Martela Corporation’s Interim Report 1 January – 30 September
The January–September 2022 revenue increased and operating result improved compared to previous year.
July–September 2022
- Revenue was EUR 25.3 million (23.8), representing a change of 5.9%
- Comparable operating result was EUR 0.6 million (1.2)
- Operating result was EUR 2.1 million (1.2)
- Operating profit per revenue was 8.5% (5.2%)
- The result for the period was EUR 2.2 million (0.9)
- Earnings per share amounted to EUR 0.48 (0.19)
January–September 2022
- Revenue was EUR 79.6 million (62.3), representing a change of 27.6%
- Comparable operating result was EUR 0.8 million (-2.3)
- Operating result was EUR 2.3 million (-2.7)
- Operating profit per revenue was 2.9% (-4.4%)
- The result for the period was EUR 1.9 million (-3.5)
- Earnings per share amounted to EUR 0.42 (-0.79)
Outlook
Outlook for 2022
Martela anticipates its Revenue to grow over 10 % compared to previous year and operating result to be positive.
Key figures, EUR million
| 2022 | 2021 | Change | 2022 | 2021 | Change | 2021 | |
| 7-9 | 7-9 | % | 1-9 | 1-9 | % | 1-12 | |
| Revenue | 25.3 | 23.8 | 5.9 % | 79.6 | 62.3 | 27.6 % | 91.9 |
| Operating result | 2.1 | 1.2 | 73.9 % | 2.3 | -2.7 | -1.3 | |
| Operating result % | 8.5 % | 5.2 % | 2.9 % | -4.4 % | -1.4 % | ||
| Result Before taxes | 1.8 | 0.9 | 91.1 % | 1.5 | -3.5 | -2.3 | |
| Result for the period | 2.2 | 0.9 | 148.4 % | 1.9 | -3.5 | -2.4 | |
| Earnings/share, EUR | 0.48 | 0.19 | 147.1 % | 0.42 | -0.79 | -0.53 | |
| Return on investment % | 31.1 | 19.7 | 11.6 | -14.0 | -4.7 | ||
| Return on equity % | 73.3 | 33.3 | 21.1 | -44.8 | -21.3 | ||
| Equity ratio % | 24.7 | 21.1 | 17.0 % | 22.2 | |||
| Gearing % | 83.3 | 87.9 | -5.2 % | 74.8 |
Ville Taipale, CEO:
“Uncertainity in the market continued also in the third quarter this year and we saw significant increase in inflation and interest rates. Impact from these was also affecting Martela’s business envronment. Despite of these factors we were able to increase our revenue by 5.9 % in the third quarter compared to same period last year. Revenue for the second quarter was EUR 25,3 million and for the period January – September EUR 79.6 million.
New orders in the third quarter increased in Sweden and Norway and decreased in Finland and Other countries compared to same period last year.
Our operating result improved significantly in the third quarter compared to the same period last year and was EUR 2.1 million. Operating result was positively impacted by sale and leaseback of Nummela production and logistic center. Our comparable operating result was EUR 0.6 (1.2) million. Operating result was negatively impacted by increased material and employee costs as well as investments for future growth. Operating profit for the period January – September was EUR 2.3 (-2.7) million.
Sale and leaseback of Nummela production and logisitc center impacted positively in to our cash position and gives us freedom to adjust our working capital to meet the cuurent market conditions. However our comparable operating result in the third quarter decreased siginificantly compared to same period last year. Given the the current market conditions I however take this as a reasonable end result. Uncertainty and high cost level is expected to continue also in the near future.
War in Ukraine and uncertainty caused by it has negatively impacted the overall market situation as well as raw material prices and supply. Increases in inflation and interests rates will also have impact to the market situation. It is difficult at this point to evaluate what impacts these will have in the mid-term to development of our revenue and result performance.
We believe that working environments will permanently change in the future. The coronavirus pandemic has accelerated the process of changing the way we work. The office is just one of the many places where we work from, and for some of us the amount of remote work will increase for good. This will increase the demand for multipurpose working spaces and the need to invest in remote working conditions. We will continue, together with our customers, to be a forerunner in creating user centric working environments, which will improve user experience, efficiency and innovation capabilities, as well as lower the overall costs. We will meet our customers needs for increased flexibility in workplace with our WaaS concept, which we have piloted and actively developed further during the last winter. Interest towards our concept has been encouraging and we expect it to have a positive impact on our business.”
Market situation
Gradual removal of restrictions caused by corona pandemic has impacted positively to Martela’s market environment. Simultaneously war in Ukraine has brought uncertainty to the market and caused radical price increases in the raw materials as well as restricted the supply of materials. In addition rapid increase in inflation and interest rates will also have impact to the market situation. It is too early to say what impacts these will have in the mid-term to overall market situation.
BRIEFING
A briefing will not be held, but additional information can be asked by telephone from CEO Ville Taipale and CFO Kalle Lehtonen on Friday 4th November, 2022 from 12 a.m. to 2 p.m. EET.
Martela Corporation
Board of Directors
Ville Taipale
CEO
Further information
Ville Taipale, CEO, +358 50 557 2611
Kalle Lehtonen, CFO, tel. +358 400 539 968
Distribution
Nasdaq OMX Helsinki
Key news media
www.martela.com
Our strategic direction is defined by our mission “Better working” and our vision “People-centric workplaces”. Martela supplies user-centric workplaces where the users and their wellbeing are what matter most. We focus on the Nordic countries because, based on our common open work culture and needs, the Nordic countries are leaders in hybrid workplaces.
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