2013-02-05 08:00:01 CET
2013-02-05 08:00:08 CET
REGULATED INFORMATION
Wulff-Yhtiöt Oyj - Financial Statement Release
Wulff Group Plc’s Financial Statements for January 1 – December 31, 2012
Net Sales and Operating Profit Decreased, Earnings per share and Cash Flow
Improved
WULFF GROUP PLC
FINANCIAL STATEMENTS RELEASE February 5, 2013 at 9:00 A.M.
WULFF GROUP PLC'S FINANCIAL STATEMENTS FOR JANUARY 1 - DECEMBER 31, 2012
Net Sales and Operating Profit Decreased, Earnings per share and Cash Flow
Improved
-- In 2012, the Group's net sales decreased by 9 percentages down to EUR 90.2
million from last year's EUR 99.1 million. The last quarter's net sales
were EUR 25.1 million (EUR 27.5 million).
-- In 2012, EBITDA was EUR 2.27 million (EUR 2.69 million) being 2.5
percentages (2.7 %) of net sales. In the last quarter, EBITDA was EUR 0.96
million (EUR 1.08 million) being 3.8 percentages (3.9 %) of net sales.
-- In 2012, the operating profit (EBIT) was EUR 1.13 (EUR 1.60 million) being
1.3 percentages (1.6 %) of net sales. In the last quarter, EBIT was EUR
0.64 million (EUR 0.79 million) being 2.5 percentages (2.9 %) of net sales.
-- The net profit after taxes rose up to a profit of EUR 0.89 million (EUR
0.82 million) in 2012 and totalled EUR 0.49 million (EUR 0.56 million) in
the last quarter.
-- Earnings per share (EPS) rose up to EUR 0.11 (EUR 0.10) in 2012 and were
EUR 0.06 (EUR 0.07) in the last quarter.
-- In 2012, the Group's equity-to-assets ratio increased to 44.3 percentages
(December 31, 2011: 40.3 %).
-- The Board of Directors' dividend proposal is EUR 0.08 per share (EUR 0.07).
GROUP'S NET SALES AND RESULT PERFORMANCE
In 2012, the Group's net sales decreased by 9 percentages down to EUR 90.2
million from last year's EUR 99.1 million. The last quarter's net sales were
EUR 25.1 million (EUR 27.5 million).The general economic situation and the
decrease in the products' demand have led to the decrease in net sales. The
reorganisations in our corporate customers have decreased the demand for the
Group's products. For example, the personnel lay-offs affect Wulff's products'
demand directly.
In 2012, EBITDA was EUR 2.27 million (EUR 2.69 million) being 2.5 percentages
(2.7 %) of net sales. In the last quarter, EBITDA was EUR 0.96 million (EUR
1.08 million) being 3.8 percentages (3.9 %) of net sales. In 2012, the
operating profit (EBIT) was EUR 1.13 (EUR 1.60 million) being 1.3 percentages
(1.6 %) of net sales. In the last quarter, EBIT was EUR 0.64 million (EUR 0.79
million) being 2.5 percentages (2.9 %) of net sales.
In spite of the challenging market situation Wulff managed to keep the result
at a reasonable level. Among the Group companies, which managed to improve
their profitability, were Wulff Naxor, which provides the construction sector
with a wide range of products; the international fair service expert Wulff
Entre as well as the office supplies contract customers' businesses Wulff
Supplies in Scandinavia and Wulff Torkkelin Paperi in Lahti, together with
Wulff Looks offering business promotional products. The general economic
situation affects especially the demand of business and promotional gifts as
well as office supplies. The result was also affected by the non-recurring
expenses for the reorganisation of Finland's business gift companies and the
direct sales in Scandinavia. The Group continues to review its expense
structure and optimise its operations to improve the profitability of its
businesses.
