2009-11-06 08:00:00 CET
2009-11-06 08:00:02 CET
REGULATED INFORMATION
Wulff-Yhtiöt Oyj - Interim report (Q1 and Q3)
WULFF-GROUP PLC'S INTERIM REPORT 1 January - 30 September 2009
WULFF-GROUP PLC INTERIM REPORT 6 November 2009, 9:00 a.m. WULFF-GROUP PLC'S INTERIM REPORT 1 January - 30 September 2009 Wulff-Group's net sales and operating profit declined year-over-year. The Group's net sales in January-September dropped by 12.4% to EUR 49.1 million (EUR 56.0 million). Wulff-Group reported an operating loss, including one-off items, of EUR 0.50 million (profit of EUR 1.54 million). Operating loss excluding one-off items was EUR 0.22 million. The result for the period was EUR 0.95 million negative (EUR 0.07 million positive). Earnings per share (EPS) totalled EUR -0.14 (EUR 0.01). In the review period, the Group divested its shares in Everyman Oy and Officeman Oy, two companies in which it had a 70% holding, to the minority shareholders. The one-off sales loss of EUR 280,000 recorded for the transaction had a negative impact on the operating profit for the review period. Wulff's third-quarter net sales were up on the previous year, totalling EUR 17.6 million (EUR 16.2 million). The Group reported an operating loss of EUR 0.43 million (profit of EUR 0.31 million), which accounted for -2.4% of net sales (1.9%). Excluding one-off items, operating profit was EUR 0.15 million negative, which corresponds to -0.8% of net sales. Earnings per share were EUR -0.09 (EUR -0.01). NET SALES AND PROFIT DEVELOPMENT Wulff-Group's net sales and operating profit declined 12.4% year-over-year. The Group's net sales in January-September 2009 totalled EUR 49.1 million (EUR 56.0 million). The Group reported an operating loss, including one-off items, of EUR 0.50 million (profit of EUR 1.54 million), which accounts for -1.0% (2.7%) of net sales. The pre-tax result for the review period was EUR -0.66 million (EUR 0.84 million). The result for the period totalled EUR -0.95 million (EUR 0.07 million), and earnings per share (EPS) were EUR -0.14 (EUR 0.01). The third quarter is expected to be the weakest for Wulff-Group due to seasonal fluctuation. Owing to slack sales in July, the third-quarter net sales are usually weaker than those of other quarters. The Group's operating result was also negatively affected by the non-recurring sales loss from the divestment of Everyman Oy and Officeman Oy and from the general economic downturn. However, performance picked up towards the end of the period, especially following the Group's latest acquisition, that of Strålfors Supplies. CEO Heikki Vienola: “In these financially challenging times it is important to aim at the targets set and work in line with our strategy. What it means for us is focusing on sales and growth and developing our operations. Our vision is to become the Nordic market leader, and we took a big step towards this goal in the review period. The important acquisition of Strålfors Supplies AB in July was a big investment in Nordic growth and made us a notable player in the Nordic countries. Our latest acquisition is a well managed and profitable company. I believe the transaction to begin to show a positive impact on our EPS later this year. The acquisition will raise our net sales by some 40 per cent annually. We prepared for the economic downturn and the general market conditions in early 2009 by implementing an effective cost-savings programme drawn up in cooperation with the personnel. Operations have been adjusted to improve productivity. This has also made our cost structure lighter. I believe these measures will have a strong impact in the future. The latter part of the year will be challenging for all players in the sector. However, being a Finnish market leader, we consider challenges to be first and foremost opportunities to demonstrate our strength as a cooperation partner that provides service and offers cost savings to customers.” CONTRACT CUSTOMERS DIVISION The Contract Customers division is a comprehensive partner to customers in the field of office supplies, business and promotional gifts, as well as fair and event marketing services. The mission of the Contract Customers division is to be most sought-after partner in the field and to offer customers overall solutions for enhancing offices and promoting customer sales. The division comprises Wulff Oy Ab, KB-tuote Oy, Ibero Liikelahjat Oy, Entre Marketing Oy and Strålfors Supplies AB. The Contract Customers division reported net sales of EUR 35.2 million (EUR 46.1 million) for the review period and an operating profit of EUR 0.19 million (EUR 1.14). The comparison figures are pro forma and include the entire 2008 net sales and operating result of Ibero Liikelahjat Oy, which was merged with the Group on 1 October 2008, as well as the figures for Strålfors Supplies AB, merged with the Group on 1 August 2009, corresponding to the period during which it has been a part of the Group. The net sales and sales of Strålfors Supplies AB developed positively, especially in Norway. The company focused on acquiring