2012-02-08 08:00:00 CET
2012-02-08 08:00:08 CET
REGULATED INFORMATION
Wulff-Yhtiöt Oyj - Financial Statement Release
Wulff Group Plc’s Financial Statements for January 1 – December 31, 2011
Net Sales and Result Improvement Increased the Dividend
WULFF GROUP PLC
FINANCIAL STATEMENTS RELEASE February 8, 2012 at 9:00 A.M.
WULFF GROUP PLC'S FINANCIAL STATEMENTS FOR JANUARY 1 - DECEMBER 31, 2011
Net Sales and Result Improvement Increased the Dividend
-- In 2011, the Group's net sales increased by 6.5 percentages and totalled
EUR 99.1 million (EUR 93.1 million).
The last quarter's net sales were EUR 27.5 million (EUR 27.1 million). The
year's positive development is backed with the sales operations development
activities, good performance in customer service and the efficiency
improvement initiatives managed successfully.
-- The whole year's EBITDA increased by 71 percentages up to EUR 2.69 million
(EUR 1.58 million) in 2011. EBITDA was 2.7 percentages (1.7 %) of the net
sales. In the last quarter, EBITDA was 3.9 percentages (4.7 %) of the net
sales and totalled EUR 1.08 million (EUR 1.28 million).
-- In 2011, the operating profit of EUR 1.60 million was clearly better than
in 2010 (EUR 0.04 million). Operating profit margin was 1.6 percentages
(0.00 %). The last quarter's operating profit was EUR 0.79 million (EUR
0.90 million) being 2.9 percentages (3.3 %) of the net sales.
-- The net profit totalled EUR 0.82 million (EUR -0.42 million) for the whole
year and EUR 0.56 million (EUR 0.35 million) in the last quarter.
-- In 2011, earnings per share turned up to a profit of EUR 0.10 per share,
whereas in 2010 earnings per share were EUR -0.10. In the last quarter,
earnings per share were EUR 0.07 (EUR 0.05).
-- The Board of Directors proposes for the Annual General Meeting, that a
dividend of EUR 0.07 per share (EUR 0.05 per share) totalling EUR 0.46
million (EUR 0.33 million) will be distributed for the year 2011.
GROUP'S NET SALES AND PERFORMANCE
The Group's net sales continued growing also in the end of the year. The
positive sales growth and clear profit improvement have been fuelled by the
sales operations development activities and the efficiency improvement
initiatives managed successfully. The office supply market recovery continued
in year 2011. Wulff Group's net sales have increased faster than the market.
In the last quarter, the Group's net sales were EUR 27.5 million (EUR 27.1). In
2011, net sales increased by 6.5 percentages and totalled EUR 99.1 million (EUR
93.1 million). The focus on sales activities and new client hunting fuelled the
sales growth in both divisions and in different operating countries of the
Group. The demand for the Group's products has increased when the Group's
clientele has been served in an even broader way. The majority of the sales
growth was gained in the Group's Scandinavian companies. In 2011, the net sales
have grown also in Finland, especially in the office supply contract sales.
Wulff Group's CEO Heikki Vienola: ”We have succeeded well in the changing
operational environment. The result in 2011 creates a good base to build a
profitable year 2012. Being a pioneer has always been important to Wulff: we
serve our customers the way they choose via the preferred channels and we offer
the market's most advanced services. Service development together with our
customers is the base of our operations. Companies want to centralize their
purchases to partners with a diverse product range. Wulff's service and product
range is the largest in the office supplies market - office supplies, IT
supplies, ergonomics, business and promotional gifts as well as international
fair services. We serve our customers with contract and direct sales concept as
well as in the webstore Wulffinkulma.fi.”
Along with the sales growth, the Group's profitability has improved positively.
The positive financial development has been fuelled by the sales operations
activities, cost-consciousness and the efficiency improvement initiatives
managed successfully. The whole year's EBITDA increased by 71 percentages up to
EUR 2.69 million (EUR 1.58 million) in 2011. EBITDA was 2.7 percentages (1.7 %)
of the net sales. In the last quarter, EBITDA was 3.9 percentages (4.7 %) of
the net sales and totalled EUR 1.08 million (EUR 1.28 million). The Group,
focusing on sales growth and continuing the review of its cost structure and
performance efficiency, aims to improve the profitability of its businesses.
