2009-02-06 08:00:00 CET
2009-02-06 08:00:05 CET
REGULATED INFORMATION
Wulff-Yhtiöt Oyj - Financial Statement Release
WULFF-GROUP PLC FINANCIAL STATEMENTS BULLETIN FOR THE FINANCIAL PERIOD 1 January - 31 December 2008
WULFF-GROUP PLC FINANCIAL STATEMENT RELEASE 6 FEBRUARY 2009 AT 9.00 A.M. WULFF-GROUP PLC FINANCIAL STATEMENTS BULLETIN FOR THE FINANCIAL PERIOD 1 January - 31 December 2008 Wulff-Group's turnover in 2008 increased slightly and its operating profit, excluding one-off items, improved year-over-year. Both turnover and operating profit for 2008, excluding one-off items, rose by 2.8 per cent. The Group's turnover amounted to EUR 76.2 million (EUR 74.1 million). Operating profit, excluding one-off items totalled EUR 2.36 million (EUR 2.30 million). Operating profit, including one-off items amounted to EUR 2.26 million (EUR 5.40 million). Profit before extraordinary items decreased by 66.2 per cent to EUR 1.54 million (EUR 4.55 million). Net profit was down 85.0 per cent, totalling EUR 0.45 million (EUR 3.03 million), and earnings per share (EPS) decreased to EUR 0.07 (EUR 0.47). The Group's profit for 2008, including one-off items, includes a one-off 100 thousand write-down on the goodwill generated by the acquisition of Entre Marketing Ltd. The one-off items for 2007 include the sales profit of EUR 3.50 million from the Wulff facilities sold in November 2007 and EUR 400 thousand write-down on the goodwill of Entre Marketing Ltd. The Board of Directors proposes a dividend of EUR 0.05 per share (EUR 0.18 per share), which corresponds to 72.8% of earnings per share (38.3%). Wulff-Group's turnover in the last quarter of 2008 decreased by 9.2% year-over-year. Turnover totalled EUR 20.2 million (EUR 22.2 million). Operating profit, including one-off items, was EUR 0.73 million (EUR 4.10 million). Excluding one-off items, operating profit was EUR 0.83 million, which corresponds to 4.1% of turnover (EUR 1.00 million, 4.5%). Earnings per share were EUR 0.06 (EUR 0.40). TURNOVER AND PROFIT DEVELOPMENT Wulff-Group's turnover rose by 2.8% over the previous year, amounting to EUR 76.2 million (EUR 74.1 million). Turnover growth was influenced by continued good contract sales, as well as the acquisitions of Entre Marketing in May 2007 and Ibero Liikelahjat in October 2008. Heikki Vienola, CEO: “The economic slowdown that started last year had an impact on the Group's fourth-quarter result. Economic uncertainties affected especially our business gift operations, where sales dropped from the previous year. I am glad to note, however, that our turnover rose in 2008 despite the challenging market conditions. What was reassuring in our performance development was the notable rise in profitability reported by Wulff Oy and KB-tuote. Our streamlining programmes have been successful. I believe that our new strategic policies will help us to perfect our services and achieve our targets. The solutions we offer, such as the Wulff MiniBar office supplies service and the KB-tuote business gift service, are designed to enhance the business of our customers. Our services help them to achieve clear savings in expenses.” In 2008 operating profit, excluding one-off items, was EUR 2.36 million (EUR 2.30 million), which corresponds to 3.1% (3.1%) of turnover. Including one-off items, operating profit amounted to EUR 2.26 million (EUR 5.40 million). Operating profit for 2007 was increased by the capital gains of EUR 3.50 million on the divestment of the Wulff building. Profit before extraordinary items was EUR 1.54 million (EUR 4.55 million). Earnings per share were EUR 0.07, compared to the EUR 0.47 the year before. Net profit decreased by 85.0%, amounting to EUR 0.45 million (EUR 3.03 million). In 2008, a one-off write-down of EUR 100 thousand was made on the goodwill that arose on the acquisition of Entre Marketing. This had a negative effect on the fourth-quarter and full-year operating profit of 2008. The 2008 result for Entre Marketing was in the red. Return on investment (ROI) amounted to 7.2 per cent (17.6%) and return on equity (ROE) to 3.7 per cent (16.5 %). Equity per share amounted EUR 3.09, compared to EUR 3.17 the year before. FINANCING AND INVESTMENTS Cash flow from business operations in the review period amounted to EUR 1.15 million (EUR 2.11 million). The balance sheet total on 31 December 2008 was EUR 39.5 million (EUR 42.3 million). The Group's equity ratio at the end of the review period totalled 51.0% (48.7%). Net gearing was 16.9% (15.9%). The investments in fixed assets entered in the balance sheet amounted to EUR 0.92 million (EUR 1.17 million), or 1.2% (1.6%) of turnover. They mainly consisted of the Wulff facilities in Vantaa, vehicles and the development of IT systems. OFFICE SUPPLIES MARKET The markets for office supplies have been growing at a steady annual rate of a few per cent in recent years. Growth remained much the same in 2008. Market growth in Finland was approximately three per cent, in Sweden four per cent and in Norway three per cent. The Estonian market dropped by five per cent. The consolidation trend, which has characterised the sector in recent years, continued in 2008. In June-July 2008, Staples, Inc., an office supplies company from the USA, acquired the share capital of Corporate Express, an international supplier of office products listed on the Amsterdam Stock Exchange. Staples, Inc. had made public offers for the acquisition of Corporate Express since February 2008. In July 2008, Office Depot, Wulff's co-operation partner and one of the world's biggest office supplies companies, acquired