 17, 2024.
Martela Corporation has received an announcement from Isku Inspira Oy, on October 11, 2024, in accordance with the Finnish Securities Market Act Chapter 9, Section 5. According to the announcement, the total number of Martela Corporation shares owned by Isku Inspira Oy has increased above 10 % of the share capital in Martela plc, as a result of share transactions concluded on October 10, 2024.
Martela did not purchase any of its own shares in January–December.
Martela owns a total of 1 425 Martela A shares and its holding of treasury shares amounted to 0.0% of all shares and 0.0% of all votes. Out of the shares 379 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 Performance-based Share Plan 2021–2023, there were three earning periods, which were financial years 2021, 2022 and 2023. The prerequisite for participating in the new plan was that a participant acquires the company´s series A shares up to the number determined by the Board of Directors. Approximately 40 key employees, including the CEO and other Martela's Management Team members, were belonging to the target group of the share-based incentive plan. In the plan, the target group was given an opportunity to earn Martela Corporation series A shares based on performance and on their personal investment in Martela Corporation series A shares. The Board of Directors decided the earning criteria and the goals for each criterion of the plan at the beginning of each earning period. 53,881 additional shares based on the program were paid as rewards in 2023 and 11,657 in 2022. In 2024, no reward were paid on the basis of the plan, because the goals of the earning period 2023 were not achieved.
On March 13, 2024, Martela Oyj's Board of Directors decided on a new share-based incentive plan for the group's key employees. The new system largely follows the principles of the old system.
Participating in the new plan requires that the participant acquire new or transfer already acquired company A shares up to the amount decided by the Board of Directors. In order to implement the plan, the Board of Directors decided on April 29, 2024, on a share issue of 65,717 company A shares aimed at the target group of the plan. In addition to this, the employees who participated in the old plan have transferred 172,644 of the company's A shares from their investments in the old plan to the new plan.
The new shares were entered into the Trade Register on 4 June 2024 and trading on the new shares at the Main market administered by Nasdaq Helsinki Ltd began on 5 June 2024.
In the plan, it is possible for the target group to earn Martela Oyj's A shares based on performance and personal investment in Martela Oyj's A shares. The board decides the earning criteria of the plan and the goals set for each earning criterion at the beginning of the earning period.
The rewards paid based on the plan are estimated to correspond to a maximum of 712,000 Martela Oyj's A shares, including the portion paid in cash.
37 people, including the CEO and other members of Martela's Management Team, were part of the plan's target group when the plan started.
The new performance-based additional share plan 2024—2026 has three earning periods, the fiscal years 2024, 2025 and 2026. In the earning period 2024, the rewards are based on the group's operating profit (EBIT). In 2025, no reward shall be paid based on the program, as the targets for the 2024 earning period were not achieved.
The rewards will be paid partly in Martela Corporation series A shares and partly in cash. The cash proportions of the rewards are intended for covering taxes and tax-related expenses arising from the rewards to the participants.
As part of the implementation of the performance-based share plan, the Board of Directors granted interest-bearing loans of EUR 42,100 to persons participating in the program to finance the acquisition of the company's shares. With the loans in question, the participants financed the acquisition of 65,717 of the company's A shares in the above-mentioned share issue. The maximum amount of the loans in question is 70 percent of the participant's share investment. In addition to this, for persons who participated in the old plan and have transferred to the new plan, the Bord of Directors has decided to extend the maturity of the loans granted in 2021 by two years until the end of 2027.
Martela Corporation's Annual General Meeting was held on Friday, April 5, 2024. The Meeting approved the Financial Statements, discharged the members of the Board of Directors and CEO's from liability for the year of 2023 and approved remuneration report and new remuneration policy. The Board of Directors proposal that no dividends would be paid was approved.
The Annual General Meeting confirmed that the Board of Directors will consist of six members and Mr. Eero Martela, Ms. Hanna Mattila, Mr. Jan Mattsson, Mr. Johan Mild and Ms. Anni Vepsäläinen be re-elected as members of the Board of Directors and a new member Mr. Jacob Kragh was elected to replace Ms. Katarina Mellström. The Annual General Meeting resolved a monthly compensation of EUR 3,700 be paid for the Chairman of the Board and EUR 1,850 for the Board Members, and an additional compensation of EUR 1,600 per year to the Board members belonging to a committee.
