Published: 2009-05-13 08:00:00 CEST
Marimekko Oyj
Interim report (Q1 and Q3)
MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 31 MARCH 2009
Marimekko Corporation        INTERIM REPORT                                    

                             13 May 2009 at 9 a.m.                           
  

MARIMEKKO CORPORATION'S INTERIM REPORT, 1 JANUARY - 31 MARCH 2009        
      

In the January-March period of 2009, the Marimekko Group's net sales
fell by 13%
to EUR 16.3 million (EUR 18.6 million). Operating result decreased
to EUR -0.02 
million (EUR 1.8 million). Profit after taxes for the financial
period was EUR  
0.01 million (EUR 1.4 million) and earnings per share were
EUR 0.00 (EUR 0.17). 
The earlier estimate for the financial year 2009 has
been reduced. According to 
the current estimate, the Marimekko Group's net
sales are forecast to decrease  
in 2009 by about 10% from the year 2008 and
operating result is expected to     
decline distinctly.                      
                                      

                                 1-3/
    1-3/    Change,    1-12/              
                                
2009     2008         %      2008              

Net sales, EUR 1,000        
  16,263   18,594     -12.5    81,107              
Exports and income from   
                                                     
 international
operations,                                                      
 % of net
sales                  33.1     34.3                27.0             

Operating result, EUR 1,000       -21    1,824    -101.2     9,956           
  
Profit before taxes,                                                       
    
 EUR 1,000                         13    1,847     -99.3     9,964       
      
Profit for the period, EUR 1,000   13    1,375     -99.1     7,378     
        
Earnings per share, EUR          0.00     0.17     -99.1      0.92   
          
Equity per share, EUR            3.92     3.83       2.5      3.92 
            
Return on equity (ROE), %        0.17     18.3               
24.2              
Return on investment (ROI), %    0.03     24.3             
  32.3              
Equity ratio, %                  80.3     77.7           
    78.7              

Mika Ihamuotila, President and CEO:                  
                          

“The first quarter of the year 2009 was extremely
challenging for Marimekko due 
to the difficult market situation. The Group's
net sales declined and profit    
fell significantly. The sharp decline in
consumer demand was reflected in sales 
both in Finland and abroad. The fall
was particularly strong in sales to        
domestic and foreign retailers.
Also, there were no one-off items similar to    
those recognised during the
corresponding period of the previous year. In       
Marimekko-owned retail
shops, we managed to increase our sales even more than   
expected due to
various marketing actions. Strong growth also continued in our  
important
export area, Japan, where sales were boosted by the opening of new    
concept
stores.                                                                 

In
addition to a considerable decline in sales, increased personnel expenses
and
other operating expenses, most of which were higher-than-usual marketing
costs  
for new collections, had a negative impact on earnings for the period.
         

The outlook continues to be extremely uncertain since there are no
clear signs  
of improvement in market conditions on the horizon. During this
year, we will   
review the company's cost structure and improve the
efficiency of our           
operations. Despite the difficult market
situation, Marimekko will continue     
investing in product development and
internationalisation.”                     

2009 calendar                   
                                               
Marimekko Corporation's
interim report for the January-June period of 2009 will 
be published on
Thursday 13 August at 9 am, and the interim report for the     

January-September period on Thursday 5 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                                           
                

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 - 31 MARCH
2009               

NET SALES                                               
                       

In the January-March period of 2009, the Marimekko
Group's net sales decreased  
by 12.5% to EUR 16,263 thousand (EUR 18,594
thousand). Net sales in Finland fell
by 11.0% to EUR 10,874 thousand (EUR
12,222 thousand). Exports and income from  
international operations decreased
by 15.4% and totalled EUR 5,389 thousand (EUR
6,372 thousand). Exports and
income from international operations accounted for 
33.1% (34.3%) 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     
compared
to the previous year was also increased by one-off orders for         

promotions during the corresponding period of 2008.                          
  

