Published: 2009-08-13 08:00:00 CEST
Marimekko Oyj
Interim report (Q1 and Q3)
MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 30 JUNE 2009
Marimekko Corporation        INTERIM REPORT                                    

                             13 August 2009 at 9 a.m.                        
  

MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 30 JUNE 2009         
      

In the January-June period of 2009, the Marimekko Group's net sales
decreased by
13% to EUR 32.3 million (EUR 37.1 million). Operating profit fell
to EUR 1.0    
million (EUR 4.4 million). Profit after taxes for the financial
period was EUR  
0.8 million (EUR 3.2 million) and earnings per share were EUR
0.10 (EUR 0.40).  
The full-year estimate for 2009 is unchanged: net sales are
forecast to decrease
by about 10% from the year 2008 and operating result is
expected to decline     
distinctly.                                          
                          

                                1-6/      1-6/   
 Change,   1-12/              
                                2009      2008 
        %     2008              

Net sales, EUR 1,000          32,262   
37,133      -13.1   81,107              
Exports and income from              
                                          
 international operations,         
                                            
 % of net sales                
31.8      31.0                27.0              
Operating profit, EUR 1,000  
 1,037     4,364      -76.2    9,956              
Profit before taxes,       
                                                    
 EUR 1,000               
     1,084     4,378      -75.2    9,964              
Profit for the period, 
                                                        
 EUR 1,000           
           802     3,237      -75.2    7,378              
Earnings per share,
EUR         0.10      0.40      -75.0     0.92              
Equity per share,
EUR           3.47      3.40        2.1     3.92              
Return on
equity (ROE), %        5.4      22.8                24.2              
Return
on investment (ROI), %    7.3      28.1                32.3             

Equity ratio, %                 77.8      67.2                78.7           
  

Mika Ihamuotila, President and CEO:                                      
      

“Market conditions remained challenging in the second quarter of
2009. The      
Group's net sales decreased and earnings weakened
significantly during the      
period under review. The sharp decline in
consumer demand reduced Marimekko's   
sales both in Finland and abroad. In
addition to the fall in sales, the         
difference in relation to the
comparison period was increased by revenues from  
individual promotions and
one-off income from sales of licensed products        
recognised in the
corresponding period in 2008.                                 

The weaker
demand particularly affected sales to domestic and foreign retailers.
The
sales from Marimekko's own retail shops were at the level of the comparison

period. Japan was a positive exception in the market trend, showing extremely
  
high growth, boosted by new shops. Sales declined in other key export
markets   
and in Finland.                                                    
            

The outlook is still uncertain. The situation varies in
different markets, but  
there are no clear signs of improvement on the
horizon so far. However, we will 
continue investing in product development
and internationalisation. During the  
current year, we have reviewed our cost
structure and taken steps for           
improvement. We will continue our
actions aimed at lowering fixed costs to      
ensure the company's
profitability and steady business development.”            

2009 calendar   
                                                               
Marimekko's
interim report for the January-September period of 2009 will be     
published
on Thursday 5 November 2009 at 9 am.                                  

All
of Marimekko's stock exchange releases are available on the company's      

website www.marimekko.com under Investors/                                   
  
Stock releases.                                                            
    

For additional information, contact:                                   
        
Mika Ihamuotila, President and CEO, tel. +358 9 758 71               
          
Thomas Ekström, CFO, tel. +358 9 758 7261                          
            

MARIMEKKO CORPORATION                                          
                
Group Communications                                         
                  

Marja Korkeela                                           
                      
Tel. +358 9 758 7238                                   
                        
Fax +358 9 759 1676                                  
                          
Email: marja.korkeela@marimekko.fi                 
                            

DISTRIBUTION:                                  
                                
NASDAQ OMX Helsinki Ltd                      
                                  
Principal media                            
                                    
Marimekko's website www.marimekko.com    
                                      

Marimekko, established in 1951, is a
leading Finnish textile and clothing design
company renowned for its original
prints and colours. The company designs and   
manufactures high-quality
clothing, interior decoration textiles, bags and other
accessories. Marimekko
products are sold in over 40 countries. Products with    
Marimekko designs
are also manufactured under licence in various countries. In  
2008, the
company's net sales amounted to EUR 81.1 million. Exports and        

international operations accounted for 27.0% of the Group's net sales. The
Group
employs about 410 people. The company's share is quoted on the NASDAQ
OMX       
Helsinki Ltd.                                                      
            


MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 30 JUNE
2009                

NET SALES                                              
                        

April-June                                         
                            
In the April-June period of 2009, the Marimekko
Group's net sales decreased by  
13.7% to EUR 15,999 thousand (EUR 18,539
thousand). In Finland, net sales fell  
by 17.1% to EUR 11,116 thousand
(EUR 13,415 thousand). Exports and income from  
international operations fell
by 4.7%, totalling EUR 4,883 thousand (EUR 5,124  
thousand).                 
                                                    