Authorized Public Accountant Ernst & Young Oy was elected as the company's auditor. The remuneration of the auditor will be paid according to the invoice that has been accepted by the Audit Committee of the company. Ernst & Young Oy has informed that Authorized Public Accountant Mr. Osmo Valovirta will act as the principal auditor.
The Annual General Meeting authorized the board in accordance with the proposal of the Board of Directors to decide on the repurchase of own shares, issuance of own shares and/or to dispose of the own shares held by the Company.
The Board of Directors elected by Martela Corporation's Annual General Meeting had its organisational meeting after the Annual General Meeting and elected from among its members Johan Mild as the Chairman and Anni Vepsäläinen as the Vice Chairman of the Board.
Corporate 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 lifecycle and by taking care of unnecessary furniture needed in a sustainable way. The company's Martela Lifecycle model covers the entire lifecycle of a workplace. The Group has an occupational health and safety (ISO 45001) management system and a quality (ISO9001) and environmental (ISO14001) management system certified by an independent certifier, which guarantee that operations are continuously improved, client expectations met, and environmental matters taken into consideration.
Further information on the corporate responsibility of the Group's operations can be found in the annually published responsibility report. Martela's Sustainability reporting includes extensive non-financial information (NFI) required by the new accounting legislation. It has been published since 2011. 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 2020 for Finnish listed companies published by the Securities Market Association. More information on Martela's governance can be found on the company's website.
On January 3, 2025, the company announced that it was planning to streamline its operations. According to the release, the challenging market conditions in the industry over the past few years have affected Martela's operating environment, weakening business volume and profitability. The ongoing economic recovery is positively impacting the industry situation, but there are still uncertainties regarding the strength of the recovery in key market areas. For the reasons mentioned above, Martela is planning to streamline and reorganize its operations in order to mitigate the negative effects caused by the market situation, adjust its cost structure to match the prevailing conditions, and bring flexibility to the uncertainty driven by demand. The planned personnel savings and other cost-saving measures are expected to result in annual cost savings of approximately EUR 1.5 to 2.0 million. According to the preliminary estimate, the planned actions could lead to a permanent reduction of around 20 job positions. The planned measures will affect Martela Group's employees in Finland, Sweden, and Norway. Additionally, there are plans to use layoff procedures to achieve the necessary temporary flexibility. Martela is in close discussions with employees and employee representatives regarding the changes. The negotiation processes and their timelines will vary by country.
On January 17, 2025, the company announced preliminary information about its revenue and operating profit for 2024. The company stated that, according to preliminary unaudited financial statements, Martela Group's operating profit for the full year 2024 did not meet the level outlined in the guidance provided on December 11, 2024. According to the preliminary unaudited financial statements, both revenue and operating profit for the full year 2024 declined compared to the previous year. Revenue was approximately 87 million euros (94.4), and the operating loss was between EUR 6.3 and 6.7 million (-2.4).
On January 30, 2025, the company announced that it would streamline the composition of its executive team. The goal of the change is to enhance operations, standardize the development of Martela's products and services, and strengthen the position of Martela's products in the market. As part of this, technical product development will move from the Product & Design unit to the Operations business unit, and product portfolio management will be transferred to a new Brand, Products & Services unit. These changes will lead to adjustments in the group's executive team. Eeva Terävä will begin as the leader of the new
Brand, Products & Services unit on February 1, 2025. Kari Leino, who previously led the Product & Design unit, will continue as the product portfolio and design director in the Brand, Products & Services unit starting from February 1, 2025.
There are no other significant events to report after the period from January to December 2024, and operations have continued as planned.
The company's most significant short-term risks that may affect operations are related to earnings development and, consequently, the development of liquidity. The key risks to earnings performance and liquidity are related to general economic uncertainty, which impacts the overall demand in Martela's business environment and the relative success of Martela's offerings in the broader market. Additionally, the decline in the overall market in recent years has increased price competition in the industry, which has put pressure on profitability. These factors combined increase uncertainty regarding overall demand and margins, reducing the predictability of Martela's product demand and margins. Due to the project-based nature of the industry, near-term forecasting has been challenging, and the difficulty of forecasting is further accentuated by the prevailing economic uncertainty.
