1
Financial Statements
and Report of the
Board of Directors 2023
2
Financial Statements and Report of Board of Directors 2023
Report of the Board of Directors 2023 3
Share and shareholders 7
Proposal for the distribution of profit 12
Key figures of the Group and formulas for the key figures 13
Consolidated financial statements, IFRS 16
Consolidated income statement 16
Consolidated balance sheet 17
Consolidated cash flow statement 18
Consolidated statement of changes in shareholders’ equity 19
Notes to the consolidated financial statements 20
Parent company financial statements, FAS 39
Parent company income statement 39
Parent company balance sheet 40
Parent company cash flow statement 41
Notes to the parent company financial statements 42
Signatures to the financial statements and the report of the Board of Directors 50
Auditor’s Report 51
Independent Auditor’s Reasonable Assurance Report on Marimekko Corporation’s ESEF Financial Statements 55
This is a voluntary published translation of the official ESEF Financial Statements.
Official Financial Statements are published in Finnish and can be found on the company’s website.
3
2023 IN BRIEF
• In 2023, Marimekko’s net sales grew by 5 percent and amounted to
EUR 174,105 thousand (166,515). Net sales were boosted in particular
by the growth of international wholesale sales. In addition, the good
development in Finnish retail sales increased net sales. In total, net sales
in Finland grew by 1 percent and international sales by 10 percent.
• Marimekko’s omnichannel retail sales grew globally by 3 percent with
nearly all market areas contributing to growth. Wholesale sales increased
in the Asia-Pacific region, North America and Scandinavia and, in total,
the Group’s wholesale sales grew globally by 6 percent. Licensing income
increased by 8 percent from the record-high level of the comparable year.
• Brand sales¹ of Marimekko products amounted to EUR 376,746 thousand
(382,253). 66 percent (66) of brand sales were international sales.
• Operating profit totaled EUR 31,400 thousand (30,236). Operating profit
included EUR 631 thousand (146) from items affecting comparability.
Comparable operating profit was EUR 32,031 thousand (30,382) equaling
to 18.4 percent of net sales (18.2).
• Operating profit was improved especially by increased net sales. On
the other hand, higher fixed costs decreased operating profit. Improved
relative sales margin had a positive effect on the operating profit.
• Result for the period was EUR 23,601 thousand (22,708) and earnings per
share were EUR 0.58 (0.56).
• The Board of Directors proposes that a dividend of EUR 0.37 per share
will be paid for 2023.
¹ Brand sales are given as an alternative non-IFRS key figure,
representing the reach of the Marimekko brand through
different distribution channels. An unofficial estimate of sales
of Marimekko products at consumer prices, brand sales are
calculated by adding together the company’s own retail net
sales and the estimated retail value of Marimekko products
sold by other retailers. The estimated retail value is based on
the company’s realized wholesale sales and licensing income.
Brand sales do not include VAT, and the key figure is not
audited. Some licensees provide exact retail figures, in which
case these figures are used in reporting brand sales. For other
licensing agreements, Marimekko’s own retail coefficients for
different markets are used.
OPERATING ENVIRONMENT
The following outlook information is based on
materials published by the Confederation of Finnish
Industries EK and Statistics Finland.
The world economy is estimated to grow in
2024, but the growth rate will vary clearly between
markets. Inflation, which has continued to slow
down towards the end of 2023, remains a central
factor to the global economy. The uncertainties
created by the geopolitical situations in, for
example, supply and logistics chains, can cause
reacceleration of inflation. The world economy
is expected to grow at a rate of 2.7 percent, but
growth in the Euro area in 2024 is expected to be
only 0.9 percent.
The economic outlook for Finland continues to
be weak and the estimates regarding the current
situation are now lower than during the coronavirus
pandemic. Companies’ expectations for the future
development of the economy have increased since
the fall but remain at a low level. The confidence
indicator for the retail trade improved in January
2024 but was still below the long-term average and
lower than in other EU countries. Retail sales have
decreased further, and sales expectations for the
coming months are lower than in the fall. Consumer
confidence, still below the long-term average, has
improved somewhat. Estimates concerning the
current state of personal finances remain at a very
low level but expectations for the future of personal
finances have improved. Expectations for Finland’s
economy continue to be very weak. Estimates
concerning inflation and expectations for its future
development are unchanged and continue to be at a
high level.
(Confederation of Finnish Industries EK: Business
Tendency Survey, January 2024; Confidence
Indicators, January 2024. Statistics Finland:
Consumer Confidence, January 2024.)
The working-day-adjusted turnover of the Finnish
retail trade increased by 2.5 percent in December
compared to the previous year, but the volume
of sales grew by only 0.1 percent. The cumulative
working-day-adjusted turnover of the retail trade in
the January-December period rose by 2.0 percent
but the volume of sales decreased by 2.9 percent.
(Statistics Finland: Turnover of Trade, retail trade
flash estimate, December 2023.)
Report of the Board of Directors 2023
4
Net sales by market area
(EUR 1,000) 2023 2022 Change, %
Finland 98,914 98,237 1
 Retail sales 66,627 64,559 3
 Wholesale sales 32,133 33,491 -4
 Licensing income 154 187 -18
Scandinavia 15,557 13,956 11
 Retail sales 4,386 4,157 5
 Wholesale sales 11,096 9,799 13
 Licensing income 75 -
EMEA 14,645 16,014 -9
 Retail sales 3,008 2,492 21
 Wholesale sales 10,802 11,603 -7
 Licensing income 834 1,919 -57
North America 9,575 7,999 20
 Retail sales 4,523 4,621 -2
 Wholesale sales 4,688 2,761 70
 Licensing income 365 617 -41
Asia-Pacific 35,415 30,309 17
 Retail sales 6,775 6,619 2
 Wholesale sales 26,883 23,455 15
 Licensing income 1,758 234
International sales, total 75,191 68,278 10
 Retail sales 18,691 17,890 4
 Wholesale sales 53,469 47,618 12
 Licensing income 3,031 2,770 9
Total 174,105 166,515 5
 Retail sales 85,318 82,448 3
 Wholesale sales 85,602 81,109 6
 Licensing income 3,186 2,957 8
Wholesale net sales are
recognized according to the
geographical location of the
wholesale customer.
All figures in the table have
been individually rounded to
thousands of euros, so there
may be rounding differences
in the totals. The change
percentages have been
calculated on exact figures
before rounding.
Report of the Board of Directors 2023
NET SALES
The Group’s net sales in 2023 grew by 5 percent and
amounted to EUR 174,105 thousand (166,515). Net
sales were boosted in particular by the growth of
international wholesale sales. In addition, the good
development in Finnish retail sales increased net
sales. In total, international sales in 2023 grew by 10
percent and net sales in Finland by 1 percent.
Marimekko’s omnichannel retail sales grew
globally by 3 percent with nearly all market areas
contributing to growth. Wholesale sales increased
in the Asia-Pacific region, North America and
Scandinavia and, in total, the Group’s wholesale
sales grew globally by 6 percent. In the EMEA region,
actions to control gray exports weakened wholesale
sales. Licensing income increased by 8 percent from
the record-high level of the comparable year.
Net sales in Finland were EUR 98,914 thousand
(98,237). Despite the challenging macro-economic
environment, retail sales increased by 3 percent.
Many changes in the Finnish store network affected
the comparable retail sales, which decreased by
1 percent. In spite of a strong third quarter, the
cumulative wholesale sales in Finland were 4 percent
lower than in the comparable year as a result of
weakened general consumer demand.
Net sales in the Asia-Pacific region increased by
17 percent to EUR 35,415 thousand (30,309). The
growth was attributable, in particular, to increased
wholesale sales, partly boosted by the opening of
new markets but also to increased licensing income.
Wholesale sales in the market area increased by 15
percent, and in Japan, the most significant country
to Marimekko in this region, by 5 percent. In the
comparable year, wholesale sales in the region were
boosted by some of the wholesale deliveries in the
fourth quarter of 2021 being transferred to the first
quarter of 2022. Retail sales in the Asia-Pacific region
increased by 2 percent.
FINANCIAL RESULT
In 2023, the Group’s operating profit totaled EUR
31,400 thousand (30,236). Operating profit included
EUR 631 thousand (146) from items affecting
comparability. Comparable operating profit was
EUR 32,031 thousand (30,382). Operating profit was
improved especially by increased net sales. On the
other hand, higher fixed costs decreased operating
profit. Improved relative sales margin had a positive
effect on the operating profit.
Fixed costs in 2023 increased due to recruitments
made to strengthen the building blocks of
international growth as well as higher personnel costs
in the stores. Relative sales margin was improved by
increased licensing income and lower transport costs.
However, higher discounts resulting from weaker
general consumer demand and the tactical market
environment had a weakening impact on relative
sales margin.
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Report of the Board of Directors 2023
Marketing expenses in 2023 were EUR 9,483
thousand (9,245), or 5 percent of the Group’s net
sales (6).
The Group’s depreciation amounted to EUR
9,180 thousand (9,651), representing 5 percent
of net sales (6).
In 2023, operating profit margin was 18.0 percent
(18.2) and comparable operating profit margin was
18.4 percent (18.2).
Net financial items in 2023 were EUR -1,663
thousand (-1,097), or 1 percent of net sales (1).
Financial items include exchange rate differences
amounting to EUR -626 thousand (-75), of which
EUR -497 thousand (-73) were unrealized.
The impact of lease liabilities on interest expenses
was EUR -1,020 thousand (-720).
The Group’s result before taxes in 2023 was EUR
29,737 thousand (29,139). Net result for the period
was EUR 23,601 thousand (22,708) and earnings per
share were EUR 0.58 (0.56).
BALANCE SHEET
The consolidated balance sheet total as at 31
December 2023 was EUR 123,258 thousand (114,587).
Equity was EUR 65,738 thousand (55,425), or EUR
1.62 per share (1.37).
Non-current assets at the end of the year stood
at EUR 37,259 thousand (36,108). Lease liabilities
amounted to EUR 32,294 thousand (31,824), and
financial liabilities were EUR 615 thousand (2,169).
In addition, the Group had unused committed credit
lines of EUR 31,932 thousand (14,591).
At the end of the year, net working capital was
EUR 24,345 thousand (20,557). Inventories were EUR
29,268 thousand (33,784).
CASHFLOW AND FINANCING
In 2023, cash flow from operating activities was EUR
29,427 thousand (20,141), or EUR 0.73 per share
(0.50). Cash flow before cash flow from financing
activities was EUR 27,402 thousand (19,142). Cash
flow before cash flow from financing activities
during the year was strengthened by the decrease
of inventories. On the other hand, cash flow was
negatively affected by higher current non-interest-
bearing trade receivables than in the comparison
year. Marimekko uses efficient internal credit
controls, letters of credit as well as customer credit
insurance in order to secure its receivables.
The Group’s cash and cash equivalents at the
end of the year amounted to EUR 37,044 thousand
(32,711). Dividends paid in 2023 totaled EUR 13,794
thousand (37,372). Return on capital employed
(ROCE) was at an excellent level, 33.0 percent (31.5).
The amount of interest-bearing credit facilities drawn
down was EUR 615 thousand (2,127). In addition,
the Group had unused committed credit lines of
EUR 31,932 thousand (14,591), as in January 2023,
with the continued general economic uncertainties,
Marimekko took additional short-term revolving credit
facilities, which include covenants, totaling EUR
16,000 thousand.
The Group’s equity ratio at the end of the
financial year was 54.1 percent (49.2). Gearing was
-6.3 percent (2.2). The ratio of net debt to 12-month
rolling EBITDA was -0.10 (0.03), i.e. well below the
company’s long-term goal, with the goal being a
maximum of 2.
INVESTMENTS
The Group’s gross investments in 2023 were EUR
2,033 thousand (999), or 1 percent of net sales (1).
The investments were mainly devoted to building
store and office premises as well as to digital
development. New lease agreements included in
balance sheet (IFRS 16) are not included in gross
investments in the review or comparison period.
RESEARCH AND DEVELOPMENT
Marimekko’s product design and development costs
arise from the design of collections and collaborations
on new materials and manufacturing methods. Design
costs are recorded in expenses.
STORE NETWORK
Omnichannel retail sales, operated by the company
itself or its partners, represents the core of
Marimekko’s distribution strategy. It is complemented
with select, and increasingly online, retailers to gain
scale and access to new customers. Even in the
digitalized business, physical stores play an important
role not only as a distribution channel but also as the
hearts of brand culture, supporting, in addition, sales
online and in other channels.
Good store locations that cater to its target
audience are essential for Marimekko. The operations
and efficiency of the store network are continuously
assessed and developed. In 2023, Marimekko entered
into three new markets operated by loose-franchise
partners: Singapore, Malaysia and Vietnam. Singapore
is an important global metropolis in South East Asia,
and the brand’s presence there has a wider impact in
Asia. Vietnam and Malaysia, in turn, are rapidly growing
markets, that offer interesting growth opportunities
for the brand. A total of 19 new Marimekko stores
or shop-in-shops were opened during the year, with
17 of them in Asia. In Copenhagen, a new flagship
store was opened and the Stockholm flagship store
was completely redesigned. Six stores around the
world were closed. In different markets, a total of 11
Marimekko pop-up stores were launched and both in
Finland and Thailand, Marimekko pop-up cafes served
customers. At the end of December, there were a total
of 167 Marimekko stores and shop-in-shops worldwide.
The stores’ net sales in each market are primarily
generated from sales to local customers, although
sales to tourists make up a significant portion of the
sales at certain central stores, especially during the
holiday seasons.
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Report of the Board of Directors 2023
E-commerce plays an important role in
Marimekko’s omnichannel retail. Online sales in 2023
increased clearly. The company’s own and partner-
operated Marimekko webstores reach customers
in 35 countries. In addition, Marimekko also has
distribution through other online channels.
Digital service solutions are constantly increasing
the integration of e-commerce and in-store
retailing. For this reason, Marimekko reports its own
e-commerce net sales as part of retail sales and sales
through other online channels as part of wholesale
sales.
In order to accelerate its long-term international
growth, Marimekko continues to invest in its digital
and omnichannel business. The importance of online
sales in the company’s business will grow further, and
the shift to digital sales channels among customers
will influence Marimekko’s distribution channel
choices in the future.
SUSTAINABILITY
Marimekko’s operations and design philosophy
have always been based on a sustainable approach:
Marimekko wants to offer its customers timeless,
functional and high-quality products that bring them
long-lasting joy and that they will not want to throw
away. Determined sustainability efforts support the
company’s long-term success and sustainability has
been defined as one of the five strategic success
factors during the strategy period of 2023–2027.
The company’s sustainability strategy from 2021
to 2025 is built on three guiding principles as well
as related ambitious targets and a roadmap for the
entire value chain: timeless design brings joy for
generations to come, the products of tomorrow leave
no trace, and positive change through fairness and
equality. In 2023, the company’s activities included,
for example, work to increase organic and recycled
materials in its collections, lengthen the product
lifecycle as well as to promote innovations and
business models, which are in line with the principles
of the circular economy.
Statement of non-financial information
Marimekko issues a statement of non-financial
information for 2023 separately from the report of the
Board of Directors. The statement will be available at
Marimekko’s website company.marimekko.com and in
the Marimekko in year 2023 publication. Marimekko
reports in greater detail on its sustainability work and
on matters of the environment, health and safety in a
separate sustainability review published annually. The
review can be read on the company’s website. The
next review will be published in the second quarter of
2024.
PERSONNEL
In 2023, the number of employees, expressed as
full-time equivalents, averaged 462 (434). At the end
of the year, the Group had 468 (459) employees, of
whom 83 (76) worked outside Finland. The number of
employees working outside Finland was broken down
as follows: Scandinavia 33 (24), the EMEA region 0
(1), North America 16 (16) and the Asia-Pacific region
33 (35). The personnel at company-owned stores,
expressed as full-time equivalents, totaled 226 (218)
at the end of the year.
Salaries, wages and bonuses paid to personnel
amounted to EUR 26,245 thousand (24,155). In 2023,
the turnover of employees leaving was 11 percent (11).
More information on personnel and the development
of staff is available in the statement of non-financial
information.
MANAGEMENT
Board of Directors, management and auditors
Marimekko’s Annual General Meeting on 13 April 2023
appointed six members to the company’s Board of
Directors. Carol Chen, Mika Ihamuotila, Mikko-Heikki
Inkeroinen, Teemu Kangas-Kärki, Tomoki Takebayashi
and Marianne Vikkula were re-elected. From among
its members, the Board of Directors elected Mika
Ihamuotila as Chair of the Board and Teemu Kangas-
Kärki as Vice Chair of the Board.
From among its members, the Board of Directors
elected Teemu Kangas-Kärki as Chair and Mikko-
Heikki Inkeroinen and Marianne Vikkula as members
of the Audit and Remuneration Committee. All
members of the committee are independent of
the company and its significant shareholders.
The AGM re-elected KPMG Oy Ab, Authorized
Public Accountants, as the company’s auditor, with
Heli Tuuri, Authorized Public Accountant, as the
auditor with principal responsibility. It was decided
that the auditor’s fee will be paid as per invoice
approved by the company.