In 2011, the operating profit of EUR 1.60 million was clearly better than in
2010 (EUR 0.04 million). Operating profit was 1.6 percentages (0.00 %) of the
annual net sales. The last quarter's operating profit was EUR 0.79 million (EUR
0.90 million) being 2.9 percentages (3.3 %) of the net sales.
In 2011, the financial income and expenses totalled (net) EUR -0.46 million
(EUR +0.18 million) including dividend income of EUR 0.04 million (EUR 0.15
million), interest expenses of EUR 0.34 million (EUR 0.27 million) and mainly
currency-related other financial items (net) of EUR -0.15 million (EUR +0.31
million). In the last quarter, the financial income and expenses netted EUR
-0.02 million (EUR -0.11 million).
The 12-month result before taxes was EUR 1.14 million being EUR 0.92 million
better than in 2010 (EUR 0.22 million). In the last quarter, the result before
taxes was EUR 0.76 million (EUR 0.79 million). The net result after taxes
totalled EUR 0.82 million (EUR -0.42 million) for the whole year and EUR 0.56
million (EUR 0.35 million) in the last quarter.
The net result attributable to the equity holders of the parent company
amounted to EUR 0.63 million (EUR -0.62 million) in the entire year 2011 and
EUR 0.47 million (EUR 0.31 million) in the last quarter. In 2011, earnings per
share turned up to a profit of EUR 0.10 per share, whereas in 2010 earnings per
share were EUR -0.10. In the last quarter, earnings per share were EUR 0.07
(EUR 0.05).
Return on investment (ROI) was 5.45 percentages (1.75 %) for the whole year and
3.01 percentage (3.18 %) for the last quarter. Return on equity (ROE) was 4.82
percentage (-2.38 %) in 2011 and 3.35 (2.07%) for the last quarter.
CONTRACT CUSTOMERS DIVISION
The Contract Customers Division is the customer's comprehensive partner in the
field of office supplies, IT supplies, business and promotional gifts as well
as fair services. In 2011, the segment's net sales increased by EUR 5.2 million
i.e. 7 percentages up to EUR 82.5 million (EUR 77.3 million). The division's
net sales totalled EUR 22.6 million (EUR 22.4 million) in the last quarter. The
division's operating profit excluding non-recurring items was EUR 2.14 million
being EUR 1.30 million better than in 2010 (EUR 0.83 million). In the last
quarter, the division's operating profit was EUR 0.88 million (EUR 0.86
million).
Wulff Supplies AB, operating in Scandinavia, managed to increase clearly its
market share in 2011. Wulff Supplies made many new significant office supply
contracts with its customers. Wulff Supplies' good result continued to improve
further.
Also Wulff Oy Ab, with its operations in Finland, has increased its sales and
improved its operating profit in 2011. In particular the Group's webstore
Wulffinkulma.fi has grown and improved its result. The webstore is an important
investment for the future. The investment has given quick results. Wulff Oy
Ab's retail and partner networks have grown also strongly and the co-operation
has strengthened. The sales operations are supported by strong marketing and
publicity received e.g. as Wulff is a partner of the 2012 IIHF Ice Hockey World
Championship. The Group's target is to be the Nordic market leader and the
pioneer in its field.
The division's result is affected by the cycles of the business and promotional
gift market: the majority of the products are delivered and the majority of the
annual profit is generated in the second and the last quarter of the year.
Business and promotional gift market has brightened up in Finland. The Estonian
market is recovering after the economic slowdown.
Entre Marketing Oy, the company offering international fair services, turned
its result clearly up and the effectiveness of its sales organization has
improved remarkably during the year 2011. Excellent results have been gained by
focusing on profitable services and the company's special expertise in the
international fair service sales. With a narrower service range and a leaner
organization, resources have been directed to the profitable operations. In
January 2012, Entre Marketing Oy's brand renewed and its name was changed to
Wulff Entre according to the Group's brand strategy.
DIRECT SALES DIVISION
The Direct Sales Division aims to improve its customers' daily operations with
innovative products as well as the industry's most professional personal and
local service. In 2011, the division's net sales increased by 2 percentages
from the comparable year's EUR 16.1 million up to EUR 16.4 million. In the last
quarter, the division's net sales were EUR 4.7 million (EUR 4.8 million). The
Direct Sales Division's operating result totalled EUR 0.22 million (EUR 0.32
million) in the whole year 2011 and EUR 0.08 million (EUR 0.23 million) in the
last quarter.