a majority holding in AGE Kontor & Data AB, a Swedish vendor of office products. The Group's position in the business gift market got a further boost in October, when Wulff acquired Ibero Liikelahjat Oy, one of Finland's leading advertising and business gift companies. PERSONNEL Wulff-Group employed 412 (467) people at the end of 2008, and an average of 440 (440) over the review period. A total of 83 (99) employees worked in Sweden, Norway and Estonia. The Ibero Liikelahjat acquisition had an increasing impact on the Group's headcount. On the other hand, the headcount was reduced, among other things, by Entre Marketing's production employees transferring to Silver Zombie. Around 65 per cent of the Group's personnel is employed in various sales tasks, while the remaining 35 per cent work in administration and logistics. Forty-eight per cent of the staff are men and 52 per cent women. Over half of Wulff-Group's employees are under 40 years of age. Co-operation between the Group's recruitment, HR and training activities was enhanced in autumn 2008. Recruitment was transferred under the Wulff brand from Vendiili Oy, a subsidiary focused on recruiting activities. Thanks to the new arrangement, all recruitment-related marketing will support the Wulff brand. Wulff-Group will continue to emphasise recruiting in 2009. It will carry on its close co-operation with labour administration and educational institutes in the field. Trends in the general employment situation are expected to positively affect the interest in sales work and to improve Wulff's opportunities to recruit potential sales representatives. SHARE-BASED INCENTIVE PLAN The Board of Directors of Wulff-Group Plc decided on 6 February 2008 on a new share-based incentive plan for the Wulff-Group key personnel. The Plan includes three earning periods which are calendar years 2008, 2009 and 2010. The potential reward from the Plan for the earning period 2008 will be based on achieved results. The potential reward from the earning period 2008 will be paid as the Company's shares and in cash in 2009. The potential rewards to be paid on the basis of the Plan correspond approximately to the value of a maximum total of 70,000 Wulff-Group Plc shares. It is prohibited to transfer the shares during the restriction period, maximum of three years. If a key person's employment or service ends during the restriction period, he/she must return the shares given as reward to the Company without compensation. The Board of Directors decided to allocate a total of 17,913 Wulff-Group Plc shares for the scheme's earnings period 2008. The scheme's impact on pre-tax results in 2008 was EUR 63 thousand. CHANGE OF THE BUSINESS NAME The Annual General Meeting of Wulff-Group Plc decided on the change of business name to Wulff-Group Plc on 4 April 2008. The name of Wulff, a company established in 1890, strengthens the company's renown as a trustworthy forerunner of good quality and as the market leader within the office business. The Wulff brand is clearly visible in all marketing operations of the Group. The change of name does not change the operations of the subsidiaries. The names and businesses of the subsidiaries of the group and Wulff Oy Ab remain the same. The change was entered into the Trade Register on 21 April 2008. Following the corporate name change, the trading code of the company's share on the OMX Nordic Exchange in Helsinki was renamed to WUF1V. The change took effect in the trade system on 22 April 2008. EVENTS IN 2008 Jani Puroranta, MSc (Econ.) and MBA, was appointed Chief Business Development Officer of the Wulff-Group and member of Group Management as of 2 January 2008. Puroranta is responsible for acquisitions and the development of strategy jointly with the Group's management. Born in 1974, Puroranta transfers to Wulff-Group from McKinsey & Company, a global consulting firm. From 2002 to 2004 he worked at OMX Exchanges as Senior Vice President, Business Development & Support, and as a member of the management team, among other things. In addition, Puroranta has worked as a partner at Privanet Capital and in various management positions in the Helsinki Stock Exchange. The sales and profitability of Wulff Oy Ab, which specialises in the contract sales of office supplies and generates around 40 per cent of the Wulff Group's turnover, developed positively in 2008, although economic uncertainties had a negative impact on the sales and performance development in the fourth quarter. In January 2008, Wulff Oy Ab was elected as one of the top seven in the highly recognised European Office Products Awards 2008 event. Wulff, which was awarded in the Reseller of the Year category, is the first Nordic company to have scored a top placing in the event. In December, Wulff received an honourable mention for its logistics reform in the Green Freight and Logistics competition. The contest was a part of the Intelligent Energy Europe programme launched by the European Commission. The profitability of KB-tuote, specialist in the contract sales of business and advertising gifts, developed excellently in 2008. The company acquired new contract customers during the year. In the review period, the company made big inputs into its product and customer strategy and focused on improving profitability. It enhanced co-operation with goods suppliers and shifted the focus of sales to its own collection. Its Estonian subsidiary, KB Eesti, posted a profitable result. Sales in the business area for direct sales improved moderately in the review period. In direct sales, the focus was on