new, especially medium-sized, customers in the review period. In July, Wulff-Group Plc acquired a majority shareholding in Strålfors Supplies AB, a company that sells office and computer supplies based on the contract customer concept and operates in Sweden, Norway and Denmark. The company has a 43-strong staff and employs around 60 people in all. Strålfors Supplies AB will continue to operate as an independent unit at its current facilities and with the current staff. Trond Fikseaunet will stay on as Managing Director. The net sales of Strålfors Supplies AB account for some 40% of Wulff-Group's consolidated net sales. The net sales of Wulff Oy, which sells office supplies and computer accessories, declined year-over-year. The clear decrease in purchases by major customers affected net sales. Owing to cost savings and personnel cuts, customer companies have also reduced their purchases of office supplies. This year, the focus has been on new customer acquisition and concept development. The successful acquisition of new customers is expected to have an impact on performance starting in late 2009. Wulff Oy Ab's net sales account for some 30% of Wulff-Group's consolidated net sales. KB-tuote, a provider of business and promotional gifts, began to prepare for a sharp decrease in sales in early 2009. It adapted operations to the market situation, among other things, through staff layoffs. The company has made major inputs in increasing the activity of its sales force and in enhancing cost-effectiveness. In the review period, the company continued to increase its contract customer base and acquired new customers, for example, at the business gift event arranged in the autumn. KB-tuote made a strong performance at the event, launching its new Liikelahjamoottori.fi online service. Liikelahjamoottori.fi is Finland's first online tool offered to facilitate the selection of gifts. Founded in 1955, KB-tuote has always been a pioneer in its field. It provides major corporations with a business gift service that enables companies to order products designed in line with their brand through an electronic order system. The restructuring measures, cost-savings programme and successfully revised service concept that Entre Marketing Oy initiated in 2008 made 2009 a considerably better year than the loss-making 2008 period. However, due to the continued economic downturn and seasonal fluctuation, the latter part of the year will continue to be challenging in the sales of fair and event marketing services. The changes carried out enable Entre to follow its strategy, which means focusing on its core business and improving its competitiveness. This year is expected to be slightly profitable. Entre's revamped service offering comprises Finnish and international trade fairs, marketing events, marketing and communication services and e-services. The result of Ibero Liikelahjat Oy remained good despite the challenging situation in the field of corporate promotional product sales. The company had an active presence at the business gift event in the fall where it established many new customer contacts. Being a medium-sized company, Ibero Liikelahjat is a flexible and fast company and partner for its customers. DIRECT SALES DIVISION The vision of the Direct Sales division is to be the biggest and most profitable direct sales company in the Nordic countries and neighbouring regions. Its mission is to make customer operations more flexible with innovative products and the most professional, personal and local service in the field. The division comprises the direct sales companies in Finland, Sweden, Norway and Denmark. The Direct Sales Division reported net sales of EUR 13.4 million (EUR 18.9 million) and an operating loss of EUR 0.26 million (EUR 1.27 million profit) in the review period. The September divestment of Everyman Oy and Officeman Oy is in line with Wulff-Group Plc's strategy, according to which the company focuses on product sales and operates as an efficient and direct supply channel. Retail sales and consumer products do not belong to the core operations of Wulff's direct sales. The Direct Sales division acquires nearly all of its products straight from the manufacturers and sells them directly to end users. It will continue to cooperate with the companies in B2B products. The net sales and balance sheet total of the divested companies have accounted for some 4% of Wulff-Group Plc's consolidated net sales and balance sheet. The direct sales companies continued to implement the measures of the cost-savings programme devised in early 2009. The clarification and streamlining of management practices initiated in the first quarter continued, and the reforms have had a positive impact on the operational development of Finnish direct sales companies. The major inputs in superior and induction training, as well as the quality development of the recruitment process, which were initiated earlier this year are still ongoing. Providing our new salespeople with the best possible competence is a contribution to our future