Published: 2010-05-06 08:00:00 CEST
Marimekko Oyj
Interim report (Q1 and Q3)
MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 31 MARCH 2010
Marimekko Corporation        INTERIM REPORT                                    

                             6 May 2010 at 9 a.m.                            
  

MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 31 MARCH 2010        
      

In the January-March period of 2010, the Marimekko Group's net sales
fell       
slightly; operating result improved markedly. Net sales fell by 2%
to EUR 16.0  
million (EUR 16.3 million). Operating result increased to
EUR 1.2 million       
(EUR -0.02 million). Profit after taxes for the period
was EUR 0.9 million      
(EUR 0.01 million) and earnings per share were
EUR 0.12 (EUR 0.00). The         
full-year estimate for 2010 remains
unchanged: the Group's net sales and        
operating profit are expected to
be approximately at the same level as in 2009. 

                            
   1-3/      1-3/    Change,    1-12/              
                          
     2010      2009          %     2009              

Net sales, EUR 1,000  
       16,008    16,263      -1.6    72,473              
Operating result,
EUR 1,000    1,223       -21               6,291              
Profit before
taxes,                                                            
 EUR 1,000 
                   1,233        13               6,354              
Profit
for the period,                                                          
 EUR
1,000                       928        13               4,701             

Earnings per share, EUR         0.12      0.00                0.59           
  
Equity per share, EUR           4.07      3.92                3.96         
    
Cash flow from operating                                                 
      
 activities EUR 1,000         -1,961      -447               9,941     
        
Return on equity (ROE), %       11.5      0.17                14.8   
          
Return on investment (ROI), %   15.1      0.03                20.1 
            
Equity ratio, %                 78.8      80.3               
77.7              

Mika Ihamuotila, President and CEO:                      
                      

”Development in the first quarter was encouraging.
The slight fall in our net   
sales was attributable to an extensive price-led
promotion organised in the     
comparison period in Finland to reduce
inventories. Average sales margin        
improved, and the measures taken in
2009 to enhance operational efficiency      
proved effective. Consequently,
the operating result for the first quarter of   
2010 improved noticeably from
the previous year, albeit this was partly due to  
the fact that marketing
costs for the period were substantially lower than the  
year before.
Wholesale sales in Finland showed a positive trend. Some signs of  
recovery
were also evident abroad; in the market areas referred to as “the other
Nordic
countries” and “the rest of Europe”, sales grew well.                    

We
expect market conditions to remain relatively challenging during the        

remainder of the year. Nevertheless, we will continue our long-term
investment  
in product development and building our international
distribution network. Many
of our new products, such as the glassware launched
in Milan in April, have had 
a warm reception. I am pleased that we have found
a more consistent operating   
model that will underpin the Marimekko brand in
different distribution channels.
We are now ready to take even bolder steps on
the road to international growth.”

2010 calendar                            
                                      
Marimekko Corporation's interim report
for the January-June period of 2010 will 
be published on Thursday 12 August
at 9 am, and the interim report for the      
January-September period on
Thursday 4 November at 9 am.                        

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                                                   
        

Piia Pakarinen                                                     
            
Tel. +358 9 758 7293                                             
              
Fax +358 9 755 3051                                            
                
E-mail: piia.pakarinen@marimekko.fi                          
                  

DISTRIBUTION:                                            
                      
NASDAQ OMX Helsinki Ltd                                
                        
Principal media                                      
                          
Marimekko's web site: 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 about 40 countries. Products with   
Marimekko designs are also
manufactured under licence in various countries. In  
2009, the company's net
sales amounted to EUR 72.5 million, of which            
international sales
accounted for 27.3%. The Group employs about 370 people. The
company's share
is quoted on NASDAQ OMX Helsinki Ltd.                           

MARIMEKKO
CORPORATION'S INTERIM REPORT, 1 JANUARY - 31 MARCH 2010              


MARKET SITUATION                                                           
    

The recovery speed of Europe's economy has been slower than in the
United States
or Japan, not to mention the rest of Asia. The recovery of
Finland's economy has
continued sluggishly, but confidence in the Finnish
economy has not diminished. 
The overall economic outlook is positive compared
to the current poor situation.
(Confederation of Finnish Industries EK:
Economic Review, 12 April 2010). From  
January to March 2010, the value of
retail sales in Finland rose by 2.3%        
(Statistics Finland: Retail trade
quick estimate, March 2010). In the           
January-February period of
2010, retail sales of clothing (excluding sportswear)
grew by 1.2% (Textile
and Fashion Industries TMA). Sales of womenswear fell by  
1.6%, while sales
of menswear rose by 4.4%, and sales of childrenswear by 6.3%. 
Sales of bags
decreased by 7.0%. From January to February 2010, exports of      
clothing
(SITC 84) fell by 15% and imports by 17%; exports of textiles (SITC
65)
declined by 8% and imports by 5% (National Board of Customs, monthly
review,    
February 2010).                                                   
             