Outlook
Martela anticipates its revenue to increase in full-year 2025 compared to previous year and and comparable operating profit close to zero result.
The Board of Directors proposes to the Annual General Meeting that no dividend will be distributed for 2024.
The Annual General Meeting is planned to be held on Monday 7 April 2025. The notice of the Annual General Meeting will be published in a separate release later.
(EUR 1000)
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 December 31, 2024. 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 figures presented in this release are based on the audited financial statements 2024. This unaudited release has been issued according to IAS 34 standard. Same accounting principles have been applied in this report as in the financial statements 2023.
| 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|
| 10-12 | 10-12 | 1-12 | 1-12 | |
| Revenue | 24,730 | 26,376 | 86,668 | 94,389 |
| Other operating income | 74 | 15 | 148 | 149 |
| Employee Benefit expenses | -5,689 | -5,443 | -22,300 | -22,995 |
| Operating expenses | -18,983 | -17,499 | -63,936 | -67,150 |
| Depreciation and impairment | -1,889 | -1,925 | -7,114 | -6,773 |
| Operating profit/loss | -1,758 | 1,525 | -6,533 | -2,380 |
| Financial income and expenses | -544 | -348 | -1,677 | -912 |
| Profit/loss Before taxes | -2,301 | 1,177 | -8,210 | -3,292 |
| Taxes | -268 | -179 | -482 | -222 |
| Profit/loss for the period | -2,570 | 998 | -8,692 | -3,514 |
| Other comprehensive income: | ||||
| Translation differences | 78 | -64 | 192 | -415 |
| Actuarial gains and losses | 15 | 45 | 15 | 45 |
| Acturial gains and losses, deferred taxes | 93 | -19 | 207 | -370 |
| Total comprehensive income | -2,477 | 979 | -8,485 | -3,884 |
| Basic earnings per share, eur | -0,55 | 0,22 | -1,87 | -0,77 |
| Diluted earnings per share,eur | -0,55 | 0,22 | -1,87 | -0,77 |
| Allocation of net profit for the period: To equity holders of the parent |
-2,570 | 998 | -8,692 | -3,514 |
| Allocation of total comprehensive income: | ||||
| To equity holders of the parent | -2,477 | 979 | -8,485 | -3,884 |
| GROUP BALANCE SHEET (EUR 1000) | 31/12/2024 | 31/12/2023 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Intangible assets | 3,337 | 4,334 |
| Tangible assets | 14,707 | 14,408 |
| Investments | 0 | 7 |
| Deferred tax assets | 2,631 | 3,003 |
| Non-current loan receivables | 567 | 532 |
| Total | 21,242 | 22,283 |
| Current assets | ||
| Inventories | 10,879 | 9,235 |
| Receivables | 18,645 | 19,115 |
| Cash and cash equivalents | 3,903 | 5,053 |
| Total | 33,426 | 33,403 |
| Total assets | 54,668 | 55,686 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Share capital | 7,000 | 7,000 |
| Share premium account | 1,116 | 1,116 |
| Reserve for invested unrestricted equity | 1,080 | 995 |
| Other reserves | -9 | -9 |
| Translation differences | -878 | -1,071 |
| Retained earnings | -7,147 | 1,530 |
| Treasury shares | -4 | -4 |
| Total | 1,159 | 9,558 |
| Non-current liabilities | ||
| Interest-Bearing liabilities | 13,504 | 13,776 |
| Other non-current liabilities | 292 | 306 |
| Pension obligations | 77 | 105 |
| Total | 13,873 | 14,187 |
| Current liabilities | ||
| Interest-Bearing | 7,247 | 4,287 |
| Non-interest Bearing | 32,389 | 27,654 |
| Total | 39,636 | 31,941 |
| Total liabilities | 53,509 | 46,128 |
| Equity and liabilities, total | 54,668 | 55,686 |
| CONSOLIDATED CASH FLOW STATEMENT | 2024 | 2023 |
|---|---|---|
| (EUR 1000) | 1-12 | 1-12 |
| Cash flow from operating activities | ||