A good profitability level was achieved in the Scandinavian direct sales
companies during 2011. Sales grew and profitability improved in Sweden and
Norway. Compensation systems were renewed to encourage personnel better towards
profitable results. Development of the product and service portfolio has been
invested in strongly. The Group's new partnering strategy aims to gain
synergies in product purchases. Group-level price competitions in purchases and
co-operation have already gained good results especially in the Scandinavian
direct sales.
The Finnish Direct Sales organization was renewed with an administrational
merger of seven subsidiaries in the end of the year. The reorganization
continued in February 2012 when Finland's Direct Sales organization got a
common Development and Sales Director. Consequently the management of Direct
Sales can focus even stronger on sales development. In 2012, the most important
development projects are the renewal and integration of sales support systems
e.g. a new CRM system. Marketing and sales are supported strongly with new
tools in 2012.
The talented and skilled personnel is Wulff's growth engine. In 2011, the
renewal of the personnel development program was started. Concrete renewals are
e.g. a new development and target discussion method and managers' own training
program launched in early 2012. In the changing market, success requires good
and strong leadership and therefore the Group invests significantly in regular
management training.
The Group has potential to recruit several new sales talents in its operational
countries. Wulff is known as a sales academy. A sales organization is a good
leadership school and sales experience is valued increasingly wide also in
Finnish companies. Being a growing and internationalizing Group, Wulff has
possibilities to employ both experienced sales professionals and new sales
talents, who are entering the industry for the first time, as well as people
who are changing jobs. Wulff provides a suitable training program for each new
employee. Additionally the Group offers a possibility to get a commercial
elementary degree along the work.
FINANCING, INVESTMENTS AND FINANCIAL POSITION
The cash flow from operating activities was strongly positive and totalled EUR
4.05 million (EUR 3.16 million) in the last quarter and EUR 1.03 million (EUR1.53 million) in the entire year. The Group has enhanced its working capital
management.
For its fixed asset investments, the Group paid a net of EUR 0.27 million (EUR
0.28 million) in the last quarter and EUR 0.80 million (EUR 1.32 million) in
the whole year. In 2011, the Group paid EUR 0.98 million (EUR 0.22 million) for
subsidiary and minority acquisitions made in the previous financial years.
The Group repaid loans of net EUR 2.51 million (EUR 0.27 million) in the last
quarter and EUR 0.79 million (EUR 0.47 million) in the whole year. Wulff Group
Plc paid its shareholders dividends of EUR 0.33 million (EUR 0.33 million) and
additionally the minority shareholders of the subsidiaries were paid dividends
of EUR 0.11 million (EUR 0.15 million).
In general, the Group's cash balance increased by EUR 1.29 million (EUR 2.59
million) in the last quarter and decreased by EUR 1.93 million (EUR 0.96
million) during the whole year from the beginning value of EUR 4.38 million
down to EUR 2.46 million as of December 31, 2011.
The equity attributable to the equity holders of the parent company totalled
EUR 2.45 per share (December 31, 2010: EUR 2.41) and the equity-to-assets ratio
was 40.3 percentages (December 31, 2010: 37.0 %).
SHARES AND SHARE CAPITAL
Based on the authorization of the Annual General Meeting held on April 23,
2010, the acquisition of own shares continued in early 2011. Authorized by the
Annual General Meeting held on April 28, 2011, the Board of Directors decided
in its organizing meeting to continue buying back a maximum of 300,000 own
shares by the next Annual General Meeting. In April-December 2011, no own
shares were reacquired. In the end of the reporting period, the Group held a
total of 90,000 own shares (99,036 as of December 31, 2010) representing 1.4
percentage (1.5 %) of the total number and voting rights of Wulff shares.
Wulff Group Plc's share is listed on NASDAQ OMX Helsinki in the Small Cap
segment under the Consumer Discretionary sector. The company's trading code is
WUF1V. In the end of the reporting period, the share was valued at EUR 1.99
(EUR 2.60) and the market capitalization of the outstanding shares totalled EUR
13.0 million (EUR 16.9 million).
PERSONNEL
In 2011, the Group's personnel totalled 365 (384) employees on average. In the
end of the period, the Group had 359 (370) employees of which 134 (132) persons
were employed in Sweden, Norway, Denmark or Estonia.