NET SALES                                                     
                 

In the January-March period of 2010, the Marimekko Group's
net sales decreased  
by 1.6% to EUR 16,008 thousand (EUR 16,263 thousand).
Net sales in Finland fell 
by 6.3% to EUR 10,185 thousand (EUR 10,874
thousand). The decrease was          
attributable to an extensive price-led
promotion organised in the comparison    
period in Finland to reduce
inventories. International sales rose by 8.1% to    
EUR 5,823 thousand (EUR
5,389 thousand), which represented 36.4% (33.1%) of the 
Group's net sales.   
                                                          

The breakdown of
the Group's net sales by product line was as follows: clothing 
45.1%,
interior decoration 39.3%, and bags 15.6%. Net sales by market area
were:
Finland 63.6%, the other Nordic countries 12.4%, the rest of Europe
9.0%, North 
America 4.6%, and other countries (Japan and other regions
outside Europe and   
North America) 10.4%.                                   
                       

REVIEWS BY BUSINESS UNIT                            
                           

Clothing                                        
                               
In the January-March period of 2010, net sales
of clothing increased by 1.9% to 
EUR 7,216 thousand (EUR 7,078 thousand).
Sales in Finland decreased slightly.   
Sales abroad rose in all markets
except North America. In Japan, clothing sales 
grew vigorously. International
sales accounted for 33.5% of net sales of        
clothing.                   
                                                   

Interior decoration     
                                                       
Net sales of interior
decoration products increased by 1.7% to EUR 6,289        
thousand (EUR 6,185
thousand). Sales grew well in North America and the market  
areas referred to
as “the rest of Europe” and “the other Nordic countries”.     
Sales in
Finland decreased slightly. Sales in Japan also declined somewhat; the 
fall
was largely due to the opening of new concept stores and the deliveries of

their initial inventories in the corresponding period of the previous year.  
  
International sales accounted for 37.8% of net sales of interior decoration
    
products.                                                                
      

Bags                                                                 
          
Net sales of bags fell by 16.6% to EUR 2,503 thousand (EUR 3,000
thousand).     
Sales declined in all market areas. International sales
accounted for 41.3% of  
net sales of bags.                                   
                          

Sales in Finland                                 
                              
In the January-March period of 2010,
Marimekko's retail sales, i.e. sales by    
Marimekko's own retail shops in
Finland, declined by 15.1%. Domestic wholesale  
sales increased by 4.9%. Both
retail and wholesale sales in Finland were        
adversely affected by the
extensive price-led promotion organised in the        
comparison period in
Finland to reduce inventories. Business-to-business sales  
are included in
domestic wholesale sales figures and will no longer be reported 
separately.  
                                                                 


International sales                                                        
    
In the January-March period of 2010, Marimekko's international sales
(previously
“exports and international operations”) showed tentative signs of
recovery.     
Sales increased by 8.1% to EUR 5,823 thousand (EUR 5,389
thousand). In the      
market area referred to as "the other Nordic
countries", net sales were up 17.0%
on the comparison period, totalling EUR
1,986 thousand (EUR 1,698 thousand). The
rise in the value of the Swedish
krona contributed to the increase in net sales.
In the market area referred to
as "the rest of Europe", sales rose to EUR 1,443 
thousand, which was 10.8% up
on the previous year (EUR 1,302 thousand). Net     
sales in North America
increased by 1.4% to EUR 732 thousand (EUR 722 thousand).
In the market area
referred to as "other countries", net sales fell by 0.3% to  
EUR 1,662
thousand (EUR 1,667 thousand).                                       


Licensing                                                                  
    
Royalty earnings from sales of licensed products increased significantly
during 
the period under review. The growth was generated by a one-off
collaboration in 
Japan. Royalty earnings grew somewhat in Finland and fell
slightly in the United
States.                                                
                        

Production                                         
                            
During the January-March period of 2010, the
output of the Herttoniemi textile  
printing factory increased by 19%. The
production volume of the Sulkava factory 
remained at the same level as in the
corresponding period of the previous year. 
The output of the Kitee factory
declined as a result of the changes to the      
production structure and the
personnel reductions implemented in 2009.          