The breakdown of the Group's net sales by product line was as follows:
clothing 
43.5%; interior decoration 38.1%; and bags 18.4%. Net sales by
market area were:
Finland, 66.9%; the other Nordic countries, 10.4%; the rest
of Europe, 8.0%;    
North America, 4.4%; and other countries (Japan and other
regions outside Europe
and North America), 10.3%.                             
                        

In the January-March period of 2009, the sales from
Marimekko's own retail shops
increased by 8.9% (-3.8%). Sales to retailers in
Finland decreased by 24.9%     
(+5.5%). The strong decline in sales from the
comparison period was partly due  
to significant one-off orders for
promotions recognised in the first quarter of 
2008.                          
                                                

MARKET SITUATION           
                                                    

In the first quarter of
2009, the economic recession deepened and market demand 
fell considerably.
The value of retail sales in Finland decreased by 3.6% from  
the
corresponding period in 2008 (Statistics Finland: Retail trade quick       

estimate, March 2009). Retail sales of clothing (excluding sportswear)
declined 
by 0.9% (Textile and Fashion Industries TMA). Sales of womenswear
were at the   
level of the comparison period, sales of menswear decreased by
4.1%, and sales  
of childrenswear increased by 0.1%. Sales of bags declined
by 0.4%. In the      
January-February period of 2009, exports of clothing
(SITC 84) decreased by 16%,
while imports remained at the previous year's
level. Exports of textiles (SITC  
65) fell by 32%; imports increased by 1%.
(National Board of Customs, monthly   
review, February 2009).                
                                        

According to Statistics Finland,
consumer confidence in the economy has         
recovered somewhat.
Expectations regarding the Finnish economy and employment in
particular remain
weak but confidence in personal finances and saving           
opportunities
has improved slightly (Statistics Finland: Consumer Barometer,    
April
2009).                                                                   


REVIEWS BY BUSINESS UNIT                                                   
    

Clothing                                                               
        
In the January-March period of 2009, net sales of clothing decreased
by 9.7% to 
EUR 7,078 thousand (EUR 7,838 thousand). Sales in Finland declined
somewhat.    
Sales abroad fell significantly in all areas except Japan, where
strong growth  
continued. The positive trend in Japanese sales was boosted by
new concept      
stores. Exports and income from international operations
accounted for 29.4% of 
net sales of clothing.                                
                         

Interior decoration                               
                             
Net sales of interior decoration products
decreased by 18.5% to EUR 6,185       
thousand (EUR 7,588 thousand). In
Japan, strong growth continued. Sales in other
export countries and Finland
fell considerably. Exports and income from         
international operations
accounted for 35.2% of net sales of interior decoration
products.             
                                                         

Bags              
                                                             
Net sales of
bags decreased by 5.3% to EUR 3,000 thousand (EUR 3,168 thousand). 
Sales in
Japan 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 declined substantially. Exports and income from international      

operations accounted for 37.6% of the net sales of bags.                     
  

Business-to-business sales                                               
      
Business-to-business sales fell by 40.3%. The decrease was partly due
to        
significant one-off orders for promotions recognised in the first
quarter of    
2008.                                                          
                

Exports and international operations                       
                    
In the January-March period of 2009, Marimekko's exports
and income from        
international operations decreased by 15.4% and
totalled EUR 5,389 thousand (EUR
6,372 thousand). In Japan, strong growth
continued, while in other countries    
where consumer demand declined
sharply, sales fell significantly.               

In the market area
referred to as “the other Nordic countries”, sales in all    
product lines
decreased. Net sales declined to EUR 1,698 thousand, which was    
36.0% less
than the previous year (EUR 2,654 thousand). In addition to a        
decrease
in sales volumes, the weakening in the value of the Swedish krona     

contributed to the fall in net sales (approx. 20%).                          
  

In the market area referred to as “the rest of Europe”, net sales
decreased by  
16.6% to EUR 1,302 thousand (EUR 1,562 thousand). Sales of bags
continued to    
grow well, while sales of interior decoration products and
clothing declined    
considerably.                                           
                       

In North America, sales in all product lines
decreased sharply. Net sales       
declined by 34.2% to EUR 722 thousand (EUR
1,098 thousand).                     

