MARTELA CORPORATION INTERIM REPORT 20 OCTOBER 2010, 08.30 a.m.
MARTELA CORPORATION INTERIM REPORT, 1 JANUARY - 30 SEPTEMBER 2010
Consolidated revenue for January-September amounted to EUR 74.4 million (71.1),
which was a year-on-year increase of 4.6 per cent. Revenue for the third quarter
increased to EUR 26.1 million (25.8), which was a year-on-year increase of 0.9
per cent. Operating profit for January-September was EUR 0.4 million (0.4), and
for the third quarter EUR 2.0 million (1.2). The cash flow from operating
activities in January-September came to EUR -1.6 million (9.5). The equity ratio
was 56.9 per cent (58.1) and gearing was -17.9 per cent (-31.5).
On 29 September 2010, Martela Corporation acquired the business operations of
Martela A/S, its long-term partner and importer of its products in Denmark. The
deal reinforces Martela Corporation's role and position as a supplier of
comprehensive services on the Danish market. The revenue of Martela A/S's
business to be acquired was approximately EUR 4.0 million in 2009. The business
will be handed over to Martela on 1 November 2010. The operations of Pa-Ri
Materia Oy, acquired by Martela Corporation in June, were transferred to Martela
on 1 August 2010, and in August 2010, Martela Corporation founded a subsidiary
in Hungary.
Key figures
--------------------------------------------------------------------------------
| | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 |
--------------------------------------------------------------------------------
| EUR million | 2010 | 2009 | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net revenue | 26.1 | 25.8 | 74.4 | 71.1 | 95.3 |
--------------------------------------------------------------------------------
| Change in revenue % | 0.9 | -15.8 | 4.6 | -28.9 | -32.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit excluding | 2.0 | 1.2 | 0.4 | 0.4 | 0.8 |
| non-recurring items | | | | | |
--------------------------------------------------------------------------------
| Operating profit % | 7.5 | 4.6 | 0.5 | 0.6 | 0.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on investment, % | | | 1.5 | 1.9 | 2.3 |
--------------------------------------------------------------------------------
| Return on equity, % | | | -1.3 | 0.0 | 0.4 |
--------------------------------------------------------------------------------
| Equity to asset ratio, % | | | 56.9 | 58.1 | 57.4 |
--------------------------------------------------------------------------------
| Gearing, % | | | -17.9 | -31.5 | -33.9 |
--------------------------------------------------------------------------------
| Earnings per share, eur | | | -0.07 | 0.00 | 0.03 |
--------------------------------------------------------------------------------
| Earnings per share (diluted), | | | -0.07 | 0.00 | 0.03 |
| eur | | | | | |
--------------------------------------------------------------------------------
| Average staff | | | 594 | 639 | 636 |
--------------------------------------------------------------------------------
| Revenue/employee (EUR 1.000) | | | 125.2 | 111.3 | 149.9 |
--------------------------------------------------------------------------------
Accounting policies
This interim report has been prepared in accordance with IFRS recognition and
measurement principles, but not all the IAS 34 requirements have been complied
with. The interim report should be read in conjunction with the 2009 financial
statements.
Market
Fewer office buildings were completed in Finland this year (January-June) than
last year (-14%). In the same period, more building permits were issued (+53%)
than the previous year and new office building starts were also markedly up on
2009 (+155%).
Group structure
In August 2010, Martela Corporation established a subsidiary in Hungary. No
other changes have taken place in the group structure.
Segment reporting
The segments presented in the interim report comply with the company's segment
division. The comparison period 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 are their operating profits, because tax items and financial
items are not allocated to the segments. The Group's assets and liabilities are
not allocated or monitored by segment in the internal financial reporting.
Revenue and the operating result are as recorded in the consolidated financial
statements.
Business Unit Finland is responsible for sales, marketing, service production
and manufacturing in Finland. Martela has an extensive sales and service network
covering the whole of Finland, with a total of 27 sales centres. The Business
Unit has a logistics centre 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 and as of August 2010, a
Martela subsidiary has operated in Hungary. The company has altogether 7 sales
centres in Poland. The Business Unit's principal export countries are Ukraine,
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
Net revenue for January-September was EUR 74.4 million (71.1), which was an
increase of 4.6 per cent on the previous year. The revenue of Business Unit
Sweden and Norway was up by 5.9 per cent, while that of Business Unit Poland was
down by 24.1 per cent, calculated in local currencies. The overall effect of
exchange rate movements on consolidated revenue was approximately +3 percentage
points. Third-quarter revenue rose to EUR 26.1 million (25.8), an increase of
0.9 per cent.