EARNINGS                
                                                       

In the January-March
period of 2010, the Group's operating result increased to  
EUR 1,233 thousand
(EUR -21 thousand). Operating result as a percentage of net  
sales was 7.6%
(-0.1%). Marketing expenses for the period amounted to EUR 666   
thousand
(EUR 1,104 thousand), representing 4.2% (6.8%) of the Group's net      
sales.
                                                                        


Earnings for the period were improved by an increase in average sales
margin as 
well as a reduction in fixed costs, achieved through operational
efficiency     
enhancements. The fact that marketing costs for the period
were approximately   
EUR 400 thousand lower than the year before also
contributed to the increase in 
earnings. Full-year marketing expenses will be
at the same level as in 2009.    

The Group's depreciation amounted to EUR
357 thousand (EUR 350 thousand),       
representing 2.2% (2.2%) of net sales.
Net financial income totalled EUR 10     
thousand (EUR 34 thousand), or 0.1%
(0.2%) of net sales.                        

Profit for the period after
taxes stood at EUR 928 thousand (EUR 13 thousand),  
representing 5.8% (0.1%)
of net sales. Earnings per share were EUR 0.12 (EUR    
0.00).                
                                                         

INVESTMENTS       
                                                             

The Group's
gross investments amounted to EUR 275 thousand (EUR 188 thousand), 

representing 1.7% (1.2%) of net sales. The majority of investments were
directed
at acquisitions and updates of computer software.                    
          

EQUITY RATIO AND FINANCING                                       
              

The Group's equity ratio was 78.8% at the end of the period
(80.3% on 31 March  
2009, 77.7% on 31 December 2009). The ratio of
interest-bearing liabilities     
minus financial assets to shareholders'
equity (gearing) was -24.5%, while it   
was -16.8% at the end of the
corresponding period in the previous year (-32.2%  
on 31 December 2009).     
                                                     

At the end of the
period, the Group's financial liabilities stood at EUR 0 (EUR 
185 thousand).
The Group's financial assets at the end of the period amounted to
EUR 8,009
thousand (EUR 5,478 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
6,778 (6,526) shareholders  
at the end of the period. Of the shares, 13.6%
were registered in a nominee's   
name and 15.9% were in foreign ownership.
The number of shares owned either     
directly or indirectly by members of
the Board of Directors and the President of
the company was 1,086,440,
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 31 March 2010  

       
                                   Number of    Percentage              
     
                                    shares and    of holding              
   
                                           votes     and votes             


1.  Muotitila Ltd                          1,045,200         13.00         
    
2.  Semerca Investment Ltd                   850,377         10.58       
      
3.  ODIN Finland                             403,704          5.02     
        
4.  Varma Mutual Employment                                          
          
    Pension Insurance Company                385,920          4.80 
            
5.  Nordea Nordic Small Cap Fund             288,594         
3.59              
6.  Ilmarinen Mutual Pension                               
                    
    Insurance Company                        265,419     
    3.30              
7.  Veritas Pension Insurance Company        220,000   
      2.74              
8.  Sairanen Seppo                            71,379 
        0.89              
9.  Mutual Fund Tapiola Finland              
58,555          0.73              
10. Foundation for Economic Education      
  50,000          0.62              
11. Scanmagnetics Oy                     
    40,000          0.50              
12. Haapanala Auvo                     
      35,000          0.43              
13. Westerberg Olof                  
        33,600          0.42              
14. Fromond Elsa                   
          32,200          0.40              
15. Karvonen Eero                
            27,900          0.34              
Total                          
           3,807,848         47.36              
Nominee-registered           
             1,090,224         13.56              
Others                     
               3,141,928         39.08              
Total                    
                 8,040,000        100.00              

Flaggings            
                                                          
SEB Asset
Management S.A.'s share of Marimekko Corporation's share capital and  
voting
rights rose to 5.13%, or 412,259 shares, as a result of a transaction   

concluded on 5 February 2010.                                                
  

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 482,796 Marimekko
shares were traded,      
representing 6.0% of the shares outstanding. The
total value of Marimekko's     
share turnover was EUR 5,259,915. The lowest
price of the Marimekko share was   
EUR 10.00, the highest was EUR 11.89, and
the average price was EUR 10.67. At   
the end of the review period, the final
price of the share was EUR 11.89. The   
company's market capitalisation on 31
March 2010 was EUR 95,595,600             
(EUR 65,928,000 on 31 March 2009,
EUR 82,812,000 on 31 December 2009).          