The following changes in the company’s
management took place in 2023. On 16 February
2023, Marimekko informed that Natacha Defrance
was appointed Senior Vice President of Sales in
Region East and member of the Management Group
and that General Counsel Essi Weseri was appointed
member of the Management Group as of 16 February
2023. The company also informed, on 2 November
2023, that it will merge its Digital Business unit
and IT organization to form a holistic Technology
unit and that Chief Digital Officer and member of
Marimekko Management Group Kari Härkönen will
step down from his position. Mikko-Heikki Inkeroinen
was appointed as new Chief Technology Officer and
member of the Management Group as of 29 January
2024. Inkeroinen resigned from his position as a
member of the Board of Directors of Marimekko on
the same date.
At the end of the year 2023, the company’s
Management Group comprised Tiina Alahuhta-Kasko
as Chair and Elina Anckar (Chief Financial Officer),
Rebekka Bay (Creative Director), Tina Broman (Chief
Supply Chain and Product Officer), Natacha Defrance
(Senior Vice President, Sales, Region East), Noora
Laurila (Senior Vice President, Sales, Region West),
7
Ownership by size of holding, 31 December 2023
Number of % of Number of shares % of holding
Number of shares shareholders shareholders and votes and votes
1–100 23,718 60.79 882,206 2.17
101–500 10,575 27.11 2,678,912 6.59
501–1,000 2,108 5.40 1,661,678 4.09
1,001–5,000 2,126 5.45 4,751,399 11.69
5,001–10,000 238 0.61 1,736,208 4.27
10,001–50,000 192 0.49 3,822,783 9.40
50,001–100,000 27 0.07 1,891,610 4.65
100,001–500,000 21 0.05 4,833,538 11.89
500,001– 9 0.02 18,390,836 45.24
Total 39,014 100.00 40,649,170 100.00
Ownership by sector, 31 December 2023
Number of shares % of holding
Owner and votes and votes
Nominee-registered and non-Finnish holders 5,560,500 13.68
Households 17,682,452 43.50
Financial and insurance corporations 4,984,793 12.26
Non-financial corporations and housing corporations 7,405,257 18.22
Non-profit institutions 304,272 0.75
General government 4,711,896 11.59
Total 40,649,170 100.00
Report of the Board of Directors 2023
Sanna-Kaisa Niikko (Chief Marketing Officer), Tanya
Strohmayer (Chief People Officer), Riika Wikberg
(Chief Business Development Officer) and Essi Weseri
(General Counsel) as members.
Corporate governance statement
The corporate governance statement for 2023 will
be issued separately from the report of the Board
of Directors. It will be available on the company’s
website and in the Marimekko in year 2023
publication.
Remuneration of the Board and management
The remuneration of Marimekko’s Board of Directors
and President & CEO is presented in more detail in
the Remuneration Report for 2023. Remuneration
Report will be available at Marimekko’s website and in
the Marimekko in year 2023 publication.
SHARES AND SHAREHOLDERS
Share capital and number of shares
Marimekko Corporation’s share is quoted in the
Consumer Discretionary sector of Nasdaq Helsinki
Ltd. Marimekko Corporation was listed on the I List of
the Helsinki Stock Exchange in March 1999 and on the
main list on 27 December 2002. Marimekko’s trading
code is MEKKO and its ISIN code is FI0009007660.
The company has one series of shares, each
conferring the same voting rights to their holders.
At the end of the financial year, 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 totaled 40,649,170.
Shareholdings
According to the book-entry register, Marimekko had
39,014 shareholders (36,616) at the end of December
2023. Of the shares, 13.68 percent (15.15) were owned
by nominee-registered or non-Finnish holders.
Monthly updated information on the largest
shareholders can be found on the company’s
website at company.marimekko.com under
Investors/Share information/Shareholders.
At the end of the financial year, members of
the Board of Directors and the Management Group
of the company either directly or indirectly owned
5,354,493 Marimekko shares corresponding to 13.17
percent of the number and voting rights of
the company’s shares. Updated information on
the management holdings can be found on the
company’s website at company.marimekko.com
under Investors/Share information/Shareholders/
Management’s shareholding.
Shareholder agreements
Marimekko has neither made nor is aware of any
shareholder agreements concerning the company’s
shares or other commitments agreeing on the
company’s ownership or the use of voting rights.
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Report of the Board of Directors 2023
Largest shareholders according to the book-entry register, 31 December 2023
Number of shares % of holding
Owner and votes and votes
1. PowerBank Ventures Oy (Mika Ihamuotila) 5,088,500 12.52
2. Varma Mutual Pension Insurance Company 1,929,600 4.75
3. Ilmarinen Mutual Pension Insurance Company 1,926,940 4.74
4. Ehrnrooth Anna Sophia 1,651,885 4.06
5. Evli Finnish Small Cap Fund 1,066,418 2.62
6. Nordea Nordic Small Cap Fund 999,425 2.46
7. Oy Talcom Ab 505,000 1.24
8. Oy Etra Invest Ab 500,000 1.23
9. Elo Pension Insurance Company Ltd. 485,000 1.19
10. Alahuhta Matti 436,050 1.07
Total 14,588,818 35.88
Own shares
Marimekko did not acquire the company’s own
shares during the financial year. On 31 December
2023, Marimekko held 77,790 of its own shares,
corresponding to approximately 0.19 percent of the
total number of the company’s shares. Marimekko
shares held by the company carry no voting rights
and no entitlement to dividends.
Flagging announcements
There were no flagging announcements on
Marimekko shares in 2023.
 
Share trading and the company’s market
capitalization
In 2023, a total of 9,658,017 Marimekko shares
(14,263,348) were traded on Nasdaq Helsinki,
representing 23.76 percent (35.09) of the shares
outstanding. Share trading data takes into account
the new shares issued without payment following the
decision of the AGM on 12 April 2022. The total value
of the share turnover in the January-December period
was EUR 95,729,933 (171,076,384). The lowest price
of the share was EUR 8.56 (8.14), the highest was
EUR 13.60 (17.60) and the average price was EUR 9.91
(12.04). At the end of December, the closing price of
the share was EUR 13.31 (8.76).
The company’s market capitalization on 31
December 2023 was EUR 540,005,068, excluding
the Marimekko shares held by the company
(355,405,289).
Authorizations
The Annual General Meeting on 13 April 2023
authorized the Board of Directors to decide on
the acquisition of a maximum of 200,000 of the
company’s own shares in one or more instalments.
The maximum number of shares represents
approximately 0.5 percent of the total number of the
company’s shares. The shares would be acquired
with funds from the company’s non-restricted equity,
which means that the acquisition would reduce
funds available for distribution. The shares would
be acquired otherwise than in proportion to the
shareholdings of the shareholders through public
trading on Nasdaq Helsinki Ltd at the market price
prevailing at the time of acquisition and in accordance
with the rules and regulations of Nasdaq Helsinki Ltd.
The shares would be acquired to be used as a part
of the company’s incentive system, to be transferred
for other purposes or to be cancelled. The Board
of Directors is authorized to decide on all of the
other terms and conditions of the acquisition of the
shares. The authorization was not used in 2023. The
authorization is valid until 13 October 2024.
Furthermore, the AGM on 13 April 2023 authorized
the Board of Directors to decide on the issuance of
new shares and the transfer of the company’s own
shares in one or more instalments. The total number
of shares to be issued or transferred pursuant to
the authorization may not exceed 250,000 new or
the company’s own shares. The number of shares
represents approximately 0.6 percent of the total
number of the company’s shares. Pursuant to the
authorization, the Board may decide on a directed
share issue in deviation from the shareholders’ pre-
emptive rights for a weighty financial reason, such
as the company’s incentive system, personnel share
issue, developing the company’s capital structure,
using the shares as consideration in possible
company acquisitions or carrying out other business
transactions. The share issue may be subject to a
charge or free. A directed share issue can be free of
charge only if there is a particularly weighty financial
reason for the company and taking into account the
interests of all of the company’s shareholders. The
subscription price of the new shares and the amount
paid for the company’s own shares would be recorded
in the company’s reserve for invested non-restricted
equity. The Board of Directors is authorized to decide
on all of the other terms and conditions of the share
issue. The authorization was not used during the
period under review. The authorization is valid until 13
October 2024.
During the financial year, the Board of Directors
had no valid authorizations to issue convertible bonds
or bonds with warrants.
9
Report of the Board of Directors 2023
INFORMATION CONTAINED IN THE NOTES TO
THE FINANCIAL STATEMENTS
• Information on the Group’s personnel expenses is
disclosed in note 4.
• Financial risks are presented in note 20 and
information on financial instruments measured at
fair value is disclosed in note 17.
• Subsidiaries and related party transactions are
disclosed in note 19.
MAJOR RISKS AND FACTORS OF UNCERTAINTY
Marimekko’s business exposes the company to
various risks. The risks and uncertainties presented
below have the potential to substantially weaken
Marimekko’s business conditions, sales, financial
results and position. Marimekko’s risk management
practices are described in the Corporate
Governance Statement.
The economic and political operating environment
The uncertainties related to the general
development of the global economy, such as the
risk of an economic recession, and geopolitical
tensions influence consumer confidence,
purchasing power and behavior in all of Marimekko’s
market areas. Declining consumer confidence
and purchasing power may have a significant
unfavorable impact on Marimekko’s sales and
profitability. This risk is emphasized in Finland and
Japan, which are the company’s biggest single
countries for business.
Geopolitical tensions can also affect
Marimekko’s procurement and logistics chains
and operating possibilities in certain countries.
Geopolitical tensions may lead to military action,
trade disputes, economic sanctions as well as
export and import restrictions that can affect the
reliability and efficiency of the company’s value
chain. Pandemics and epidemics may also have a
negative impact on Marimekko’s sales, profitability
and cash flow as well as the reliability and efficiency
of the company’s supply chain.
Sudden market movements, development of
inflation, changes in the price development of
production factors, exchange rates (particularly
the US dollar) and the company’s taxation, as well
as rising interest rates may affect Marimekko’s
financial position.
Marimekko is also exposed to labor market
disputes, and strikes and other labor market
disturbances may have a negative impact on the
company’s business.
Marimekko continuously monitors the
development of the economic and political
operating environment, takes various scenarios
into account in the management of the company’s
business, and adapts its operations as necessary.
The company’s strong balance sheet and stable
financial position introduce flexibility also in
exceptional circumstances. Risks are also mitigated
with diverse geographical presence throughout the
value chain.
The retail environment, customers and partners
The company’s growth in the longer term is based
primarily on omnichannel retail: on increasing
e-commerce, on partner-led retail in Asia, as well
as on enhancing the sales per square meter of
existing stores in the company’s main market areas.
In addition, the company expands its distribution
through physical and digital wholesale channels
appropriate for the Marimekko brand. The Asia-
Pacific region is Marimekko’s second-biggest market,
and especially Asia plays an important role in the
company’s international growth.
The importance of omnichannel business in the
retail trade has been emphasized over the past few
years. International e-commerce has increased the
options available to consumers and the significance
of big e-commerce operators. In addition, the
coronavirus pandemic accelerated the digitization of
retail and intensified the financial difficulties of some
traditional wholesale customers in the fashion sector,
such as department stores and multi-brand retailers.
Structural changes in the retail environment may
have an impact on Marimekko’s distribution channel
decisions, the prioritization of different distribution
channels, sales and profitability. The structural
changes can also lead to the creation of new revenue
models. Risks related to the sales structure may
have an impact on the company’s financial position.
Maintaining competitiveness in a rapidly changing
operating environment being revolutionized by
digitization demands agility, efficiency, flexibility and
the constant re-evaluation of operations from the
company.
Major partnership choices, partnering contracts
and other collaboration agreements involve
considerable risks. Store lease agreements in Finland
and abroad also contain risks. With the company’s
internationalization and the growing interest in its
brand, risks related to gray exports may increase,
which may have an impact on the company’s sales
and profitability. In addition, risks related to changes
in the company’s cost structure as well as the liquidity
of customers and partners may also have an impact
on the company’s financial position.
Other significant risks include risks related
to changes in the company’s design, product
assortment and product distribution and pricing.
Increased inflation creates pressure to raise prices
while the uncertainties in the global economy and
the operating environment may affect consumers’
purchasing power and behavior negatively. Fast
reactivity and competitive pricing are crucial in a
tactical operating environment. The company’s
ability to design, develop and commercialize new
products that meet consumers’ expectations while
ensuring the effectivity and quick reactions in the
production, sourcing and logistics as well as an active
work towards sustainability has an impact on the
company’s sales and profitability.
10
Report of the Board of Directors 2023
Supply chain
The risks related to Marimekko’s supply chain are
associated especially with production, procurement
and logistics processes and their reliability, flexibility
and efficiency, fluctuations in the prices of raw
materials and other factors of production as well as
the availability and price of logistics. For example,
geopolitical tensions (such as shipping disruptions
in the Red Sea due to attacks on vessels), cyber
security incidents and possible epidemics and
pandemics as well as other uncertainties in the global
economy may cause even significant disruptions
in production and logistics chains that may have a
negative impact on the company’s sales, profitability
and cash flow. In addition, fires, natural disasters
and machine breakdowns can cause damages to
supplier’s factories, Marimekko’s own textile printing
factory or the operations of the logistics chain.
Overall, it is of utmost importance to safeguard the
operational reliability of the company’s own printing
factory in all circumstances. The availability of biogas,
among other materials, is critical to the operations
of the company’s own printing factory. The company
has a business interruption insurance for assets
and business operations that covers insured risks of
damage in line with the terms and conditions of the
insurance.
Higher costs of raw materials, energy and other
factors of production may affect Marimekko’s sales
and profitability. Early commitment to product
orders from supplier partners, which is typical of
the industry, means that changes in costs affect the
company with a delay. These early commitments have
partly been further emphasized by the exceptional
situations, such as the Russian invasion of Ukraine
and shipping disruptions on the Red Sea, undermining
the company’s ability to optimize product orders and
respond to rapid changes in demand and consumer
behavior, which also increases risks related to
inventory management.
In addition to supply chain disruptions and even
earlier commitment to product orders, risks related to
inventory and product flow management increase as
product distribution is expanded and operations are
diversified, which may have a weakening impact on
the company’s sales, cash flow as well as on relative
profitability. Substantial non-recurring wholesale
promotions can also increase risks related to
procurement, transport and inventory management,
especially in exceptional circumstances. Any delays
or disturbances in supply, or fluctuations in the
quality of products, may have a harmful impact on
business, also on substantial non-recurring wholesale
promotions.
Marimekko works actively to ensure functioning
production and logistics chains, to avoid delays, to
mitigate the negative impacts of generally increased
costs, and to enhance inventory management.
Sustainability
Enhancing sustainability is increasingly important
for competitiveness in Marimekko’s industry, which
can have an impact on the company’s sales and
profitability, as versatile investments are required
for the enhancement. Risks and opportunities with
regard to Marimekko’s sustainability work and targets
include, for example, changes in consumer behavior
and in the company’s product portfolio weightings,
continuously evolving best practices in the industry
as well as increasing regulation that may affect, for
example, the company’s products, communications
and the value chain more broadly. The company’s
ability to anticipate changes, react to them and
actively advance its sustainability targets throughout
the value chain plays a key role with regard to the
company’s competitiveness. Compliance with
responsible business practices and legislation is also
important in maintaining the trust of customers and
other stakeholders; any failures or errors in this area
will involve reputation, financial liability and business
risks.
Marimekko primarily uses supplier partners to
manufacture its products. Global supply chains in
the fashion and design business are complex, which
makes it challenging for companies to ensure the
sustainability of the entire value chain despite active
sustainability work. Regarding the sustainability
elements of manufacturing, especially social aspects
related to the supply chain (e.g. human rights, working
conditions and remuneration) and environmental
aspects (e.g. production methods and raw materials
and chemicals used) as well as transparent
communications on these issues in compliance with
continuously increasing legislation, are of growing
significance to customers. These sustainability topics
apply to Marimekko’s sourcing and the company’s
own production as well as to licensed products.
The environment and climate change
Climate change increases the likelihood of extreme
weather phenomena and natural disasters, such as
floods, forest fires, wildfires and storms. Extreme
weather phenomena and natural disasters pose a
risk to the operational reliability and efficiency of
Marimekko’s value chain. Climate change-related
heatwaves, drought, water shortages, soil depletion
and other changes may, in turn, affect the availability
and price of the raw materials used in Marimekko’s
products, such as cotton. Extreme weather
phenomena and natural disasters may also affect
the availability of products if they cause damage to
the company’s suppliers’ factories, the company’s
own textile printing factory or hamper the logistics
chains. In addition, Marimekko has stores and offices
in areas in which extreme weather phenomena or
natural disasters may occur, and if they damage
stores or offices or cause momentary changes in
consumer behavior, it may result in lost sales as well
as expenses.
Risks related to climate change are managed by,
for example, increasing the share of materials with
lower emission intensity and water consumption in
Marimekko’s collections and exploring new material
and production method innovations. Marimekko’s
11
Report of the Board of Directors 2023
insurance program covers insured risks of damage in
line with the terms and conditions of the insurance.