Revenue by segment
--------------------------------------------------------------------------------
| EUR mil. | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Business | Business | Business | Other | Total |
| | unit | unit | unit | segments | |
| | Finland | Sweden & | Poland | | |
| | | Norway | | | |
--------------------------------------------------------------------------------
| 1.1.2010-30.9.2010 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| External Revenue | 49.5 | 12.9 | 6.2 | 5.8 | 74.4 |
--------------------------------------------------------------------------------
| Internal Revenue | 0.0 | 0.5 | 0.0 | 11.3 | 11.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total 2010 | 49.5 | 13.4 | 6.2 | 17.1 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1.1.2009-30.9.2009 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| External Revenue | 47.5 | 11.1 | 7.4 | 5.1 | 71.1 |
--------------------------------------------------------------------------------
| Internal Revenue | 0.0 | 0.3 | 0.1 | 12.6 | 13.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total 2009 | 47.5 | 11.4 | 7.5 | 17.7 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| External revenue | 4.2 | 15.6 | -16.4 | 14.4 | 4.6 |
| change % | | | | | |
--------------------------------------------------------------------------------
Other Segments includes P.O. 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 | 2010 | 2009 | Change | Percenta | 2009 | Percentag |
| | | | % | ge | | e |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Business unit | 49.5 | 47.5 | 4.2 | 66.5 % | 63.9 | 67.0% |
| Finland | | | | | | |
--------------------------------------------------------------------------------
| Business unit | 12.9 | 11.1 | 15.6 | 17.3 % | 15.8 | 16.6 % |
| Sweden & Norway | | | | | | |
--------------------------------------------------------------------------------
| Business unit | 6.2 | 7.4 | -16.4 | 8.4 % | 9.5 | 9.9 % |
| Poland | | | | | | |
--------------------------------------------------------------------------------
| Other segments | 5.8 | 5.1 | 14.4 | 7.8 % | 6.2 | 6.5 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | 74.4 | 71.1 | 4.6 | 100.0 % | 95.3 | 100.0 % |
--------------------------------------------------------------------------------
Consolidated result
Cumulative operating profit excluding non-recurring items (2009 and 2010) was
EUR 0.4 million (0.4). Profit for the third quarter was EUR 2.0 million (1.2).
Profit before taxes was EUR 0.1 million (0.1), and profit after taxes was EUR
-0.3 million (0.0).
Operating profit excluding non-recurring items was 0.5 per cent of revenue
(0.6).
Operating profit by segment
--------------------------------------------------------------------------------
| | 1-9 | 1-9 | 1-12 |
--------------------------------------------------------------------------------
| EUR million | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Business Unit Finland | 2.0 | 2.8 | 3.9 |
--------------------------------------------------------------------------------
| Business Unit Sweden & Norway | -0.4 | -0.9 | -1.0 |
--------------------------------------------------------------------------------
| Business Unit Poland | -1.0 | -0.3 | -0.7 |
--------------------------------------------------------------------------------
| Other Segments | 0.1 | 0.0 | -1.0 |
--------------------------------------------------------------------------------
| Other | -0,3 | -1.2 | -0.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | 0.4 | 0.4 | 0.8 |
--------------------------------------------------------------------------------
Other segments includes P.O. 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 is strong. Interest-bearing liabilities at the
end of the period amounted to EUR 6.8 million (9.5) and net liabilities were EUR
-5.4 million (-9.9). The gearing ratio at the end of the year was -17.9 per cent
(-31.5), and the equity ratio was 56.9 per cent (58.1). Net financial expenses
were EUR -0.2 million (-0.3).
The cash flow from operating activities in January-September was EUR -1.6
million (9.5).
The balance sheet total at the end of September was EUR 53.5 million (54.6).
Capital expenditure
The Group's gross capital expenditure for January-September was EUR 3.1 million
(1.7) and mainly concerned production replacements and IT investments.
Personnel
The Group employed an average of 594 (639) persons, a decrease of 7.0 per cent.