success. We have emphasised new customer acquisition by focusing on the activities of sales representatives. New contacts were also sought at the Secretary & Assistant autumn event, where Finnish direct sales companies had a strong presence. Weaker demand has also affected business development in Scandinavia, especially in Sweden, where the recruitment of skilled sales representatives continues to be the biggest challenge. In Norway, the sales and result of Nordisk Profil have remained good in view of the challenging conditions. Norwegian sales support has been heavily boosted through email marketing, which has led to good results. Activities were also launched in Denmark, and the results are promising. Danish operations are managed from Sweden, which makes them more cost-effective. This leads to savings in, for example, facilities, management and logistics. FINANCING AND INVESTMENTS Operating cash flow amounted to EUR 0.23 million (EUR 0.90 million) in the review period. The consolidated balance sheet total at the end of the period amounted to EUR 46.8 million (EUR 39.9 million) and equity ratio to 40.4% (48.9%). The decrease in equity ratio resulted from the acquisition of Strålfors Supplies at the end of July. The acquisition was partly financed with debt. Equity per share amounted to EUR 2.86 (EUR 3.00). Investments in fixed assets, recognised in the balance sheet, amounted to EUR 0.57 million (EUR 0.65 million), or 1.2% (1.2%) of net sales, and mainly involved IT systems and equipment. PERSONNEL Wulff-Group Plc had 383 (432) employees at the end of the review period and an average of 397 (450) employees over the period. A total of 110 (96) employees work in Sweden, Norway, Denmark and Estonia. TREASURY SHARES During the review period, Wulff-Group Plc repurchased 23,699 shares based on the authorisation given by the Annual General Meeting on 4 April 2008 and 24 April 2009. The repurchased shares account for 0.4% of Wulff-Group's share capital and votes. In the review period, the Group received 3,643 company shares previously included in the incentive system for subsidiary sales. The shares were acquired on NASDAQ OMX Helsinki in a proportion other than that of current shareholdings at the fair value awarded to them in public trading. The Group's registered share capital on March 30, 2009 amounted to EUR 2,650,000.00 and the total amount of shares was 6,607,628. Wulff Group held 36,583 of its own shares on March 30, 2009, which represents 0.6% of the Group's shares and votes. RISKS AND UNCERTAINTIES IN THE NEAR FUTURE The slowdown of economic growth and financial uncertainty that began in late 2008 are also reflected in Wulff-Group Plc's business and will affect net sales development. The general economic downturn has weakened the demand for office supplies. This may be experienced especially in the Christmas season business gift sales. Wulff-Group's business is characterised by seasonal fluctuation, and a significant share of the company's net sales and profit is generated in the fourth quarter. OUTLOOK FOR THE REST OF 2009 The weaker economic situation has clearly affected the demand for office supplies. Company management believes that the net sales and operating profit will remain below the previous year's levels but will nevertheless stay in the black. The last quarter is the most significant one for the Group's performance. The company will continue to implement its profitability enhancement programme and boost operations in 2009. The current economic situation offers an excellent opportunity to increase the headcount in sales. ACCOUNTING PRINCIPLES APPLIED IN THE INTERIM REPORT This interim report has been prepared in compliance with the recognition and measurement principles of the IFRS standards and IAS 34 Interim Financial Reporting. IFRS 8 affects the segment information in the Notes, while IAS 1 Presentation of Financial Statements has made changes to the presentation of the income statement and the statement of changes in equity. These standards do not have a material impact on the presentation of the interim report. This interim report has not been audited. FINANCIAL REPORTING The financial statements bulletin for 2009 will be published on 5 February 2010 at 9:00 a.m. CONDENSED FINANCIAL STATEMENTS AND NOTES -------------------------------------------------------------------------------- | Wulff-Group Plc | | | | (EUR 1,000) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | 7-9/09 | 7-9/08 | 1-9/09 | 1-9/08 | 1-12/08 | | STATEMENT | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | 17 570 | 16 170 | 49 061 | 56 024 | 76 178 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other operating income | 136 | 97 | 340 | 675 | 745 | -------------------------------------------------------------------------------- | Materials and services | 10 825 | 9 169 | 28 265 | 31 083 | 42 234 | -------------------------------------------------------------------------------- | Employee benefits | 3 495 | 3 574 | 11 489 | 13 624 | 18 124 | | expenses | | | | | | -------------------------------------------------------------------------------- | Depreciation | 215 | 252 | 645 | 804 | 1 075 | -------------------------------------------------------------------------------- | Impairment of goodwill | 0 | 0 | 0 | 0 | 100 | -------------------------------------------------------------------------------- | Other operating expenses | 3 599 | 2 965 | 9 503 | 9 648 | 13 125 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT | -428 | 307 | -502 | 1 540 | 2 264 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income | 46 | 63 | 154 | 222 | 363 | -------------------------------------------------------------------------------- | Financial expenses | -106 | -254 | -311 | -924 | -1 091 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | -488 | 116 | -659 | 838 | 1 535 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income taxes | 27 | 170 | 223 | 522 | 773 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT AFTER TAXES | -515 | -54 | -882 | 315 | 763 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | ATTRIBUTABLE TO THE | -581 | -96 | -947 | 66 | 454 | | EQUITY HOLDERS OF THE | | | | | | | PARENT | | | | | | -------------------------------------------------------------------------------- | Minority interest | 66 | 42 | 65 | 249 | 309 | -------------------------------------------------------------------------------- | | -515 | -54 | -882 | 315 | 763 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share for | | | | | | | profit | | | | | | -------------------------------------------------------------------------------- | attributable to the | | | | | | | equity | | | | | | -------------------------------------------------------------------------------- | holders of the parent | -0,09 | -0,01 | -0,14 | 0,01 | 0,07 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF | | | | | | | COMPREHENSIVE | | | | | | -------------------------------------------------------------------------------- | INCOME | | | | | | -------------------------------------------------------------------------------- | Translation differences | -91 | -9 | 3 | 1 | -37 | -------------------------------------------------------------------------------- | Investments available or | 12 | -29 | 62 | -28 | -68 | | sale: Valuation gains or | | | | | | | losses recognised under | | | | | | | shareholders' equity | | | | | | -------------------------------------------------------------------------------- | Total | -79 | -38 | 65 | -27 | -105 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive | -660 | -134 | -882 | 39 | 349 | | income | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | (EUR 1,000) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | 9/2009 | 9/2008 | 12/2008 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | FIXED ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Intangible assets | 1 347 | 564 | 582 | -------------------------------------------------------------------------------- | Goodwill | 10 824 | 7 204 | 8 356 | -------------------------------------------------------------------------------- | Tangible assets | 2 073 | 2 368 | 2 338 | -------------------------------------------------------------------------------- | Other financial assets | 416 | 415 | 341 | -------------------------------------------------------------------------------- | Deferred tax assets | 810 | 803 | 691 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | TOTAL FIXED ASSETS | 15 470 | 11 355 | 12 307 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Inventories | 12 237 | 10 743 | 10 904 | -------------------------------------------------------------------------------- | Trade and other receivables | 14 987 | 12 701 | 11 336 | -------------------------------------------------------------------------------- | Financial assets recognised at the | 61 | 1 375 | 275 | | fair value in the income statements | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 4 002 | 3 725 | 4 628 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL CURRENT ASSETS | 31 287 | 28 544 | 27 143 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 46 757 | 39 898 | 39 451 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and liabilities | 9/2009 | 9/2008 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHARE OF SHAREHOLDERS' EQUITY THAT BELONGS TO | | | | OWNERS OF THE PARENT COMPANY | | | -------------------------------------------------------------------------------- | Share capital | 2 650 | 2 603 | 2 650 | -------------------------------------------------------------------------------- | Share premium fund | 7 662 | 7 662 | 7 662 | -------------------------------------------------------------------------------- | Invested unrestricted equity fund | 223 | 0 | 223 | -------------------------------------------------------------------------------- | Retained earnings | 7 194 | 8 121 | 8 459 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Minority interest | 1 153 | 1 135 | 1 137 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL EQUITY | 18 882 | 19 521 | 20 131 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing | 9 623 | 7 638 | 6 533 | -------------------------------------------------------------------------------- | Short-term liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing | 1 095 | 1 262 | 1 780 | -------------------------------------------------------------------------------- | Accounts payable and other | 17 156 | 11 477 | 11 007 | | liabilities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 27 875 | 20 377 | 19 320 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 46 757 | 39 898 | 39 451 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Jan 1st - Sep 30th 2009 | -------------------------------------------------------------------------------- | | | | | | | (EUR 1,000) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Share | Share | Invest | Retain | Total | Minor- | Total | | | capit | premi | -ed | -ed | | ity | | | | al | um | un- | earn-i | | inte-r | | | | | fund | restr- | ngs | | est | | | | | | icted | | | | | | | | | equity | | | | | | | | | fund | | | | | -------------------------------------------------------------------------------- | | | | | | | | | -------------------------------------------------------------------------------- | Equity Jan 1 | 2 650 | 7 662 | 223 | 8 459 | 18 994 | 1 137 | 20 131 | | 2009 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total | | | | -882 | | 65 | -817 | | comprehensive | | | | | | | | | income | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | -------------------------------------------------------------------------------- | Dividends paid | | | | -329 | | -93 | -422 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Treasury share | | | | -54 | | | -54 | | acquisition | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Divestment of | | | | | | 43 | 43 | | subsidiaries | | | | | | | | -------------------------------------------------------------------------------- | Total equity | 2 650 | 7 662 | 223 | 7 194 | 17 709 | 1 153 | 18 882 | | Sep 30 2009 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Jan 1st - Sep 30th 2008 | -------------------------------------------------------------------------------- | | | | | | (EUR 1,000) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Share | Share | Retain | Total | Minor-i | Total | | | capita | premiu | -ed | | ty | | | | l | m fund | earn-i | | inte-re | | | | | | ngs | | st | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity Jan 1 | 2 603 | 7 662 | 9 321 | 19 586 | 1 048 | 20 634 | | 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive | | | 39 | | 249 | 288 | | income | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividends paid | | | -1 168 | | -159 | -1 327 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Treasury share | | | -71 | | | -71 | | acquisition | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity Sep 30 | 2 603 | 7 662 | 8 121 | 18 386 | 1 135 | 19 521 | | 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY RATIOS | | | | (EUR 1,000) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 7-9/09 | 7-9/08 | 1-9/09 | 1-9/08 | 1-12/08 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 17 570 | 16 170 | 49 061 | 56 024 | 76 178 | -------------------------------------------------------------------------------- | Increase in net sales % | 8,7 % | -1,2 % | -12,4 % | 8,0 % | 2,8 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | -428 | 307 | -502 | 1 540 | 2 264 | -------------------------------------------------------------------------------- | % of net sales | -2,4 % | 1,9 % | -1,0 % | 2,7 % | 3,0 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before taxes | -488 | 116 | -659 | 838 | 1535 | -------------------------------------------------------------------------------- | % of net sales | -2,8 % | 0,7 % | -1,3 % | 1,5 % | 2,0 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit | -581 | -96 | -947 | 66 | 454 | -------------------------------------------------------------------------------- | % of net sales | -3,3 % | -0,6 % | -1,9 % | 0,1 % | 0,6 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio% | | | 40,4 % | 49,1 % | 51,0 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments in fixed assets | 85 | 170 | 568 | 650 | 915 | -------------------------------------------------------------------------------- | % of net sales | 0,5 % | 1,1 % | 1,2 % | 1,2 % | 1,2 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of personnel | | | 397 | 450 | 440 | -------------------------------------------------------------------------------- | Number of personnel at the | | | 383 | 432 | 412 | | end of period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, euro | -0,09 | -0,01 | -0,14 | 0,01 | 0,07 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity per share, euro | | | 2,86 | 3,00 | 3,05 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW | | (EUR 1,000) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-9/2009 | 1-9/2008 | 1-12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operations: | | | | -------------------------------------------------------------------------------- | Payments