The majority, approximately 60 percentages of the Group's personnel works in
sales operations and approximately 40 percentages of the employees work in
sales support, logistics and administration. The personnel consists
approximately half-and-half of men and women.
In order to strengthen the organic sales growth, the Group focuses on the
recruitment of the sales personnel. The Group has possibilities to recruit
several new sales talents in its operational countries during 2012.
RISKS AND UNCERTAINTIES IN THE NEAR FUTURE
The demand for office supplies is still affected by the organizations'
personnel lay-offs and cost saving initiatives made during the economic
downturn. The general uncertainty may still continue which will most likely
affect the ordering behaviour of some corporate clients in 2012.
Although the business gifts are seen increasingly as a part of the corporate
communications as a whole and they are utilized also in the off-season, some
cost savings may be sought after by decreasing the investments in the brand
promotion. The ongoing economic uncertainties impact especially the demand for
business and promotional gifts. During the uncertain economic periods, the
corporations may also minimize attending fairs.
Half of the Group's net sales comes from other than euro-currency countries.
Fluctuation of the currencies may affect the Group's net result and financial
position.
BOARD OF DIRECTORS' DIVIDEND PROPOSAL
The parent company's distributable funds totalled EUR 5.59 million. The Group's
net result attributable to the parent company shareholders was EUR 0.63 million
i.e. EUR 0.10 per share (EUR -0.10 per share). The Board of Directors proposes
to the Annual General Meeting that for the financial year 2011, a dividend of
EUR 0.07 per share (0.05 per share) totalling EUR 0.46 million (EUR 0.33
million) will be distributed. At the date of the dividend distribution, the own
shares held by the Company are not paid any dividend. The remaining
distributable funds of EUR 5.13 million will be retained in the shareholders'
equity.
MARKET SITUATION AND FUTURE OUTLOOK
Wulff is the most significant Nordic player in its industry. Wulff's mission is
to help its corporate customers to succeed in their own business by providing
them with leading-edge products and services in a way best suitable to them.
The markets have been consolidating in the past few years and the Nordic
markets are expected to consolidate in the future as well. Wulff is prepared to
carry out new strategic acquisitions.
Also in 2012, the Group continues taking actions for enhancing profitability.
The Group focuses on the growth and development of its sales operations. The
Group expects to win new customers and gain growth especially along with Wulff
Supplies AB in Scandinavia and with the webstore Wulffinkulma.fi in Finland.
The Group has good possibilities to increase its net sales and operating profit
in 2012.
FINANCIAL REPORTING AND ANNUAL GENERAL MEETING IN 2012
Wulff Group Plc will release the following financial reports in 2012:
Annual Report 2011 week 12/2012
Interim Report, January-March 2012 Friday May 11, 2012
Interim Report, January-June 2012 Friday August 10, 2012
Interim Report, January-September 2012 Thursday November 8, 2012
Wulff Group Plc's financial Reports are published in Finnish and in English,
and they are available at the Group's website www.wulff-group.com.
Wulff Group Plc's Annual General Meeting will be held on Monday April 23, 2012.