January-June           
                                                        
In the January-June
period of 2009, the Marimekko Group's net sales fell by     
13.1% to EUR
32,262 thousand (EUR 37,133 thousand). Net sales in Finland        
decreased
by 14.2% to EUR 21,990 thousand (EUR 25,637 thousand). Exports and    
income
from international operations fell by 10.6%, totalling EUR 10,272       

thousand (EUR 11,496 thousand). Exports and income from international
operations
accounted for 31.8% (31.0%) of the Group's net sales. The fall in
net sales was 
largely due to a slowdown in demand caused by weak market
conditions. Wholesale 
sales both in Finland and abroad were especially
affected by the slowdown. The  
difference in relation to the comparison
period was also increased by revenues  
from individual promotions and one-off
income from sales of licensed products in
the corresponding period of the
previous year.                                  

The breakdown of the
Group's net sales by product line was as follows: clothing 
42.0%; interior
decoration 40.1%; and bags 17.9%. Net sales by market area were:
Finland
68.2%; the other Nordic countries 10.2%; the rest of Europe 7.6%; North

America 4.8%; and other countries (Japan and other regions outside Europe and
  
North America) 9.2%.                                                       
    

During the January-June period of 2009, the sales from Marimekko's own
retail   
shops in Finland increased by 0.8% (0.7%). Sales to retailers in
Finland        
decreased by 22.3% (-0.8%). The sharp decrease in sales from
the comparison     
period was partly due to significant one-off orders for
promotions in the first 
quarter of 2008.                                     
                          

MARKET SITUATION                                 
                              

The downtrend in the economy during the first
half of 2009 was more severe than 
expected. The situation in Finland is still
bleak. The economic outlook for the 
second half of the year is slightly
brighter, but no signs of recovery are      
visible as yet. During the
remainder of the year, the downtrend in production   
and sales is expected to
continue in most sectors, and employment is expected to
decline considerably.
The global market trend indicators have continued to rise,
and a more
optimistic attitude has spread since the spring. However, the world  
economy
is estimated to decrease significantly during the current year.        

(Confederation of Finnish Industries EK: Business Tendency Survey, August
2009).

The economic conditions for the textile and clothing industry are
very bleak,   
and no rapid improvement is expected. The conditions for trade
have weakened    
throughout the current year, and the downtrend is estimated
to continue during  
the remainder of the year. (Confederation of Finnish
Industries EK: Business    
Tendency Survey, August 2009). In the January-June
period of 2009, the Finnish  
retail trade decreased by 3.4% (Statistics
Finland: Retail trade quick estimate,
June 2009). Retail sales of clothing
(excluding sportswear) decreased by 2.1%   
(Textile and Fashion Industries
TMA). Sales of wWomenswear fell by 1.2%, sales  
of menswear by 5.2%, and
sales of childrenswear by 0.9%. Sales of bags declined 
by 7.1% and sales of
home textiles by 11.3%. In the January-May period of 2009, 
exports of
clothing (SITC 84) fell by 19% and imports by 6%; exports of textiles
(SITC
65) decreased by 26% and imports by 28% (National Board of Customs,      

monthly review, May 2009).                                                   
  

REVIEWS BY BUSINESS UNIT                                                 
      

Clothing                                                             
          
In the January-June period of 2009, net sales of clothing declined
by 11.7% to  
EUR 13,560 thousand (EUR 15,351 thousand). In Finland and the
market area       
referred to as “the rest of Europe”, sales decreased
slightly. In North America 
and the market area referred to as “the other
Nordic countries”, sales fell     
significantly. In contrast, extremely
vigorous growth continued in Japan.       
Exports and income from
international operations accounted for 24.7% of net     
sales of clothing.   
                                                          

Interior
decoration                                                             
Net
sales of interior decoration products decreased by 13.5% to EUR 12,938     

thousand (EUR 14,965 thousand). In Japan, strong growth continued. In North  
  
America and the market area referred to as "the rest of Europe”, sales
declined 
slightly. Sales in Finland and the other Nordic countries continued
to decrease 
substantially. Exports and income from international operations
accounted for   
37.1% of net sales of interior decoration products.          
                  

Bags                                                     
                      
Net sales of bags decreased by 15.4% to EUR 5,764
thousand (EUR 6,817 thousand).
In Japan, sales continued to grow vigorously.
Good growth also continued in the 
market area referred to as “the rest of
Europe”. Sales in other export markets  
and Finland decreased considerably.
Exports and income from international       
operations accounted for 36.8% of
net sales of bags.                            

Business-to-business sales   
                                                  
Business-to-business sales
declined by 58.0%. The decrease was mainly due to    
significant one-off
orders for promotions recognised in the corresponding period
in 2008. The
continuing downtrend in the economy during the current year has    
also
significantly reduced purchases by corporate clients.                     