In the market area referred to as
"other countries", net sales rose by 57.6%    
from the comparison period and
totalled EUR 1,667 thousand (EUR 1,058 thousand).
The growth was entirely
generated in Japan, where sales of all product lines    
increased vigorously.
The opening of three new concept stores - one each in     
Niigata, Matsuyama
and Kokura - accelerated growth. At the end of the review    
period, there
were a total of eighteen Marimekko concept stores and            

shop-in-shops in Japan.                                                      
  

Licensing                                                                
      
Royalty earnings from sales of licensed products grew substantially
during the  
period. The increase was strongest in the United States. New
licensing contracts
partly contributed to the growth in royalty earnings.     
                     

Production and sourcing                               
                         
In the January-March period of 2009, the production
volume of the Herttoniemi   
textile printing factory decreased by 42%. This
was mostly due to reduction of  
inventories and collections. At the Kitee and
Sulkava factories, the company    
managed to maintain production 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
Kitee and Sulkava factories.              

EARNINGS                         
                                              

In the January-March period
of 2009, the Group's operating result decreased by  
101.2% to EUR -21
thousand (EUR 1,824 thousand). Operating result as a          
percentage of
net sales was -0.1% (9.8%). Marketing expenses for the period grew
by 45.5%
and totalled EUR 1,104 thousand (EUR 759 thousand), representing 6.8%  
(4.1%)
of the Group's net sales.                                               


The Group's depreciation amounted to EUR 350 thousand (EUR 392 thousand),  
    
representing 2.2% (1.8%) of net sales. Net financial income totalled EUR
34     
thousand (EUR 23 thousand), or 0.2% (0.1%) of net sales.              
         

Profit for the period after taxes decreased by 99.1% to EUR 13
thousand (EUR    
1,375 thousand), representing 0.1% (7.4%) of net sales.
Earnings per share were 
EUR 0.00 (EUR 0.17).                                 
                          

Earnings for the period were weakened by a
considerable decline in sales,       
increased personnel expenses and other
operating expenses, a significant part of
which were higher-than-usual
marketing costs for new collections launched during
the period. Full-year
marketing expenses will remain at the 2008 level.         

INVESTMENTS      
                                                              

The Group's
gross investments amounted to EUR 188 thousand (EUR 137 thousand), 

representing 1.2% (0.7%) of net sales. The majority of investments were made
in 
the refurbishment of shops, as well as in furniture purchases and
renovation of 
the Herttoniemi property.                                      
                

EQUITY RATIO AND FINANCING                                 
                    

The equity ratio of the Group was 80.3% at the end of
the period (77.7% on 31   
March 2008, 78.7% on 31 December 2008). The ratio
of interest-bearing           
liabilities minus financial assets to
shareholders' equity (gearing) was -16.8%,
while it was -7.5% 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 amounted to EUR 185 
thousand (EUR 841
thousand). The Group's financial assets at the end of the     
period were EUR
5,478 thousand (EUR 3,163 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 6,526
(5,680) shareholders  
at the end of the period. A total of 14.8% of the
shares were registered in a   
nominee's name and 15.8% 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 31 March 2009  

       
                            Number of        Percentage of              
     
                       shares and votes    holding and votes             


1.  Muotitila Ltd                   1,045,200                13.00         
    
2.  Fautor S.P.R.L.                   850,377                10.58       
      
3.  ODIN Forvaltning AS               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.  Evli Select Fund                  130,054          
      1.62              
8.  Sairanen, Seppo                    71,379        
        0.89              
9.  Nacawi Ab                          60,300      
          0.75              
10. Foundation for                               
                              
    Economic Education                 50,000  
              0.62              
11. Scanmagnetics Oy                   40,000
                0.50              
12. Mutual Fund Nordea Nordic              
                                    
    Small Cap                         
39,275                 0.49              
13. Mutual Fund Tapiola Finland     
  35,000                 0.44              
14. Fromond, Elsa                 
    32,200                 0.40              
15. Westerberg, Olof            
      30,000                 0.37              
Total                         
     3,668,377                45.64              
Nominee-registered          
       1,188,506                14.78              
Others                    
         3,183,117                39.58              
Total                   
           8,040,000               100.00              

Flaggings           
                                                           
The share of
Workidea Oy, a company controlled by Kirsti Paakkanen, of
Marimekko
Corporation's share capital and voting rights decreased to 0.00%, or
0 shares,  
as a result of a transaction concluded on 8 January 2009.         
             

