Martela Q1 2013: stable revenue, results down

Finnish producer of professional furniture, Martela, has achieved a turnover of EUR 31.9 million in its first quarter of 2013. Turnover in the same quarter of last year amounted to EUR 32.0 million.

The operating result for the first quarter was EUR -1.4 million, compared with EUR -0.9 million in the first quarter of 2011.

The result before taxes was EUR -1.6 million (Q1 2011: EUR -1.1 million), and the result after taxes was EUR -1.7 million (Q1 2011: EUR -1.1 million).

Martela Q1 2013 key figures


In Finland, net sales remained at the previous year’s level. There were no significant large customer projects in the first quarter in Finland, and the revenue was largely from a steady flow of small and medium-sized deliveries.

Revenue declined in Poland, and in Sweden it began to grow. In the other markets, the transfer of the Danish business at the end of 2012 from the Martela subsidiary to a dealer slightly reduced (2.0%) consolidated revenue for the period.

While revenue is still rather small in Russia, it grew markedly on the previous year.

Martela Q1 2013 countries


The operating result for the first quarter was EUR -1.4 million (-0.9). Martela’s fixed costs declined somewhat on the previous year due to adjustment measures taken already in 2012, including the discontinuation of the subsidiary in Denmark.
At the same time, Martela’s sales margin was slightly lower than a year earlier, due to a different product mix.

In addition, the cost effect of the personnel reductions and lay-offs agreed in the co-determination negotiations concluded in January 2013 was not yet apparent in the first quarter. The savings in costs, coming to an estimated EUR 0.7 million, will materialise later in the year.


Martela’s financial position is stable. Interest-bearing liabilities at the end of the period amounted to EUR 12.7 million (Q1 2011: EUR 10.8 million) and net liabilities were EUR 5.9 million (Q1 2011: EUR 4.6 million).
The gearing ratio at the end of the period was 24.0% (Q1 2011: 16.5%), and the equity ratio was 44.5% (Q1 2011: 48.4%). Net financial expenses were EUR 0.1 million (Q1 2011: EUR 0.1 million).

The cash flow from operating activities in January–March was EUR 3.4 million (Q1 2011: EUR -2.9 million). The cash flow improved due to the decreased working capital.

The balance sheet total at the end of the period was EUR 55.8 million (Q1 2011: EUR 58.4 million).

Martela’s gross capital expenditure for January–March was EUR 0.9 million (Q1 2011: EUR 0.8 million), and this was mainly on the ERP project and production replacements.

Martela employed an average of 757 (795) persons, a year-on-year decrease of 4.8%. The personnel number decreased in all main markets as a result of adjustment measures.

Martela anticipates that its full-year revenue in 2013 will be at about the 2012 level, and that its operating result will show a year-on-year improvement.


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