Wulff Group's CEO Heikki Vienola: In 2012, we have strengthened and developed
our sales channels, entire service range and the Wulff brand according to our
strategy. Our customers have wished for more opportunities to centralize all
their office supply purchases. They also want more eco-friendly services than
before. Therefore we have placed added emphasis on developing our operations to
make them more customer-oriented and environmentally friendly. Wulff's
solutions offer the customers more cost savings and efficient purchase
management. We offer our customers the opportunity to do business with Wulff in
the most convenient channel, whether it is the customer-specific service model,
private meetings, a webstore or a street-level shop. I believe that focusing on
profitable business and increasing operational efficiency according to our
strategy, will affect the Group's result in a positive way in 2013. Our result
is also affected by our success in being the front runner in the field of
office supplies. I believe we have the abilities to bring entirely new
solutions for our customers to develop their operations. It takes will, skill
and the right resources to be a front runner - Wulff and our employees have
these all. Our theme for 2013 is “Professional care for customers and personnel
alike”. For our customers it means that they get the best private meetings and
the most advanced products and services. For our employees it means that we
manage our processes close and give a lot of feedback.”
The Group's financial situation remained good the whole year 2012. In 2012, the
financial income and expenses totalled (net) EUR -0.14 million (EUR -0.46
million) including dividend income of EUR 0.02 million (EUR 0.04 million),
interest expenses of EUR 0.23 million (EUR 0.34 million) and mainly
currency-related other financial items (net) EUR +0.06 million (EUR -0.15
million). The last quarter's financial income and expenses netted EUR -0.11
million (EUR -0.02 million).
In 2012, the result before taxes was EUR 0.99 million (EUR 1.14 million) and
the net profit after taxes was EUR 0.89 million (EUR 0.82 million). The last
quarter's result before taxes was EUR 0.53 million (EUR 0.76 million) and net
profit after taxes was EUR 0.49 million (EUR 0.56 million).
Due to the positive movement in the financial items, the earnings per share
(EPS) rose up to EUR 0.11 (EUR 0.10) in 2012 and were EUR 0.06 (EUR 0.07) in
the last quarter.
Return on investment (ROI) was 4.67 percentage (5.45 %) in 2012 and 2.10
percentage (3.01 %) in the last quarter. Return on equity (ROE) was 5.11
percentage (4.82 %) in 2012 and 2.82 percentage (3.35 %) in the last quarter.
CONTRACT CUSTOMERS DIVISION
The Contract Customers Division is the customer's comprehensive partner in the
field of office supplies, IT supplies, business and promotional gifts as well
as international fair services. The division's net sales were EUR 76.3 million
(EUR 82.5 million) in 2012 and EUR 21.2 million (EUR 22.6 million) in the last
quarter. The division's operating profit was EUR 2.04 (EUR 2.14 million) in
2012 and EUR 0.76 million (EUR 0.88 million) in the last quarter.
The general economic situation and the decrease in the products' demand have
led to the decrease in net sales. The Group's webstore Wulffinkulma.fi has
shown good growth and profit increase, and it is an important investment for
the future bringing quick results. Wulff has developed the Wulff brand, sales
channels and the whole service range, according to the strategy. In August
2012, renewed Wulffinkulma stores were opened in Helsinki and Turku. For the
first time, the stores exhibit the Group's entire product range. In addition to
office supplies and business gifts, the stores exhibit Wulff's Green products
and recycling centres. Wulffinkulma stores serve local small and medium-sized
corporate customers, entrepreneurs and consumers. In September, Wulff's service
concept in Åland was also renewed. Wulff has received a lot of positive
feedback on the new service model. The customers value the broader product
range, cost-efficiency as well as their own Swedish-speaking Key Account
Manager.
We were able to attract a large number of new contract customers in Scandinavia
in 2012. We also have the pleasure to continue doing business with a lot of
long-term, major customers. Today almost 50 percent of our net sales come from
Scandinavia and our position in the Scandinavian market strengthens constantly.
Strålfors Supplies (now Wulff Supplies) acquired in 2009, has been a successful
investment in serving our Scandinavian and Pan-Nordic customers.
International fairs increase their status as an even more important business
forum. They are also an even more significant part of Wulff Entre's operations.
The Group's fair and event service company Wulff Entre's focusing on its core
competence, international fair services has been the right solution and it has
generated excellent results. Investing in sales and its development has
resulted in both stronger customer relationships and an increase in clientele.
In 2012, Wulff Entre exports Finnish companies' know-how to more than 30
countries. Wulff Entre is the market leader in Finland in its field and for
over 90 years already there has been a solid trust in Entre's ability to find
the right international venues.
The division's result is affected by the cycles of the business and promotional
gift market: the majority of the products are delivered and the majority of the
annual profit is generated in the second and the last quarter of the year.