received from sales | 45 780 | 56 012 | 76 398 | -------------------------------------------------------------------------------- | Payments received from other operating | 201 | 201 | 235 | | income | | | | -------------------------------------------------------------------------------- | Amounts paid for operating expenses | -45 557 | -54 855 | -74 983 | -------------------------------------------------------------------------------- | Cash flow from business operations | 424 | 1 357 | 1 650 | | before financial items and taxes | | | | -------------------------------------------------------------------------------- | Financial costs paid | -275 | -480 | -560 | -------------------------------------------------------------------------------- | Interest received from operations | 107 | 96 | 172 | -------------------------------------------------------------------------------- | Direct taxes paid | -25 | -74 | -110 | -------------------------------------------------------------------------------- | Cash flow from operations | 231 | 899 | 1 152 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investments: | | | | -------------------------------------------------------------------------------- | Investments in tangible and intangible | -512 | -622 | -1 050 | | assets | | | | -------------------------------------------------------------------------------- | Sale of tangible and intangible assets | 93 | 812 | 777 | -------------------------------------------------------------------------------- | Acquisitions of shares in subsidiaries | -2 142 | -78 | 123 | -------------------------------------------------------------------------------- | Sale of shares in subsidiaries | 238 | 0 | 0 | -------------------------------------------------------------------------------- | Loans granted | 0 | 0 | -71 | -------------------------------------------------------------------------------- | Cash flow from investments | -2 323 | 112 | -220 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing activities: | | | | -------------------------------------------------------------------------------- | Paid dividends | -393 | -1 327 | -1 327 | -------------------------------------------------------------------------------- | Received dividends | 8 | 74 | 74 | -------------------------------------------------------------------------------- | Short-term investments (increase -) | -262 | 460 | -124 | -------------------------------------------------------------------------------- | Loss from the sale of short-term | 18 | -486 | 0 | | investments | | | | -------------------------------------------------------------------------------- | Loan withdrawals | 2 700 | 0 | 1 547 | -------------------------------------------------------------------------------- | Loan repayments | -605 | -918 | -2 396 | -------------------------------------------------------------------------------- | Cash flow from financing activities | 1 466 | -2 197 | -2 226 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in liquid assets | -626 | -1 186 | -1 293 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | DIVESTMENT OF SHARES IN SUBSIDIARIES: | | | (EUR | | | | | 1,000) | -------------------------------------------------------------------------------- | In the review period, the Group | | | | | divested its shares in Everyman Oy and | | | | | Officeman Oy, two companies in which it | | | | | had a 70% holding, to the minority | | | | | shareholders | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | The impact of divestments on the | | | | | Group's financial position: | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Property, plant and equipment | | -18 | | -------------------------------------------------------------------------------- | Goodwill | | -52 | | -------------------------------------------------------------------------------- | Other intangible assets | | -11 | | -------------------------------------------------------------------------------- | Receivables | | -565 | | -------------------------------------------------------------------------------- | Inventories | | -748 | | -------------------------------------------------------------------------------- | Cash on hand and in bank | | -42 | | -------------------------------------------------------------------------------- | Minority interest | | 258 | | -------------------------------------------------------------------------------- | Interest bearing liabilities | | 106 | | -------------------------------------------------------------------------------- | Accounts payable and other liabilities | | 509 | | -------------------------------------------------------------------------------- | Total assets and liabilities | | -563 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash consideration | | 280 | | -------------------------------------------------------------------------------- | Cash and cash equivalents of divested | | 42 | | | units | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow impact | | 238 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RELATED