managerial training in sales, as well as on enhancing the recruitment process and induction training. The administrative and logistics organisation of the Group's direct sales was renewed in the autumn. By making inter-organisational co-operation even closer, the Group aims to achieve further synergy in operations and introduce flexibility into sales support services. The Group's direct sales business consists of eleven direct sales companies in Finland, all of which sell computer accessories, office supplies, corporate promotional products and ergonomic products. In direct sales, Naxor first-aid products were transferred under the newly established Naxor Care Oy, which specialises in first-aid equipment sales, in November. Naxor corporate image and office supplies sales are handled by Naxor Finland Oy. The direct sales companies and Wulff-Group Plc enjoyed great visibility at the September 2008 Secretary&Assistant trade fair, the main event in the world of office solutions open to the general public. Wulff-Group was one of the event's main co-operation partners. Wulff-Group's Scandinavian operations developed favourably in the Group's Norwegian subsidiary. The measures taken by Nordisk Profil AS to expand its operations and enhance profitability resulted in sales growth and better results. The main challenge to business in Sweden is still to increase the number of employees in sales by finding skilled new recruits. Entre Marketing Oy, a provider of fair and event marketing services that has been included in the consolidated financial statements as of 9 May 2007, took measures to achieve the financial and strategic targets for 2008. Over the year, the focus was sharpened by reorganising operations and concentrating on core business. Profitability developed positively compared to the previous year, although business remained unprofitable in the review period. As a result of the cooperation negotiations carried out in June, Entre Marketing cut its headcount by four. In addition to this, Entre decided to sell its production unit to Silver Zombie in July. According to the agreement, 12 employees in Entre Marketing's production unit transferred to Silver Zombie. The employees started at Silver Zombie in July as old employees. In December, Entre Marketing Oy moved to new facilities in Ruoholahti, Helsinki. The business of Ibero Liikelahjat Oy, Wulff-Group's newest acquisition, developed positively during the last quarter. Wulff-Group Plc acquired the entire share capital of Ibero Liikelahjat Oy from Progift Oy by an agreement signed on 1 October 2008. For the financial year ended on 31 December 2007, Ibero Liikelahjat Oy, a company selling and marketing business and advertising gifts, posted net sales of EUR 3.3 million, an operating profit of EUR 0.5 million and a net profit of EUR 0.4 million. The company's balance sheet total on 31 December 2007 was EUR 1.7 million, of which equity stood at EUR 0.5 million. The company's showroom, operating facilities and warehouse are located in Pitäjänmäki, Helsinki. Ibero Liikelahjat Oy employs 12 people, five of which are sales professionals. The basic acquisition price of the acquired shares is EUR 700,000 and 100,000 shares of Wulff-Group. A targeted new issue of shares to the seller party was realised in November 2008. The new shares have a so-called lock-up condition concerning them. 50,000 pieces of the shares will be released from the transfer restriction in December 31, 2009, and the remaining 50,000 shares in December 31, 2011. The final acquisition price will be based on the financial performance during the years 2008 to 2011. Ibero Liikelahjat continues its operations as an independent unit in its own business premises. Tanu Rautio continued as the Managing Director of Ibero Liikelahjat Oy. The acquisition strengthened the Group's business and advertising gift sales and its position in the corporate promotional products market. In December the management and administration of Wulff-Group Plc moved from the Salomonkatu facilities in the Helsinki city centre to the Wulff building in Vantaa. In addition to the parent company, the Wulff building houses nine of the Group's subsidiaries. Working on the same premises makes communication between the parent company and the subsidiaries easier and enables the Group's strategic targets to be achieved faster. The move will also bring savings in terms of fixed costs. DECISIONS MADE BY THE ANNUAL GENERAL MEETING Wulff-Group Plc's Annual General Meeting held on 4 April 2008 unanimously adopted the financial statements for 2007 and discharged the members of the Board and the CEO from liability for the financial year. In accordance with the proposal of the Board of Directors the Annual General Meeting decided to pay a dividend of EUR 0.18 per share for the financial year 2007. The record date for the dividend payment was 9 April 2008, and the payment was made on 16 April 2008. The Annual General Meeting confirmed the Board of Directors' proposals for amendments to the Articles of Association. The following amendments were resolved: - Change of the business name to Wulff-Group Plc and the domicile to Helsinki (Section 1). - Further specification of the company's business sector (Section 2). - Deletion of the following Sections, rendered obsolete by the amendments to the Companies Act: Section 3 (minimum and maximum share capital), Section 4 (nominal value) and Section 12 (financial period). - Abbreviation of Section 5 by removal of the now obsolete transitional regulations for incorporation into the book-entry system. - Revision of