Exports and international operations                                       
    
Uncertainty about economic conditions continued, and consumer demand
declined   
further in almost all export markets. During the January-June
period of 2009,   
Marimekko's exports and income from international
operations decreased by 10.6%,
totalling EUR 10,272 thousand (EUR 11,496
thousand). In Japan, the extremely    
positive trend continued and sales
growth was significantly higher than         
expected. Sales increased
slightly in the market area referred to as “the rest  
of Europe”. In other
export markets, sales declined. Japan became the largest   
export country
during the review period, the other major countries for exports  
being
Sweden, the United States, Denmark and Norway.                           


In the market area referred to as “the other Nordic countries”, sales in
all    
product lines decreased substantially. Net sales fell to EUR 3,288
thousand,    
which was 37.3% less than the previous year (EUR 5,248
thousand). In addition to
a decrease in sales volumes, the weakening in the
value of the Swedish krona    
(approx. 20%) as well as one-off income from
licensed products recognised in the
comparison period contributed to the fall
in net sales.                         

In the market area referred to as
“the rest of Europe”, net sales increased by  
0.7% to EUR 2,469 thousand (EUR
2,451 thousand). Sales of bags continued to grow
well; sales of clothing and
interior decoration products decreased slightly.    

In North America, net
sales fell by 18.3% to EUR 1,563 thousand (EUR 1,913      
thousand). Sales of
clothing and bags declined significantly, while sales of    
interior
decoration products fell only slightly.                                

In
the market area referred to as "other countries", net sales rose from the   

comparison period by 56.7%, totalling EUR 2,952 thousand (EUR 1,884
thousand).  
This growth was entirely generated in Japan, where sales of all
product lines   
rose extremely vigorously. The growth was attributable to
both increased sales  
in existing concept shops and the opening of three new
stores during the first  
quarter of the year. At the end of June 2009, there
were a total of eighteen    
Marimekko concept shops and shop-in-shops in
Japan.                             

Licensing                               
                                       
Royalty earnings from sales of
licensed products decreased considerably during  
the period. The difference
compared to the previous year was entirely due to    
one-off income from
licensing cooperation with H & M Hennes & Mauritz AB        
recognised in the
second quarter of 2008. In the review period, royalty earnings
in the United
States grew extremely vigorously; a slight increase was seen in   
Finland.   
                                                                   


Production and sourcing                                                    
    
During the January-June period of 2009, the production volume of the
Herttoniemi
textile printing factory decreased by 28%. This was mostly due to
the reduction 
of inventories and collections. The old printing machine in the
Herttoniemi     
factory was taken out of use in June. Production continues
with the printing    
machine acquired in 2004. Production volumes at the
Kitee and Sulkava factories 
remained at the same level as in the
corresponding period of the previous year. 
Subcontracting was decreased
concerning certain products, and production was    
transferred to the Group's
own factories.                                       

EARNINGS              
                                                         

April-June        
                                                             
In the
April-June period of 2009, the Group's operating profit fell by 58.4% on 
the
comparison period, amounting to EUR 1,058 thousand (EUR 2,540 thousand).   

Earnings per share were EUR 0.10 (EUR 0.23). In addition to a decline in
sales, 
the difference in relation to the comparison period was attributable
to revenues
from individual promotions and significant one-off income from
sales of licensed
products in the corresponding period of 2008.               
                   

January-June                                            
                       
In the January-June period of 2009, the Group's
operating profit declined by    
76.2% to EUR 1,037 thousand (EUR 4,364
thousand). Operating profit as a         
percentage of net sales amounted to
3.2% (11.8%). Marketing expenses for the    
period totalled EUR 1,724
thousand (EUR 1,667 thousand), representing 5.3%      
(4.5%) of net sales.   
                                                        

The Group's
depreciation amounted to EUR 697 thousand (EUR 655 thousand),      

representing 2.2% (1.8%) of net sales. Net financial income totalled EUR 47  
  
thousand (EUR 14 thousand), or 0.2% (0.0%) of net sales.                   
    

Profit for the period after taxes decreased by 75.2% to EUR 802
thousand (EUR   
3,237 thousand), representing 2.5% (8.7%) of net sales.
Earnings per share were 
EUR 0.10 (EUR 0.40).                                 
                          

Earnings for the period were affected by a sharp
decline in sales. In addition, 
the difference in relation to the comparison
period was increased by revenues   
from individual promotions and significant
one-off income from sales of licensed
products in the corresponding period
2008.                                      

INVESTMENTS                     
                                               

The Group's gross
investments amounted to EUR 521 thousand (EUR 368 thousand),  
representing
1.6% (1.0%) of net sales. The majority of investments were made in 
the
refurbishment of shops and renovation of the Herttoniemi property.         


