[PDF] MARTELA OYJ MARTELA CORPORATION INTERIM REPORT 1





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MARTELA CORPORATION INTERIM REPORT 1 January – 31 March 2015 the uncertain economic situation



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MARTELA OYJ

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MARTELA CORPORATION INTERIM REPORT 29 April 2015 at 8.30 a.m. MARTELA CORPORATION INTERIM REPORT, 1 January 31 March 2015 In the first quarter revenue decreased considerably level

Key figures:

13 13 112

EUR million 2015 2014 2014

- Revenue 26.7 34.1 135.9 - Change in revenue, % -21.8 7.0 2.7 - Operating result -1.3 -1.4 0.2 - Operating result, % -4.9 -4.0 0.1 - Earnings/share, EUR -0.36 -0.37 -0.18 - Return on investment, % -15.1 -15.0 0.5 - Return on equity, % -30.1 -29.1 -3.4 - Equity ratio, % 37.7 37.2 38.1 - Gearing ratio, % 31.3 45.4 33.4

New guidance:

The Martela Group anticipates that its revenue in 2015 will remain or slightly decrease. The operating result is estimated to show a slight year-on-year improvement . The and this weighting was further emphasised by the timing of larger projects during 2015.

Previous guidance:

The Martela Group anticipates that its revenue in 2015 will remain operating result will show a slight year-on-year improvement . ng result is weighted towards the second half of the year due to normal seasonal variation, and this weighting was further emphasised by the timing of larger projects during 2015.

Market

The overall demand for office furniture continued to be low in the

areas: Finland, Sweden, Poland and Russia. Instead of new offices, demand currently focuses on alteration

and enhancement projects, particularly in the Finnish and Swedish markets. This is reflected in an increasing

interest in activity-based office solutions and the Martela Lifecycle model. Even though the overall demand

continues to be low, the many office alteration projects that are at the planning stage in the Nordic countries

are slightly improving the market situation. However, decision-making is being slowed down by the general

economic uncertainty and long-term leases. In Russia, despite the slowing down of the property market and

the uncertain economic situation, plans seem to have progressed and activity to have recovered in office

construction, but decision-making has been particularly slow because of the prevailing situation.

New statistics on office construction in Finland are not available, as Statistics Finland has discontinued its

compilation of building and dwelling production data for the time being.

products and services. The annual change in the volume of the gross domestic product can be regarded as

a good indicator of general economic development. In Finland, this change was -0.1% in 2014. According to

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positive in 2015. Judging from these predictions, strong recovery is not to be expected in the near future.

Consolidated revenue and result

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