A separate notice to the Annual General Meeting will be published prior to the
meeting.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
INCOME STATEMENT IV IV I-IV I-IV
EUR 1000 2011 2010 2011 2010
--------------------------------------------------------------------------------
---------------------------------------------
Net sales 27 526 27 073 99 129 93 107
Other operating income 24 94 238 467
Materials and services -18 055 -17 384 -65 532 -60 516
Employee benefit expenses -5 283 -5 071 -19 204 -18 617
Other operating expenses -3 127 -3 429 -11 942 -12 866
--------------------------------------------------------------------------------
EBITDA 1 084 1 284 2 689 1 575
Depreciation and amortization -300 -381 -1 095 -1 182
Impairment -350
--------------------------------------------------------------------------------
Operating profit/loss 785 903 1 595 43
Financial income 77 65 182 755
Financial expenses -98 -175 -637 -575
--------------------------------------------------------------------------------
Profit/Loss before taxes 763 794 1 139 223
Income taxes -198 -446 -320 -637
================================================================================
Net profit/loss for the period 564 347 819 -415
Attributable to:
Equity holders of the parent company 468 308 634 -623
Non-controlling interest 96 39 185 209
Earnings per share for profit
attributable to the equity holders
of the parent company:
Earnings per share, EUR 0,07 0,05 0,10 -0,10
(diluted = non-diluted)
STATEMENT OF COMPREHENSIVE INCOME IV IV I-IV I-IV
EUR 1000 2011 2010 2011 2010
--------------------------------------------------------------------------------
Net profit/loss for the period 564 347 819 -415
Other comprehensive income, net of tax
Change in translation differences 110 41 34 134
Fair value changes on available-for-sale 54 57 -4 42
investments
Total other comprehensive income 164 98 30 176
--------------------------------------------------------------------------------
Total comprehensive income for the period 728 445 849 -238
Total comprehensive income attributable to:
Equity holders of the parent company 570 377 663 -540
Non-controlling interest 158 68 186 302
STATEMENT OF FINANCIAL POSITION Dec 31 Dec 31
EUR 1000 2011 2010
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Goodwill 9 467 9 501
Other intangible assets 1 355 1 382
Property, plant and equipment 2 102 2 285
Non-current financial assets
Interest-bearing financial assets 97 503
Non-interest-bearing financial assets 367 442
Deferred tax assets 1 621 1 011
--------------------------------------------------------------------------------
Total non-current assets 15 008 15 124
Current assets
Inventories 11 280 11 740
Current receivables
Interest-bearing receivables 51 74
Non-interest-bearing receivables 15 646 14 708
Financial assets recognised at fair value through profit/loss 56
Cash and cash equivalents 2 464 4 379
--------------------------------------------------------------------------------
Total current assets 29 497 30 902
================================================================================
TOTAL ASSETS 44 505 46 025
EQUITY AND LIABILITIES
Equity
Equity attributable to the equity holders of the parent company:
Share capital 2 650 2 650
Share premium fund 7 662 7 662
Invested unrestricted equity fund 223 223
Retained earnings 5 461 5 121
Non-controlling interest 1 198 1 158
--------------------------------------------------------------------------------
Total equity 17 195 16 814
Non-current liabilities
Interest-bearing liabilities 7 409 8 403
Deferred tax liabilities 128 136
--------------------------------------------------------------------------------
Total non-current liabilities 7 537 8 539
Current liabilities
Interest-bearing liabilities 2 135 2 425
Non-interest-bearing liabilities 17 639 18 247
--------------------------------------------------------------------------------
Total current liabilities 19 773 20 673
================================================================================
TOTAL EQUITY AND LIABILITIES 44 505 46 025
STATEMENT OF CASH FLOW IV IV I-IV I-IV
EUR 1000 2011 2010 2011 2010
--------------------------------------------------------------------------------
Cash flow from operating activities:
Cash received from sales 27 606 27 248 98 153 91 189
Cash received from other operating income 15 47 130 339
Cash paid for operating expenses -23 262 -23 990 -96 462 -89 433
--------------------------------------------------------------------------------
Cash flow from operating activities before 4 360 3 305 1 821 2 095
financial items and income taxes
Interest paid -48 -48 -278 -274
Interest received 29 17 93 79
Income taxes paid -296 -118 -605 -372
--------------------------------------------------------------------------------