EQUITY RATIO AND FINANCING                                                 
    

The equity ratio of the Group was 77.8% at the end of the period (67.2%
on 30   
June 2008, 78.7% on 31 December 2008). The ratio of interest-bearing
liabilities
minus financial assets to shareholders' equity (gearing) was
-8.1%, while it was
2.6% at the end of the corresponding period in the
previous year (-18.8% on 31  
December 2008).                                 
                               

At the end of the period, the Group's
financial liabilities stood at EUR 0 (EUR 
4,970 thousand). The Group's
financial assets at the end of the period amounted 
to EUR 2,258 thousand (EUR
4,251 thousand).                                     

SHARES AND SHARE PRICE
TREND                                                    

Share capital     
                                                             
At the end of
the period, the company's fully paid-up share capital, as recorded
in the
Trade Register, amounted to EUR 8,040,000, and the number of shares     

totalled 8,040,000.                                                          
  

Shareholdings                                                            
      
According to the book-entry register, Marimekko had 6,729 (5,877)
shareholders  
at the end of the period. 11.8% of the shares were registered
in a nominee's    
name and 18.0% were in foreign ownership. At the end of the
period, the number  
of shares owned either directly or indirectly by members
of the Board of        
Directors and the President of the company was
1,088,399, representing 13.5% of 
the total share capital and of the votes
conferred by the company's shares.     

The largest shareholders according
to the book-entry register on 30 June 2009   

                              
     Number of        Percentage of              
                            
shares and votes    holding and votes              

1.  Muotitila Ltd       
           1,045,200                13.00              
2.  Semerca Investment
Ltd            850,377                10.58              
3.  ODIN Finland    
                 413,253                 5.14              
4.  Varma Mutual
Employment                                                     
    Pension
Insurance Company         385,920                 4.80              
5. 
Ilmarinen Mutual                                                            
 
  Pension Insurance Company         265,419                 3.30             

6.  Veritas Pension Insurance                                                
  
    Company Ltd.                      220,000                 2.74         
    
7.  Nordea Nordenfonden               173,106                 2.15       
      
8.  Evli Select Fund                  150,054                 1.87     
        
9.  Sairanen, Seppo                    71,379                 0.89   
          
10. Nacawi Ab                          60,300                 0.75 
            
11. Foundation for                                               
              
    Economic Education                 50,000                
0.62              
12. Mutual Fund Tapiola Finland        50,000              
  0.62              
13. Scanmagnetics Oy                   40,000            
    0.50              
14. Mutual Fund Nordea Nordic                          
                        
    Small Cap                          38,904        
        0.48              
15. Haapanala, Auvo                    33,000      
          0.41              
Total                               3,846,912    
           47.85              
Nominee-registered                  1,456,800  
             11.84              
Others                              2,736,288
               40.31              
Total                              
8,040,000               100.00              

Flaggings                      
                                                
As a result of a transaction
made on 8 April 2009, Barclays Capital Securities  
Limited's share of
Marimekko Corporation's share capital and voting rights rose 
to 6.09%, or
490,00 shares; and then fell to 0.00%, or 0 shares, as a result of 
a
transaction made on 14 April 2009.                                           


Fautor S.P.R.L.'s share of Marimekko Corporation's share capital and voting
    
rights fell to 0.00%, or 0 shares, as a result of a transaction concluded
on 18 
June 2009. Semerca Investments S.A.'s share of Marimekko Corporation's
share    
capital and voting rights rose to 10.58%, or 850,377 shares, as a
result of a   
transaction concluded on 18 June 2009. According to Marimekko
Corporation's     
knowledge, Semerca Investments S.A. is the parent company
of Fautor S.P.R.L.    

Authorisations                                       
                          
At the end of the review period, the Board of
Directors had no valid            
authorisations to carry out share issues or
issue convertible bonds or bonds    
with warrants, or to acquire or surrender
Marimekko shares.                     

Share trading                        
                                          
During the review period, a total
of 1,185,738 Marimekko shares were traded,    
representing 14.7% of the
shares outstanding. The total value of Marimekko's    
share turnover was EUR
10,730,919. The lowest price of the Marimekko share was  
EUR 7.50, the
highest was EUR 11.44, and the average price was EUR 9.18. At the 
end of the
review period, the final price of the share was EUR 9.60. The       

company's market capitalisation on 30 June 2009 was EUR 77,184,000 (EUR      
  
111,756,000 on 30 June 2008, EUR 67,134,000 on 31 December 2008).          
    

PERSONNEL                                                              
        

During the January-June period of 2009, the number of employees
averaged 410    
(411). At the end of the period, the Group employed 409 (407)
people, of whom 16
(16) worked abroad.                                        
                    

RISK MANAGEMENT AND MAJOR RISKS                        
                        

Marimekko's risk management policy and the major
risks to the company's business
operations have been detailed in the 2008
Annual Report and Financial Statements
as well as in the interim report for
the first quarter of 2009. No changes have 
taken place in these risk factors
during the period under review.               