| Profit/loss before taxes | -8,210 | -3,292 |
| Depreciation and impairment | 7,114 | 6,773 |
| Unrealized exchange rate gains and losses | 106 | -141 |
| Financial income and expenses | 1,677 | 912 |
| Other adjustments and income and expense non-cash *) | -1,886 | -2,841 |
| Cash flow before change in working capital | -1,199 | 1,411 |
| Change in working capital | ||
| Non-interest-bearing receivables, increase (-) / decrease (+) | 395 | -786 |
| Inventories, increase (-) / decrease (+) | -1,644 | 2,546 |
| Non-interest-bearing liabilities, increase (+) / decrease (-) | 4,735 | -1,181 |
| Cash flow before financial items and taxes | 2,287 | 1,991 |
| Interest and other financial items paid | -827 | -330 |
| Interest and other financial items received | 35 | 29 |
| Interest on lease liabilities | -673 | -694 |
| Income tax paid | -711 | -677 |
| Net cash from operating activities (A) | 111 | 320 |
| Cash flows from investing activities | ||
| Capital expenditure on tangible and intangible assets | -387 | -2,332 |
| Proceeds from sale of tangible and intangible assets | 24 | 0 |
| Cash flow from investing activities (B) | -363 | -2,332 |
| Cash flow from financing activities | ||
| Proceeds from short-term loans | 3,198 | 0 |
| Repayments of short-term loans | 0 | -417 |
| Repayments of lease liabilities | -3,979 | -3,457 |
| Dividends paid and other profit distribution | 0 | -452 |
| Cash proceeds from issuing shares | 43 | 0 |
| Cash flow from financing activities (C) | -738 | -4,326 |
| Change in cash and cash equivalents ( A+B+C) | -990 | -6 338 |
| Cash and cash equivalents in the Beginning of the period | 5,053 | 11,295 |
| Translation differences | -160 | 96 |
| Cash and cash equivalents at the end of period | 3,903 | 5,053 |
*) The amount includes netted cash flows adjusting revenue and purchases related to the rental service model.
| (EUR 1000) Equity attributable to equity holders of the parent |
Share capital |
Share premium account |
Reserve for invested unrestricted equity |
Other reserves |
Translation differences |
Retained earnings |
Treasury shares |
Equity total |
|---|---|---|---|---|---|---|---|---|
| 01/01/2023 | 7,000 | 1,116 | 995 | -9 | -655 | 5,406 | -4 | 13,850 |
| Profit/loss for the period | -3,514 | -3,514 | ||||||
| Translation differences Items resulting from remeasurement of the net debt related to defined benefit plans |
-415 | 45 | -415 45 |
|||||
| Other comprehensive income | -415 | 45 | -370 | |||||
| Other comprehensive income for the period |
-415 | -3,469 | -3,884 | |||||
| Share issue | 0 | |||||||
| Share-based incentives | 44 | 44 | ||||||
| Dividend distribution | -452 | -452 | ||||||
| 31/12/2023 | 7,000 | 1,116 | 995 | -9 | -1,070 | 1,530 | -4 | 9,558 |
| 01/01/2024 | 7,000 | 1,116 | 995 | -9 | -1,070 | 1,530 | -4 | 9,558 |
| Profit/loss for the period | -8,692 | -8,692 | ||||||
| Translation differences Items resulting from remeasurement of the net debt related to defined benefit plans |
192 | 15 | 192 15 |
|||||
| Other comprehensive income | 192 | 15 | 207 | |||||
| Other comprehensive income for the period |
192 | -8,677 | -8,485 | |||||
| Share issue | 85 | 85 | ||||||
| Share-based incentives | 0 | |||||||
| Dividend distribution | 0 | |||||||
| 31/12/2024 | 7,000 | 1,116 | 1,080 | -9 | -878 | -7,147 | -4 | 1,159 |
| CONTINGENT LIABILITIES | 31/12/2024 | 31/12/2023 |
|---|---|---|
| Mortgages and shares pledged Other commitments |
9,809 898 |
9,895 854 |
| Rental commitments | 323 | 589 |
| DEVELOPMENT OF SHARE PRICE | 2024 | 2023 1-12 1-12 |