Cash flow from operating activities 4 045 3 155 1 031 1 528
Cash flow from investing activities:
Investments in intangible and tangible -265 -314 -1 253 -1 509
assets
Proceeds from sales of intangible and 36 456 187
tangible assets
Loans granted -12
Repayments of loans receivable 25 74 29
--------------------------------------------------------------------------------
Cash flow from investing activities -265 -253 -735 -1 293
Cash flow from financing activities:
Acquisition of own shares -25 -3 -110
Dividends paid -15 -433 -484
Dividends received 18 40 149
Payments for subsidiary acquisitions 0 -982 -219
Cash paid for (received from) short-term 7 -56 -55
investments (net)
Withdrawals and repayments of short-term -2 576 173 914
loans
Withdrawals of long-term loans 385 385
Repayments of long-term loans -319 -269 -1 348 -1 388
--------------------------------------------------------------------------------
Cash flow from financing activities -2 486 -308 -2 226 -1 193
================================================================================
Change in cash and cash equivalents 1 294 2 594 -1 930 -958
Cash and cash equivalents at the beginning 1 155 1 785 4 379 5 337
of the period
Translation difference of cash 15 15
Cash and cash equivalents at the end of the 2 464 4 379 2 464 4 379
period
STATEMENT OF CHANGES IN EQUITY
EUR 1000 Equity attributable to equity holders of the parent company
Fund
for
in-
vested
non- Trans- Re- Non-
Share re- lation tai- cont-
pre- strict diffe- ned rollin
- g
Share mium ed Own ren- Earn- inte-
capita fund equity shares ces ings Total rest TOTAL
l
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -211 -190 6 751 16 886 1 117 18 003
Jan 1,
2010
Net profit -623 -623 209 -415
/loss for
the
period
Other
comprehen
sive
income*:
Change in 41 41 93 134
trans-
lation
differ-
ences
Fair value 42 42 42
changes
on
available
-for-sale
invest-
ments
--------------------------------------------------------------------------------
Comprehens 41 -581 -540 302 -238
ive income
*
Dividends -327 -327 -157 -484
paid
Treasury -110 -110 -110
share
acquisiti
on
Treasury 42 -42 0 0
share
disposal
Share- 42 42 42
based
payments
Changes in -294 -294 -103 -398
ownership
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -279 -149 5 549 15 656 1 158 16 814
Dec 31,
2010
Equity on 2 650 7 662 223 -279 -149 5 549 15 656 1 158 16 814
Jan 1,
2011
Net profit 634 634 185 819
/loss for
the
period
Other
comprehen
sive
income*:
Change in 33 33 1 34
trans-
lation
differ-
ences
Fair value -4 -4 -4
changes
on
available
-for-sale
invest-
ments
--------------------------------------------------------------------------------
Comprehens 33 630 663 186 849
ive income
*
Dividends -325 -325 -110 -435
paid
Treasury -3 -3 -3
share
acquisiti
on
Share- 5 5 5
based
payments
Changes in 0 -36 -36
ownership
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -283 -116 5 860 15 996 1 198 17 195
Dec 31,
2011
* net of tax
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEGMENT INFORMATION IV IV I-IV I-IV
EUR 1000 2011 2010 2011 2010
---------------------------------------------------------------------------
Net sales by operating segments
Contract Customers Division 22 581 22 444 82 542 77 301
Direct Sales Division 4 692 4 787 16 397 16 075
Group Services 371 249 1 138 1 257
Intragroup eliminations between segments -117 -407 -948 -1 525
===========================================================================
TOTAL NET SALES 27 526 27 073 99 129 93 107
Operating profit/loss by operating segments
Contract Customers business 879 855 2 136 832
Goodwill Impairment -350
---------------------------------------------------------------------------
Contract Customers Division Total 879 855 2 136 482
Direct Sales Division Total 78 234 215 324
Group Services and non-allocated items -172 -186 -756 -764
===========================================================================
TOTAL OPERATING PROFIT/LOSS 785 903 1 595 43
KEY FIGURES IV IV I-IV I-IV
EUR 1000 2011 2010 2011 2010
--------------------------------------------------------------------------------
Net sales 27 526 27 073 99 129 93 107
Increase/Decrease in net sales, % 1,7 % 5,2 % 6,5 % 24,5 %
EBITDA 1 084 1 284 2 689 1 575
EBITDA margin, % 3,9 % 4,7 % 2,7 % 1,7 %
Operating profit/loss 785 903 1 595 43
Operating profit/loss margin, % 2,9 % 3,3 % 1,6 % 0,0 %
Profit/Loss before taxes 763 794 1 139 223
Profit/Loss before taxes margin, % 2,8 % 2,9 % 1,1 % 0,2 %
Net profit/loss for the period attributable 468 308 634 -623
to equity holders of the parent company
Net profit/loss for the period, % 1,7 % 1,1 % 0,6 % -0,7 %
Earnings per share, EUR (diluted = 0,07 0,05 0,10 -0,10
non-diluted)