In the near future, the main
risks for Marimekko's business are associated with 
general economic
development and the consequent increased uncertainty in the    
operating
environment. In order to manage the risks, business activity         

monitoring and especially cost management have been further enhanced.        
  

RESEARCH AND DEVELOPMENT                                                 
      

Marimekko's product planning and development costs arise from the
design of     
collections. Design costs are recorded in expenses.            
                

ENVIRONMENT, HEALTH, AND SAFETY                            
                    

Responsibility for the environment and nature is an
integral aspect of          
Marimekko's business. In environmental matters,
the company's business          
supervision is largely based on legislation
and other regulations. The framework
for Marimekko's social responsibility
reporting is provided by the G3 guidelines
of the Global Reporting Initiative
(GRI). Detailed information on environmental 
issues and their reporting can
be found in the 2008 Annual Report.              

MARIMEKKO-OWNED RETAIL
SHOP AND SUBSIDIARY IN THE UNITED KINGDOM                
                    
                                                           
The Marimekko
store in London was acquired from Skandium Ltd on 1 April 2009.   
The store's
operations are administered by Marimekko UK Ltd, a subsidiary      

established at the end of March 2009.                                        
  

DECISIONS OF THE ANNUAL GENERAL MEETING                                  
      

Marimekko Corporation's Annual General Meeting, held on 8 April 2009,
adopted   
the company's financial statements for 2008 and discharged the
President and    
members of the Board from liability. The Annual General
Meeting approved the    
Board of Directors' proposal for a dividend payment
of EUR 0.55 per share for   
the 2008 financial year, totalling EUR
4,422,000.00. The dividend payout record 
date was 15 April 2009, and the
dividend payout date 22 April 2009.             

The Annual General Meeting
confirmed that the company's Board of Directors shall
have five (5) members.
Ami Hasan, Mika Ihamuotila, Joakim Karske, Pekka Lundmark
and Tarja Pääkkönen
were re-elected to the Board of Directors. The term of      
office for the
Board runs until the end of the next Annual General Meeting. At  
its
organisation meeting held after the Annual General Meeting, the Board of   

Directors elected Pekka Lundmark as Chairman and Mika Ihamuotila as Vice     
  
Chairman of the Board.                                                     
    

The Annual General Meeting re-elected PricewaterhouseCoopers Oy,
Authorised     
Public Accountants, as the company's regular auditor, with Kim
Karhu, Authorised
Public Accountant, as chief auditor. It was decided that the
auditors' fee would
be paid as per invoice.                                   
                     

Amendment of the Articles of Association              
                         
The Annual General Meeting approved the Board of
Directors' proposal to amend   
the Articles 3, 4, 5, 6, 8, 9, 11, 12 and 13
of Marimekko Corporation's Articles
of Association. The amendments have been
detailed in the Notice of the Annual   
General Meeting published on 16 March
2009. The Articles of Association approved
at the Annual General Meeting are
appended to the stock exchange release dated 8
April 2009.                    
                                                

MAJOR EVENTS AFTER THE
CLOSE OF THE REVIEW PERIOD                               

Changes in company
management                                                   
Ms Malin Groop,
Marimekko's Marketing Manager, was appointed as the Group's     
Marketing
Director and member of the Management Group as of 1 August 2009. Ms   
Marja
Korkeela, Head of Group Communications and Investor Relations and member  
of
the Management Group, will leave the company on 31 August 2009. As of 1     

August 2009, the Management Group is composed of Mika Ihamuotila as Chairman,
  
with members Thomas Ekström (finance and administration), Malin Groop      
    
(marketing), Päivi Lonka (international sales), Mervi
Metsänen-Kalliovaara      
(domestic wholesale, business-to-business sales,
and sales development), Niina  
Nenonen (clothing, bags, and accessories),
Piia Rossi (company-owned retail     
shops), and Helinä Uotila (production,
purchases, and interior decoration).     

OUTLOOK FOR THE REMAINDER OF 2009 
                                             

Marimekko Corporation operates
in a field where economic trends affect its      
business activities. The
majority of the Group's net sales come from Finland. In
recent years, however,
exports have increasingly been driving Marimekko's net   
sales growth. A
significant part of the growth has been attributable to the     
acquisition
of new customers and the opening of concept stores. In 2008, the    
Group's
earnings and growth in net sales were largely attributable to          

significant individual promotional deliveries in Finland and one-off income
from
sales of licensed products.                                              
      

In the first half of 2009, Marimekko's net sales decreased and profit
fell      
considerably due to a sharp decline in demand caused by the
economic recession. 
The difficult market situation continues and there are
not yet any signs of     
recovery.  The outlook for the Finnish economy is
particularly bleak. The       
downtrend in trade is expected to continue
during the latter half of the year.  
In uncertain market conditions, it is
extremely difficult to estimate the sales 
trend. According to the company's
current knowledge, deliveries during the      
remainder of the year will
include some one-off items that improve net sales and
earnings. However, the
value of these items will be smaller than in 2008. In the
last quarter of
2009, the decline in sales compared to the previous year is     
expected to
slow down, as sales already fell considerably both in Finland and   
abroad in
the corresponding period of 2008. The full-year estimate for 2009 is 

unchanged: net sales are forecast to decrease by about 10% from the year 2008
  
and operating result is expected to decline distinctly.                    
    