Compliance
Compliance with the applicable legislation,
regulations and ethical business practices, as well
as product safety and quality, are essential for
Marimekko. Potential allegations, failures or mistakes
can lead to, for example, reputation and business
risks for the company, fines, claims for damages, or
criminal charges. Internationalization increases the
regulations applicable to the company’s operations
and elevates the risk of potential allegations, failures
and mistakes. Risks are prevented by focusing on
sustainability and compliance work as well as by
ensuring product safety and continuous quality
control.
Intellectual property rights
Intellectual property rights play a vital role in the
company’s success, and the company’s ability to
manage and protect these rights may have an impact
on the company’s business, value and reputation.
Agreements with freelance designers and fees
paid to designers based on these agreements
are also an essential part of the management of
intellectual property rights. As the company grows
and internationalizes, the risks related to intellectual
property rights, in particular to its most renowned
prints, may increase.
Information security risks
There are risks associated with information system
reliability, dependability and compatibility. With
digitization, internationalization and Russia’s war,
cybercrime and cyber attacks as well as various
other risks related to cybersecurity and personal
data protection have also increased. DoS attacks,
malfunctions in data communications or, for example,
in the company’s own online store, and system
changes may disrupt business or result in lost
sales. Personal data breaches can lead to claims
for damages, fines and reputation risks. Marimekko
manages risks with the systematic management
and development of cybersecurity. In addition,
the company has a cybersecurity insurance
program.
Personnel and competence
Potential new serious coronavirus infection waves
or new epidemics or pandemics may increase risks
related to taking care of the health and safety of
employees and securing sufficient workforce in cases
of sickness.
As Marimekko is a small company, risks related
to securing the necessary talent for international
growth as well as risks related to key personnel can
be significant. Marimekko’s competence development
efforts include training of personnel, succession
planning and performance management. These
measures support a performance-oriented, diverse
and inclusive culture.
MARKET OUTLOOK AND GROWTH TARGETS
FOR 2024
The uncertainties related to the development of the
global economy, such as geopolitical tensions and
their impact on the general economic situation and
general cost inflation influence consumer confidence,
purchasing power and behavior and, as a result,
can have an impact on Marimekko’s business in
2024, especially in the important domestic market
of Finland. Different exceptional situations, such as
Russia’s war in Ukraine and shipping disruptions on
the Red Sea, may cause even significant disruptions
in production and logistics chains, and may thus
have a negative impact on the company’s sales,
profitability and cash flow.
Finland, Marimekko’s important domestic market,
traditionally represents about half of the company’s
net sales. Sales in Finland in 2024 are impacted
by the weak general economy and low consumer
confidence as well as the development of purchasing
power and behavior. The tactical operating
environment also has an impact on the business.
In addition, the size and timing of non-recurring
promotional deliveries in wholesale create volatility
to Finnish sales estimate. Despite the weak market
situation, net sales in Finland are expected to be
approximately at the level of the previous year.
International sales are estimated to grow in 2024.
In the strategy period 2023–2027, Marimekko will
focus on Asia as the most important geographical
area for international growth. In 2024, net sales in
the Asia-Pacific region, Marimekko’s second-largest
market, are expected to increase. Japan is clearly the
most significant country in this region to Marimekko
and already has a very comprehensive network of
Marimekko stores. All brick-and-mortar Marimekko
stores and most online stores in Asia are partner-
owned. In 2024, the aim is to open approximately
10–15 new Marimekko stores and shop-in-shops, and
most of the planned openings will be in Asia.
Because of the seasonal nature of Marimekko’s
business, the major portion of the company’s euro-
denominated net sales and operating result are
traditionally generated during the second half of the
year. In 2024, Marimekko’s net sales are expected
to grow. Net sales in the first quarter of the year are
estimated to be approximately at the level of the
previous year, as wholesale sales, for example, will be
partly impacted by some of the wholesale deliveries in
Finland in the first quarter of 2024 being transferred
to the fourth quarter of 2023.
Licensing income in 2024 is forecasted to be
approximately at the previous year’s record level.
Marimekko develops its business with a long-term
view and aims to scale its profitable growth in the
upcoming years. In 2024, fixed costs are expected to
be up on the previous year. The general cost inflation
continues to affect Marimekko in 2024. Personnel
expenses are impacted, for example, by general pay
increases in different markets. In 2024, Marimekko
is celebrating the 60th anniversary of the Unikko
12
Report of the Board of Directors 2023
pattern, which provides the company with a unique
opportunity to grow international awareness through,
for example, various events around the world.
Marketing expenses are expected to increase (2023:
EUR 9.5 million).
Early commitments to product orders from
supplier partners, typical of the industry but partly
further emphasized by the exceptional situations,
undermine the company’s ability to optimize product
orders and respond to rapid changes in demand and
consumer behavior, which also increases risks related
to inventory management and relative profitability.
The domestic non-recurring wholesale promotional
deliveries also raise inventory risks. Marimekko
works actively to ensure functioning production
and logistics chains, to avoid delays, to mitigate the
negative impacts of generally increased costs, and to
enhance inventory management.
Marimekko is closely monitoring the general
economic situation, the development of consumer
confidence and purchasing power and the impacts
of different exceptional situations, and the company
will adjust its operations and plans according to the
circumstances.
FINANCIAL GUIDANCE FOR 2024
The Marimekko Group’s net sales for 2024 are
expected to grow from the previous year (2023: EUR
174.1 million). Comparable operating profit margin is
estimated to be approximately some 16–19 percent
(2023: 18.4 percent). Development of consumer
confidence and purchasing power, particularly in
Finland, global supply chain disruptions and the
general inflation development cause volatility to the
outlook for 2024.
Uncertainties related to the development of net
sales and result are described in more detail in the
Major risks and factors of uncertainty section.
DIVIDEND POLICY
Marimekko aims to pay a regular dividend every year.
The dividends to be paid and their amount and the
payout date depend on the company’s financial result,
financial situation, equity ratio, need for working
capital and other factors.
Marimekko intends to follow a stable and active
dividend policy that by and large reflects the
company’s earnings trend. Marimekko’s goal is to
distribute as dividends at least half of earnings per
share annually.
THE BOARD OF DIRECTORS’ PROPOSAL FOR
DIVIDENDS
On 31 December 2023, the parent company’s
distributable funds amounted to EUR 60,604,858.19;
profit for the financial year was EUR 25,359,472.05.
The Board of Directors proposes to the Annual
General Meeting that a dividend of EUR 0.37 per
share be paid for 2023.
The Board proposes 18 April 2024 as the dividend
payout record date and 25 April 2024 as the dividend
payout date. A dividend of EUR 0.34 per share was
paid for 2022.
ANNUAL GENERAL MEETING
The Annual General Meeting 2024 is planned to be
held on Tuesday, 16 April 2024 at 2.00 p.m.
Helsinki, 14 February 2024
Marimekko Corporation
Board of Directors
13
Key figures of the Group and formulas for the key figures
Return on equity (ROE)
%
Return on capital employed (ROCE)
%
Key financial figures
2023 2022 2021
Net sales, EUR 1,000 174,105 166,515 152,227
Change in net sales, % 4.6 9.4 23.2
Operating profit, EUR 1,000 31,400 30,236 31,249
 % of net sales 18.0 18.2 20.5
Comparable operating profit, EUR 1,000 32,031 30,382 31,249
 % of net sales 18.4 18.2 20.5
Financial income, EUR 1,000 393 1,241 851
Financial expenses, EUR 1,000 -2,056 -2,339 -1,403
Result before taxes, EUR 1,000 29,737 29,139 30,697
 % of net sales 17.1 17.5 20.2
Taxes, EUR 1,000 6,137 6,430 6,289
Net result for the period, EUR 1,000 23,601 22,708 24,408
Balance sheet total, EUR 1,000 123,258 114,587 132,887
Net working capital, EUR 1,000 24,345 20,557 7,235
Interest-bearing liabilities, EUR 1,000 32,909 33,993 32,277
Shareholders’ equity, EUR 1,000 65,738 55,425 69,833
Net debt / EBITDA -0.10 0.03 -0.64
Return on equity (ROE), % 39.0 36.3 40.0
Return on capital employed (ROCE), % 33.0 31.5 33.0
Equity ratio, % 54.1 49.2 53.3
Gearing, % -6.3 2.2 -39.3
Gross investments, EUR 1,000 2,033 999 207
 % of net sales 1.2 0.6 0.1
Employee salaries, wages and bonuses, EUR 1,000 26,245 24,155 21,273
Average personnel 462 434 401
Personnel at the end of the financial year 468 459 409
0
10
20
30
40
50
2021
40.0 36.3 39.0
2022 2023
0
10
20
30
40
2021
33.0 33.0
31.5
2022 2023
14
Key figures of the Group and formulas for the key figures
Per-share key figures
2023 2022 2021
Earnings per share (EPS), EUR¹ 0.58 0.56 0.60
Equity per share, EUR¹ 1.62 1.37 1.72
Dividend per share, EUR¹ ² 0.37² 0.34 0.72
Dividend per profit, %² 63.8² 60.7 119.6
Effective dividend yield, %² 2.8² 3.9 4.3
P/E ratio 22.9 15.5 28.1
Share issue adjusted average number of shares 40,571,380 40,623,999 40,554,370
Share issue adjusted number of shares at the end of the period 40,571,380 40,571,380 40,582,370
Effective dividend yield
%
P/E ratio
EUR
Earnings per share
EUR
Dividend per share
EUR
¹ Per-share key figures have been calculated and the figures for the comparable year have been restated using the new total number of shares following the issuance of
shares without payment (share split), in accordance with the decision made by the AGM on 12 April 2022
² The Board of Directors of Marimekko proposed on 14 February 2024 to the AGM on 16 April 2024 that a dividend of EUR 0.37 per share is paid for 2023
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
2021
0.60 0.56 0.58
2022 2023
0
1
2
3
4
5
2021
4.3
3.9
2.8
2022 2023²
0
5
10
15
20
25
30
35
2021
2 8.1
15.5
22.9
2022 2023
0
0.2
0.4
0.6
0.8
2021
0.72
0.34
0.37
2022 2023²
15
Comparable EBITDA, EUR:
Operating result - depreciation - impairments - items affecting comparability
Comparable operating result, EUR:
Operating result - items affecting comparability in operating result
Comparable operating result margin, %:
(Operating result - items affecting comparability in operating result) x 100 / Net sales
Earnings per share (EPS), EUR:
(Profit before taxes - income taxes) / Adjusted number of shares (average for the period under review)
Comparable earnings per share (EPS), EUR:
(Comparable profit before taxes - income taxes on comparable profit) / Adjusted number of shares (average for
the period under review)
Equity per share, EUR:
Shareholders’ equity / Number of shares, 31 December
Return on equity (ROE), %:
Rolling 12 months (Profit before taxes - income taxes) x 100 / Shareholders’ equity (average)
Return on capital employed (ROCE), %:
Rolling 12 months (Profit before taxes + interest and other financial expenses) x 100 / Balance sheet total - non-interest-
bearing liabilities (average)
Equity ratio, %:
Shareholders’ equity x 100 / (Balance sheet total - advances received)
Gearing, %:
Interest-bearing net debt x 100 / Shareholders’ equity
Net working capital, EUR:
Inventories + trade and other receivables + current tax assets - tax liabilities - current provisions - trade and other payables
Net debt / EBITDA:
Interest-bearing net debt / Comparable rolling 12-month EBITDA
Formulas for key figures
Key figures of the Group and formulas for the key figures
Reconciliation of alternative key figures to IFRS
(EUR 1,000) 2023 2022 2021
Items affecting comparability
 Employee benefit expenses -631 -146 -
Items affecting comparability in operating profit -631 -146 -
EBITDA 40,580 39,887 43,123
 Employee benefit expenses 631 146 -
Comparable EBITDA 41,211 40,033 43,123
Operating profit 31,400 30,236 31,249
 Employee benefit expenses 631 146 -
Comparable operating profit 32,031 30,382 31,249
Net sales 174,105 166,515 152,227
Operating profit margin, % 18.0 18.2 20.5
Comparable operating profit margin, % 18.4 18.2 20.5
Items affecting comparability are exceptional transactions that are not related to the company’s regular
business operations. The Group’s management exercises its discretion when making decisions regarding the
classification of items affecting comparability. These items include, for example, restructuring costs, expenses
related to ending employment contracts as well as exceptional and unexpected events.
16
Consolidated financial statements, IFRS
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) Note 1 Jan.–31 Dec. 2023 1 Jan.–31 Dec. 2022
NET SALES 1. 174,105 166,515
Other operating income 2. 91 108
Change in inventories of finished goods
and work in progress -4,489 7,721
Raw materials and consumables 3. -63,190 -72,115
Employee benefit expenses 4. -33,512 -30,846
Depreciation and impairments 5. -9,180 -9,651
Other operating expenses 6. -32,425 -31,497
OPERATING PROFIT 31,400 30,236
Financial income 7. 393 1,241
Financial expenses 8. -2,056 -2,339
-1,663 -1,097
RESULT BEFORE TAXES 29,737 29,139
Income taxes 9. -6,137 -6,430
NET RESULT FOR THE PERIOD 23,601 22,708
Distribution of net result to equity holders
of the parent company 23,601 22,708
Basic and diluted earnings per share
calculated on the result attributable to equity
holders of the parent company, EUR 10. 0.58 0.56
COMPREHENSIVE CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 1 Jan.–31 Dec. 2023 1 Jan.–31 Dec. 2022
Net result for the period 23,601 22,708
Items that could be reclassified to profit or loss
at a future point in time
 Change in translation difference 90 -40
COMPREHENSIVE RESULT FOR THE PERIOD 23,691 22,668
Distribution of net result to equity holders of the parent company 23,691 22,668
The notes are an integral part of the financial statements.
17
Consolidated financial statements, IFRS
CONSOLIDATED BALANCE SHEET
(EUR 1,000) Note 31 Dec. 2023 31 Dec. 2022
ASSETS
NON-CURRENT ASSETS
Intangible assets 11.1 453 288
Tangible assets 11.2 35,100 34,560
Other financial assets 11.3, 17. 595 512
Deferred tax assets 14. 1,110 748
37,259 36,108
CURRENT ASSETS
Inventories 12.1 29,268 33,784
Trade and other receivables 12.2 19,688 11,983
Cash and cash equivalents 17. 37,044 32,711
85,999 78,479
ASSETS, TOTAL 123,258 114,587
(EUR 1,000) Note 31 Dec. 2023 31 Dec. 2022
SHAREHOLDERS’ EQUITY AND LIABILITIES
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS
OF THE PARENT COMPANY
Share capital 13. 8,040 8,040
Reserve for invested non-restricted equity 13. 1,228 1,228
Treasury shares 13. -541 -541
Translation differences -32 -122
Retained earnings 57,043 46,820
Shareholders’ equity, total 65,738 55,425
NON-CURRENT LIABILITIES
Lease liabilities 15.1, 20. 24,984 25,277
24,984 25,277
CURRENT LIABILITIES
Trade and other payables 16. 24,599 24,752
Current tax liabilities 12 416
Lease liabilities 15.2, 20. 7,309 6,547
Financial liabilities 17., 20. 615 2,169
32,536 33,885
Liabilities, total 57,520 59,162
SHAREHOLDERS’ EQUITY AND LIABILITIES, TOTAL 123,258 114,587
The notes are an integral part of the financial statements.
18
Consolidated financial statements, IFRS
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) 1 Jan.–31 Dec. 2023 1 Jan.–31 Dec. 2022
CASH FLOW FROM OPERATING ACTIVITIES
Net result for the period 23,601 22,708
Adjustments
 Depreciation and impairments 9,180 9,651
 Financial income and expenses 1,663 1,097
 Taxes 6,137 6,430
 Share-based payments 417 750
Cash flow before change in working capital 40,997 40,636
Change in working capital -3,342 -11,212
 Increase (-) / decrease (+) in current non-interest-bearing
 trade receivables -7,690 49
 Increase (-) / decrease (+) in inventories 4,449 -7,809
 Increase (+) / decrease (-) in current
 non-interest-bearing liabilities -101 -3,452
Cash flow from operating activities before financial items and taxes 37,655 29,424
Paid interest and payments on other financial expenses -1,532 -1,130
Interest received and payments on other financial income 223 166
Taxes paid -6,919 -8,319
CASH FLOW FROM OPERATING ACTIVITIES 29,427 20,141
(EUR 1,000) 1 Jan.–31 Dec. 2023 1 Jan.–31 Dec. 2022
CASH FLOW FROM INVESTING ACTIVITIES
Investments in tangible and intangible assets -2,025 -999
CASH FLOW FROM INVESTING ACTIVITIES -2,025 -999
CASH FLOW FROM FINANCING ACTIVITIES
Short-term loans drawn 149 1,049
Short-term loans repaid -1,562 -665
Acquisition of treasury shares - -454
Payments of lease liabilities -7,381 -8,485
Dividends paid -13,794 -37,372
CASH FLOW FROM FINANCING ACTIVITIES -22,588 -45,927
Change in cash and cash equivalents 4,814 -26,784
Cash and cash equivalents at the beginning of the period 32,711 59,726
Effects of exchange rate fluctuations -482 -230
Cash and cash equivalents at the end of the period 37,044 32,711
The notes are an integral part of the financial statements.