Return on equity (ROE), % 3,35 % 2,07 % 4,82 % -2,38 %
Return on investment (ROI), % 3,01 % 3,18 % 5,45 % 1,75 %
Equity-to-assets ratio at the end of period, 40,3 % 37,0 % 40,3 % 37,0 %
%
Debt-to-equity ratio at the end of period 40,3 % 34,9 % 40,3 % 34,9 %
Equity per share at the end of period, EUR * 2,45 2,41 2,45 2,41
Investments in non-current assets 234 424 1 167 1 619
Investments in fixed assets, % of net sales 0,9 % 1,6 % 1,2 % 1,7 %
Treasury shares held by the Group at the end 90 000 99 036 90 000 99 036
of period
Treasury shares, % of total share capital 1,4 % 1,5 % 1,4 % 1,5 %
and votes
Number of total issued shares at the end of 6607628 6607628 6607628 6607628
period
Personnel on average during the period 368 381 365 384
Personnel at the end of period 359 370 359 370
* Equity attributable to the equity holders of the parent company / Number of
shares excluding the acquired own shares
QUARTERLY KEY IV III II I IV III II I
FIGURES
EUR 1000 2011 2011 2011 2011 2010 2010 2010 2010
--------------------------------------------------------------------------------
Net sales 27 526 21 971 24 390 25 242 27 073 20 435 24 016 21 584
EBITDA 1 084 567 756 282 1 284 228 2 61
Operating 785 308 491 10 903 -411 -289 -160
profit/loss
Profit/Loss 763 151 318 -93 794 -327 -200 -43
before taxes
Net profit/loss 468 105 241 -180 308 -557 -134 -240
for the period
attributable to
the equity
holders of the
parent company
Earnings per 0,07 0,02 0,04 -0,03 0,05 -0,09 -0,02 -0,04
share, EUR
(diluted =
non-diluted)
RELATED PARTY TRANSACTIONS IV IV I-IV I-IV
EUR 1000 2011 2010 2011 2010
--------------------------------------------------------------------------------
Sales to related parties 25 25 184 93
Purchases from related parties 7 14 30 114
Current non-interest-bearing receivables from related 6
parties
Non-current interest-bearing receivables from related 566 87 566
parties
Loan payables to related parties 492 492
COMMITMENTS Dec 31 Dec 31
EUR 1000 2011 2010
--------------------------------------------------------------------------------
Mortgages and guarantees on own behalf
Business mortgage for the Group's loan liabilities 7 350 7 350
Real estate pledge for the Group's loan liabilities 900 900
Subsidiary shares pledged as security for group companies' 3 284 3 284
liabilities
Other listed shares pledged as security for group companies' 215 289
liabilities
Current receivables pledged as security for group companies' 258 255
liabilities
Pledges and guarantees given for the group companies' 222 221
off-balance sheet commitments
Guarantees given on behalf of third parties 176 236
Minimum future operating lease payments 5 861 6 820
Accounting principles applied in the condensed consolidated financial statements
These condensed consolidated financial statements are unaudited. This report
has been prepared in accordance with IAS 34 following the valuation and
accounting methods guided by IFRS principles. The accounting principles used in
the preparation of this report are consistent with those described in the
Financial Statement 2010 taking into account also the new, revised and amended
standards and interpretations. Income tax is the amount corresponding to the
actual effective rate based on year-to-date actual tax calculation. Adopting
the amendments in IAS 24, IAS 32, IFRIC 14 and IFRIC 19 did not have a material
impact on the information presented in this report.
The IFRS principles require the management to make estimates and assumptions
when preparing financial statements. Although these estimates and assumptions
are based on the management's best knowledge of today, the final outcome may
differ from the estimated values presented in the financial statements.
The Group's pension premium loans are secured with a bank guarantee, the margin
of which is linked to the covenants regarding the equity ratio and the
interest-bearing debt/EBITDA ratio. The equity ratio shall be 35 % at minimum
and the interest-bearing debt/EBITDA ratio shall be 3.5 at maximum in the end
of each year. On December 31, 2011 the equity ratio was 40.3 % (December 31,
2010: 37.0 %) and the interest-bearing debt/EBITDA ratio was 3.5 in accordance
with the covenant requirement.
The Group has no knowledge of any significant events after the end of the
financial period that would have had a material impact on this report in any
other way that has been already discussed in the review by the Board of
Directors.
In Vantaa on February 7, 2012
WULFF GROUP PLC
BOARD OF DIRECTORS
Further information:
CEO Heikki Vienola
tel. +358 9 5259 0050 or mobile: +358 50 65 110
e-mail: heikki.vienola@wulff.fi
DISTRIBUTION
NASDAQ OMX Helsinki Oy
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www.wulff-group.com
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