PERSONNEL                    
                                                  

During the January-March
period of 2010, the number of employees averaged 371   
(411). At the end of
the period, the Group employed 370 (407) people, of whom 18
(14) worked
abroad.                                                             

RISK
MANAGEMENT AND MAJOR RISKS                                                


No changes have occurred in the common risk factors since the review
presented  
in the report of the Board of Directors on 2 February 2010. The
particular risks
in the near future are associated with the development of
consumers' purchasing 
behaviour. The management and monitoring of change and
ensuring sufficient core 
expertise are emphasised in risk management.        
                           

RESEARCH AND DEVELOPMENT                        
                               

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

THE 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.           
  
Environmental, health and safety issues are reported in the 2009 Annual
Report. 
The framework for reporting is provided by the G3 guidelines of the
Global      
Reporting Initiative (GRI).                                      
              

MAJOR EVENTS AFTER THE CLOSE OF THE REVIEW PERIOD            
                  

Decisions of the Annual General Meeting                  
                      
Marimekko Corporation's Annual General Meeting, held on
15 April 2010, adopted  
the company's financial statements for 2009 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 0.45 per share for   
the 2009 financial year,
totalling EUR 3,618,000.00. The dividend payout record 
date was 20 April
2010, and the dividend payout date 27 April 2010.             

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
Board is     
chaired by Pekka Lundmark and vice-chaired by Mika Ihamuotila.
The term of      
office for the Board runs until the end of the next Annual
General Meeting.     

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


Amendment of the Articles of Association                                   
    
The Annual General Meeting approved the Board of Directors' proposal for 
      
amendment of Article 9 of the Articles of Association. The amendment
was        
detailed in the Notice of the Annual General Meeting published on
17 March 2010.

Flaggings                                                    
                  
SEB Asset Management S.A.'s share of Marimekko
Corporation's share capital and  
voting rights fell to 0.00%, or 0 shares, as
a result of a share loan           
arrangement on 15 April 2010, and then
reverted to 5.13%, or 412,259 shares, at 
the termination of the share loan on
28 April 2010.                             

The combined share of the
entities managed by Credit Suisse Group AG in         
Marimekko Corporation's
share capital and voting rights rose to 5.60%, or       
450,000 shares, as a
result of a transaction made on 20 April 2010. After the   
transaction,
Credit Suisse Securities (Europe) Ltd held 400,000 Marimekko shares
and Credit
Suisse Securities (USA) LLC 50,000 shares. The combined share of the

above-mentioned entities managed by Credit Suisse Group AG in Marimekko      
  
Corporation's share capital and voting rights fell below 5.00% as a result
of a 
transaction made on 23 April 2010.                                      
       

OUTLOOK FOR THE REMAINDER OF 2010                                   
           

Marimekko Corporation operates in a field where economic trends
affect its      
business activities. Net sales declined slightly in the first
quarter of 2010,  
while earnings improved noticeably. Market conditions are
expected to remain    
relatively challenging in the rest of the year.        
                        

The majority of the Group's net sales are generated
in Finland. In recent years,
however, exports have increasingly been driving
Marimekko's net sales growth.   
During the current year, Marimekko's exports
are estimated to grow slightly. In 
2009, the Group's net sales and earnings
included significant revenues generated
from individual promotions. This year,
similar revenues that increase net sales 
and improve earnings are estimated
to be lower. Furthermore, earnings will be   
burdened by additional
investments that the company has decided to focus on     
developing its
international distribution network.                              

The
full-year estimate for 2010 remains unchanged: the Group's net sales and   

operating profit are expected to be approximately at the same level as in
2009. 