19
Consolidated financial statements, IFRS
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
Equity attributable to equity holders of the parent company
Reserve for invested
Treasury Translation Retained Shareholders’
(EUR 1,000) Share capital non-restricted equity shares differences earnings equity total
Shareholders’ equity, 1 Jan. 2022 8,040 1,228 -210 -81 60,856 69,833
Comprehensive result
Net result for the period 22,708 22,708
Translation differences -40 -40
Total comprehensive result for the period -40 22,708 22,668
Transactions with owners
Dividends paid -37,372 -37,372
Share-based payments 123 627 750
Acquisition of own shares -454 -454
Shareholders’ equity, 31 Dec. 2022 8,040 1,228 -541 -122 46,820 55,425
Shareholders’ equity, 1 Jan. 2023 8,040 1,228 -541 -122 46,820 55,425
Comprehensive result
Net result for the period 23,601 23,601
Translation differences 90 90
Total comprehensive result for the period 90 23,601 23,691
Transactions with owners
Dividends paid -13,794 -13,794
Share-based payments 417 417
Shareholders’ equity, 31. Dec. 2023 8,040 1,228 -541 -32 57,043 65,738
The notes are an integral part of the financial statements.
20
Consolidated financial statements, IFRS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
COMPANY PROFILE
Marimekko Corporation (business identity code
0111316-2) is a Finnish clothing and textile design
company. Marimekko Corporation and its subsidiaries
form a Group that designs, sources, sells and
markets clothing, bags and accessories, and interior
decoration products. In addition, the company
produces printed fabrics in its own textile printing
factory.
Marimekko Corporation’s shares are quoted on
Nasdaq Helsinki Ltd. The company is domiciled in
Helsinki, and its registered address is Puusepänkatu
4, 00880 Helsinki, Finland. The financial year of all
Group companies is the calendar year.
Copies of the consolidated financial statements
are available at company.marimekko.com and
the head office of the Group’s parent company at
Puusepänkatu 4, 00880 Helsinki, Finland.
Marimekko Corporation’s Board of Directors
approved these financial statements for publication
at its meeting on 14 February 2024. According to the
Finnish Companies Act, shareholders have the right
to accept or reject the financial statements at the
AGM held after the publication. The AGM may also
amend the financial statements.
ACCOUNTING POLICY APPLIED IN THE
CONSOLIDATED FINANCIAL STATEMENTS
Accounting policy
The financial statements have been prepared
in accordance with the International Financial
Reporting Standards (IFRS), complying with the IAS
and IFRS standards as well as the SIC and IFRIC
interpretations in force as at 31 December 2023. In
the Finnish Accounting Act and the provisions laid
down pursuant to the Act, International Financial
Reporting Standards refer to the standards approved
for use in the EU in accordance with the procedures
laid down in IAS Regulation (EC) 1606/2002 of the
European Parliament, and the interpretations of these
standards. The notes to the consolidated financial
statements also comply with Finnish accounting
and company legislation which complements IFRS
regulations.
Financial statement information is presented in
thousands of euros.
Sources of uncertainty related to accounting
estimates
When preparing consolidated financial statement in
accordance with the International Financial Reporting
Standards (IFRS), the company’s management must
make estimates and assumptions about the future,
which include uncertainty.
The company’s management must evaluate
the recording of deferred tax assets, as their
realization requires taxable income in the coming
years. In addition, there is uncertainty related to the
assessment of the useful life of fixed assets and
the execution or non-execution of lease contract
extension options. There is also uncertainty related to
the valuation of inventory and credit losses on trade
receivables. Uncertainty in inventory is related to
situations where the stock moves slowly. For credit
losses on trade receivables, the uncertainty is related
to the assessment of credit losses based on the
historical data and information available at the time of
the review.
The estimates and assumptions included in the
consolidated financial statements are based on the
best knowledge of the management as at the closing
of the books. The actual figures may deviate from
these estimates.
Decisions based on the management judgement
Decisions based on the management judgement are
related to the return accrual and its calculation. In
some cases, the customer has the right to return the
product. The estimate on the number of products
potentially returned is calculated based on the
historical data.
Principles of consolidation
Marimekko’s consolidated financial statements
include the accounts of the parent company
Marimekko Corporation and its subsidiaries.
Subsidiaries are all entities over which the Group
has control. The Group controls an entity where it
is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to
affect those returns through its power to direct the
activities of the entity.
Translation of items denominated in foreign currency
The results and the financial position of the Group
units are measured in the currency used in the
primary business environment of the unit in question
(functional currency). The consolidated financial
statements are presented in euros, the functional and
presentation currency of the parent company.
Transactions in foreign currencies are recognized
in the functional currency at the exchange rate
on the date of transaction. The foreign-currency-
denominated receivables and liabilities of the parent
company and its Finnish subsidiary have been
converted to euro amounts using the exchange
rates quoted by the European Central Bank on the
closing date. The foreign-currency-denominated
receivables and liabilities of foreign subsidiaries have
been converted at the exchange rate of the country
in question on the closing date. Foreign exchange
differences in business operations are booked in the
corresponding income statement accounts above
operating profit and foreign exchange differences on
financial items in financial income and expenses.
The foreign-currency-denominated income
statements of subsidiaries are converted to euro
amounts using the average exchange rate for
the financial year and the balance sheets at the
exchange rate on the closing date. Differences
arising from translation and translation differences in
shareholders’ equity are recorded as a separate item
in shareholders’ equity.
Revenue recognition and net sales
The Group sells products in Marimekko’s retail stores
and online store, and through wholesale channels in
Finland and abroad. Most of the Group’s income is
comprised of wholesale and retail sales of products
plus licensing income.
The goods are handed over to the customer one
item or several items at a time in the stores or by a
carrier. The customer can utilize each sold product
separately and the utilization of a single product is
not dependent on other products sold by Marimekko.
Revenue is recognized when the buyer obtains control
of the product – that is when the significant risks
and rewards of ownership have been transferred to
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Consolidated financial statements, IFRS
the buyer. In wholesale, this is mainly the moment
when the goods are handed over to the customer as
set forth in the agreed delivery clause. In wholesale
and export trade, the terms of delivery determine
the point of time when the customer obtains control
of the goods. In retail where cash, credit card or gift
card is used as means of payment, the income is
recognized at the time of sale.
Sales revenues are recognized at the amount to
which Marimekko expects to be entitled in exchange
for transferring the promised goods to the customer,
except for amounts collected on behalf of third
parties, such as indirect taxes. Discounts granted are
taken into account when determining the revenue
to be recognized. The fulfillment of performance
obligations is verifiable from payment receipts or
transportation documents. In compliance with IFRS
15, customer contributions are allocated to distinct
goods and recognized as revenue by the Group when
the goods are handed over to the customer in the
store or when a wholesale customer obtains control
of the goods according to the terms of delivery. In
some cases, the customer has the right to return the
product. The estimate on the number of products
potentially returned is calculated based on the
historical data.
Licensing income is recognized in accordance
with the clauses of the agreement between
Marimekko and the licensee when the later of the
following events occurs:
(a) the subsequent sale or usage occurs, and
(b) the performance obligation to which some or all
of the sales-based or usage-based royalty has been
allocated has been fully or partially satisfied.
The clauses in the licensing agreements provide
for licensing income payable to Marimekko for sales
of products covered by the agreement as percentage-
based licensing income or lump sum payments based
on the fulfillment of performance-based obligations.
Some licensees paying percentage-based licensing
income are according to the agreement obligated to
pay at least an annual minimum licensing income.
The Group also engages in commission trading,
where it records the revenue as gross amount to
which it expects to be entitled of in exchange for
specified goods or services delivered.
Other operating income
Other operating income includes, for example, rental
income from lease agreements classified as other
lease agreements, insurance payouts and sales
proceeds of fixed assets.
Operating profit
IAS 1 Presentation of Financial Statements does not
contain a definition of operating profit. The Group
has defined this concept as follows: operating profit
is the net amount of net sales and other operating
income less purchase expenses adjusted with change
in inventories of finished goods and work in progress
and the expenses incurred due to production for own
use, less employee benefit expenses, depreciation,
possible impairment loss and other operating
expenses. Any income statement items other than
the above are presented below the operating profit.
Foreign exchange differences are included in the
operating profit, provided they are attributable to
items related to business operations. Otherwise, they
are recognized in financial items.
Employee benefits
Pension commitments
The pension security of the personnel of the Group’s
Finnish companies has been arranged under the
Finnish statutory employee pension plan (TyEL)
through an external pension insurance company.
Foreign subsidiaries have arranged pensions for
their personnel in accordance with local legislation.
The Group’s pension cover is arranged wholly
under defined contribution schemes. Under a
defined contribution arrangement, the Group pays
contributions to publicly or privately managed
pension insurances. These contributions are either
compulsory, based on an agreement or voluntary.
The Group does not have any payment obligations
other than these contributions. The contributions
are recognized as employee benefit expenses at the
time when they become due. Any contributions paid
in advance are included in the assets on the balance
sheet, insofar as they are recoverable as future
refunds or future reductions of contributions.
Share-based payments
The long-term incentive system running from 2018
to 2022 granted to the Management Group by
the Board of Directors was valued at fair value at
each closing date and the change in fair value was
recorded as an employee benefit expense in the
income statement to the extent the share-based
payments had been vested.
The Board of Directors of Marimekko
Corporation decided in 2022 to continue the share-
based long-term incentives for the company’s
management. Estimate of the fair value of share-
based payments is recorded evenly over the duration
of the new program to the employee benefit
expenses.
The incentive systems are described in
greater detail in note 4 to the consolidated
financial statements.
Interest income
Interest income is recognized on a time-proportion
basis using the effective interest method.
Dividend income
Dividend income is recognized as income when the
right to dividends is established.
Income taxes
Taxes on the Group companies’ financial results
for the period, taxes from previous periods and the
change in deferred taxes are recorded as the Group’s
taxes. Taxes on the taxable income for the period are
calculated on taxable income in accordance with the
tax rate in force in the country in question. Deferred
taxes are calculated on all temporary differences
between the book value and the taxable value.
However, a deferred tax liability is not accounted for
if it arises from the initial recognition of an asset
or liability in a transaction, other than a business
combination, that at the time of the transaction affects
neither accounting nor taxable income. Deferred tax is
not recognized for distributable earnings of subsidiaries
where it is probable that the difference will not reverse
in the foreseeable future. Deferred taxes are calculated
using the tax rates set by the closing date. Deferred tax
assets are recognized to the extent that it is probable
that future taxable profit, against which the temporary
difference can be utilized, will be available.
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Consolidated financial statements, IFRS
Earnings per share
The basic earnings per share are calculated by dividing
the result for the period attributable to equity holders
of the parent company by the weighted average of
shares outstanding. The weighted average number of
shares used to calculate the diluted earnings per share
takes into account the diluting effect of the conversion
of potential common shares into actual shares during
the period. There are no potential shares outstanding
at the moment.
Intangible assets
Intangible assets with finite useful lives are recognized
in the balance sheet at original cost less depreciation.
Depreciation of intangible assets is carried out on a
straight-line basis over their estimated useful life.
The estimated useful lives are as follows:
• intangible rights 5 years
• computer software 3–5 years.
The major intangible assets are computer
software. In addition, intangible rights include
trademarks.
The accounting for cloud computing arrangements
depends on whether the cloud-based software
classifies as a software intangible asset or a service
contract. Those arrangements where the company
does not have control over the underlying software
are accounted for as service contracts providing the
company with the right to access the cloud provider’s
application software over the contract period. The
ongoing fees to obtain access to the application
software, together with related configuration or
customization costs incurred, are recognized as other
operating expenses when the services are received.
Tangible assets
Tangible assets consist of leased fixed assets
and owned fixed assets which mainly comprise
buildings, machinery and equipment. Tangible
assets also include expenditures on conversions
and renovations of leased premises comprising, for
example, completion work on business interiors in
rented premises. Tangible assets are recorded in
the balance sheet at original cost less depreciation.
Depreciation of tangible assets is carried out on a
straight-line basis over their estimated useful life.
The estimated useful lives are as follows:
• buildings and structures 3–30 years
• machinery and equipment 3–15 years.
The residual value and useful life of tangible
assets are reviewed at the end of each financial year
and if necessary, adjusted to reflect changes in the
expectation of economic benefit.
If a tangible asset consists of several parts
with different useful lives, each part is treated as a
separate asset. Significant cost of replacing a part is
capitalized when the company will derive economic
benefit from the asset. Other expenses such as
regular maintenance, repair and servicing costs are
entered as expenses in the income statement when
they are incurred.
Borrowing costs
Borrowing costs are recognized as expenses during
the financial year in which they were incurred.
Borrowing costs have not been recognized as part of
the acquisition cost of assets.
Provisions
A provision is recognized when the Group has a
present legal or constructive obligation as a result
of a past event, and it is probable that an outflow of
resources will be required to settle the obligation and
a reliable estimate of the amount of the obligation can
be made.
A restructuring provision is recognized when the
Group has compiled a detailed restructuring plan,
launched its implementation or informed the parties
concerned.
Impairment
On each closing date, asset items are assessed
for indications of impairment. If there are such
indications, the recoverable amount of said asset
item is estimated. The impairment recognized is the
amount by which the book value of the asset item
exceeds its recoverable amount, which is the higher
of its net selling price or value in use. Value in use
is based on discounted future net cash flows as a rule.
Lease agreements
In accordance with IFRS 16, the Group assesses at
the inception of a contract whether the contract is, or
contains, a lease. A contract is, or contains, a lease
if the contract conveys the right to control the use of
an identified asset for a period of time in exchange
for consideration. The Group has elected to separate
non-lease components from lease components at the
inception of a contract.
The Group recognizes a right-of-use asset and a
lease liability at the lease commencement date. The
right-of-use asset is initially measured at cost, which
comprises the initial amount of the lease liability
adjusted for any lease payments made before the
commencement date, incentives received, initial direct
costs incurred and an estimate of costs to restore the
underlying asset. The right-of-use asset is depreciated
over the lease term.
The lease liability is initially measured at the
present value of the lease payments that are not
paid at the commencement date, discounted using
the interest rate implicit in the lease or, if that rate
cannot be readily determined, the Group’s incremental
borrowing rate. The lease liability is measured at
amortized cost using the effective interest method.
Lease payments included in the measurement of the
lease liability comprise the following: fixed payments
and variable lease payments that depend on an
index or a rate. An option to extend the lease term is
included in the lease term if it is reasonably certain
that the option will be exercised.
The lease term for renewable leases is determined
based on non-cancelable lease term of the contract.
Further periods are included in the lease term to
the extent that the management considers that it is
reasonably certain that the option to terminate the
contract is not exercised.
The Group has elected not to recognize right-of-
use assets and lease liabilities for short-term leases
(max. 12 months) and leases of low-value assets. The
Group recognizes the lease payments associated with
these leases as an expense on a straight-line basis
over the lease term.
Marimekko is a lessee. Lease contracts include
headquarter and printing facilities in Helsinki, retail
stores in Finland and other countries where Marimekko
operates as well as company housing and leasing cars.
In general, lease contracts vary from 1 year to 15 years.
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Consolidated financial statements, IFRS
In the financial year 2022, Marimekko has applied
an amendment to IFRS 16, published by the IASB in
2020, regarding the treatment of rent concessions
and the amendment to IFRS 16 published in
2021, which extended the period of application
of the relief. The Group has applied the practical
expedient stipulated by the amendment to not treat
rent concessions granted due to the coronavirus
pandemic as changes in leases under IFRS 16 until
the period of application ended on 30 June 2022.
Leases that only involved a rent exemption were
treated as negative variable rents in the income
statement.
Inventories
Inventories are presented at the acquisition cost
or at the lower probable net realization value.
The acquisition cost of manufactured inventories
includes not only purchase expenditure on materials,
direct labor and other direct costs, but also a share
of the fixed and variable general costs of production.
Net realizable value is the estimated selling price in
the ordinary course of business, less the estimated
direct costs for completion and selling expenses.
Financial assets
Financial assets are classified based on the Group’s
financial asset management business model and
their contractual cash flow characteristics into the
following categories: measured at amortized cost
and measured at fair value through profit or loss.
Financial assets measured at amortized cost
consist of other financial assets, trade receivables,
other receivables, prepaid expenses and accrued
income, as well as cash and cash equivalents. They
are initially recognized at fair value and subsequently
at amortized cost using the effective interest method.
For the estimation of expected credit losses on
trade receivables, the so-called simplified approach
permitted by IFRS 9 is used, according to which credit
losses are recorded at an amount equal to lifetime
expected credit losses. Expected credit losses are
estimated based on historical credit losses, and
the model also takes into account the information
available on future financial conditions at the time of
review. Expected credit losses are recognized in other
operating expenses in the income statement.