Wulff Group's business gift companies, Finland's two oldest business and
promotional gift experts, Ibero Liikelahjat Oy and KB-tuote Oy, merged into
Wulff Liikelahjat Oy in spring 2012. Wulff Liikelahjat Oy's goal is to be the
biggest and strongest player in Finland's business gift industry. The merging
and development of the Group's business gift operations brought non-recurring
expenses of EUR 0.1 million in the reporting period. According to the Group's
strategy, it is very important to invest in the constant development of
services and renew the Group structure when necessary. The company's new
showroom and office premises are located near great transport connections in
Ruoholahti, Helsinki.
DIRECT SALES DIVISION
The Direct Sales Division aims to improve its customers' daily operations with
innovative products as well as the industry's most professional personal and
local service. The division's net sales were EUR 14.0 million (EUR 16.4
million) in 2012 and EUR 4.0 million (EUR 4.7 million) in the last quarter. The
operating result totalled EUR -0.04 million (EUR 0.22 million) in 2012 and EUR
+0.10 million (EUR 0.08 million) in the last quarter. The result was affected
by e.g. the reorganisation costs of the Scandinavian direct sales operations.
The Division's profitability is improved by concentrating on profitable product
and service fields and by optimising the operations' efficiency. Wulff invests
strongly in the development of the product and service range and aims to
increase the synergy of the purchasing operations by group wide competitive
bidding and cooperation. Unifying the sales support systems and introducing the
new CRM program are important investments in the future.
Successful recruiting affects especially the performance of Direct Sales. New
sales personnel are being actively recruited by, for example, campaigning in
the social media. Wulff's own introduction and training programmes ensure that
every sales person gets both a comprehensive starting training and further
education on how to improve one's own know-how.
FINANCING, INVESTMENTS AND FINANCIAL POSITION
The cash flow from operating activities increased to EUR 3.3 million from last
year's EUR 1.0 million. The cash flow from operating activities was EUR 3.9
million (EUR 4.1 million) in the last quarter. In this industry it is typical
that the result and cash flow are generated in the last quarter. A total of EUR
0.6 million less working capital was tied in the inventories than a year ago.
For its fixed asset investments, the Group paid a net of EUR 0.68 million (EUR
0.80 million) in 2012 and EUR 0.12 million (EUR 0.27 million) in the last
quarter. Wulff Group Plc paid its shareholders dividends of EUR 0.46 million
(EUR 0.33 million) and additionally the subsidiaries' non-controlling
shareholders were paid dividends of EUR 0.07 million (EUR 0.11 million). The
Group paid EUR 0.05 million for the acquisitions and disposals of
non-controlling interests in Wulff Supplies AB and Wulff Direct AS to the
subsidiaries' key personnel in the first half of 2012. The Group repaid loans
of net EUR 1.85 million in 2012, whereas EUR 0.79 million (net) was paid in
2011.
In general, the Group's cash balance increased by EUR 0.18 million in 2012 (EUR
-1.93 million) and EUR 1.62 million (EUR 1.35 million) in the last quarter. The
Group's bank and cash funds totalled EUR 2.46 million in the beginning of the
year and EUR 2.75 million in the end of the year.
In 2012, the Group's Equity-to-assets ratio increased to 44.3 percentages
(December 31, 2011: 40.3 %).
Equity attributable to the equity holders of the parent company was EUR 2.51
per share (December 31, 2011: EUR 2.45).
SHARES AND SHARE CAPITAL
Wulff Group Plc's share is listed on NASDAQ OMX Helsinki in the Small Cap
segment under the Industrials sector. The company's trading code is WUF1V. In
the end of the reporting period, the share was valued at EUR 1.77 (EUR 1.99)
and the market capitalization of the outstanding shares totalled EUR 11.5
million (EUR 13.0 million).
In 2012, no own shares were reacquired. As a part of the Group's share-based
incentive scheme, Wulff Group granted 5.000 own shares to a key person in
February 2012. In the end of 2012, the Group held 85.000 (December 31, 2011:
90.000) own shares representing 1.3 percentage (1.4 %) of the total number and
voting rights of Wulff shares. According to the Annual General Meeting's
authorisation on April 23, 2012, the Board of Directors decided in its
organizing meeting to continue the acquisition of its own shares, by acquiring
a maximum of 300.000 own shares by April 30, 2013.