During 2009, the Marimekko Group's earnings trend has declined
considerably due 
to the difficult market conditions. The company has reviewed
its cost structure 
and taken steps to adjust costs to correspond to the
current market conditions. 
The actions aimed at savings in fixed costs will
be continued to ensure the     
company's profitability and steady business
development.                        

Helsinki, 13 August 2009               
                                        

MARIMEKKO CORPORATION              
                                            
Board of Directors               
                                              

Information presented in the
interim report has not been audited.               

APPENDICES              
                                                       
Accounting principles 
                                                         
Consolidated income
statement and comprehensive consolidated income statement   
Consolidated
balance sheet                                                     

Consolidated cash flow statement                                             
  
Consolidated statement of changes in shareholders' equity                  
    
Key indicators                                                           
      
Consolidated net sales by market area and product line                 
        
Segment information                                                  
          
Quarterly trend in net sales and earnings                          
            

Accounting principles                                          
                
This interim report has been prepared in accordance with IAS
34:                
Interim Financial Reporting and applying the same
accounting policy as for the  
2008 financial statements. In addition, on 1
January 2009 the Group adopted the 
following new or amended standards
published by the IASB in 2008:               

IAS 1 standard (amended)      
                                                 
In accordance with the
amended IAS 1 standard, Marimekko Corporation presents   
both the
consolidated and comprehensive consolidated income statements.         

IFRS
8                                                                         

The operational segment reported by the Marimekko Group is the Marimekko     
  
business.                                                                  
    

FORMULAS FOR THE KEY FIGURES                                           
        

Earnings per share (EPS), EUR:                                     
            
(Profit before extraordinary items - taxes (excl. of taxes on
extraordinary     
items)) / Number of shares (average for the financial
period)                   

Equity per share, EUR:                           
                              
Shareholders' equity / Number of shares, 30
June                                

Return on equity (ROE), %:             
                                        
(Profit before extraordinary items -
taxes (excl. of taxes on extraordinary     
items)) X 100 / Shareholders'
equity (average for the financial period)         

Return on investment
(ROI), %:                                                  
(Profit before
extraordinary items + interest and other financial expenses) X   
100 /
(Balance sheet total - non-interest-bearing liabilities (average for the 

financial period))                                                           
  

Equity ratio, %:                                                         
      
Shareholders' equity X 100 / (Balance sheet total - advances received) 
        

Gearing, %:                                                        
            
Interest-bearing net debt X 100 / Shareholders' equity           
              


CONSOLIDATED INCOME STATEMENT                              
                    

(EUR 1,000)             4-6/     4-6/     1-6/     1-6/
     1-12/              
                        2009     2008     2009    
2008       2008              

NET SALES             15,999   18,539   32,262
  37,133     81,107              
Other operating                             
                                   
 income                    8       14     
 31       24        244              
Increase or decrease                    
                                       
 in inventories of                    
                                         
 completed and                      
                                           
 unfinished products     427     
703      233    2,564        185              
Raw materials and              
                                                
 consumables           5,708 
  7,534   12,517   16,751     33,597              
Employee benefit           
                                                    
 expenses             
4,658    4,786    9,193    9,208     18,287              
Depreciation        
    347      326      697      655      1,324              
Other operating   
                                                             