the convocation period to the minimum 17 days stipulated in the Act, and deletion of the now obsolete reference to the book-entry system (Section 11). - Linking of the date and time of the Annual General Meeting to the end of the financial period (Section 13). The amendments to the Articles of Association were entered in Trade Register on 21 April 2008. The Annual General Meeting adopted the Board's proposals concerning the authorisation to perform share issues and to buy the company's own shares. The number of members of the Board was confirmed at six. The following members were re-elected: Ari Lahti, Ere Kariola, Ari Pikkarainen, Pentti Rantanen, Sakari Ropponen and Heikki Vienola. In its organising meeting held on 22 April 2008, the Board of Directors elected Ari Lahti as its Chairman. SHARES, SHARE CAPITAL AND SHAREHOLDERS Wulff-Group Plc has one share series. Each share has one voting right. Wulff-Group's shares are quoted on NASDAQ OMX Helsinki's list in Small Cap market value group in the Consumer Discretionary sector. The company's trading code is WUF1V (before 22 April 2008 BTN1V). The closing value of the company's share on 31 December 2008 was EUR 2.30 (EUR 3.39). In 2008 the trading volume of Wulff's share amounted to 229,762 shares (416,346 shares), or 3.5% (6.4%) of shares outstanding, which corresponds to EUR 712,944 (EUR 1,712,001). The highest share price in 2008 was EUR 3.75 (EUR 4.90) and the lowest EUR 2.14 (EUR 3.30). The market value of the company's share at the end of the year was EUR 15.2 million (EUR 22.1 million). The nominal value of the share was eliminated in spring 2008 based on a decision made by the Annual General Meeting. The number of shares and the share capital were raised in the review period. The company's share capital on 31 December 2008 was EUR 2,650,000.00 (EUR 2,603,051.20), consisting of 6,607,628 shares (6,507,628). On 5 November 2008, based on the share issue authorisation given by the Annual General Meeting on 4 April 2008, the Board of Directors of Wulff-Group Plc decided on a directed share issue of 100,000 shares to Progift Oy, the seller of Ibero Liikelahjat Oy. In conjunction with the issue, Wulff's share capital was raised by EUR 46,948.80. The new shares and the share capital increase were registered in the Trade Register on 17 November 2008. The new shares grant the same rights to holders as previously issued shares. The shares were admitted for public trading on NASDAQ OMX Helsinki Oy as a series corresponding to that of previously issued shares on 15 December 2008. Wulff-Group Plc has no option schemes currently in force. At the end of December 2008 Wulff had 630 (642) shareholders. On 31 December 2008 Wulff-Group held 27,254 of its own shares (0 shares). The company's major shareholders were: -------------------------------------------------------------------------------- | 1. | Vienola Heikki | 2,523,405 shares | 38.2% | -------------------------------------------------------------------------------- | 2. | Pikkarainen Ari | 1,391,475 shares | 21.1% | -------------------------------------------------------------------------------- | 3. | Varma Mutual Pension Insurance Company | 450,000 shares | 6.8% | -------------------------------------------------------------------------------- | 4. | Tapiola Mutual Pension Insurance | 350,000 shares | 5.3% | | | Company | | | -------------------------------------------------------------------------------- | 5. | Tapiola General Mutual Insurance | 283,900 shares | 4.3% | | | Company | | | -------------------------------------------------------------------------------- | 6. | Nordea Nordic Small Cap equity fund | 109,383 shares | 1.7% | -------------------------------------------------------------------------------- | 7. | Tapiola Mutual Life Assurance Company | 100,000 shares | 1.5% | -------------------------------------------------------------------------------- | 8. | Progift Oy | 100,000 shares | 1.5% | -------------------------------------------------------------------------------- | 9. | Hietala Pekka | 84,100 shares | 1.3% | -------------------------------------------------------------------------------- | 10. | SR Arvo Finland Value | 74,833 shares | 1.1% | -------------------------------------------------------------------------------- | 11. | The Local Government Pensions | 70,000 shares | 1.1% | | | Institution | | | -------------------------------------------------------------------------------- | 12. | ESR eQ Pikkujättiläiset | 68,900 shares | 1.0% | -------------------------------------------------------------------------------- | 13. | Sundholm Göran | 50,000 shares | 0.8% | -------------------------------------------------------------------------------- | 14. | Ågerfalk Veijo | 45,000 shares | 0.7% | -------------------------------------------------------------------------------- | 15. | Laakkonen Mikko | 40,000 shares | 0.6% | -------------------------------------------------------------------------------- | 16. | Keskinäinen kiinteistö Oy Vanha | 28,000 shares | 0.4% | | | Talvitie 12 | | | -------------------------------------------------------------------------------- | 17. | Wulff-Group Plc | 27,254 shares | 0.4& | -------------------------------------------------------------------------------- | 18. | Tapiola Corporate Life Insurance Ltd | 27,200 shares | 0.4% | -------------------------------------------------------------------------------- | 19. | Cardia Invest Oy | 23,800 shares | 0.4% | -------------------------------------------------------------------------------- | 20. | Brade Oy | 22,000 shares | 0.3% | -------------------------------------------------------------------------------- No changes in holdings that would have merited a notice of change took place in 2008. TREASURY SHARES The Board of Directors of Wulff-Group Plc decided in its meeting on 6 February 2008 to initiate a share buyback in accordance with the authorisation given to it at the Annual General Meeting on 4 April 2007. Treasury share acquisition was initiated on 14 February 2008. With the said authorization, a total of 15,890 shares were acquired before the next Annual General Meeting which took place on 4 April 2008. The acquired shares represent 0.2% of the share capital and votes of Wulff-Group. The Board of Directors of Wulff-Group Plc decided in its meeting on 22 April 2008 to initiate a share buyback of maximum of 300,000 own shares in accordance with the authorisation given to it at the Annual General Meeting on 4 April 2008. Treasury share acquisition was initiated on 12 May 2008. By 31 December 2008, a total of 9,628 shares have been acquired with the said authorization. The acquired shares represent 0.1% of the share capital and votes of Wulff-Group. The shares were purchased through public trading at NASDAQ OMX Helsinki in a proportion other than that of current shareholder holdings at the market price determined in public trading at the time of purchase. During the review period, the Group received a total of 1,736 company shares previously included in the incentive system for subsidiary sales. Wulff-Group held 27,254 of its own shares on 31 December 2008, which represents 0.4% of the Group's shares and votes. The company did not hold its own shares in 2007. SEGMENT INFORMATION Companies in the Wulff-Group Plc are sales and marketing companies of office supplies. The Group's organisation structure is divided into five areas depending on their operating concept and field. All the areas are presented as a single reportable business segment. In other words, the Group's reportable information, in its entirety, forms this business segment's information. The business areas have similar financial characteristics and risk profiles, common customers and similar products. Wulff-Group's secondary segment reporting is based on geographical segments. A market area forms a segment if its net sales account for more than 10 % of the Group's net sales. The net sales of segments are presented according to customer locations, while assets and investments are presented by their location and target. RISKS AND UNCERTAINTIES OF THE NEAR FUTURE Wulff-Group's business experiences seasonal change, and a significant share of the company's turnover and profit is generated in the fourth quarter. The main uncertainty factors in the near future are related to the profit development of Entre Marketing and the economic sentiment. The demand for corporate promotional products and event marketing services may begin to change, as the general economic sentiment takes a downward turn. The economic uncertainties and the retardation of economic growth that began in late 2008 also affect the operations of Wulff-Group Plc. An extended decline in the general economic situation may have a negative impact on office supplies and services, and consequently on Wulff-Group's operations. BOARD OF DIRECTORS' DIVIDEND PROPOSAL The parent company's balance sheet shows distributable profits of EUR 4.78 million, of which retained earnings account for EUR 5.80 million and the parent company's loss for the period -EUR 1.02 million. The Group's profit for the period is EUR 0.45 million, or EUR 0.07 per share (EUR 0.47). The Board of Directors propose to the Annual General Meeting that a dividend of EUR 0.05 (EUR 0.18) per share be paid for 2008. This corresponds to 72.8% of the review period's EPS and totals EUR 0.33 million. EUR 4.44 million will be retained in shareholders' equity. No dividend will be paid to shares owned by the company itself at the time of the decision on the profit distribution. EVENTS AFTER THE REVIEW PERIOD The Group's Board of Directors decided on 5 February 2009 to change the organisational structure from the previous five business areas to two divisions. The new divisions are Contract Customers and Direct Sales. The pro forma turnover for Contract Customers division in 2008 totalled EUR 54.4 million, pro forma operating profit EUR 2.3 million and the pro forma operating profit percentage was 4.2%, including the full-year figures for Ibero Liikelahjat Oy, which was included in the consolidated financial statements as of 1 October 2008. The pro forma turnover for Direct Sales division in 2008 totalled EUR 25.2 million, pro forma operating profit EUR 1.6 million and the pro forma operating profit percentage was 6.4%. In future, the Group reports financial information for both Contract Customers and Direct Sales divisions. OUTLOOK FOR 2009 The weaker economic situation has also clearly affected the demand for office supplies and has increased uncertainty in operating environments, making it difficult to precisely predict the outlook for 2009. In the coming year, the company will implement its profitability enhancement programme and boost operations. The current economic situation offers an excellent opportunity to increase the headcount in sales. Wulff is also prepared to carry out acquisitions in line with its strategy. ANNUAL GENERAL MEETING AND FINANCIAL REPORTING IN 2009 The Annual General Meeting of Wulff-Group Plc will be held in Helsinki on 24 April 2009 at 12 p.m. The company will send out invitations to shareholders in week 