A final impairment of trade receivables is
recognized when there is objective evidence that
the Group will not receive all of the benefits on the
original terms. Indications of the impairment of trade
receivables include significant financial difficulties
of the debtor, the likelihood of bankruptcy, failure to
make payments, or a delay of over 90 days in paying.
Impairment loss is recognized under other operating
expenses in the income statement.
Financial assets measured at fair value through
profit or loss comprise shares and they are included
in noncurrent assets, unless it is intended that they
will be held for less than 12 months from the closing
date, in which case they are included in current
assets. The other financial assets comprise listed
shares. In addition, the Group has derivatives, which
are not subordinated to hedge accounting. These
derivatives are recorded at fair value through profit or
loss. Financial assets which are recorded at fair value
are valued based on fair value hierarchies presented
below.
The fair value of financial assets and liabilities
classified as level 1 is based on unadjusted quoted
prices in active markets at the closing date. Level 1
includes listed shares.
The fair value of financial assets and liabilities
classified as level 2 is based on observable input
parameters, which are other than quoted prices. Level
2 includes currency derivatives.
In accordance with the Group’s hedging policy,
Marimekko has derivatives against changes in the
exchange rate of purchases.
Cash and cash equivalents
The Group’s cash and cash equivalents include cash
on hand and at banks. The Group does not have any
other items classified as cash and cash equivalents.
Dividends, shareholders’ equity and treasury shares
The Board of Directors’ proposal for dividend
distribution has not been recognized in the financial
statements; dividends are only recognized on the
basis of the AGM’s approval.
Outstanding common shares are presented
as share capital. Costs related to the granting or
acquisition of the company’s own equity instruments
are presented as equity allowance. If the company
purchases its own shares, the price including direct
costs is recognized as decrease in equity.
Financial liabilities
Financial liabilities are initially recognized at fair value
excluding transaction costs and subsequently at
amortized cost using the effective interest method.
Financial liabilities are non-current, unless they are
repayable on demand or the Group intends to repay
them within the next 12 months.
The Group’s derivatives are recorded at fair value
through profit or loss. The Group does not use hedge
accounting.
New standards and interpretations and change in
accounting principles
These consolidated financial statements have been
prepared using the same accounting principles as
were applied in the 2022. The new and amended
standards which were implemented during 2023,
do not have a significant impact on the company’s
consolidated financial statements. Regarding note 14,
the presentation of deferred taxes related to lease
agreements has been changed.
Adoption of new and amended standards in future
financial years
The new and amended standards to be applied
in future financial years do not, according to the
company’s estimate, have a significant impact on the
company’s consolidated financial statements.
24
Consolidated financial statements, IFRS
Net sales by market area
(EUR 1,000) 2023 2022Finland  Retail sales 66,627 64,559 Wholesale sales 32,133 33,491 Licencing income 154 187Total 98,914 98,237Scandinavia  Retail sales 4,386 4,157 Wholesale sales 11,096 9,799 Licencing income 75 -Total 15,557 13,956EMEA  Retail sales 3,008 2,492 Wholesale sales 10,802 11,603 Licencing income 834 1,919Total 14,645 16,014North America  Retail sales 4,523 4,621 Wholesale sales 4,688 2,761 Licencing income 365 617Total 9,575 7,999
(EUR 1,000) 2023 2022Asia-Pacific  Retail sales 6,775 6,619 Wholesale sales 26,883 23,455 Licencing income 1,758 234Total 35,415 30,309International sales (total)  Retail sales 18,691 17,890 Wholesale sales 53,469 47,618 Licencing income 3,031 2,770Total 75,191 68,278Retail sales 85,318 82,448Wholesale sales 85,602 81,109Licencing income 3,186 2,957Total 174,105 166,515
Net sales by product line
(EUR 1,000) 2023 2022Fashion 55,171 50,525Home 77,475 78,273Bags and accessories 41,460 37,717Total 174,105 166,515
Investments (excluding the impact of IFRS 16)
(EUR 1,000) 2023 2022Finland 1,191 873Other countries 842 126Total 2,033 999
1. SEGMENT INFORMATION AND DISTRIBUTION OF SALES
The Group’s business segment is the Marimekko business. The segment information presented by the Group
is based on internal reporting to the chief operational decision-maker. The President and CEO of the company
acts as the chief operational decision-maker.
The total amount of assets in Finland was EUR 106,872 thousand (99,261), of which the amount of non-current
assets excluding financial instruments and deferred tax assets was EUR 29,797 thousand (30,224). The amount
of assets in other countries was EUR 16,386 thousand (15,326), of which non-current assets accounted for EUR
6,352 thousand (5,136).
Marimekko has no individual customers representing 10 percent or more of the Group’s total income.
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Consolidated financial statements, IFRS
2. OTHER OPERATING INCOME
(EUR 1,000) 2023 2022Rental income 54 54Other income 37 54Total 91 108
3. RAW MATERIALS AND CONSUMABLES
(EUR 1,000) 2023 2022Materials and supplies  Purchases during the financial year 40,232 47,310 Increase (-) / decrease (+) in inventories -71 -88 Total 40,161 47,223External services 23,029 24,892Total 63,190 72,115Exchange rate differences included in raw materials and consumablesExchange rate gains (-) / losses (+) on purchases -41 141
4. EMPLOYEE BENEFIT EXPENSES
(EUR 1,000) 2023 2022Salaries, wages and bonuses 26,245 24,155Share-based payments 417 98Pension expenses – defined contribution plans 3,745 3,621Other indirect social expenditure 3,105 2,972Total 33,512 30,846
Average number of employees
2023 2022Salaried employees 443 413Production personnel 19 21Total 462 434
Share-based payments
The Board of Directors of Marimekko Corporation decided at 15th of February 2022 to continue the share-based
long-term incentives for the company’s management. The share-based incentive system for years 2022–2026
is targeted to the Management Group of Marimekko and at the end of financial period, it encompasses 10
people including the President and CEO.
The Performance share plan 2022–2026 is composed of two earnings periods: 1 January 2022–30 June
2025 and 1 January 2023–30 June 2026. The potential reward from each earnings period is based on total
shareholder return (TSR) i.e. the total yield on Marimekko Corporation’s shares, including dividends, at the end
of the period. The achievement of the required TSR levels will determine the proportion out of the maximum
reward that will be paid to a participant. The potential rewards are primarily planned to be paid half in company
shares and half in cash after each earnings period. The cash part of the reward is intended to cover the taxes
and tax-like payments incurred by the participant. The arrangement is treated entirely as equity paid. Earning
the reward requires that the person is still working for the company at the time of the payment. The reward
amounts earned through the system will be capped if the maximum limit set by the Board for the payable reward
is reached. The shares received as part of the reward are subject to a two-year transfer restriction. An estimate
of the fair value of possible rewards is recorded evenly over the entire duration of the program as employee
benefits expenses
The Board of Directors of Marimekko has decided that if the targets set for the first earnings period are met
in full, the rewards to be paid on the basis of it correspond to the value of an approximate maximum total of
172,706 Marimekko shares including also the cash portion of the reward. The potential rewards from the first
earnings period are estimated to be paid in early autumn 2025.
The Board of Directors has decided that if the targets set for the second earnings period of 1 January 2023–30
June 2026 are met in full, the rewards to be paid on the basis of the period correspond to the value of an
approximate maximum total of 290,148 Marimekko shares including also the cash portion of the reward. The
potential rewards from the second earnings period are estimated to be paid at the latest by the end of
September 2026.
For the fiscal year 2023, a total of EUR 417 thousand (179) has been recorded from the incentive system for
the years 2022–2026 in the employee benefits expenses in the Marimekko Group’s 2023 consolidated income
statement.
In the comparable year 2022, the Group had two long-term incentive schemes for the management, one of
which ended during the year. The long-term incentive system which ended during the financial period 2022,
was established based on the Board of Directors’ decision on 14 February 2018. The system was composed
of two earnings periods, which were 1 April 2018–30 September 2021 and 1 April 2018–31 January 2022. The
possible reward for each earnings period was based on the total yield on Marimekko Corporation’s shares,
including dividends. The net reward was paid half in company shares and half in cash. The shares received as
part of the reward are subject to a two-year transfer restriction. Earning the reward required that the person
was still working for the company at the time of the payment. The annual maximum value of the reward paid to a
member of the Management Group under the incentive system equaled the approximate value of annual gross
26
Consolidated financial statements, IFRS
salary. The system encompassed nine Management Group members, including the President and CEO. The
Group had the option of paying the reward entirely in cash by a decision of the Board of Directors.
The Board of directors decided on the payment of the second earnings period on 15 February 2022. In
accordance with the terms of the incentive system, on 17 February 2022, a total of 7,802 of Marimekko’s own
shares held by the company were transferred over to the members of the Marimekko Management Group.
The fair value of granted share-based payments was determined using the binary cash-or-nothing call option
valuation model. The significant measurement parameters in the model were an initial share value of EUR 14.21,
i.e. EUR 12.92, which is the weighted average share price between 1 and 31 March 2018, plus 10 percent, and a
volatility of 27 percent. The grant date of the share-based payments was the date of the Board resolution. The
fair value of the payments at the end of the grant month was EUR 1.76/option, so the total fair value of the plan
amounted to EUR 813 thousand. Granted share-based payments were subsequently valued at fair value at each
closing date and the change in fair value was recorded in the income statement to the extent the payments are
vested. The reward payable for an earnings period was an amount equivalent to 1.5 months’ gross salary for
each one (1) euro, with which the closing share price (inclusive of dividends) exceeds the initial share value of
EUR 14.21. Gross salary is defined for the purposes of the system as the fixed monthly salary, inclusive of fringe
benefits, paid at the beginning of the earnings period. The installments related to the last earning period was
paid during February 2022.
For the comparable year 2022, a total of EUR -81 thousand was recorded from this incentive system to the
employee benefits expenses in the Marimekko Group’s 2022 income statement.
5. DEPRECIATION AND IMPAIRMENTS
(EUR 1,000) 2023 2022Intangible assets  Intangible rights 44 34 Computer software 139 224 Total 183 258Tangible assets  Buildings and structures 263 228 Machinery and equipment 505 473 Right-of-use assets, buildings and structures 8,159 8,623 Right-of-use assets, machinery and equipment 70 68 Total 8,998 9,393Total 9,180 9,651
6. OTHER OPERATING EXPENSES
(EUR 1,000) 2023 2022Leases 1,850 1,070Marketing 9,483 9,245Management and maintenance of business premises 1,634 1,598Administration 11,200 11,391Other expenses 8,258 8,192Total 32,425 31,497Exchange rate differences included in other operating expenses Exchange rate gains (-) / losses (+) on sales 101 405
Rents
(EUR 1,000) 2023 2022Low-value rents 484 429Variable rents¹ 1,366 641Total 1,850 1,070
Auditor’s fee
(EUR 1,000) 2023 2022KPMG  Audit 124 128 Tax advice 2 16  Other services 3 29Total 129 173Others  Audit 9 6Total 9 6
Remuneration to KPMG Oy Ab on other services to Marimekko Group companies: EUR 3 thousand (29)
¹ During 2022, the Group applied the practical expedient stipulated by an amendment to IFRS 16 to not treat rent concessions
granted due to the coronavirus pandemic as changes in leases under IFRS 16. Hence in 2022, variable rents include EUR 373
thousand in rent relief recognized directly in the income statement in accordance with the amendment to IFRS 16. Practical
expedient ended on 30 June 2022.
27
Consolidated financial statements, IFRS
7. FINANCIAL INCOME
(EUR 1,000) 2023 2022Interest income on loans and other receivables 193 28Exchange rate gains, realized 71 141Exchange rate gains, unrealized 45 1,072Change in fair value of shares 85 -Total 393 1,241
8. FINANCIAL EXPENSES
(EUR 1,000) 2023 2022Interest expenses on financial liabilities measured at amortized cost 173 232Interest expenses on lease liabities 1,020 720Exchange rate losses, realized 200 143Exchange rate losses, unrealized 542 1,145Other financial expenses 123 99Total 2,056 2,339
9. INCOME TAXES
(EUR 1,000) 2023 2022Taxes on taxable earnings for the financial year 6,380 5,988Taxes from previous financial years 136 246Deferred taxes -379 196Total 6,137 6,430Reconciliation statement of taxes calculated on the basis of tax expenses in the income statement and the Group’s Finnish tax rate (20 percent both in 2023 and 2022)Result before taxes 29,737 29,139Taxes calculated at the Finnish tax rate 5,947 5,828Different tax rates of foreign subsidiaries -7 -12Non-recognized deferred tax assets on taxable losses 69 120Taxes from previous financial years 136 246Acquisition cost of shares transferred - 123Non-deductible items 5 -20Others -14 146Taxes in the income statement 6,137 6,430
10. EARNINGS PER SHARE
2023 2022Net result for the period, EUR 1,000 23,601 22,708Weighted average number of shares, 1,000 40,571 40,624Basic and diluted earnings per share, EUR 0.58 0.56
28
Consolidated financial statements, IFRS
11. NON-CURRENT ASSETS
11.1 Intangible assets
2023 Advance payments Intangible Computer and acquisitions (EUR 1,000) rights software in progress TotalAcquisition cost, 1 Jan. 2023 2,551 7,336 9,887Translation differences -1 2 1Increases 77 36 1,029 1,142Decreases -269 -269Transfers between categories -794 -794Acquisition cost, 31 Dec. 2023 2,627 7,105 235 9,968Accumulated depreciation, 1 Jan. 2023 2,427 7,173 9,600Translation differences -1 2 1Accumulated depreciation of decreases -269 -269Depreciation during the financial year 44 139 183Accumulated depreciation, 31 Dec. 2023 2,469 7,045 9,515Book value, 31 Dec. 2023 158 60 235 453
2022 Advance payments Intangible Computer and acquisitions (EUR 1,000) rights software in progress TotalAcquisition cost, 1 Jan. 2022 2,495 8,051 10,547Translation differences 2 -115 -114Increases 54 5 657 715Decreases -604 -604Transfers between categories -657 -657Acquisition cost, 31 Dec. 2022 2,551 7,336 9,887Accumulated depreciation, 1 Jan. 2022 2,391 7,669 10,060Translation differences 2 -115 -114Accumulated depreciation of decreases -604 -604Depreciation during the financial year 34 224 258Accumulated depreciation, 31 Dec. 2022 2,427 7,173 9,600Book value, 31 Dec. 2022 124 163 288
29
11.2 Tangible assets
2023 Right-of-use Right-of-use assets, Advance payments Buildings and Machinery and assets, buildings machinery and and acquisitions(EUR 1,000) Land structures equipment and structures equipment in progress TotalAcquisition cost, 1 Jan. 2023 55 6,106 20,170 71,624 470 81 98,507Translation differences -46 -165 -587 -798Increases 719 548 7,772 221 417 9,677Decreases -915 -465 -18 -1,398Transfers between categories 92 337 -429 Acquisition cost, 31 Dec. 2023 55 5,957 20,425 78,791 691 69 105,988Accumulated depreciation, 1 Jan. 2023 4,171 18,296 41,067 412 63,946Translation differences -49 -165 -453 -666Accumulated depreciation of decreases -915 -465 -10 -1,390Depreciation during the financial year 263 505 8,159 70 8,998Accumulated depreciation, 31 Dec. 2023 3,471 18,171 48,763 482 70,888Book value, 31 Dec. 2023 55 2,486 2,254 30,028 209 69 35,100
Consolidated financial statements, IFRS
30
Consolidated financial statements, IFRS
11.2 Tangible assets
2022 Right-of-use Right-of-use assets, Advance payments Buildings and Machinery and assets, buildings machinery and and acquisitions(EUR 1,000) Land structures equipment and structures equipment in progress TotalAcquisition cost, 1 Jan. 2022 55 6,945 22,360 61,693 448 91,501Translation differences 16 169 68 253Increases 330 408 9,863 22 202 10,825Decreases -1,185 -2,888 -4,073Transfers between categories 121 -121 Acquisition cost, 31 Dec. 2022 55 6,106 20,170 71,624 470 81 98,507Accumulated depreciation, 1 Jan. 2022 5,113 20,537 32,320 344 58,314Translation differences 16 173 123 312Accumulated depreciation of decreases -1,185 -2,888 -4,073Depreciation during the financial year 228 473 8,623 68 9,393Accumulated depreciation, 31 Dec. 2022 4,171 18,296 41,067 412 63,946Book value, 31 Dec. 2022 55 1,935 1,874 30,557 59 81 34,560
11.3 Other financial assets
(EUR 1,000) 2023 2022Other financial assets 595 512
Other financial assets comprise listed shares and bonds.