 expenses       
      3,809    4,070    8,616    8,743     18,372              

OPERATING
PROFIT       1,058    2,540    1,037    4,364      9,956             


Financial income          29       48       53      101        205         
    
Financial expenses       -16      -57       -6      -87       -197       
      
                          13       -9       47       14          8     
        

PROFIT BEFORE TAXES    1,071    2,531    1,084    4,378      9,964 
            

Income taxes             282      669      282    1,141     
2,586              

NET INCOME FOR                                          
                       
THE PERIOD               789    1,862      802   
3,237      7,378              

Distribution of                              
                                  
 net income to equity                      
                                    
 holders of                              
                                      
 the parent company      789    1,862  
   802    3,237      7,378              

Basic and diluted                  
                                            
 earnings per share              
                                              
 calculated on the             
                                                
 profit attributable         
                                                  
 to equity holders of      
                                                    
 the parent              
                                                      
 company, EUR          
0.10     0.23     0.10     0.40       0.92              


COMPREHENSIVE
CONSOLIDATED INCOME STATEMENT                                     

(EUR
1,000)                   4-6/    4-6/    1-6/    1-6/   1-12/              
  
                           2009    2008    2009    2008    2008             


Net income for                                                             
    
 the period                    789   1,862     802   3,237   7,378       
      
Other comprehensive income                                             
        
 Change in translation                                               
          
 difference                      1       3       1       3      -5 
            

TOTAL COMPREHENSIVE                                            
                
INCOME FOR THE PERIOD          790   1,865     803   3,240  
7,373              

Distribution of net income                              
                       
 to equity holders of                                 
                         
 the parent company            790   1,865     803  
3,240   7,373              


CONSOLIDATED BALANCE SHEET                    
                                 

(EUR 1,000)                  30.6.2009   
30.6.2008     31.12.2008              

ASSETS                               
                                          

NON-CURRENT ASSETS               
                                              
Tangible assets                
 9,807        9,691          9,948              
Intangible assets            
     423          389            458              
Available-for-sale         
                                                    
 financial assets        
          20           20             20              
                       
        10,250       10,100         10,426              

CURRENT ASSETS     
                                                            
Inventories      
              16,716       20,274         17,286              
Trade and other
receivables      6,397        5,755          6,109              
Current tax
assets                 268          501            268              
Cash and
cash equivalents        2,258        4,251          6,112              
      
                         25,639       30,781         29,775             


ASSETS, TOTAL                   35,889       40,881         40,201         
    

SHAREHOLDERS' EQUITY                                                   
        
AND LIABILITIES                                                      
          

EQUITY ATTRIBUTABLE TO EQUITY                                    
              
HOLDERS OF THE PARENT COMPANY                                  
                
Share capital                    8,040        8,040         
8,040              
Translation differences             -1            6       
     -2              
Retained earnings               19,884       19,363     
   23,504              
Shareholders' equity, total     27,923       27,409   
     31,542              

NON-CURRENT LIABILITIES                           
                             
Deferred tax liabilities          703          
721            705              
Financial liabilities               -        
  185              -              
                                  703      
    906            705              

CURRENT LIABILITIES                    
                                        
Trade and other payables        7,263
        7,781          7,751              
Current tax liabilities            
-             -             18              
Financial liabilities            
  -         4,785            185              
                               
7,263        12,566          7,954              

Liabilities, total         
    7,966        13,472          8,659              

SHAREHOLDERS' EQUITY
AND                                                        
LIABILITIES, TOTAL
            35,889        40,881         40,201              

The Group has
no liabilities resulting from derivative contracts, and there are 
no
outstanding guarantees or any other contingent liabilities which have been  

granted on behalf of the management of the company or its shareholders.      
  


CONSOLIDATED CASH FLOW STATEMENT                                       
        

(EUR 1,000)                              1-6/      1-6/      1-12/ 
            
                                         2009      2008      
2008              

CASH FLOW FROM OPERATING ACTIVITIES                      
                      

Net profit for the period                 802    
3,237      7,378              
Adjustments                                    
                                
 Depreciation according to plan           697
      655      1,324              
 Financial income and expenses           
-47       -14         -8              
 Taxes                                 
  282     1,141      2,586              
Cash flow before change              
                                          
 in working capital                
    1,734     5,019     11,280              

Change in working capital      
          833    -3,219       -629              
 Increase (-) / decrease (+)
in current                                         
 non-interest-bearing
trade receivables   752      -218       -574              
 Increase (-) /
decrease (+) in                                                 
 inventories 
                            570    -1,994        995              
 Increase
(-) / decrease (+) in                                                 

current non-interest-bearing                                                  

 liabilities                             -489    -1,007     -1,050           
  
Cash flow from operating activities                                        
    
 before financial items and taxes       2,567     1,800     10,651       
      

Paid interest and payments on                                        
          
 other financial expenses                  -7       -78       -200 
            
Interest received                          62        96       
201              
Taxes paid                             -1,348    -1,422    
-2,616              

CASH FLOW FROM OPERATING ACTIVITIES     1,274       396
     8,036              

CASH FLOW FROM INVESTING ACTIVITIES                
                            

Investments in tangible                        
                                
 and intangible assets                   -521
     -368     -1,362              

CASH FLOW FROM INVESTING ACTIVITIES     
-521      -368     -1,362              

CASH FLOW FROM FINANCING ACTIVITIES 
                                           

Short-term loans drawn          
           -     4,600      4,600              
Short-term loans repaid       
          -185      -950     -5,550              
Long-term loans repaid      
               -      -470       -655              
Dividends paid            
            -4,422    -5,226     -5,226              

CASH FLOW FROM
FINANCING ACTIVITIES    -4,607    -2,046     -6,831              

Change in
cash and cash equivalents    -3,854    -2,018       -157              

Cash
and cash equivalents                                                       

at the beginning of the period         6,112     6,269      6,269             

Cash and cash equivalents                                                    
  
 at the end of the period               2,258     4,251      6,112         
    


CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY            
          

(EUR 1,000)                                                      
              