12. The company's annual report and financial statements for 2008 will be published on 20 March 2009. Wulff-Group publishes three interim reports in 2009 as follows: Interim Report January-March 2009 May 7, 2009 at 9.00 a.m. Interim Report January-June 2009 August 11, 2009 at 9.00 a.m. Interim Report January-September 2009 November 6, 2009 at 9.00 a.m. ACCOUNTING PRINCIPLES This financial statements bulletin has been prepared in compliance with the recognition and measurement principles of the IFRS standards, but not all the requirements of IAS 34 have been taken into account in preparations. The tables of this interim report are presented in a so-called condensed version. The accounting principles are the same as those used in the financial statements for 2007. These financial statements have not been audited. MEETING FOR INVESTORS, ANALYST AND MEDIA Wulff-Group Plc will arrange a meeting with investors, analysts and media in Hotel Palace, Eteläranta 10, Helsinki on 6 February 2009 starting at noon. CONDENCED FINANCIAL STATEMENTS AND NOTES -------------------------------------------------------------------------------- | Wulff-Group Plc | | | (1000 euro) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | 10-12/08 | 10-12/07 | 1-12/08 | 1-12/07 | | STATEMENT | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TURNOVER | 20 154 | 22 200 | 76 178 | 74 087 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other operating income | 70 | 3 537 | 745 | 3 727 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Materials and services | 11 151 | 11 757 | 42 234 | 39 456 | -------------------------------------------------------------------------------- | Employee benefits expenses | 4 500 | 5 293 | 18 124 | 17 644 | -------------------------------------------------------------------------------- | Depreciation and | 371 | 774 | 1 175 | 1 735 | | amortization | | | | | -------------------------------------------------------------------------------- | Other operating expenses | 3 477 | 3 819 | 13 125 | 13 581 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT | 725 | 4 095 | 2 264 | 5 399 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and | -26 | -331 | -728 | -852 | | expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT BEFORE | 698 | 3 764 | 1 535 | 4 547 | | EXTRAORDINARY ITEMS AND | | | | | | TAXES | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Extraordinary items | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | 698 | 3 764 | 1 535 | 4 547 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income taxes | 251 | 1 050 | 773 | 1 353 | -------------------------------------------------------------------------------- | Minority interest | 60 | 98 | 309 | 166 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT | 388 | 2 616 | 454 | 3 028 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | (1000 euro) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | 12/2008 | 12/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | FIXED ASSETS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Intangible assets | 582 | 587 | -------------------------------------------------------------------------------- | Goodwill | 8 356 | 7 204 | -------------------------------------------------------------------------------- | Tangible assets | 2 338 | 2 829 | -------------------------------------------------------------------------------- | Investments held for sale | 194 | 310 | -------------------------------------------------------------------------------- | Investments | 147 | 144 | -------------------------------------------------------------------------------- | Deferred tax assets | 691 | 954 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL FIXED ASSETS | 12 307 | 12 028 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | -------------------------------------------------------------------------------- | Inventories | 10 904 | 10 903 | -------------------------------------------------------------------------------- | Trade receivables | 7 572 | 8 292 | -------------------------------------------------------------------------------- | Other receivables | 3 764 | 4 796 | -------------------------------------------------------------------------------- | Cash and cash equivalents and financial assets | 4 903 | 6 316 | | recognised at fair value | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL CURRENT ASSETS | 27 143 | 30 306 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 39 451 | 42 335 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and liabilities | 12/2008 | 12/2007 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital | 2 650 | 2 603 | -------------------------------------------------------------------------------- | Share premium fund | 7 662 | 7 662 | -------------------------------------------------------------------------------- | Non-restricted equity | 223 | 0 | -------------------------------------------------------------------------------- | Retained earnings | 8 004 | 6 293 | -------------------------------------------------------------------------------- | Net profit | 454 | 3 028 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Minority interest | 1 137 | 1 048 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL EQUITY | 20 131 | 20 634 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | -------------------------------------------------------------------------------- | Long-term liabilities | | | -------------------------------------------------------------------------------- | interest-bearing | 6 533 | 7 491 | -------------------------------------------------------------------------------- | Short-term liabilities | | | -------------------------------------------------------------------------------- | interest-bearing | 1 780 | 1 669 | -------------------------------------------------------------------------------- | accounts payable and other liabilities | 11 007 | 12 542 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 19 320 | 21 702 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILIIES | 39 451 | 42 335 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Jan 1st - Dec 31st 2008 | | -------------------------------------------------------------------------------- | | | | | | | (1000 euro) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Share | Share | Non-r | Retai | Total | Minor- | Total | | | capit | premi | estri | n-ed | | ity | | | | al | um | cted | earn- | | inte-r | | | | | fund | equit | ings | | est | | | | | | y | | | | | -------------------------------------------------------------------------------- | | | | | | | | | -------------------------------------------------------------------------------- | Equity Jan 1 | 2 603 | 7 662 | 0 | 9 321 | 19 586 | 1 048 | 20 634 | | 2008 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit | | | | 454 | | 309 | 763 | -------------------------------------------------------------------------------- | | | | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | -1 | | -159 | -1 327 | | paid | | | | 168 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | | | | -115 | | | -115 | | available or | | | | | | | | | sale: | | | | | | | | | Valuation | | | | | | | | | gains or | | | | | | | | | losses | | | | | | | | | recognised | | | | | | | | | under | | | | | | | | | shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Directed | 47 | | 223 | | | | 270 | | share issue | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Translation | | | | -37 | | -61 | -98 | | differences | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Treasury | | | | -43 | | | -43 | | share | | | | | | | | | acquisition | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Taxes related | | | | 47 | | 0 | 47 | | to items | | | | | | | | | recognised | | | | | | | | | under | | | | | | | | | shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity Dec 31 | 2 650 | 7 662 | 223 | 8 459 | 18 994 | 1 137 | 20 131 | | 2008 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Jan 1st - Dec 31st 2007 | -------------------------------------------------------------------------------- | | | | | | (1000 euro) | -------------------------------------------------------------------------------- | | Share | Share | Retain- | Total | Minor-i | Total | | | capita | premiu | ed | | ty | | | | l | m fund | earn-in | | inte-re | | | | | | gs | | st | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | Equity Jan 1 2007 | 2 603 | 7 662 | 7 037 | 17 302 | 889 | 18 190 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit | | | 3 028 | | 166 | 3 194 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividends paid | | | -781 | | -86 | -867 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | | | 69 | | | 69 | | available or sale: | | | | | | | | Valuation gains or | | | | | | | | losses recognised | | | | | | | | under | | | | | | | | shareholders' | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial | | | 0 | | | 0 | | instruments | | | | | | | | recognised under | | | | | | | | shareholders' | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Translation | | | -13 | | -2 | -15 | | differences | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Changes in | | | 0 | | 81 | 81 | | shareholders | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Taxes related to | | | -18 | | | -18 | | items recognised | | | | | | | | under | | | | | | | | shareholders' | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity Dec 31 2007 | 2 603 | 7 662 | 9 321 | 19 586 | 1 048 | 20 634 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY RATIOS | | | (1000 euro) | -------------------------------------------------------------------------------- | | 10-12/08 | 10-12/07 | 1-12/08 | 1-12/07 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turnover | 20 154 | 22 200 | 76 178 | 74 087 | -------------------------------------------------------------------------------- | Increase in turnover % | -9.2 % | 17.7 % | 2.8 % | 19.4 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | 725 | 4 095 | 2 264 | 5 399 | -------------------------------------------------------------------------------- | % of turnover | 3.6 % | 18.4 % | 3.0 % | 7.3 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before taxes | 698 | 3 764 | 1 535 | 4 547 | -------------------------------------------------------------------------------- | % of turnover | 3.5 % | 17.0 % | 2.0 % | 6.1 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit | 388 | 2 616 | 454 | 3 028 | -------------------------------------------------------------------------------- | % of turnover | 1.9 % | 11.8 % | 0.6 % | 4.1 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio % | | | 51.0 % | 48.7 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity (ROE) % | | | 3.7 % | 16.5 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on investment (ROI) | | | 7.2 % | 17.6 % | | % | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gearing % | | | 16.9 % | 15.9 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments in fixed | 265 | 268 | 915 | 1 171 | | assets | | | | | -------------------------------------------------------------------------------- | % of turnover | 1.3 % | 