PARTY TRANSACTIONS | | (EUR 1,000) | -------------------------------------------------------------------------------- | | 1-9/2009 | 1-9/2008 | 1-12/2008 | -------------------------------------------------------------------------------- | Business with parties exercising considerable control: | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Purchases from related parties | 0 | 100 | 100 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Loans to related parties | 571 | 581 | 581 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SEGMENT REPORTING | | (EUR 1,000) | -------------------------------------------------------------------------------- | | 1-9/2009 | 1-9/2008 | 1-12/2008 | -------------------------------------------------------------------------------- | SEGMENT NET SALES | | | | -------------------------------------------------------------------------------- | | | Pro forma | Pro forma | -------------------------------------------------------------------------------- | Contract Customers Division | | | | -------------------------------------------------------------------------------- | External | 35 237 | 46 097 | 68 755 | -------------------------------------------------------------------------------- | Internal | 373 | 549 | 893 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Direct Sales Division | | | | -------------------------------------------------------------------------------- | External | 13 363 | 18 886 | 24 245 | -------------------------------------------------------------------------------- | Internal | 361 | 841 | 1 182 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Group Services | | | | -------------------------------------------------------------------------------- | External | 460 | 440 | 570 | -------------------------------------------------------------------------------- | Internal | 980 | 1 424 | 1 847 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | External net sales total | 49 061 | 65 423 | 93 270 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | SEGMENT OPERATING PROFIT | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Contract Customers Division | 189 | 1 136 | 2 091 | -------------------------------------------------------------------------------- | Direct Sales Division | -255 | 1 268 | 1 090 | -------------------------------------------------------------------------------- | Group | -156 | -140 | -252 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit total | -222 | 2 264 | 2 929 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY RATIOS PER QUARTER | -------------------------------------------------------------------------------- | | 7-9/09 | 4-6/09 | 1-3/09 | 10-12/0 | 7-9/08 | 4-6/08 | | | | | | 8 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net Sales | 17 570 | 14 746 | 16 745 | 20 154 | 16 170 | 20 706 | | (EUR 1,000) | | | | | | | -------------------------------------------------------------------------------- | Operating profit | -428 | 64 | -139 | 725 | 307 | 854 | | (EUR 1,000) | | | | | | | -------------------------------------------------------------------------------- | Net profit | -581 | -113 | -341 | 388 | -96 | 354 | | (EUR 1,000) | | | | | | | -------------------------------------------------------------------------------- | Earnings per | -0,09 | -0,02 | -0,05 | 0,06 | -0,01 | 0,05 | | share, euro | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TREASURY SHARES | | | | -------------------------------------------------------------------------------- | | 9/2009 | 12/2008 | 9/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Number of treasury shares held by the | 36 583 | 27 254 | 20 102 | | Group | | | | -------------------------------------------------------------------------------- | % of share capital and votes | 0,6 % | 0,4 % | 0,3 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Number of issued shares at the end of | 6 607 628 | 6 607 628 | 6 507 628 | | period | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | THE GROUP'S CONTINGENT LIABILITIES | | | | -------------------------------------------------------------------------------- | | 9/2009 | 12/2008 | 9/2008 | -------------------------------------------------------------------------------- | Mortgage on company assets | 6 850 | 6 850 | 6 850 | -------------------------------------------------------------------------------- | Absolute guarantees on behalf of | 3 160 | 200 | 200 | | subsidiaries | | | | -------------------------------------------------------------------------------- | Absolute guarantees on behalf of | 332 | 52 | 52 | | subsidiaries | | | | -------------------------------------------------------------------------------- WULFF-GROUP PLC Board of Directors www.wulff-group.com Further information: CEO Heikki Vienola tel. +358 9 5259 0050 or 050 65 110 e-mail: heikki.vienola@wulff.fi CFO Petri Räsänen tel. +358 9 5259 0050 or 040 728 1516 e-mail: petri.rasanen@wulff.fi DISTRIBUTION NASDAQ OMX Helsinki www.wulff-group.com Key media
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