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 956,171 Marimekko shares were traded,      
representing 11.9% of the
shares outstanding. The total value of Marimekko's    
share turnover was EUR
8,556,206. The lowest price of the Marimekko share was   
EUR 7.50, the
highest was EUR 10.00, and the average price was EUR 8.50. At the 
end of the
review period, the final price of the share was EUR 8.20. The       

company's market capitalisation on 31 March 2009 was EUR 65,928,000 (EUR     
  
121,806,000 on 31 March 2008, EUR 67,134,000 on 31 December 2008).         
    

PERSONNEL                                                              
        

During the January-March period of 2009, the number of employees
averaged 411   
(413). At the end of the period, the Group employed 407 (412)
people, of whom 14
(17) worked abroad.                                        
                    

CHANGES IN THE COMPANY'S MANAGEMENT                    
                        

Kirsi Räikkönen, the Group's Marketing Director and
member of the Management    
Group, resigned from the company on 28 February
2009. As of 1 March 2009, the   
composition of the company's Management Group
is as follows: Mika Ihamuotila as 
Chairman with members Thomas Ekström
(finance and administration), Marja        
Korkeela (Group communications and
investor relations), Päivi Lonka (exports and
licensing sales), Mervi
Metsänen-Kalliovaara (domestic wholesale,               
business-to-business
sales, sales development), Niina Nenonen (clothing and     
accessories), Piia
Rossi (company-owned retail stores) and Helinä Uotila        
(production,
purchases, and interior decoration).                               

RISK
MANAGEMENT AND MAJOR RISKS                                                


The Marimekko Group's risk management is based on the risk management
policy    
confirmed by the company's Board of Directors. The policy defines
the           
principles, objectives and responsibilities of risk management,
as well as the  
organisation and supervision of the risk management process.
The Board of       
Directors also monitors the implementation of the Group's
risk management. Risk 
reporting is part of the company's regular, continuous
business reporting.      
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.                            
                                        

The main risks for Marimekko's
business are associated with general economic    
development and the
consequent increased uncertainty of the operating           
environment. The
decline in consumption demand has negatively affected the      
development of
sales on all markets and increased uncertainty in the company's  
growth and
profit development. In addition, possible economic difficulties     

experienced by customers and cooperation partners may increase the Group's   
  
economic risks, which are related to customers' liquidity and availability
of   
products. During the review period, no significant changes have occurred
in     
credit losses or customers' paying behaviour.                         
         

Operational risk management emphasises ensuring core competence
related to      
business development and product design as well as management
of processes      
pertaining to key activities.                              
                    

In order to manage the risks, the monitoring of
business activities and costs   
has been made more effective.                
                                  

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. 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                
                                               
                                
At the end of March 2009, Marimekko
established a subsidiary in the UK,         
Marimekko UK Ltd, to administer
the operations of the Marimekko store in London.
The store was acquired from
Skandium Ltd on 1 April 2009.                       

MAJOR EVENTS AFTER THE
CLOSE OF THE REVIEW PERIOD                               

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.                                          
                          

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.                                            

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 quarter of 2009, Marimekko's net sales decreased
and profit fell   
considerably due to a sharp decline in demand caused by the
economic recession. 
The weak market situation continues and there are not yet
any signs of a quick  
recovery. According to the company's current knowledge,
there will neither be   
similar significant one-off items to improve net
sales and profit in the        
financial year as there were in 2008. For the
above reasons, the company's      
previous estimate, according to which the
Group's net sales for the 2009        
financial year were expected to
decrease by 5-10% and operating profit to       
decline considerably, has
been reduced. The company's current estimate, based on
the market outlook,
business development in the early part of the year and the  
expense structure
of the company, is that the Group's net sales in the financial
year 2009 will
decrease by about 10% and the operating result will decline      
distinctly
compared with 2008.                                                 