31
11.2 Tangible assets
2022
Right-of-use Right-of-use assets, Advance payments
Buildings and Machinery and assets, buildings machinery and and acquisitions
(EUR 1,000) Land structures equipment and structures equipment in progress Total
Acquisition cost, 1 Jan. 2022 55 6,945 22,360 61,693 448 91,501
Translation differences 16 169 68 253
Increases 330 408 9,863 22 202 10,825
Decreases -1,185 -2,888 -4,073
Transfers between categories 121 -121
Acquisition cost, 31 Dec. 2022 55 6,106 20,170 71,624 470 81 98,507
Accumulated depreciation, 1 Jan. 2022 5,113 20,537 32,320 344 58,314
Translation differences 16 173 123 312
Accumulated depreciation of decreases -1,185 -2,888 -4,073
Depreciation during the financial year 228 473 8,623 68 9,393
Accumulated depreciation, 31 Dec. 2022 4,171 18,296 41,067 412 63,946
Book value, 31 Dec. 2022 55 1,935 1,874 30,557 59 81 34,560
12. CURRENT ASSETS
12.1 Inventories(EUR 1,000) 2023 2022Raw materials and consumables 5,211 5,174Finished products/goods 24,057 28,610Total 29,268 33,784Impairment of inventories -458 -415
12.2 Trade and other receivables
(EUR 1,000) 2023 2022Trade receivables 16,643 10,101Prepayments for inventory purchases - 10Other receivables 877 735Prepaid expenses and accrued income 2,168 1,137Total 19,688 11,983Prepaid expenses and accrued income  Royalty receivables 277 224 Employee benefits 5 3 Other prepaid expenses and accrued income 1,886 910Total 2,168 1,137
Analysis of trade receivables by age
(EUR 1,000) 2023 2022Trade receivables not past due 12,775 7,448Past due  less than 30 days 2,760 2,093 30–60 days 595 372 more than 60 days 513 188Total 16,643 10,101
The amount of credit loss provisions recognized on trade receivables, EUR 155 (43) thousand, reduces
receivables in the balance sheet. The expected credit loss risk is not material due to the Group’s effective credit
management policy, where the credit history of wholesale customers is monitored regularly and prepayments,
guarantees and letters of credit are used when needed.
Consolidated financial statements, IFRS
32
Consolidated financial statements, IFRS
13. SHARES AND OTHER EQUITY
Reserve for invested Number of shares non-restricted Number of outstanding Share capital, EUR equity, EUR treasury shares Treasury shares, EUR1 Jan. 2022 40,582,370 8,040,000 1,227,957 66,800 -210,233Share-based payments 39,010 - - -39,010 122,772Acquisition of own shares -50,000 - - 50,000 -453,64431 Dec. 2022 40,571,380 8,040,000 1,227,957 77,790 -541,1051 Jan. 2023 40,571,380 8,040,000 1,227,957 77,790 -541,10531 Dec. 2023 40,571,380 8,040,000 1,227,957 77,790 -541,105
Marimekko Corporation’s Articles of Association do not specify maximum share capital. Marimekko Corporation
has one series of shares; the shares do not have a nominal value. All shares in issue have been paid in full. As
at 31 December 2023, Marimekko Corporation held 77,790 treasury shares. The Group does not have any share
option schemes.
The Board of Directors of Marimekko proposed on 14 February 2024 to the AGM on 16 April 2024 that a dividend
of EUR 0.37 per share is paid for 2023.
The reserve for invested non-restricted equity contains other equity-like investments and the share subscription
price to the extent that this is not entered in share capital under a specific decision.
33
Changes in deferred taxes in 2022
Recognized in the (EUR 1,000) 1 Jan. 2022 income statement 31 Dec. 2022Deferred tax assets  Internal margin of inventories 323 48 371 Employee benefits 450 -450 - Lease agreements 6,086 268 6,354 Intangible assets 321 266 587Total 7,180 132 7,312Deferred tax liabilities  Accumulated depreciation difference -182 -43 -225 Lease agreements -5,905 -228 -6,133 Fixed costs included in inventories -151 -55 -206Total -6,239 -325 -6,564Deferred tax asset, net 942 748
Deferred tax assets are recognized for tax losses carried forward to the extent that the realization of the related
tax benefit through future taxable profits is probable. Deferred tax assets amounting to EUR 69 thousand (120)
have not been recognized.
14. DEFERRED TAX ASSETS AND LIABILITIES
Deferred tax assets and liabilities are offset against each other where the Group has a legally enforceable
right to offset deferred tax assets and liabilities based on taxable earnings for the period against each other
and where they relate to income taxes levied by the same taxation authority on the same taxpayer or different
taxpayers and the intention is to settle on a net basis. The amounts offset against each other are as follows:
Changes in deferred taxes in 2023
Recognized in the (EUR 1,000) 1 Jan. 2023 income statement 31 Dec. 2023Deferred tax assets  Internal margin of inventories 371 45 416 Lease agreements 6,354 105 6,459 Intangible assets 587 139 726Total 7,312 289 7,601Deferred tax liabilities  Accumulated depreciation difference -225 -35 -259 Lease agreements -6,133 79 -6,054 Fixed costs included in inventories -206 29 -177Total -6,564 73 -6,491Deferred tax asset, net 748 1110
Consolidated financial statements, IFRS
34
Consolidated financial statements, IFRS
17. FINANCIAL ASSETS AND LIABILITIES
Financial assets measured at fair value through profit or loss
(EUR 1,000) 2023 2022Other financial assets 271 189Other financial liabilities - 42
Financial assets measured at fair value through profit or loss comprise listed shares, bonds and currency
derivatives. Below is the information about currency derivatives recognized at fair value through profit and loss.
Nominal value  Currency derivatives - 1,417Fair value  Negative fair values - -42Total - -42Age distribution - Nominal value Currency derivatives  Less than a year - 1,417Total - 1,417
Financial assets measured at amortized cost
(EUR 1,000) 2023 2022Other financial assets 324 324 Trade receivables 16,643 10,101 Other receivables, prepaid expenses and accrued income 3,045 1,873 Cash and cash equivalents 37,044 32,711
Financial liabilities measured at amortized cost
 Trade payables 9,808 9,831 Credit facilities drawn down 615 2,127 Other liabilities 14,791 14,921
The fair value of financial assets and financial liabilities measured at amortized cost equals their book value.
15. INTEREST-BEARING LIABILITIES
15.1 Non-current liabilities
(EUR 1,000) 2023 2022Lease liabilities 24,984 25,277Total 24,984 25,277
15.2 Current liabilities
(EUR 1,000) 2023 2022Lease liabilities 7,309 6,547Financial liabilities 615 2,169Total 7,925 8,716
16. OTHER CURRENT LIABILITIES
(EUR 1,000) 2023 2022Trade payables and other current liabilities  Trade payables 9,808 9,831 Other payables 5,618 5,096 Accrued liabilities and deferred income 7,359 7,914 Advances received 1,815 1,912Total 24,599 24,752Accrued liabilities and deferred income  Employee benefits 5,104 4,739 Unpaid designer and agent provisions 772 661 Return accruals 655 1,360 Other accrued liabilities and deferred income 828 1,155Total 7,359 7,914
35
¹ Marimekko Corporation has branch in France.
² Marimekko AB has branches in Norway and Denmark.
³ Fee paid to Mika Ihamuotila for half-time duty pursuant to a separate service agreement.
Consolidated financial statements, IFRS
18. GUARANTEES, CONTINGENT LIABILITIES AND OTHER COMMITMENTS
(EUR 1,000) 2023 2022Other own liabilities and commitments  Lease liabilities for machinery and equipment 739 846
Lease liabilities relate to low-value and short-term leases not recorded in the balance sheet.
(EUR 1,000) 2023 2022Guarantees 4,880 6,492
Guarantees are related to letter of credits, rental and customs guarantees.
19. RELATED PARTY TRANSACTIONS
The group’s related parties include the members of the board of directors and the management team, as well as
their close family members and controlling entities, the group’s parent company and its subsidiaries.
The relationships of the Group’s parent company and subsidiaries are as follows:
Parent company
Marimekko Corporation, Helsinki, Finland¹
Subsidiaries
Company and domicile Group’s holding, % Share of voting rights, %Marimekko Services Oy, Helsinki, Finland 100 100Marimekko AB, Stockholm, Sweden² 100 100Marimekko Australia PTY Ltd, Victoria, Australia 100 100Marimekko GmbH, Frankfurt am Main, Germany 100 100Marimekko North America LLC, Delaware, United States 100 100Marimekko North America Retail LLC, Delaware, United States 100 100Marimekko North America Holding Co, Delaware, United States 100 100Marimekko Trading (Shanghai) Co., Ltd, Shanghai, China 100 100Marimekko UK Ltd, London, United Kingdom 100 100Marimekko Denmark ApS 100 100Marimekko Japan Godo Kaisha 100 100Marimekko Singapore Pte. Ltd. 100 100
The following transactions were carried out with related parties:
Management’s employee benefits
Paid remuneration of the President and CEO and other members of the Management Group
(EUR 1,000) 2023 2022Mika Ihamuotila, Chairman of the Board³ 53 53Tiina Alahuhta-Kasko, President and CEO 453 493Other members of the Management Group 2,294 1,788Total 2,799 2,334
Share-based incentive system
(EUR 1,000) 2023 2022Tiina Alahuhta-Kasko, President and CEO - 552Other members of the Management Group - 1,621Total - 2,173
36
Consolidated financial statements, IFRS
20. FINANCIAL RISK MANAGEMENT
During the normal course of its business operations, the Marimekko Group is exposed to financial risks. The
principal financial risks are liquidity risk, credit risk, foreign currency risk and interest rate risk.
The company’s Board of Directors has confirmed the principles, responsibilities and organization of risk
management for the Group. The Board of Directors also monitors the success of risk management. According
to its risk management principles, Marimekko classifies its risks as strategic, operational, economic and
accident risks. Economic risks include financial risks. Responsibility for the implementation of risk management
measures concerning financial risks lies with the Group’s CFO. The main objective of financial risk management
is to ensure reasonably-priced financing in all circumstances, and thereby minimize the unfavorable effects,
if any, on the Group’s financial performance. In accordance with the Group’s hedging policy, Marimekko has
derivatives against changes in the exchange rate of purchases.
Liquidity risk
The Group continuously seeks to assess and monitor the amount of funding required for business operations
to ensure that sufficient liquid funds are available for daily business and repayment of maturing debts. The
assessment is based on monthly cash flow and liquidity forecasts. The Group aims to maintain a high liquidity
level at all times in order to eliminate liquidity risk. In order to minimize liquidity risk, the Group’s near-term and
next few years’ financing needs can be covered by liquid funds as well as committed long-term or short-term
Remuneration to the Board of Directors
(EUR 1,000) 2023 2022Elina Björklund - 2Carol Chen 26 26Mika Ihamuotila 48 48Mikko-Heikki Inkeroinen 31 31Catharina Stackelberg-Hammarén - 1Tomoki Takebayashi 26 26Marianne Vikkula 31 30Teemu Kangas-Kärki 45 43Total 207 207Management’s employee benefits, total 3,006 4,714
Pension benefits include only statutory pension payments. The management does not have additional pension
benefits.
Related parties are among beneficiaries of a share-based incentive system. The management’s long-term
incentive system is presented in greater detail under note 4 to the financial statements.
credit facilities or credit facilities valid until further notice. At the end of the financial year, the Group credit
facilities and revolving credit facilities totaled EUR 32,547 thousand (16,718). The amount of credit facilities
drawn down at the end of the year was EUR 615 thousand (2,127). Revolving facilities remained unused during
2023. As the general uncertainty of the economy continues, in January 2023, Marimekko acquired additional
security for financing. In addition to the previous credit facilities, short-term revolving credit facilities worth
EUR 16,000 thousand are available for use. These revolving credit facilities include covenants. Revolving credit
facilities have renewed one year onwards.
Maturity analysis for the Group’s financial liabilities; the figures are not discounted, and they include both
interest payments and capital repayments:
31 Dec. 2023
(EUR 1,000) Less than 1 year 1–2 years 3–5 years Over 5 yearsLease liabilities 7,309 12,218 6,250 6,516Credit facilities drawn down 615 - - -Trade and other payables 24,599 - - -Total 32,523 12,218 6,250 6,516
31 Dec. 2022
(EUR 1,000) Less than 1 year 1–2 years 3–5 years Over 5 yearsLease liabilities 6,547 5,044 11,230 9,003Credit facilities drawn down 2,127 - - -Trade and other payables 24,752 - - -Derivatives 42 Total 33,426 5,044 11,230 9,003
Credit risk
The trade receivables generated in the Group’s wholesale operations are associated with a credit risk, which is
reduced by the Group’s broad and geographically diverse clientele. Marimekko continuously monitors the credit
limits, credit history and financial situation of its customers. The Group has a centralized process in place for this
purpose. Responsibility for the credit monitoring process lies with the Group’s CFO. The credit risk related to
the wholesale business is also reduced by means of credit insurance, advance payments, bank guarantees and
letters of credit.
Retail customers pay for their purchases using cash or the most common debit/credit cards.
Note 12.2 (Trade and other receivables) to the consolidated financial statements includes an analysis of trade
receivables by age.
37
Consolidated financial statements, IFRS
Sensitivity analysis, effect on net result for the period
The strengthening or weakening of the euro against the US dollar, the Swedish krona or the Australian dollar
would, given that all other factors remain unchanged, impact the Group’s net result for the period as follows.
The impact portrays the Group’s transaction risk.
2023 2022 USD SEK AUD USD SEK AUDStrengthening of the euro by 10 percent Effect on net result for the period, EUR 1,000 281 -1,086 -470 411 -1,030 -614
Translation risk
The Marimekko Group incurs translation risk when the financial statements of foreign subsidiaries are
translated into euro amounts in the consolidated financial statements. For foreign-currency-denominated
net investments, the effects of changes in foreign exchange rates appear as translation differences
in the Group’s equity. Marimekko has so far not hedged against translation risk for equity, as the
subsidiary sales and net investments are small from the Group’s perspective.
Interest rate risk
The Group’s interest rate risk primarily results from changes in interest rates on cash and cash
equivalents and on current and noncurrent interest-bearing liabilities due to changes in market rates.
Changes in the interest rates of these assets and liabilities have an impact on the Group’s profit.
On balance sheet date the average interest rate of interest-bearing liabilities without lease liabitilies was 3,97%
(4,07%). The change in the interest rate does not have a significant effect on the financial year’s result.
(EUR 1,000) 2023 2022Cash and cash equivalents 37,044 32,711Credit facilities drawn down 615 2,127
Foreign currency risk
The Group’s currency risk consists of sales and purchases made in foreign currency as well as balance sheet
items and foreign-currency-denominated net investments in units abroad.
Transaction risk
The Group’s transaction risk derives from currency flows connected with wholesale and retail sales as well as
purchases and operating expenses of the Group’s business units, and from loans and receivables denominated
in foreign currency. The Group’s principal sales currency is the euro. The other significant sales and invoicing
currencies are the US dollar, Swedish krona, Danish krone, Norwegian krone, Australian dollar and Canadian
dollar. The principal currencies used for purchases are the Euro and, to a lesser extent, the US dollar. In 2023,
foreign-currency-denominated sales accounted for approximately 21 percent (19) of the Group’s total sales and
foreign-currency-denominated purchases made up about 19 percent (17) of the Group’s purchases.
Marimekko protects itself against the transaction risk of sales by taking account of the estimated exchange rate
changes at the time of sale when carrying out wholesale and retail pricing of products. Foreign subsidiaries are
financed primarily in local currency, so they do not incur significant transaction risk.
The Group’s transaction exposure
Foreign-currency-denominated assets and liabilities (cash and cash equivalents, trade receivables and trade
payables) converted to euro amounts using the exchange rates quoted on the closing date
(EUR 1,000) 2023 2022 USD SEK AUD USD SEK AUDCurrent assets 3,416 4,580 4,653 8,339 4,818 4,528Current liabilities -722 -138 -90 -1,074 -461 -241Foreign currency exposure in the balance sheet 2,694 4,442 4,563 7,265 4,356 4,288Foreign curency exposure before hedging 2,694 4,442 4,563 7,265 4,356 4,288Currency hedging - - - -1,417 - -Foreign currency exposure after hedging 2,694 4,442 4,563 5,848 4,356 4,288
38
21. CAPITAL MANAGEMENT
The purpose of capital management is to maintain a capital structure that optimally supports the Group’s
strategic objectives. Efficient capital management measures ensure normal operating conditions for the
business and increase the shareholder value in the long term. The principal factors affecting the capital
structure are profitability, dividend distribution and investments. The capital managed equals the shareholders’
equity shown on the consolidated balance sheet. No external capital requirements are applied to the Group.
The Group continuously monitors its capital structure. The Group’s strategic objective is to keep the ratio of net
debt to EBITDA at or below 2 (one of the company’s long-term financial goals). At the end of 2023, the ratio of
net debt to EBITDA was -0.10 (0.03), i.e. well below the long-term goal level.
Net debt / EBITDA
(EUR 1,000) 2023 2022Interest-bearing liabilities  Non-current lease liabilities 24,984 25,277 Current lease liabilities 7,309 6,547 Other current interest-bearing liabilities 615 2,169Total 32,909 33,993Cash and cash equivalents 37,044 32,711Net debt -4,135 1,282EBITDA 40,580 39,887Net debt / EBITDA -0.10 0.03
22. EVENTS AFTER THE CLOSING DATE
The management of the company is not aware of any significant events after the closing date.