       Equity attributable to equity holders of the parent
company              

                                                    
Shareholders'              
                    Share   Translation   Retained
        equity,              
                  capital   differences  
earnings           total              

Shareholders'                        
                                          
 equity                            
                                            
 1 Jan. 2008        8,040        
    3     21,352          29,395              

Comprehensive                
                                                  
 income for the            
                                                    
 period                  
            3      3,237           3,240              

Dividends paid       
                      -5,226          -5,226              

Shareholders'    
                                                              
 equity        
                                                                
 30 June 2008
      8,040             6     19,363          27,409             



Shareholders'                                                            
      
 equity                                                                
        
 1 Jan. 2009        8,040             -2    23,504          31,542   
          

Comprehensive                                                    
              
 income for the                                                
                
 period                                1       802           
 803              

Dividends paid                              -4,422       
  -4,422              

Shareholders'                                        
                          
 equity                                            
                            
 30 June 2009      8,040             -1    
19,884          27,923              


KEY INDICATORS                       
                                          

                               
1-6/      1-6/    Change,    1-12/              
                             
  2009      2008          %     2008              

Earnings per share, EUR  
      0.10      0.40      -75.0     0.92              
Equity per share, EUR  
        3.47      3.40        2.1     3.92              
Share of exports and 
                                                          
 international
operations,                                                      
 % of net
sales                 31.8      31.0                27.0              
Return
on equity (ROE), %        5.4      22.8                24.2             

Return on investment (ROI), %    7.3      28.1                32.3           
  
Equity ratio, %                 77.8      67.2                78.7         
    
Gearing, %                      -8.1       2.6               -18.8       
      
Gross investments, EUR 1,000     521       368               1,362     
        
Gross investments,                                                   
          
 % of net sales                  1.6       1.0                 1.7 
            
Contingent liabilities,                                          
              
 EUR 1,000                     17,444   17,382        0.4  
17,861              
Average personnel                 410      411       -0.2
     411              
Personnel at the end of                                
                        
 the period                       409      407       
0.4      414              
Number of shares at the end                        
                            
 of the period (1,000)          8,040    8,040   
           8,040              
Number of shares outstanding,                  
                                
 average (1,000)                8,040   
8,040               8,040              


NET SALES BY MARKET AREA          
                                             

(EUR 1,000)     4-6/    4-6/
Change,   1-6/    1-6/ Change,  1-12/              
                2009   
2008       %   2009    2008       %   2008              

Finland      
11,116  13,415  -17.1  21,990  25,637  -14.2  59,175              
Other
Nordic                                                                    

countries     1,590   2,594  -38.7   3,288   5,248  -37.3   9,423             

Rest of Europe 1,167     889   31.3   2,469   2,451    0.7   4,700           
  
North America    841     815    3.2   1,563   1,913  -18.3   3,994         
    
Other                                                                    
      
 countries     1,285     826   55.9   2,952   1,884   56.7   3,815     
        
TOTAL         15,999  18,539  -13.7  32,262  37,133  -13.1  81,107   
          

NET SALES BY PRODUCT LINE                                        
              

(EUR 1,000)     4-6/    4-6/ Change,   1-6/    1-6/ Change, 
1-12/              
                2009    2008       %   2009    2008      
%   2008              

Clothing       6,482   7,513  -13.7  13,560  15,351 
-11.7  29,898              
Interior                                          
                             
 decoration    6,753   7,377   -8.5  12,938 
14,965  -13.5  37,747              
Bags           2,764   3,649  -24.3  
5,764   6,817  -15.4  13,462              
TOTAL         15,999  18,539  -13.7
 32,262  37,133  -13.1  81,107              


SEGMENT INFORMATION          
                                                  

(EUR 1,000)            
1-6/2009   1-6/2008  Change, %   1-12/2008              

Marimekko business 
                                                            
 Net sales       
        32,262     37,133      -13.1      81,107              
 Operating
profit          1,037      4,364      -76.2       9,956              
 Assets 
                 35,889     40,881      -12.2      40,201             


QUARTERLY TREND IN NET SALES AND EARNINGS                                  
    

(EUR 1,000)                 4-6/        1-3/      10-12/      7-9/     
        
                            2009        2009        2008      2008   
          

Net sales                 15,999      16,263      22,061   
21,913              
Operating result           1,058         -21       1,845 
   3,747              
Earnings per share, EUR     0.10        0.00       
0.17      0.35              

(EUR 1,000)                 4-6/        1-3/   
  10-12/      7-9/              
                            2008        2008 
      2007      2007              

Net sales                 18,539     
18,594      22,656    20,699              
Operating result           2,540   
   1,824       3,382     3,965              
Earnings per share, EUR     0.23 
      0.17        0.31      0.36
 


marimekko_interim report_q2_2009.pdf