Helsinki, 13 May 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, 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/              
             
                 2009       2008         %      2008              

NET SALES
                   16,263     18,594     -12.5    81,107              
Other
operating income           23         10     130.0       244             

Increase or decrease                                                         
  
 in inventories of                                                         
    
 completed and                                                           
      
 unfinished products            194      1,861     -89.6       185     
        
Raw materials and                                                    
          
 consumables                  6,809      9,217     -26.1    33,597 
            
Employee benefit expenses     4,535      4,422       2.6   
18,287              
Depreciation                    350        329       6.4 
   1,324              
Other operating expenses      4,807      4,673      
2.9    18,372              

OPERATING LOSS/PROFIT           -21      1,824  
 -101.1     9,956              

Financial income                 24        
53     -54.7       205              
Financial expenses               10      
 -30    -133.3      -197              
                                 34    
    23      47.8         8              

PROFIT BEFORE TAXES              13
     1,847     -99.3     9,964              

Income taxes                   
  -        472    -100.0     2,586              

NET INCOME FOR THE PERIOD  
     13      1,375     -99.1     7,378              

Distribution of net
income                                                      
 to equity
holders of                                                           
 the
parent company              13      1,375               7,378             


Basic and diluted                                                          
    
 earnings per share                                                      
      
 calculated on the                                                     
        
 profit attributable                                                 
          
 to equity holders of                                              
            
 the parent company, EUR       0.00       0.17               
0.92              


COMPREHENSIVE CONSOLIDATED INCOME STATEMENT            
                        

(EUR 1,000)                         1-3/       
1-3/         1-12/              
                                    2009     
  2008          2008              

Net income for the period             13 
     1,375         7,378              
Other comprehensive income             
                                        
 Change in translation               
                                          
 difference                        
  -4           -            -5              

TOTAL COMPREHENSIVE INCOME     
                                                
FOR THE PERIOD               
         9       1,375         7,373              

Distribution of net
income                                                      
 to equity
holders of                                                           
 the
parent company                    9       1,375         7,373             



CONSOLIDATED BALANCE SHEET                                               
      

(EUR 1,000)                     31.3.2009   31.3.2008   31.12.2008   
          

ASSETS                                                           
              

NON-CURRENT ASSETS                                           
                  
Tangible assets                     9,811       9,761      
 9,948              
Intangible assets                     434         415    
     458              
Available-for-sale                                     
                        
financial assets                       20          20
          20              
                                   10,265     
10,196       10,426              

CURRENT ASSETS                            
                                     
Inventories                       
16,735      19,076       17,286              
Trade and other receivables     
   6,618       7,162        6,109              
Current tax assets            
       268         220          268              
Cash and cash equivalents   
       5,478       3,163        6,112              
                          
        29,099      29,621       29,775              

ASSETS, TOTAL         
            39,364      39,817       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                -6           3           -2   
          
Retained earnings                  23,517      22,727       23,504 
            
Shareholders' equity, total        31,551      30,770      
31,542              

NON-CURRENT LIABILITIES                                
                        
Deferred tax liabilities              705         705
         705              
Financial liabilities                   -        
185            -              
                                      705      
  890          705              
CURRENT LIABILITIES                          
                                  
Trade and other payables            6,905  
    7,483        7,751              
Current tax liabilities                18
         18           18              
Financial liabilities                
185         656          185              
                                   
7,108       8,157        7,954              

Liabilities, total             
    7,813       9,047        8,659              

SHAREHOLDERS' EQUITY AND   
                                                    
LIABILITIES, TOTAL       
         39,364      39,817       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)                              1-3/      1-3/      1-12/   
          
                                         2009      2008       2008 
            

CASH FLOW FROM OPERATING ACTIVITIES                            
                

Net profit for the period                  13     1,376    
 7,378              
Adjustments                                              
                      