Consolidated financial statements, IFRS
39
Parent company financial statements, FAS
PARENT COMPANY INCOME STATEMENT
(€) Note 1 Jan.–31 Dec. 2023 1 Jan.–31 Dec. 2022
NET SALES 1. 168,742,808.88 160,601,405.90
Other operating income 2. 86,355.88 102,306.81
Change in inventories of finished goods and work in progress -4,735,944.43 7,099,917.90
Materials and services 3. -62,082,858.54 -71,610,777.87
Personnel expenses 4. -26,039,583.87 -24,658,905.29
Depreciation and impairments 5. -1,677,494.37 -1,425,586.83
Other operating expenses 6. -42,430,207.49 -41,272,819.79
OPERATING PROFIT 31,863,076.06 28,835,540.83
Financial income and expenses 7. -91,439.55 84,806.78
RESULT BEFORE APPROPRIATIONS AND TAXES 31,771,636.51 28,920,347.61
Appropriations 8. -172,809.00 -213,470.86
Income taxes 9. -6,239,355.46 -5,856,825.98
NET RESULT FOR THE PERIOD 25,359,472.05 22,850,050.77
40
Parent company financial statements, FAS
PARENT COMPANY BALANCE SHEET
(€) Note 31 Dec. 2023 31 Dec. 2022
ASSETS
FIXED ASSETS
Intangible assets 10.1 5,943,073.44 5,001,939.84
Tangible assets 10.2 2,091,294.81 1,955,619.63
Investments 10.3
Participations in Group companies 1,939,748.32 1,905,837.91
Other shares and participations 271,425.58 188,531.38
Other receivables 323,854.00 2,535,027.90 323,854.00 2,418,223.29
FIXED ASSETS, TOTAL 10,569,396.15 9,375,782.76
CURRENT ASSETS
Inventories 11. 26,342,614.37 31,017,549.13
Current receivables 12. 32,485,912.66 22,199,051.61
Cash in hand and at banks 32,348,915.99 26,616,403.29
CURRENT ASSETS, TOTAL 91,177,443.02 79,833,004.03
ASSETS, TOTAL 101,746,839.17 89,208,786.79
(€) Note 31 Dec. 2023 31 Dec. 2022
SHAREHOLDERS’ EQUITY AND LIABILITIES
SHAREHOLDERS’ EQUITY 13.
Share capital 8,040,000.00 8,040,000.00
Reserve for invested non-restricted equity 1,227,957.00 1,227,957.00
Retained earnings 34,017,429.14 24,961,647.57
Net result for the period 25,359,472.05 22,850,050.77
SHAREHOLDERS’ EQUITY, TOTAL 68,644,858.19 57,079,655.34
ACCUMULATED APPROPRIATIONS 14. 1,296,453.29 1,123,644.29
LIABILITIES 15.
Current liabilities 31,805,527.69 31,005,487.16
LIABILITIES, TOTAL 31,805,527.69 31,005,487.16
SHAREHOLDERS’ EQUITY AND LIABILITIES, TOTAL 101,746,839.17 89,208,786.79
41
Parent company financial statements, FAS
PARENT COMPANY CASH FLOW STATEMENT
(€) 1 Jan.–31 Dec. 2023 1 Jan.–31 Dec. 2022
CASH FLOW FROM OPERATIONS
Net result for the period 25,359,472.05 22,850,050.77
 Depreciation and impairments 1,677,494.37 1,425,586.83
 Change in depreciation difference 172,809.00 213,470.86
 Financial income and expenses 91,439.55 -84,806.78
 Taxes 6,239,355.46 5,856,825.98
Cash flow before change in working capital 33,540,570.43 30,261,127.66
Change in working capital
 Increase (-) / decrease (+) in current non-interest-bearing
 trade receivables -10,025,658.64 -56,970.47
 Increase (-) / decrease (+) in inventories 4,674,934.76 -7,197,519.24
 Increase (+) / decrease (-) in current
 non-interest-bearing liabilities 1,206,888.05 -2,613,094.07
Cash flow from operations before financial items and taxes 29,396,734.60 20,393,543.88
Paid interest and payments on other financial expenses -328,254.85 -275,737.04
Interest received and payments on other financial income 612,175.94 485,016.94
Taxes paid -6,659,352.23 -7,878,413.93
CASH FLOW FROM OPERATIONS 23,021,303.46 12,724,409.85
(€) 1 Jan.–31 Dec. 2023 1 Jan.–31 Dec. 2022
CASH FLOW FROM INVESTMENTS
Investments in tangible and intangible assets -2,754,303.15 -2,753,188.59
Purchase of subsidiary shares -33,910.41 -
Change in loan receivables -407,112.71 -
CASH FLOW FROM INVESTMENTS -3,195,326.27 -2,753,188.59
CASH FLOW FROM FINANCING
Acquisition of treasury shares - -453,644.41
Dividends paid -13,794,269.20 -37,372,208.03
CASH FLOW FROM FINANCING -13,794,269.20 -37,825,852.44
Change in cash and cash equivalents 6,031,707.99 -27,854,631.18
Cash and cash equivalents at the beginning of the financial year 26,616,403.29 54,676,657.68
Effects of exchange rate fluctuations -299,195.29 -205,623.21
Cash and cash equivalents at the end of the financial year 32,348,915.99 26,616,403.29
42
Parent company financial statements, FAS
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
ACCOUNTING POLICY
Marimekko Corporation’s financial statements have
been prepared in accordance with the legislation and
regulations that are in force in Finland. The financial
year of the company is the calendar year.
Valuation of fixed assets
Fixed assets are recorded in the balance sheet at the
original acquisition cost less depreciation according
to plan. Depreciation according to plan has been
calculated using straight-line depreciation on the
estimated useful life of the fixed assets.
Periods of depreciation:
· intangible rights 5 years
· computer software 3–5 years
· other capitalized expenditure 3–15 years
· buildings 30 years
· machinery and equipment 5–15 years.
Shares have been valuated at fair value in
accordance with IFRS 9 standard.
More information on valuation can be found in the
notes to the consolidated financial statements.
Derivatives
The company has derivatives that are valued in fair
value through profit and loss in accordance with IFRS,
KILA’s (Finnish accounting board’s) statement and
Finnish Accounting law 5:2a. Hedge accounting is
not applied to derivatives. According to the fair value
hierarchy, currency derivatives are valued according
to level 2, where the fair values are based on
observable inputs on the balance sheet date, which
are other than quoted prices.
Inventories
Inventories are presented at the acquisition cost or
at the lower probable net realisation value. The value
of inventories does not include any share of fixed
purchasing and manufacturing costs.
Pension commitments
The pension security of the company’s personnel has
been arranged under the statutory employee pension
plan (TyEL) through a pension insurance company.
Items denominated in foreign currency
The foreign-currency-denominated receivables and
liabilities of the company have been converted to
euro amounts using the exchange rate quoted by the
European Central Bank on the closing date.
Revenue recognition
Revenue is recognized when the buyer obtains control
of the product – that is when the significant risks and
rewards of ownership have been transferred to the
buyer. In wholesale, this is mainly the moment when
the goods are handed over to the customer as set
forth in the agreed delivery clause. In wholesale and
export trade, the terms of delivery determine the
point of time when the customer obtains control of
the goods. In retail where cash or a credit card is used
as means of payment, the income is recognized at the
time of sale.
More information on revenue recognition can
be found in the notes to the consolidated financial
statements.
Leasing
Leasing payments are treated as rental expenditures.
Appropriations
Appropriations consist of depreciation differences
due to differences between accounting and tax
depreciation of tangible and intangible assets.
Taxes
Income taxes include income taxes calculated on
the result for the financial year and taxes paid or
refunded in previous financial years. Deferred taxes
are not recognized in the parent company’s income
statement and balance sheet.
Branches
Branches are consolidated into Marimekko
Corporation’s accounts and intercompany items have
been eliminated. Marimekko Corporation has branch
in France.
43
Parent company financial statements, FAS
NOTES TO THE INCOME STATEMENT
1. NET SALES BY MARKET AREA
(€) 2023 2022
Finland 98,913,993.58 105,589,161.67
Other countries 69,828,815.30 55,012,244.23
Total 168,742,808.88 160,601,405.90
2. OTHER OPERATING INCOME
(€) 2023 2022
Rental income 54,000.00 54,000.00
Other income 32,355.88 48,306.81
Total 86,355.88 102,306.81
3. MATERIALS AND SERVICES
(€) 2023 2022
Materials and supplies
 Purchases during the financial year 40,007,296.95 47,300,768.51
 Increase (-) / decrease (+) in inventories -70,930.00 -87,681.00
 Total 39,936,366.95 47,213,087.51
External services 22,146,491.59 24,397,690.36
Total 62,082,858.54 71,610,777.87
4. PERSONNEL EXPENSES
(€) 2023 2022
Salaries, wages and bonuses 21,669,677.04 20,691,881.20
Pension and pension insurance payments 3,591,466.59 3,358,159.77
Other indirect social expenditure 778,440.24 608,864.32
Total 26,039,583.87 24,658,905.29
Salaries and bonuses for management
 Members of the Board of Directors and the President and CEO 712,595.00 1,305,240.00
Itemised in the note 19 to the consolidated financial statements.
Average number of employees
2023 2022
Average number of employees
 Salaried employees 365 343
 Production personnel 19 21
Total 384 364
5. DEPRECIATION AND IMPAIRMENTS
(€) 2023 2022
Intangible assets
 Intangible rights 43,750.08 33,945.83
 Computer softwares 970,356.86 811,173.13
 Other capitalised expenditure 195,780.96 170,237.25
 Total 1,209,887.90 1,015,356.21
Tangible assets
 Buildings and structures 5,038.88 5,038.88
 Machinery and equipment 462,567.59 405,191.74
 Total 467,606.47 410,230.62
Total 1,677,494.37 1,425,586.83
44
Parent company financial statements, FAS
6. OTHER OPERATING EXPENSES
(€) 2023 2022
Leases 7,660,106.78 7,221,906.12
Marketing 13,478,116.53 12,658,208.09
Other costs 21,291,984.18 21,392,705.58
Total 42,430,207.49 41,272,819.79
Auditor’s fee
(€) 2023 2022
KPMG
 Audit 81,057.73 82,108.98
 Other services 3,360.00 29,275.00
Total 84,417.73 111,383.98
7. FINANCIAL INCOME AND EXPENSES
(€) 2023 2022
Other interest and financial income
 From Group companies 391,887.32 325,301.04
 From others 306,257.55 1,235,501.68
  Changes in value of investments 82,894.18 -
  Change in fair value of derivatives 1,788.00 -
 Total 782,827.05 1,560,802.72
Interest and other financial expenses
 Change in fair value of shares - 20,655.41
 Change in fair value of derivatives - 42,009.00
 To others 874,266.60 1,413,331.53
 Total 874,266.60 1,475,995.94
Financial income and expenses, total -91,439.55 84,806.78
Financial income and expenses include exchange rate differences (net)
 Realised -26,852.50 44,128.33
 Unrealised -501,271.82 -74,836.03
Total -528,124.32 -30,707.70
8. APPROPRIATIONS
(€) 2023 2022
Change in depreciation difference -172,809.00 -213,470.86
9. INCOME TAXES
(€) 2023 2022
Income taxes on operations 6,239,355.46 5,856,825.98
Total 6,239,355.46 5,856,825.98
45
Parent company financial statements, FAS
NOTES TO THE BALANCE SHEET
10. FIXED ASSETS
10.1 Intangible assets
2023
Advance payments
Intangible Computer Other capitalized and acquisitions
(€) rights software expenditure in progress Total
Acquisition cost, 1 Jan. 2023 1,866,392.00 10,100,423.40 7,463,121.77 1,076,696.26 20,506,633.43
Increases 77,370.08 46,944.16 147,459.92 1,787,361.23 2,059,135.39
Transfers between categories 764,211.37 91,886.11 -764,211.37 91,886.11
Decreases -268,965.22 -684,401.33 -953,366.55
Acquisition cost, 31 Dec. 2023 1,943,762.08 10,642,613.71 7,018,066.47 2,099,846.12 21,704,288.38
Accumulated depreciation, 1 Jan. 2023 1,744,760.14 8,117,803.42 5,642,130.03 15,504,693.59
Depreciation during the financial year 43,750.08 970,356.86 195,780.96 1,209,887.90
Accumalated depreciaton of decreases -268,965.22 -684,401.33 -953,366.55
Accumulated depreciation, 31 Dec. 2023 1,788,510.22 8,819,195.06 5,153,509.66 15,761,214.94
Book value, 31 Dec. 2023 155,251.86 1,823,418.65 1,864,556.81 2,099,846.12 5,943,073.44
2022
Advance payments
Intangible Computer Other capitalized and acquisitions
(€) rights software expenditure in progress Total
Acquisition cost, 1 Jan. 2022 1,814,663.85 8,945,180.57 8,233,131.62 519,191.49 19,512,167.53
Increases 54,043.88 223,317.87 283,817.69 1,661,780.34 2,222,959.78
Transfers between categories 1,104,275.57 -1,104,275.57
Decreases -172,350.61 -1,053,827.54 -1,226,178.15
Re-classification -2,315.73 -2,315.73
Acquisition cost, 31 Dec. 2022 1,866,392.00 10,100,423.40 7,179,304.08 1,076,696.26 20,506,633.43
Accumulated depreciation, 1 Jan. 2022 1,710,814.31 7,478,980.93 6,525,720.29 15,715,515.53
Depreciation during the financial year 33,945.83 811,173.10 170,237.28 1,015,356.21
Accumalated depreciaton of decreases -172,350.61 -1,053,827.54 -1,226,178.15
Accumulated depreciation, 31 Dec. 2022 1,744,760.14 8,117,803.42 5,642,130.03 15,504,693.59
Book value, 31 Dec. 2022 121,631.86 1,982,619.98 1,820,991.74 1,076,696.26 5,001,939.84
46
Parent company financial statements, FAS
10.2 Tangible assets
2023
Advance payments
Land and Buildings and Machinery and Other tangible and acquisitions
(€) water areas structures equipment tangible assets in progress Total
Acquisition cost, 1 Jan. 2023 38,165.97 285,816.33 13,465,156.30 28,033.93 81,244.40 13,898,416.93
Increases 278,532.43 416,635.33 695,167.76
Transfers between categories 337,393.62 -429,279.73 -91,886.11
Decreases -230,182.45 -461,580.56 -691,763.01
Acquisition cost, 31 Dec. 2023 38,165.97 55,633.88 13,619,501.79 28,033.93 68,600.00 13,809,935.57
Accumulated depreciation, 1 Jan. 2023 215,692.04 11,727,105.26 11,942,797.30
Depreciation during the financial year 5,038.88 462,567.59 467,606.47
Cumulative depreciation of decreases -230,182.45 -461,580.56 -691,763.01
Accumulated depreciation, 31 Dec. 2023 -9,451.53 11,728,092.29 11,718,640.76
Book value, 31 Dec. 2023 38,165.97 65,085.41 1,891,409.50 28,033.93 68,600.00 2,091,294.81
2022
Advance payments
Land and Buildings and Machinery and Other tangible and acquisitions
(€) water areas structures equipment tangible assets in progress Total
Acquisition cost, 1 Jan. 2022 38,165.97 417,400.00 15,878,233.74 28,033.93 16,361,833.64
Increases 328,325.25 201,905.35 530,230.60
Transfers between categories 120,660.95 -120,660.95
Decreases -131,583.67 -2,862,063.64 -2,993,647.31
Acquisition cost, 31 Dec. 2022 38,165.97 285,816.33 13,465,156.30 28,033.93 81,244.40 13,898,416.93
Accumulated depreciation, 1 Jan. 2022 342,236.83 14,183,977.16 14,526,235.65
Depreciation during the financial year 5,038.88 405,191.74 410,230.62
Cumulative depreciation of decreases -131,583.67 -2,862,063.64 -2,993,647.31
Accumulated depreciation, 31 Dec. 2022 215,692.04 11,727,105.26 11,942,797.30
Book value, 31 Dec. 2022 38,165.97 70,124.29 1,738,051.04 28,033.93 81,244.40 1,955,619.63
47
Parent company financial statements, FAS
10.3 Investments
2023
Shares in Group Other shares and Other
(€) companies participations receivables Total
Acquisition cost, 1 Jan. 2023 1,905,837.91 188,531.38 323,854.00 2,418,223.29
Increases 33,910.41 33,910.41
Changes in value 82,894.20 82,894.20
Acquisition cost, 31 Dec. 2023 1,939,748.32 271,425.58 323,854.00 2,535,027.90
Book value, 31 Dec. 2023 1,939,748.32 271,425.58 323,854.00 2,535,027.90
2022
Shares in Group Other shares and Other
(€) companies participations receivables Total
Acquisition cost, 1 Jan. 2022 2,196,000.00 209,186.80 323,854.00 2,729,040.80
Changes in value -20,655.42 -20,655.42
Transfers between groups -290,162.09 -290,162.09
Acquisition cost, 31 Dec. 2022 1,905,837.91 188,531.38 323,854.00 2,418,223.29
Book value, 31 Dec. 2022 1,905,837.91 188,531.38 323,854.00 2,418,223.29
Detailed information of Group holdings are presented in note 19 to the consolidated financial statements.