Average personnel by region
--------------------------------------------------------------------------------
| | 1-9 | 1-9 | 1-12 |
--------------------------------------------------------------------------------
| | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 445 | 486 | 479 |
--------------------------------------------------------------------------------
| Scandinavia | 54 | 62 | 62 |
--------------------------------------------------------------------------------
| Poland | 90 | 90 | 94 |
--------------------------------------------------------------------------------
| Russia | 5 | 1 | 1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Group total | 594 | 639 | 636 |
--------------------------------------------------------------------------------
Product development and the Martela collection
Product development and the management of Martela's collection are the
responsibility of two Group-level organisations. Brand & Product Portfolio is
responsible for management of the collection and brand, and Product Development
and Marketing is responsible for the development of innovative products and the
Group's marketing communications.
The first half of 2010 saw the launch of some interesting new products. A larger
James+ chair was added to the James task chair range. The versatile range of
adjustments possible with this task chair, which is designed by Iiro Viljanen,
enhance the wellbeing of the chair's user. The MyBox desk and the Book space
divider/shelf, previously presented as concepts, are now in production. These
new products share the characteristics of versatility and new and innovative
thinking. The MyBox desk, designed by Iiro Viljanen, has a lid that can be
closed to protect the work items on the desk, with the lid's upper surface at
the same time serving as a fresh desk top that can be used for a meeting, for
example. Designed by Pekka Toivola, Book combines the characteristics of a space
divider and a storage unit in a new way. The overall look and scope can be
easily varied by combining the elements in various ways.
In Finland, the service product range was expanded at the beginning of the year
with an innovative addition to the services available for office premises. This
consisted of a new system for keeping track of office furniture for inventory
and other purposes. The system is based on radio frequency identification (RFID)
and is a unique way of managing office property. The new system has been very
well received by our customers.
Shares
During January-September, 892,466 (624,743) of the company's A shares were
traded on NASDAQ OMX Helsinki Ltd, corresponding to 25.1 per cent (17.6) of all
A shares.
The value of trading turnover was EUR 6.3 million (4.3), and the share price was
EUR 7.13 at the beginning of the year and EUR 6.59 at the end of the third
quarter. During January-September the share price was EUR 8.60 at its highest
and EUR 6.26 at its lowest. At the end of September, equity per share was EUR
7.46 (7.82).
Treasury shares
The company did not purchase any of its own shares in January-September. On 30
September 2010, 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 corresponds
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 were entered under equity in the consolidated
financial statements for 2009. On 30 September 2010, 57,625 shares under the
incentive scheme were still undistributed.
2010 Annual General Meeting
The Annual General Meeting of Martela Corporation was held on Tuesday 16 March
2010. The AGM approved the financial statements for 2009 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 0.45 per share.
Heikki Ala-Ilkka, Tapio Hakakari, Jori Keckman, Heikki Martela, Pekka Martela,
Jaakko Palsanen and new member Pinja Metsäranta were elected as members of the
Board of Directors. 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
AGM decided, in accordance with the Board of Directors' proposal, to amend the
company's Articles of Association (with respect to delivery of the meeting
notice).
The new Board of Directors convened after the Annual General Meeting and elected
Heikki Ala-Ilkka as Chairman and Pekka Martela as Vice Chairman.
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.
More information on risks is given in the company's annual report.