Helsinki, 6 May 2010                                                 
          

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
was prepared in accordance with IAS 34: Interim Financial   
Reporting. The
same accounting principles were applied as in the 2009 financial 
statements. 
                                                                   

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, 31
March                               

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)                       1-3/     1-3/   
Change,   1-12/              
                                  2010     2009 
       %     2009              

NET SALES                       16,008  
16,263      -1.6   72,473              
Other operating income               7
      23     -69.6       41              
Increase or decrease                
                                           
 in inventories of completed      
                                             
 and unfinished products        
1,517      194             -2,135              
Raw materials and consumables 
  7,490    6,809      10.0   26,890              
Employee-benefit expenses   
    4,216    4,535      -7.0   18,202              
Depreciation              
        357      350       2.0    1,394              
Other operating expenses
        4,246    4,807     -11.7   17,602              

OPERATING
PROFIT/LOSS            1,223      -21              6,291             


Financial income                    -2       24    -108.3       86         
    
Financial expenses                  12       10      20.0      -23       
      
                                    10       34     -70.6       63     
        

PROFIT BEFORE TAXES              1,233       13              6,354 
            

Income taxes                       305        -             
1,653              

NET INCOME FOR THE PERIOD          928       13         
    4,701              

Distribution of net income                          
                           
 to equity holders                                
                             
 of the parent company             928       13 
            4,701              

Basic and diluted earnings                  
                                   
 per share calculated on                  
                                     
 the profit attributable to             
                                       
 equity holders of the                
                                         
 parent company, EUR             
0.12     0.00               0.59              


COMPREHENSIVE CONSOLIDATED
INCOME STATEMENT                                     
                        
                                                       
(EUR 1,000)           
           1-3/     1-3/              1-12/              
                    
             2010     2009               2009              

Net income for
the period          928       13              4,701              
Other
comprehensive income                                                      

Change in translation difference    -       -4                  4             


COMPREHENSIVE INCOME                                                       
    
FOR THE PERIOD                     928        9              4,705       
      

Distribution of net income                                           
          
 to equity holders                                                 
            
 of the parent company             928        9             
4,705              


CONSOLIDATED BALANCE SHEET                            
                         

(EUR 1,000)                     31.3.2010  
31.3.2009   31.12.2009              

ASSETS                                 
                                        

NON-CURRENT ASSETS                 
                                            
Tangible assets                  
  9,553       9,811        9,805              
Intangible assets              
      578         434          409              
Available-for-sale financial 
                                                  
 assets                    
           20          20           20              
                         
         10,151      10,265       10,234              

CURRENT ASSETS       
                                                          
Inventories        
               16,162      16,735       15,229              
Trade and other
receivables         7,247       6,618        5,241              
Current tax
assets                     18         268           18              
Cash and
cash equivalents           8,009       5,478       10,245              
      
                            31,436      29,099       30,733             


ASSETS, TOTAL                      41,587      39,364       40,967         
    

SHAREHOLDERS' EQUITY AND                                               
        
LIABILITIES                                                          
          

EQUITY ATTRIBUTABLE TO EQUITY                                    
              
HOLDERS OF THE PARENT COMPANY                                  
                
Share capital                       8,040       8,040       
8,040              
Translation differences                 2          -6     
      2              
Retained earnings                  24,711      23,517   
   23,783              
Shareholders' equity, total        32,753      31,551 
     31,825              

NON-CURRENT LIABILITIES                           
                             
Deferred tax liabilities                    693 
       705          683        

CURRENT LIABILITIES                         
                                   
Trade and other payables            7,557 
     6,905        7,874              
Current tax liabilities              
584          18          585              
Financial liabilities              
    -         185            -              
                                 
  8,141       7,108        8,459              

Liabilities, total           
      8,834       7,813        9,142              

SHAREHOLDERS' EQUITY AND 
                                                      
LIABILITIES,TOTAL      
           41,587      39,364       40,967              

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)                             1-3/      1-3/       1-12/   
          
                                        2010      2009        2009 
            

CASH FLOW FROM OPERATING ACTIVITIES                            
                

Net profit for the period                928        13     
 4,701              
Adjustments                                              
                      
 Depreciation according to plan          357       350 
     1,394              
 Financial income and expenses           -10      
-35         -63              
 Taxes                                   305    
    -       1,653              
Cash flow before change in working            
                                 
 capital                               1,580
      328       7,685              

Change in working capital            
-2,905      -179       2,997              
 Increase (-) / decrease (+)       
                                            
  in current non-interest-bearing
                                              
  trade receivables            
      -1,664       122         834              
 Increase (-) / decrease (+) 
                                                  
  in inventories           
            -933       551       2,055              
 Increase (-) / decrease
(+)                                                    
  in current
non-interest-bearing                                               
 
liabilities                           -308      -852         108             

Cash flow from operating activities                                          
  
 before financial items and taxes     -1,325       149      10,682         
    

Paid interest and payments on other                                    
        
 financial expenses                       12        11         -24   
          
Interest received                         -2        56         120 
            
Taxes paid                              -646      -663       
-837              

CASH FLOW FROM OPERATING ACTIVITIES   -1,961      -447   
   9,941              

CASH FLOW FROM INVESTING ACTIVITIES                  
                          

Investments in tangible                          
                              
 and intangible assets                  -275   
  -188      -1,202              

CASH FLOW FROM INVESTING ACTIVITIES    
-275      -188      -1,202              

CASH FLOW FROM FINANCING ACTIVITIES
                                            

Short-term loans repaid        
           -         -        -185              
Dividends paid               
             -         -      -4,422              