11. INVENTORIES
(€) 2023 2022
Raw materials and consumables 5,064,766.00 4,993,836.00
Finished products/goods 21,277,848.37 26,013,792.80
Advance payments - 9,920.33
Total 26,342,614.37 31,017,549.13
12. CURRENT RECEIVABLES
(€) 2023 2022
Trade receivables 16,316,711.23 9,945,871.70
Receivables from Group companies
 Trade receivables 8,480,148.81 5,498,626.54
 Loan receivables 5,722,305.73 5,517,269.55
 Prepaid expenses and accrued income 1,498.16 228,072.56
 Total 14,203,952.70 11,243,968.65
Other receivables 17,912.88 2,096.00
Prepaid expenses and accrued income 1,947,335.85 1,007,115.26
Total 32,485,912.66 22,199,051.61
The grouping of other receivables, prepaid expenses and accrued income has been specified during the
financial year. Comparative figures have been amended accordingly.
Prepaid expenses and accrued income
 Royalty receivables 227,268.03 224,290.91
 Occupational health care reimbursement 130,000.00 96,000.00
 Other prepaid expenses and accrued income 1,590,067.82 686,824.35
Total 1,947,335.85 1,007,115.26
48
Parent company financial statements, FAS
13. SHAREHOLDERS’ EQUITY
Restricted Shareholders’ equity
(€) 2023 2022
Share capital, 1 Jan. 8,040,000.00 8,040,000.00
Share capital, 31 Dec. 8,040,000.00 8,040,000.00
Restricted Shareholders’ equity, total 8,040,000.00 8,040,000.00
Non-restricted Shareholders’ equity
Reserve for invested non-restricted equity, 1 Jan. 1,227,957.00 1,227,957.00
Reserve for invested non-restricted equity, 31 Dec. 1,227,957.00 1,227,957.00
Treasury shares, 1 Jan. -541,105.08 -210,232.94
Transfer of own shares - 122,772.27
Acquisition of own shares - -453,644.41
Treasury shares 31. Dec -541,105.08 -541,105.08
Retained earnings, 1 Jan. 48,352,803.42 62,997,194.52
Dividends paid -13,794,269.20 -37,371,669.60
Shares transferred as share reward - -122,772.27
Retained earnings, 31 Dec. 34,558,534.22 25,502,752.65
Net result for the period 25,359,472.05 22,850,050.77
Non-restricted Shareholders’ equity, total 60,604,858.19 49,039,655.34
Shareholders’ equity, total 68,644,858.19 57,079,655.34
Calculation of distributable funds, 31 Dec.
(€) 2023 2022
Retained earnings 34,558,534.22 25,502,752.65
Net result for the period 25,359,472.05 22,850,050.77
Treasury shares -541,105.08 -541,105.08
Reserve for invested non-restricted equity 1,227,957.00 1,227,957.00
Total 60,604,858.19 49,039,655.34
14. ACCUMULATED APPROPRIATIONS
(€) 2023 2022
Accumulated depreciation difference
 Intangible rights 24,310.85 19,326.55
 Other capitalised expenditure 771,333.76 616,123.19
 Machinery and equipment 372,866.54 356,439.29
 Buildings and structures 127,942.14 131,755.26
Total 1,296,453.29 1,123,644.29
15. LIABILITIES
(€) 2023 2022
Advances received 1,760,847.64 1,850,285.73
Trade payables 9,250,777.88 9,293,361.94
Debts to Group companies
 Trade payables 2,609,605.63 1,660,183.74
 Accrued liabilities and deferred income 6,587,405.43 6,206,536.14
Other current liabilities 4,376,503.65 4,234,251.72
Accrued liabilities and deferred income 7,220,387.46 7,760,867.89
Total 31,805,527.69 31,005,487.16
Accrued liabilities and deferred income
 Wages and salaries with social security contributions 4,932,486.19 4,617,985.49
 Unpaid designer provisions and agent fees 771,665.77 660,538.53
 Return accruals 655,062.04 1,359,890.76
 Other accrued liabilities and deferred income 861,173.46 1,122,453.11
Total 7,220,387.46 7,760,867.89
The grouping of other current liabilities, accrued liabilities and deferred income has been specified during the
financial year. Comparative figures have been amended accordingly.
49
Parent company financial statements, FAS
16. GUARANTEES, CONTINGENT LIABILITIES AND OTHER COMMITMENTS
(€) 2023 2022
Leasing liabilities
 Payments due in the following financial year 526,478.65 493,725.09
 Payments due later 433,175.79 413,748.94
Total 959,654.44 907,474.03
Liabilities relating to lease agreements
 Payments due in the following financial year 5,342,003.39 4,918,934.71
 Payments due later 23,967,539.81 24,487,671.69
Total 29,309,543.20 29,406,606.40
Guarantees on behalt of subsidiaries 803,852.81 2,402,853.86
Indirect liability for rent and other guarantees 4,076,274.64 4,089,138.02
17. DERIVATIVES
(€) 2023 2022
Nominal value
 Currency derivatives - 1,417,155.00
Fair value
 Negative fair values - -42,009.00
Total - -42,009.00
Age distribution - Nominal value
Currency derivatives
 Less than a year - 1,417,155.00
Total - 1,417,155.00
50
Signatures to the financial statements and
the report of the Board of Directors
THE AUDITOR’S NOTE
A report on the audit performed has been issued today.
Helsinki, 14 February 2024
KPMG Oy Ab
Heli Tuuri
Authorized Public Accountant, KHT
Helsinki, 14 February 2024
Mika Ihamuotila
Chair of the Board
Teemu Kangas-Kärki Carol Chen
Vice Chair of the Board Member of the Board
Tomoki Takebayashi Marianne Vikkula
Member of the Board Member of the Board
Tiina Alahuhta-Kasko
President and CEO
51
TO THE ANNUAL GENERAL MEETING OF MARIMEKKO CORPORATION
Auditor’s Report
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion
We have audited the financial statements of Marimekko Corporation (business identity code 0111316-2) for the
year ended 31 December 2023. The financial statements comprise the consolidated balance sheet, income
statement, statement of comprehensive income, statement of changes in equity, statement of cash flows and
notes, including material accounting policy information, as well as the parent company’s balance sheet, income
statement, statement of cash flows and notes.
In our opinion
• the consolidated financial statements give a true and fair view of the group’s financial position, financial
performance and cash flows in accordance with IFRS Accounting Standards as adopted by the EU
• the financial statements give a true and fair view of the parent company’s financial performance and financial
position in accordance with the laws and regulations governing the preparation of financial statements in
Finland and comply with statutory requirements.
Our opinion is consistent with the additional report submitted to the Audit and Remuneration Committee.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under
good auditing practice are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report.
We are independent of the parent company and of the group companies in accordance with the ethical
requirements that are applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
In our best knowledge and understanding, the non-audit services that we have provided to the parent
company and group companies are in compliance with laws and regulations applicable in Finland regarding
these services, and we have not provided any prohibited non-audit services referred to in Article 5(1) of
regulation (EU) 537/2014. The non-audit services that we have provided have been disclosed in note 6 to the
consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Materiality
The scope of our audit was influenced by our application of materiality. The materiality is determined based
on our professional judgement and is used to determine the nature, timing and extent of our audit procedures
and to evaluate the effect of identified misstatements on the financial statements as a whole. The level of
materiality we set is based on our assessment of the magnitude of misstatements that, individually or in
aggregate, could reasonably be expected to have influence on the economic decisions of the users of the
financial statements. We have also taken into account misstatements and/or possible misstatements that in our
opinion are material for qualitative reasons for the users of the financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the financial statements of the current period. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. The significant risks of material misstatement referred to in the EU Regulation No 537/2014
point (c) of Article 10(2) are included in the description of key audit matters below.
We have also addressed the risk of management override of internal controls. This includes consideration of
whether there was evidence of management bias that represented a risk of material misstatement due to fraud.
52
Auditor’s Report
THE KEY AUDIT MATTER
Revenue recognition (”Revenue recognition and net sales” in the consolidated accounting principles and note 1)
Valuation and existence of inventory (“Inventories” in the consolidated accounting principles and note 12.1)
HOW THE MATTER WAS ADDRESSED IN THE AUDIT
Marimekko Group’s revenue is generated from wholesale and retail sales of clothes, bags and accessories, and
interior decoration products as well as licensing income. Group’s net sales, EUR 174 million, is a significant item
in the financial statements consisting of a large number of transactions from different revenue streams as well
as diverse sales contracts and terms with customers.
Wholesale contracts include several different delivery terms and might contain right of return, which
determine when the ownership of the product is transferred to the customer. Retail sales mainly consists of
small transactions paid by cash or payment cards and the revenue is recognized when the product is sold to the
customer. Revenue from licensing is recognized in accordance with the terms of the contract.
Revenue recognition is a key audit matter due to a large number of transactions as well as for a risk that
revenue is recognized in an incorrect period.
Marimekko purchases, manufactures and sells consumer goods and is subject to changing consumer demands.
Inventory consists of fabrics and other raw materials as well as half-finished and finished goods including
clothes, bags, accessories and interior decoration products.
Inventories are valued at the lower of acquisition cost or probable net realizable value. Manufactured
inventories include a share of directly attributable general costs of production.
Inventory value EUR 29 million is a significant item in Marimekko’s balance sheet and inventories are in
several locations. Inventory accounting includes manual processes in valuation and compiling the inventory
balances and it increases, therefore the risk for human errors. In addition, inventory include management’s
judgement on probable net realizable value.
In our audit of different revenue streams, we have tested company’s key controls related to sales and
performed substantive audit procedures, among others with data-analytics methods.
• We have formed an understanding of accounting principles and practices in different revenue streams and
evaluated the appropriateness of the revenue recognition principles in relation to IFRS.
• We have tested revenue, discounts, campaign discounts and margins in both wholesale and retail sales with
data-analytics methods.
• For wholesale we have selected a sample of sales transactions comparing them to sales invoices, contracts,
delivery notes and payments received.
• For retail sales we have reviewed cash and sales routines in selected retail stores.
• We have tested that the revenue has been recognized in the right financial period by comparing sales
transactions, invoices and delivery terms to actual deliveries as well as by testing possible return provisions
and a sample of credit invoices made at the beginning of 2024.
• We have also compared selected accounts receivables to the confirmations received from counterparties.
• We have reviewed the most significant licensing contracts and that the revenue has been recognized in
accordance with the contract terms.
• In addition, we considered the appropriateness of the disclosure regarding net sales.
In our audit of valuation and existence of inventories we have tested the company’s key controls and performed
substantive audit procedures, among others with data-analytics methods.
• We have attended physical stock takings in selected inventory locations. We have analyzed company’s own
results of stocktaking differences and how they have been resolved.
• We have compared the value of selected inventory items to the latest purchase prices.
• We have tested slow-moving inventory items as well as exceptional values in inventory accounting with data
analytics methods.
• We have compared the unit prices of selected inventory items to their sales prices.
• In addition, we considered the appropriateness of the disclosure regarding inventory.
53
Auditor’s Report
Responsibilities of the Board of Directors and the President and CEO for the Financial Statements
The Board of Directors and the President and CEO are responsible for the preparation of consolidated financial
statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU,
and of financial statements that give a true and fair view in accordance with the laws and regulations governing
the preparation of financial statements in Finland and comply with statutory requirements. The Board of
Directors and the President and CEO are also responsible for such internal control as they determine is
necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, the Board of Directors and the President and CEO are responsible
for assessing the parent company’s and the group’s ability to continue as a going concern, disclosing, as
applicable, matters relating to going concern and using the going concern basis of accounting. The financial
statements are prepared using the going concern basis of accounting unless there is an intention to liquidate
the parent company or the group or cease operations, or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with good auditing practice will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of the
financial statements.
As part of an audit in accordance with good auditing practice, we exercise professional judgment and
maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the parent company’s or the group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
• Conclude on the appropriateness of the Board of Directors’ and the President and CEO’s use of the going
concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the parent company’s or the group’s ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause the parent company or the
group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events so that the financial
statements give a true and fair view.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the group to express an opinion on the consolidated financial statements. We are responsible
for the direction, supervision and performance of the group audit. We remain solely responsible for our audit
opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
54
Auditor’s Report
OTHER REPORTING REQUIREMENTS
Information on our audit engagement
We were first appointed as auditors by the Annual General Meeting on 12 April 2018, and our appointment
represents a total period of uninterrupted engagement of 6 years.
Other Information
The Board of Directors and the President and CEO are responsible for the other information. The other
information comprises the report of the Board of Directors and the information included in the Annual Report,
but does not include the financial statements or our auditor’s report thereon. We have obtained the report of
the Board of Directors prior to the date of this auditor’s report, and the Annual Report is expected to be made
available to us after that date. Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the other information
identified above and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
With respect to the report of the Board of Directors, our responsibility also includes considering whether the
report of the Board of Directors has been prepared in accordance with the applicable laws and regulations.
In our opinion, the information in the report of the Board of Directors is consistent with the information in
the financial statements and the report of the Board of Directors has been prepared in accordance with the
applicable laws and regulations.
If, based on the work we have performed on the other information that we obtained prior to the date of this
auditor’s report, we conclude that there is a material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
Helsinki, 14 February 2024
KPMG OY AB
HELI TUURI
Authorised Public Accountant, KHT
55
Independent Auditor’s Reasonable Assurance Report on
Marimekko Corporation’s ESEF Financial Statements
TO THE BOARD OF DIRECTORS OF MARIMEKKO CORPORATION
We have undertaken a reasonable assurance engagement in respect of whether the consolidated
financial statements for the year ended 31 December, 2023 included in the digital financial statements
74370053IOY42B9YJ350-2023-12-31-en.zip of Marimekko Corporation (Business ID 0111316-2) have been
marked up with iXBRL markups in accordance with the requirements of Article 4 of EU Delegated Regulation
2018/815 (ESEF RTS).
The Responsibility of the Board of Directors and Managing Director
The Board of Directors and Managing Director are responsible for preparing the report of the Board of
Directors and financial statements (ESEF financial statements) that comply with the requirements of
ESEF RTS. This responsibility includes:
• preparation of ESEF financial statements in XHTML format in accordance with Article 3 of the ESEF RTS
• marking up the primary statements and the notes to the consolidated financial statements, and the
company identification data included in the ESEF financial statements with iXBRL tags in accordance with
Article 4 of the ESEF RTS; and
• ensuring consistency between ESEF financial statements and audited financial statements.
The Board of Directors and the Managing Director are also responsible for such internal control as they
deem necessary to prepare the ESEF financial statements in accordance with the requirements of the
ESEF RTS.
Auditor’s Independence and Quality Management
We are independent of the company in accordance with the ethical requirements applicable in Finland,
which apply to the engagement we have performed, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
The auditor applies International Standard on Quality Management ISQM 1, which requires the firm to
design, implement and operate a system of quality management including policies or procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulations
requirements.
Auditor’s Responsibility
In accordance with the Engagement Letter our responsibility is to express an opinion on whether the marking
up of the consolidated financial statements included in the ESEF financial statements comply in all material
respects with the Article 4 of the ESEF RTS. We conducted our reasonable assurance engagement in accordance
withInternational Standard on Assurance Engagements 3000.
The engagement involves procedures to obtain evidence whether;
• the primary statements of the consolidated financial statements included in the ESEF financial statements
are, in all material respects, marked up with iXBRL tags in accordance with Article 4 of the ESEF RTS, and;
• whether the notes to the consolidated financial statements and the company identification data included
in the ESEF financial statements data, have been marked up, in all material respects, with iXBRL tags in
accordance with Article 4 of the ESEF RTS; and
• whether the ESEF financial statements and the audited financial statements are consistent with each other.
The nature, timing and the extent of procedures selected depend on practitioner’s judgement. This includes
the assessment of the risks of material departures from the requirements set out in the ESEF RTS, whether due
to fraud or error.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Opinion
In our opinion, the primary statements of the consolidated financial statements, the notes to the consolidated
financial statements and the company identification data included in the ESEF financial statements of
Marimekko Corporation identified as 74370053IOY42B9YJ350-2023-12-31-en.zip for the year ended 31
December 2023 are, in all material respects, marked up in compliance with the ESEF Regulatory Technical
Standard.
Our audit opinion on the audit of the consolidated financial statements of Marimekko Corporation for the
year ended 31 December 2023 is set out in our Auditor’s Report dated 14 February 2024. In this report, we do
not express any audit opinion or other assurance conclusion on the consolidated financial statements.
Helsinki, 18 March 2024
KPMG OY AB
Heli Tuuri
Authorised Public Accountant, KHT
56
marimekko.com
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