PERSONNEL
In 2012, the Group's personnel totalled 343 (365) employees on average. In the
end of the year, the Group had 326 (359) employees of which 125 (134) persons
were employed in Sweden, Norway, Denmark or Estonia.
The majority, approximately 60 percentages of the Group's personnel works in
sales operations and approximately 40 percentages of the employees work in
sales support, logistics and administration. The personnel consists
approximately half-and-half of men and women.
In 2012, the Group renewed its training and development programs and e.g. its
development discussion practises. Wulff Talent, launched in 2012, is the
Group's own training program for almost 30 key persons. Wulff Talent improves
leadership skills and develops new business operations. Wulff has also invested
strongly in the development of the superior training. Important personnel
themes for 2013, in addition to the company's values, are professional care for
customers and personnel alike and giving feedback actively. The most important
goal for these training and education programs is to give the personnel skills
that make them better prepared for each customer appointment and to improve
everyone's self-management skills.
RISKS AND UNCERTAINTIES IN THE NEAR FUTURE
The demand for office supplies is still affected by the organizations'
personnel lay-offs and cost-saving initiatives made during the economic
downturn. The general uncertainty may still continue which will most likely
affect the ordering behaviour of some corporate clients.
Although the business gifts are seen increasingly as a part of the corporate
communications as a whole and they are utilized also in the off-season, some
cost savings may be sought after by decreasing the investments in the brand
promotion. The ongoing economic uncertainties impact especially the demand for
business and promotional gifts. During the uncertain economic periods, the
corporations may also minimize attending fairs.
Half of the Group's net sales come from other than euro-currency countries.
Fluctuation of the currencies affects the Group's net result and financial
position.
BOARD OF DIRECTORS' DIVIDEND PROPOSAL
The Group's parent company Wulff Group Plc's distributable funds totalled EUR
5.43 million. The Group's net result attributable to the parent company
shareholders was EUR 0.72 million (EUR 0.63 million) i.e. EUR 0.11 per share
(EUR 0.10 per share). The Board of Directors proposes to the Annual General
Meeting that for the financial year 2012, a dividend of EUR 0.08 per share
(0.07 per share) totalling EUR 0.52 million (EUR 0.46 million) will be
distributed. At the date of the dividend distribution, the own shares held by
the Company are not paid any dividend. The remaining distributable funds of EUR
4.91 million will be retained in the shareholders' equity.
MARKET SITUATION AND FUTURE OUTLOOK
Wulff is the most significant Nordic player in its industry. Wulff's mission is
to help its corporate customers to succeed in their own business by providing
them with leading-edge products and services in a way best suitable to them.
The markets have been consolidating in the past few years and the Nordic
markets are expected to consolidate in the future as well. Wulff is prepared to
carry out new strategic acquisitions.
The Group continues taking actions for enhancing profitability. The Group
focuses on the growth and development of its sales operations. The Group
expects to win new customers and gain growth especially along with Wulff
Supplies AB in Scandinavia and with the webstore Wulffinkulma.fi in Finland. No
significant market changes are expected in the first half of 2013. The Group
aims to improve profitability through own actions. Typically in the industry,
the annual profit is made in the last quarter of the year.