CASH FLOW FROM FINANCING
ACTIVITIES        -         -      -4,607              

Change in cash and
cash equivalents   -2,236      -635       4,133              

Cash and cash
equivalents                                                       
 at the
beginning of the period       10,245     6,112       6,112              
Cash
and cash equivalents                                                       

at the end of the period              8,009     5,478      10,245             



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. 2009        8,040        
   -2     23,504          31,542              

Comprehensive                
                                                  
 income for the            
                                                    
 period                  
           -4         13               9              

Dividends paid       
                           -               -              

Shareholders'    
                                                              
 equity        
                                                                
 31 March
2009      8,040            -6     23,517          31,551             



Shareholders'                                                            
      
 equity                                                                
        
 1 Jan. 2010        8,040              2    23,783          31,825   
          

Comprehensive                                                    
              
 income for the                                                
                
 period                                -       928           
 928              

Dividends paid                                   -       
       -              

Shareholders'                                        
                          
 equity                                            
                            
 31 March 2010      8,040              2   
24,711          32,753              


KEY INDICATORS                       
                                          

                                
1-3/     1-3/    Change,    1-12/              
                              
  2010     2009          %     2009              

Earnings per share, EUR   
      0.12     0.00                0.59              
Equity per share, EUR   
        4.07     3.92        3.8     3.96              
Return on equity
(ROE), %        11.5     0.17                14.8              
Return on
investment (ROI), %    15.1     0.03                20.1              
Equity
ratio, %                  78.8     80.3                77.7             

Gearing, %                      -24.5    -16.8               -32.2           
  
Gross investments, EUR 1,000      275      188               1,202         
    
Gross investments,                                                       
      
 % of net sales                   1.7      1.2                 1.7     
        
Contingent liabilities                                               
          
 EUR 1,000                     10,645   18,056      -41.0   11,306 
            
Average personnel                 371      411       -9.7     
400              
Personnel at the end of                                     
                   
 the period                       370      407       -9.2 
    370              
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)            1-3/2010  
1-3/2009   Change, %   1-12/2009              

Finland                 
10,185     10,874        -6.3      52,711              
Other Nordic countries
   1,986      1,698        17.0       7,042              
Rest of Europe      
     1,443      1,302        10.8       4,821              
North America     
         732        722         1.4       3,003              
Other countries 
         1,662      1,667        -0.3       4,896              
TOTAL         
          16,008     16,263        -1.6      72,473              

NET SALES
BY PRODUCT LINE                                                       

(EUR
1,000)            1-3/2010   1-3/2009   Change, %   1-12/2009             


Clothing                  7,216      7,078         1.9      27,466         
    
Interior decoration       6,289      6,185         1.7      32,687       
      
Bags                      2,503      3,000       -16.6      12,320     
        
TOTAL                    16,008     16,263        -1.6      72,473   
          


SEGMENT INFORMATION                                            
                

(EUR 1,000)             1-3/2010   1-3/2009   Change, % 
1-12/2009              

Marimekko business                                  
                           
 Net sales               16,008      16,263      
-1.6      72,473              
 Operating result         1,223         -21    
             6,291              
 Assets                  41,587      39,364  
     5.6      40,967              


QUARTERLY TREND IN NET SALES AND
EARNINGS                                       

(EUR 1,000)                 
 1-3/     10-12/      7-9/       4-6/              
                          
   2010       2009      2009       2009              

Net sales             
     16,008     20,719    19,492     15,999              
Operating result    
        1,223      2,353     2,901      1,058              
Earnings per
share, EUR       0.12       0.22      0.27       0.10              

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


Net sales                    16,263    22,061    21,913     18,539         
    
Operating result                -21     1,845     3,747      2,540       
      
Earnings per share, EUR        0.00      0.17      0.35       0.23
 


marimekko_interim report_q1_2010.pdf