 Depreciation according to plan           350       329
     1,324              
 Financial income and expenses            -35      
-23         -8              
 Taxes                                      -    
  472      2,586              
Cash flow before change                        
                                
 in working capital                       328
    2,154     11,280              

Change in working capital               
-179    -3,764       -629              
 Increase (-) / decrease (+) in
current                                         
 non-interest-bearing trade
receivables   122    -1,660       -574              
 Increase (-) / decrease
(+) in                                                 
 inventories          
                   551      -797        995              
 Increase (-) /
decrease (+) in                                                 
 current
non-interest-bearing                                                   

liabilities                             -852    -1,307     -1,050             

Cash flow from operating activities                                          
  
 before financial items and taxes         149    -1,610     10,651         
    

Paid interest and payments on                                          
        
 other financial expenses                  11       -20       -200   
          
Interest received                          56        83        201 
            
Taxes paid                               -663      -472    
-2,616              

CASH FLOW FROM OPERATING ACTIVITIES      -447    -2,019
     8,036              

CASH FLOW FROM INVESTING ACTIVITIES                
                            

Investments in tangible                        
                                
 and intangible assets                   -188
     -137     -1,362              

CASH FLOW FROM INVESTING ACTIVITIES     
-188      -137     -1,362              

CASH FLOW FROM FINANCING ACTIVITIES 
                                           

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

CASH FLOW FROM
FINANCING ACTIVITIES         -      -950     -6,831              

Change in
cash and cash equivalents      -635    -3,106       -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               5,478     3,163      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                  
                   1,375           1,375              

Dividends paid       
                           -               -              

Shareholders'    
                                                              
 equity        
                                                                
 31 March
2008      8,040             3     22,727          30,770             



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              


KEY INDICATORS                       
                                          

                               
1-3/      1-3/    Change,    1-12/              
                             
  2009      2008          %     2008              

Earnings per share, EUR  
      0.00      0.17      -99.1     0.92              
Equity per share, EUR  
        3.92      3.83        2.5     3.92              
Share of exports and 
                                                          
 international
operations,                                                      
 % of net
sales                 33.1      34.3                27.0              
Return
on equity (ROE), %       0.17      18.3                24.2             

Return on investment (ROI), %   0.03      24.3                32.3           
  
Equity ratio, %                 80.3      77.7                78.7         
    
Gearing, %                     -16.8      -7.5               -18.8       
      
Gross investments, EUR 1,000     188       137               1,362     
        
Gross investments,                                                   
          
 % of net sales                  1.2       0.7                 1.7 
            
Contingent liabilities,                                          
              
 EUR 1,000                     18,056   17,388             
17,861              
Average personnel                 411      413       -0.5
     411              
Personnel at the end of                                
                        
 the period                       407      412      
-1.2      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)                   
  1-3/     1-3/    Change,    1-12/              
                            
    2009     2008          %     2008              

Finland                 
      10,874   12,222      -11.0   59,175              
Other Nordic countries
         1,698    2,654      -36.0    9,423              
Rest of Europe      
           1,302    1,562      -16.6    4,700              
North America     
               722    1,098      -34.2    3,994              
Other countries 
               1,667    1,058       57.6    3,815              
TOTAL         
                16,263   18,594      -12.5   81,107              

NET SALES
BY PRODUCT LINE                                                       

(EUR
1,000)                      1-3/      1-3/   Change,    1-12/              
  
                              2009      2008         %     2008             


Clothing                        7,078     7,838      -9.7   29,898         
    
Interior decoration             6,185     7,588     -18.5   37,747       
      
Bags                            3,000     3,168      -5.3   13,462     
        
TOTAL                          16,263    18,594     -12.5   81,107   
          


SEGMENT INFORMATION                                            
                

(EUR 1,000)             1-3/2009   1-3/2008   Change, % 
1-12/2008              

Marimekko business                                  
                           
 Net sales                16,263     18,594      
-12.5     81,107              
 Assets                   39,364     39,817    
   -1.1      0,201              
 Investments                 188        137  
     37.2      1,362              

QUARTERLY TREND IN NET SALES AND EARNINGS
                                      

(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              

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

Net sales
                18,594     22,656       20,699    16,997             

Operating result           1,824      3,382        3,965     1,643           
  
Earnings per share, EUR     0.17       0.31         0.36      0.15
 


marimekko_interim report_q1_2009.pdf