FINANCIAL REPORTING AND ANNUAL GENERAL MEETING 2013
Wulff Group Plc will release the following financial reports in 2013:
Annual Report 2012 Week 12/2013
Interim Report, January-March 2013 Wednesday May 8, 2013
Interim Report, January-June 2013 Tuesday August 6, 2013
Interim Report, January-September 2013 Tuesday November 5, 2013
Wulff Group Plc's Annual General Meeting will be held on Wednesday April 10,
2013. A separate notice to the Annual General Meeting will be published prior
to the meeting in 2013.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
INCOME STATEMENT IV IV I-IV I-IV
EUR 1000 2012 2011 2012 2011
--------------------------------------------------------------------------------
Net sales 25 105 27 526 90 238 99 129
Other operating income 53 24 200 238
Materials and services -16 244 -18 055 -58 260 -65 532
Employee benefit expenses -4 988 -5 283 -18 755 -19 204
Other operating expenses -2 967 -3 127 -11 155 -11 942
--------------------------------------------------------------------------------
EBITDA 959 1 084 2 269 2 689
Depreciation and amortization -322 -300 -1 136 -1 095
--------------------------------------------------------------------------------
Operating profit/loss 637 785 1 132 1 595
Financial income 19 77 272 182
Financial expenses -131 -98 -413 -637
--------------------------------------------------------------------------------
Profit/Loss before taxes 525 763 990 1 139
Income taxes -33 -198 -100 -320
================================================================================
Net profit/loss for the period 492 564 890 819
Attributable to:
Equity holders of the parent company 369 468 717 634
Non-controlling interest 124 96 173 185
Earnings per share for profit
attributable to the equity holders
of the parent company:
Earnings per share, EUR 0,06 0,07 0,11 0,10
(diluted = non-diluted)
STATEMENT OF COMPREHENSIVE INCOME IV IV I-IV I-IV
EUR 1000 2012 2011 2012 2011
--------------------------------------------------------------------------------
Net profit/loss for the period 492 564 890 819
Other comprehensive income, net of tax
Change in translation differences -47 110 181 34
Fair value changes on available-for-sale -18 54 -22 -4
investments
Total other comprehensive income -65 164 159 30
--------------------------------------------------------------------------------
Total comprehensive income for the period 427 728 1 049 849
Total comprehensive income attributable to:
Equity holders of the parent company 329 570 839 663
Non-controlling interest 98 158 210 186
STATEMENT OF FINANCIAL POSITION Dec 31 Dec 31
EUR 1000 2012 2011
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Goodwill 9 546 9 467
Other intangible assets 1 308 1 355
Property, plant and equipment 1 890 2 102
Non-current financial assets
Interest-bearing financial assets 43 97
Non-interest-bearing financial assets 327 367
Deferred tax assets 1 972 1 621
--------------------------------------------------------------------------------
Total non-current assets 15 085 15 008
Current assets
Inventories 10 236 10 860
Current receivables
Interest-bearing receivables 16 51
Non-interest-bearing receivables 13 350 16 066
Financial assets recognised at fair value through profit/loss 78 56
Cash and cash equivalents 2 749 2 464
--------------------------------------------------------------------------------
Total current assets 26 429 29 497
================================================================================
TOTAL ASSETS 41 513 44 505
EQUITY AND LIABILITIES
Equity
Equity attributable to the equity holders of the parent company:
Share capital 2 650 2 650
Share premium fund 7 662 7 662
Invested unrestricted equity fund 223 223
Retained earnings 5 849 5 461
Non-controlling interest 1 283 1 198
--------------------------------------------------------------------------------
Total equity 17 667 17 195
Non-current liabilities
Interest-bearing liabilities 6 008 7 409
Deferred tax liabilities 102 128
--------------------------------------------------------------------------------
Total non-current liabilities 6 109 7 537
Current liabilities
Interest-bearing liabilities 1 685 2 135
Non-interest-bearing liabilities 16 052 17 639
--------------------------------------------------------------------------------
Total current liabilities 17 737 19 773
================================================================================
TOTAL EQUITY AND LIABILITIES 41 513 44 505
STATEMENT OF CASH FLOW IV IV I-IV I-IV
EUR 1000 2012 2011 2012 2011
--------------------------------------------------------------------------------
Cash flow from operating activities:
Cash received from sales 27 289 27 606 93 018 98 153
Cash received from other operating 27 15 65 130
income
Cash paid for operating expenses -23 334 -23 211 -89 063 -96 462
--------------------------------------------------------------------------------
Cash flow from operating activities before 3 982 4 411 4 020 1 821
financial items and income taxes
Interest paid -20 -48 -169 -278
Interest received 3 29 39 93
Income taxes paid -111 -296 -592 -605
--------------------------------------------------------------------------------
Cash flow from operating activities 3 854 4 096 3 297 1 031
Cash flow from investing activities:
Investments in intangible and -175 -265 -946 -1 253
tangible assets
Proceeds from sales of intangible 53 269 456
and tangible assets
Disposal of other non-current 12 12
investments
Loans granted -7 -13 -12
Repayments of loans receivable 8 74
--------------------------------------------------------------------------------
Cash flow from investing activities -117 -265 -670 -735
Cash flow from financing activities:
Acquisition of own shares -3
Dividends paid -531 -433
Dividends received 18 20 40
Payments for subsidiary share -129 -982
acquisitions
Payments received for subsidiary 81
share disposals
Cash paid for (received from) 7 -32 -56
short-term investments (net)
Withdrawals and repayments of -1 726 -2 576 -254 173
short-term loans
Withdrawals of long-term loans 385 355 385
Repayments of long-term loans -396 -319 -1 952 -1 348
--------------------------------------------------------------------------------
Cash flow from financing activities -2 122 -2 486 -2 443 -2 226
================================================================================
Change in cash and cash equivalents 1 615 1 345 184 -1 930
Cash and cash equivalents at the beginning 1 135 1 155 2 464 4 379
of the period
Translation difference of cash -1 -36 101 15
Cash and cash equivalents at the end of the 2 749 2 464 2 749 2 464
period
STATEMENT OF CHANGES IN EQUITY
EUR 1000 Equity attributable to equity holders of the parent
company
Fund
for in
vested Non
non Trans Re cont
Share re lation tai roll
* net of Share pre strict diffe ned ing
tax capi mium ed Own ren Earn inte
tal fund equity shares ces ings Total rest TOTAL
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -279 -149 5 549 15 656 1 158 16 814
Jan 1, 2011
Net profit / 634 634 185 819
loss for
the period
Other
comprehens.