| Share price at the end of period, eur Highest price, eur Lowest price, eur Average price, eur |
0.85 1.28 1.59 2.72 0.81 1.22 1.16 1.83 |
| KEY SHARE-RELATED FIGURES | 2024 | 2023 |
|---|---|---|
| 1-12 | 1-12 | |
| Number of shares at the end of period, thousands | 4 639,2 | 4 573,5 |
| Basic earnings/share, EUR | -1.87 | -0.77 |
| Diluted earnings/share, EUR | -1.87 | -0.77 |
| Price/Earnings, P/E | -0.45 | -1.67 |
| Equity/share, EUR | 0.25 | 2.09 |
| Dividend/share, EUR (2024 Board proposal) | 0 | 0 |
| Dividend/earnings per share % | 0 | 0 |
| Effective dividend yield % | 0.0 % | 0.0 % |
| Price of A-share at the end of period, EUR | 0.85 | 1.28 |
| KEY FIGURES/RATIOS | 2024 1-12 |
2023 1-12 |
|---|---|---|
| Operating profit/loss, EUR thousand | -6,533 | -2,380 |
| -% in relation to revenue | -7,5 | -2,5 |
| Profit/loss before taxes, EUR thousand | -8,210 | -3,292 |
| -% in relation to revenue | -9,5 | -3,5 |
| Profit/loss for the period, EUR thousand | -8,692 | -3,514 |
| -% in relation to revenue | -10,0 | -3,7 |
| Basic earnings per share, eur | -1,87 | -0,77 |
| Diluted earnings per share, eur | -1,87 | -0,77 |
| Equity/share, eur | 0,25 | 2,09 |
| Equity ratio % | 2,5 | 20,0 |
| Return on equity % | -362,6 | -31,3 |
| Return on investment % | -25,4 | -7,5 |
| Interest-bearing net-debt, EUR million | 16,9 | 13,1 |
| Gearing % | 1,455,2 | 137,2 |
| Capital expenditure, EUR million | 0,4 | 2,3 |
| -% in relation to revenue | 0,4 | 2,4 |
| Personnel at the end of period | 360 | 386 |
| Personnel on average | 372 | 403 |
| Revenue/employee, EUR thousand | 233,0 | 234,2 |
Formulas for Calculation of Key Figures
| Earnings / share | = | Profit attributable to equity holders of the parent Average share issue-adjusted number of shares |
|---|---|---|
| Price /earnings multiple (P/E) |
= | Share issue-adjusted share price at year end Earnings / share |
| Equity / share, EUR | = | Equity attributable to the equity holders of the parent Share issue-adjusted number of share at year end |
| Dividend / share, EUR | = | Dividend for the financial year Share issue-adjusted number of share at year end |
| Dividend / earnings, % | = | Dividend / share x 100 Earnings / share |
| Effective dividend yield, % | = | Share issue-adjusted dividend / share x 100 Share issue-adjusted share price at the 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 items) x 100 Balance sheet total – Non-interest-bearing liabilities (average during the year) |
| Equity ratio, % | = | Equity x 100 Balance sheet total – advances received |
| Gearing, % | = | Interest-bearing-liab. – cash, cash equiv.and liq. asset securities x 100 Equity |
| Personnel on average | = | Month-end average number of personnel in active employment |
| Interest-bearing net debt | = | Interest-bearing debt – cash and other liquid financial assets |
A briefing will not be held, but additional information can be asked by telephone from CEO Ville Taipale and CFO Henri Berg on Wednesday February 12, 2025 from 12 a.m. to 2 p.m. EET.
Martela Corporation Board of Directors
Ville Taipale CEO
Further information Ville Taipale, CEO, +358 50 557 2611 Henri Berg CFO, +358 40 836 5464
Distribution Nasdaq OMX Helsinki Key news media
www.martela.com
Martela is a Nordic leader specialising in user-centric working and learning environments. We create the best places to work and offer our customers the Martela Lifecycle solutions which combine furniture and related services into a seamless whole.
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