Outlook for 2010
The period of low demand that started in the beginning of 2009 has continued in
2010. This will have an effect on the company's revenue and operating profit in
2010.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1000)
2010 2009 2010 2009 2009
1-9 1-9 7-9 7-9 1-12
Revenue 74.360 71.108 26.070 25.825 95.349
Other operating income 0.202 0.620 0.053 0.232 0.746
Employee benefits expenses -19.723 -19.733 -6.132 -5.819 -25.988
Operating expenses -52.510 -49.277 -17.432 -18.245 -66.206
Depreciation and impairment -1.969 -2.290 -0.599 -0.805 -3.109
Operating profit/loss 0.360 0.428 1.960 1.188 0.793
Financial income and expenses -0.211 -0.280 -0.102 -0.092 -0.365
Profit/loss before taxes 0.149 0.148 1.858 1.096 0.427
Income tax -0.448 -0.140 -0.645 -0.304 -0.291
Profit/loss for the period -0.299 0.008 1.213 0.792 0.137
Other comprehensive income
Translation differences 0.239 0.020 0.109 0.102 0.077
Total comprehensive income -0.060 0.028 1.322 0.894 0.214
Basic earnings per share, eur -0.07 0.00 0.30 0.20 0.03
Diluted earnings per share, eur -0.07 0.00 0.30 0.20 0.03
Allocation of net profit for
the period:
To equity holders of the parent -0.299 0.008 1.213 0.792 0.137
Allocation of total comprehensive
income
To equity holders of the parent -0.060 0.028 1.322 0.894 0.214
GROUP BALANCE SHEET (EUR 1000) 30.9.2010 31.12.2009 30.09.2009
ASSETS
Non-current assets
Intangible assets 1.775 0.716 0.766
Tangible assets 12.068 11.862 12.173
Investments 0.010 0.038 0.039
Deferred tax assets 0.314 0.262 0.301
Loan receivables 0.017 0.000 0.000
Pension receivables 0.197 0.197 0.072
Investment properties 0.600 0.600 0.600
Total 14.981 13.675 13.951
Current assets
Inventories 11.221 9.408 8.950
Receivables 15.115 13.210 12.320
Financial assets at fair value 1.104 1.094 1.089
through profit and loss
Cash and cash equivalents 11.067 18.211 18.323
Total 38.507 41.923 40.682
Total assets 53.488 55.598 54.633
EQUITY AND LIABILITIES
Equity
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 -0.170 -0.409 -0.466
Retained earnings 22.559 24.672 24.543
Treasury shares -1.212 -1.200 -1.200
Share-based incentives 0.640 0.466 0.420
Total 30.050 31.762 31.530
Non-current liabilities
Interest-bearing liabilities 2.457 3.518 6.548
Other liabilities 0.240 0.000 0.000
Deferred tax liability 1.637 1.305 1.286
Total 4.334 4.823 7.834
Current liabilities
Interest-bearing 4.343 5.008 2.916
Non-interest bearing 14.761 14.006 12.353
Total 19.104 19.014 15.269
Total liabilities 23.438 23.837 23.103
Equity and liabilities, total 53.488 55.598 54.633
STATEMENT OF CHANGES IN EQUITY (EUR 1000)
Equity attributable to equity holders of the parent
Share Share Other Trans. Retained Treasury Total
capital premium reserves diff. earnings shares
account and share-
based inc.
01.01.2009 7.000 1.116 0.117 -0.486 27.605 -1.610 33.742
Tot.compr.income 0.020 0.008 0.028
Dividends -2.390 -2.390
Share-based inc. -0.260 0.410 0.150
30.09.2009 7.000 1.116 0.117 -0.466 24.963 -1.200 31.530
1.1.2010 7.000 1.116 0.117 -0.409 25.138 -1.200 31.762
Tot.compr. income 0.239 -0.299 -0.060
Dividends -1.814 -1.814
Share-based inc. 0.174 -0.012 0.162
30.09.2010 7.000 1.116 0.117 -0.170 23.199 -1.212 30.050
CONSOLIDATED CASH FLOW STATEMENT (EUR 1000)
2010 2009 2009
1-9 1-9 1-12
Cash flows from operating activities
Cash flow from sales 73.569 81.905 104.678
Cash flow from other operating income 0.172 0.363 0.489
Payments on operating costs -74.722 -71.131 -92.273
Net cash from operating activities
before financial items and taxes -0.981 11.137 12.894
Interest paid -0.221 -0.385 -0.516
Interest received 0.029 0.156 0.166
Other financial items -0.031 0.016 -0.002
Taxes paid -0.429 -1.438 -1.780
Net cash from operating activities (A) -1.633 9.486 10.762
Cash flows from investing activities
Capital expenditure on tangible and