income*:
Change in 33 33 1 34
translation
diff
Fair value -4 -4 -4
changes on
available-
for-sale
investments
--------------------------------------------------------------------------------
Comprehens. 33 630 663 186 849
income *
Dividends -325 -325 -110 -435
paid
Treasury -3 -3 -3
share
acquisition
Share-based 5 5 5
payments
Changes in 0 -36 -36
ownership
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -283 -116 5 860 15 996 1 198 17 195
Dec 31,
2011
Equity on 2 650 7 662 223 -283 -116 5 860 15 996 1 198 17 195
Jan 1, 2012
Net profit / 717 717 173 890
loss for
the period
Other
comprehens.
income*:
Change in 144 144 37 181
translation
diff
Fair value -22 -22 -22
changes on
available-
for-sale
investments
--------------------------------------------------------------------------------
Comprehens. 144 695 839 210 1 049
income *
Dividends -457 -457 -77 -534
paid
Treasury 11 -11 0 0
share
disposal
Share-based 5 5 5
payments
Changes in 0 -48 -48
ownership
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -272 28 6 093 16 384 1 283 17 667
Dec 31,
2012
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEGMENT INFORMATION IV IV I-IV I-IV
EUR 1000 2012 2011 2012 2011
---------------------------------------------------------------------------
Net sales by operating segments
Contract Customers Division 21 193 22 581 76 250 82 542
Direct Sales Division 4 005 4 692 14 023 16 397
Group Services 235 371 1 079 1 138
Intersegment eliminations -328 -117 -1 114 -948
===========================================================================
TOTAL NET SALES 25 105 27 526 90 238 99 129
Operating profit/loss by operating segments
Contract Customers Division 756 879 2 041 2 136
Direct Sales Division 100 78 -38 215
Group Services and non-allocated items -220 -172 -872 -756
===========================================================================
TOTAL OPERATING PROFIT/LOSS 637 785 1 132 1 595
KEY FIGURES IV IV I-IV I-IV
EUR 1000 2012 2011 2012 2011
--------------------------------------------------------------------------------
Net sales 25 105 27 526 90 238 99 129
Change in net sales, % -8,8 % 1,7 % -9,0 % 6,5 %
EBITDA 959 1 084 2 269 2 689
EBITDA margin, % 3,8 % 3,9 % 2,5 % 2,7 %
Operating profit/loss 637 785 1 132 1 595
Operating profit/loss margin, % 2,5 % 2,9 % 1,3 % 1,6 %
Profit/Loss before taxes 525 763 990 1 139
Profit/Loss before taxes margin, % 2,1 % 2,8 % 1,1 % 1,1 %
Net profit/loss for the period attributable 369 468 717 634
to equity holders of the parent company
Net profit/loss for the period, % 1,5 % 1,7 % 0,8 % 0,6 %
Earnings per share, EUR (diluted = 0,06 0,07 0,11 0,10
non-diluted)
Return on equity (ROE), % 2,82 % 3,35 % 5,11 % 4,82 %
Return on investment (ROI), % 2,10 % 3,01 % 4,67 % 5,45 %
Equity-to-assets ratio at the end of period, 44,3 % 40,3 % 44,3 % 40,3 %
%
Debt-to-equity ratio at the end of period 27,6 % 40,3 % 27,6 % 40,3 %
Equity per share at the end of period, EUR * 2,51 2,45 2,51 2,45
Investments in non-current assets 220 234 972 1 167
Investments in non-current assets, % of net 0,9 % 0,9 % 1,1 % 1,2 %
sales
Treasury shares held by the Group at the end 85 000 90 000 85 000 90 000
of period
Treasury shares, % of total share capital 1,3 % 1,4 % 1,3 % 1,4 %
and votes
Number of total issued shares at the end of 6607628 6607628 6607628 6607628
period
Personnel on average during the period 328 368 343 365
Personnel at the end of period 326 359 326 359
* Equity attributable to the equity holders of the parent company / Number of
shares excluding the acquired own shares