1.2 % | 1.2 % | 1.6 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of | | | 440 | 440 | | personnel | | | | | -------------------------------------------------------------------------------- | Number of personnel at end | | | 412 | 467 | | of period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, euro | 0.06 | 0.40 | 0.07 | 0.47 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity per share, euro | | | 3.09 | 3.17 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW | (1000 euro) | -------------------------------------------------------------------------------- | | 1-12/08 | 1-12/07 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operations: | | | -------------------------------------------------------------------------------- | Payments received from sales | 76 398 | 74 328 | -------------------------------------------------------------------------------- | Payments received from other operating income | 235 | 227 | -------------------------------------------------------------------------------- | Amounts paid for operating expenses | -74 983 | -71 820 | -------------------------------------------------------------------------------- | Cash flow from business operations before | 1 650 | 2 735 | | financial items and taxes | | | -------------------------------------------------------------------------------- | Financial costs paid | -560 | -641 | -------------------------------------------------------------------------------- | Interest received from operations | 172 | 146 | -------------------------------------------------------------------------------- | Direct taxes paid | -110 | -131 | -------------------------------------------------------------------------------- | Cash flow from operations | 1 152 | 2 109 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investments: | | | -------------------------------------------------------------------------------- | Investments in tangible and intangible assets | -1 050 | -1 070 | -------------------------------------------------------------------------------- | Sale of tangible and intangible assets | 777 | 6 709 | -------------------------------------------------------------------------------- | Acquisition of shares in subsidiaries | 123 | -1 373 | -------------------------------------------------------------------------------- | Sale of shares in subsidiaries | 0 | 0 | -------------------------------------------------------------------------------- | Sale of other investments | 0 | 0 | -------------------------------------------------------------------------------- | Loans granted | -71 | -414 | -------------------------------------------------------------------------------- | Cash flow from investments | -221 | 3 852 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing activities: | | | -------------------------------------------------------------------------------- | Paid dividends | -1 327 | -867 | -------------------------------------------------------------------------------- | Received dividends | 74 | 465 | -------------------------------------------------------------------------------- | Short-term investments (increase -) | -124 | -198 | -------------------------------------------------------------------------------- | Loan withdrawals | 1 547 | 1 128 | -------------------------------------------------------------------------------- | Loan repayments | -2 396 | -2 300 | -------------------------------------------------------------------------------- | Cash flow from financing activities | -2 226 | -1 772 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in liquid assets | -1 295 | 4 189 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TREASURY SHARES | | | -------------------------------------------------------------------------------- | | 1-12/08 | 1-12/07 | -------------------------------------------------------------------------------- | Number of treasury shares held by the Group | 27 254 | 0 | -------------------------------------------------------------------------------- | % of share capital and votes | 0.4 % | 0.0 % | -------------------------------------------------------------------------------- | Number of shares at the end of the review period | 6 607 628 | 6 507 628 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY RATIOS PER QUARTER | | (1000 euro) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 10-12/0 | 7-9/08 | 4-6/08 | 1-3/08 | 10-12/0 | 7-9/07 | | | 8 | | | | 7 | | -------------------------------------------------------------------------------- | Turnover | 20 154 | 16 170 | 20 706 | 19 148 | 22 200 | 16 358 | | (1000 euro) | | | | | | | -------------------------------------------------------------------------------- | Operating profit | 725 | 307 | 854 | 378 | 4 095 | 204 | | (1000 euro) | | | | | | | -------------------------------------------------------------------------------- | Net profit | 388 | -97 | 354 | -192 | 2 616 | -5 | | (1000 euro) | | | | | | | -------------------------------------------------------------------------------- | Earnings per | 0.06 | -0.01 | 0.05 | -0.03 | 0.40 | 0.00 | | share, euro | | | | | | | -------------------------------------------------------------------------------- WULFF-GROUP PLC Board of Directors www.wulff-group.com Further information: Heikki Vienola, CEO Tel. +358 9 5259 0050 or +358 50 65 110 e-mail: heikki.vienola@wulff.fi Sirpa Väisänen, IR Officer Tel. +358 9 5259 0050 or 0400 943 243 e-mail: sirpa.vaisanen@wulff.fi Distribution: NASDAQ OMX Helsinki www.wulff-group.com Key media
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