intangible assets -2.446 -1.537 -1.663
Proceeds from sale of tangible and
intangible assets 0.462 1.268 1.004
Net cash used in investing activities (B) -1.984 -0.269 -0.659
Cash flows from financing activities
Proceeds from short-term loans 0.000 0.008 0.008
Repayments of short-term loans -0.430 -0.611 -0.781
Repayments of long-term loans -1.428 -1.427 -2.273
Dividends paid and other profit distribution -1.813 -2.390 -2.390
Net cash used in financial activities (C) -3.671 -4.421 -5.436
Change in cash and
cash equivalents (A+B+C) -7.289 4.796 4.667
(+ increase, - decrease)
Cash and cash equivalents at the beginning of
period 19.304 14.620 14.620
Translation differences 0.156 -0.004 0.017
Cash and cash equivalents at the end of period 12.171 19.412 19.304
SEGMENT REPORTING (EUR 1 000)
Segment revenue 2010 2009 2010 2009 2009
1-9 1-9 7-9 7-9 1-12
Business unit Finland
external 49.480 47.479 17.191 16.624 63.898
internal 0.000 0.000 0.000 0.000 0.000
Business unit Sweden and Norway
external 12.859 11.122 4.004 3.296 15.834
internal 0.545 0.321 -0.103 0.178 0.457
Business Unit Poland
external 6.212 7.431 2.880 3.300 9.465
internal 0.000 0.044 0.000 0.024 0.015
Other segments
external 5.809 5.076 1.995 2.605 6.151
internal 11.307 12.601 3.942 4.482 16.464
Total external revenue 74.360 71.108 26.070 25.825 95.348
Segment operating profit/loss 2010 2009 2010 2009 2009
1-9 1-9 7-9 7-9 1-12
Business Unit Finland 2.021 2.816 1.250 0.839 3.854
Business Unit Sweden and Norway -0.375 -0.932 0.051 -0.207 -0.966
Business Unit Poland -1.019 -0.300 -0.132 -0.029 -0.668
Other segments 0.113 0.053 0.266 0.301 -0.985
Other -0.380 -1.209 0.525 0.284 -0.442
Total operating profit/loss 0.360 0.428 1.960 1.188 0.793
Other segments include P.O. Korhonen Oy, 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 1.1-30.9.2010
Land Buildings Machinery Other Work in
areas & equipment tangibles progress
Acquisitions 0.000 0.041 0.836 0.000 0.955
Decreases 0.000 -0.073 -0.110 0.000 0.000
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
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 2010 to the end of 2012.
KEY FIGURES/RATIOS
2010 2009 2009
1-9 1-9 1-12
Operating profit/loss 0.360 0.428 0.793
- in relation to revenue 0.5 0.6 0.8
Profit/loss before taxes 0.149 0.148 0.427
- in relation to revenue 0.2 0.2 0.4
Profit/loss for the period -0.299 0.008 0.137
- in relation to revenue -0.4 0.0 0.1
Basic earnings per share, eur -0.07 0.00 0.03
Diluted earnings per share, eur -0.07 0.00 0.03
Equity/share, eur 7.46 7.82 7.88
Equity ratio 56.9 58.1 57.4
Return on equity * -1.3 0.0 0.4
Return on investment * 1.5 1.9 2.3
Interest-bearing net-debt, eur million -5.4 -9.9 -10.8
Gearing ratio -17.9 -31.5 -33.9
Capital expenditure, eur million 3.1 1.7 2.2
- in relation to revenue, % 4.2 2.4 2.3
Personnel at the end of period 611 620 606
Average personnel 594 639 636
Revenue/employee, eur thousand 125.2 111.3 149.9
Key figures are calculated according to formulae as presented in Annual Report
2009.
* When calculating return on equity and return on investment the profit/loss for
the period has been multiplied in interim reports.
CONTINGENT LIABILITIES
30.9.2010 31.12.2009 30.9.2009
Mortgages and shares pledged 14.836 14.480 14.487
Other commitments 0.385 0.256 0.299
RENTAL COMMITMENTS 7.168 7.971 7.015
DEVELOPMENT OF SHARE PRICE 2010 2009 2009
1-9 1-9 1-12
Share price at the end of period, EUR 6.59 7.41 7.13
Highest price, EUR 8.60 8.00 8.00
Lowest price, EUR 6.26 5.21 5.21
Average price, EUR 7.16 6.91 6.98
This interim report has not been audited
Martela Oyj
Board of Directors
Heikki Martela
Managing Director
For more information, please contact
Heikki Martela, Managing Director, tel. +358 50 502 4711
Mats Danielsson, Finance Director, tel. +358 50 394 8575
Distribution
NASDAQ OMX Helsinki
Main news media
www.martela.com