QUARTERLY KEY IV III II I IV III II I
FIGURES
EUR 1000 2012 2012 2012 2012 2011 2011 2011 2011
--------------------------------------------------------------------------------
Net sales 25 105 19 768 22 039 23 326 27 526 21 971 24 390 25 242
EBITDA 959 470 364 476 1 084 567 756 282
Operating 637 174 106 216 785 308 491 10
profit/loss
Profit/Loss 525 184 58 223 763 151 318 -93
before taxes
Net profit/loss 369 150 25 174 468 105 241 -180
for the period
attributable to
the equity
holders of the
parent company
Earnings per 0,06 0,02 0,00 0,03 0,07 0,02 0,04 -0,03
share, EUR
(diluted =
non-diluted)
RELATED PARTY TRANSACTIONS IV IV I-IV I-IV
EUR 1000 2012 2011 2012 2011
--------------------------------------------------------------------------------
Sales to related parties 66 25 203 184
Purchases from related parties 32 7 80 30
Current non-interest-bearing receivables from related 0 6 0 6
parties
Non-current interest-bearing receivables from related 33 87 33 87
parties
Loan payables to related parties 0 0 0 0
COMMITMENTS Dec 31 Dec 31
EUR 1000 2012 2011
-------------------------------------------------------------------
Mortgages and guarantees on own behalf
Business mortgage for the Group's loan liabilities 7 550 7 550
Real estate pledge for the Group's loan liabilities 900 900
Subsidiary shares pledged as security 4 018 3 284
for group companies' liabilities
Other listed shares pledged as security 187 215
for group companies' liabilities
Current receivables pledged as security 272 258
for group companies' liabilities
Pledges and guarantees given for the 232 222
group companies' off-balance sheet
commitments
Guarantees given on behalf of third parties 114 176
Minimum future operating lease payments 6 033 5 861
Accounting principles applied in the condensed consolidated financial statements
These condensed consolidated financial statements are unaudited. This report
has been prepared in accordance with IAS 34 following the valuation and
accounting methods guided by IFRS principles. The accounting principles used in
the preparation of this report are consistent with those described in the
previous year's Financial Statement taking into account also the possible new,
revised and amended standards and interpretations. Income tax is the amount
corresponding to the actual effective rate based on year-to-date actual tax
calculation.
The IFRS principles require the management to make estimates and assumptions
when preparing financial statements. Although these estimates and assumptions
are based on the management's best knowledge of today, the final outcome may
differ from the estimated values presented in the financial statements.
A part of the Group's loan agreements include covenants, according to which the
equity ratio shall be 35 percentages at minimum and the interest-bearing
debt/EBITDA ratio shall be 3.5 at maximum in the end of each financial year. On
December 31, 2012 the covenants were reached successfully. The equity ratio of
44.3 % exceeded the required level and the interest-bearing debt/EBITDA ratio
was below 3.5 in accordance with the covenants.
The Group has no knowledge of any significant events after the end of the
financial period that would have had a material impact on this report in any
other way that has been already discussed in the review by the Board of
Directors.
In Vantaa on January 4, 2013
WULFF GROUP PLC
BOARD OF DIRECTORS
Further information:
CEO Heikki Vienola
tel. +358 9 5259 0050 or mobile: +358 50 65 110
e-mail: heikki.vienola@wulff.fi
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