2012-05-11 08:00:01 CEST
2012-05-11 08:00:08 CEST
REGULATED INFORMATION
Wulff-Yhtiöt Oyj - Interim report (Q1 and Q3)
Wulff Group Plc’s Interim Report for January 1 – March 31, 2012
Operating Profit Increased and Net Sales Decreased
WULFF GROUP PLC
INTERIM REPORT May 11, 2012 at 9:00 A.M.
WULFF GROUP PLC'S INTERIM REPORT FOR JANUARY 1 - MARCH 31, 2012
Operating Profit Increased and Net Sales Decreased
-- The Group's net sales totalled EUR 23.3 million (EUR 25.2 million) in the
first quarter. The decrease was 7.6 % compared to last year.
-- EBITDA increased by 69 percentages up to EUR 0.48 million (EUR 0.28
million) in the first quarter. EBITDA was 2.0 percentages (1.1 %) of the
net sales.
-- In the first quarter, the operating profit of EUR 0.22 million was clearly
better than in the comparable period of 2011 (EUR 0.01 million). Operating
profit margin was 0.9 percentages (0.00 %).
-- The net result turned up to a profit of EUR 0.18 million. The net profit
was EUR 0.34 million better than in the first quarter of 2011 (EUR -0.16
million).
-- Earnings per share turned up to a profit of EUR 0.03 per share in the first
quarter, whereas earnings per share were EUR -0.03 in the first quarter of
2011.
GROUP'S NET SALES AND PERFORMANCE
The Group's net sales decreased down to EUR 23.3 million from last year's EUR
25.2 million. Improving the operations' efficiency and focusing on profitable
business affected the good profit performance. EBITDA increased by 69
percentages up to EUR 0.48 million (EUR 0.28 million) in the first quarter.
EBITDA was 2.0 percentages (1.1 %) of the net sales. The Group continues to
review its expense structure and optimise its operations to improve the
profitability of its business.
Wulff Group's CEO Heikki Vienola: ”The year 2012 started well and we achieved a
positive net profit. Because of the seasonality in the business and advertising
gift sales, we tend to make the majority of the annual profit in the second and
fourth quarter. Our strategic focusing on profitable business and operational
efficiency improvement have resulted in the desired profit increase. The
inventory turnover optimisation has decreased the working capital tied in the
inventories. Also the equity ratio increased almost five percentages from last
year. Our goal is to achieve market leadership in the Nordic countries within
the next five years. Our personnel work decisively to achieve this goal and we
are by far the most customer-oriented company in the industry. Our theme for
the year 2012 is ‘Everybody sells' and it means that Wulff‘s each employee
wants to serve our customers better each day.”
In the first quarter, the operating profit (EBIT) of EUR 0.22 million was
clearly better than in the comparable period (EUR 0.01 million). Operating
profit margin was 0.9 percentages (0.00 %). The profit increased in the
Contract Customers Division, where especially Wulff Entre, a company offering
fair services, achieved a clear profit improvement compared to the first
quarter 2011.
In the first quarter, the financial income and expenses totalled (net) EUR
+0.01 million (EUR -0.10 million) including dividend income of EUR 0.02 million
(EUR 0.02 million), interest expenses of EUR 0.08 million (EUR 0.08 million)
and other financial items, mostly caused by the variation of the exchange
rates, (net) of EUR +0.06 million (EUR -0.05 million).
The first-quarter result before taxes increased to EUR 0.22 million (EUR -0.09
million). The net result after taxes was a profit of EUR 0.18 million being EUR
0.34 million better than in the first quarter 2011 (EUR -0.16 million).
In the first quarter, the net profit attributable to the equity holders of the
parent company amounted to EUR 0.17 million (EUR -0.18 million). Profit per
share for the quarter (EUR 0.03) was better than in the comparable period (EUR
-0.03).
Return on investment (ROI) was 1.11 percentage (-0.06 %) and return on equity
(ROE) was 1.04 percentage (-0.97 %) for the first 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. The segment's net sales were EUR 19.6 million (EUR 21.0
million). The division's operating profit was EUR 0.50 million being EUR 0.38
million better than in the first quarter of 2011 (EUR 0.12 million).
The good result of Wulff Supplies AB, operating in Scandinavia, improved
further and also the Finnish office supplies companies, Wulff Oy Ab and
Torkkelin Paperi Oy, improved their results. The Group's webstore
Wulffinkulma.fi has shown especially good growth and profit increase, and it
has been an important investment for the future and produced quick results.
Wulff Entre, the company offering international fair services, continued to
make good result by focusing on profitable services and its special expertise
in the international fair service sales. Investing in sales and its development
has resulted in both stronger customer relationships and an increase in
clientele. In 2012, Wulff Entre exports Finnish companies' know-how to various
new countries.
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 and the net
sales in the first quarter 2012 increased from the first quarter 2011. Wulff
Group's business gift companies, Finland's two oldest business and promotional
gift companies, Ibero Liikelahjat Oy and KB-tuote Oy, merged into Wulff
Liikelahjat Oy in March 2012. The new name and common brand show the customers
the most relevant idea that the customers are served by professionals of Wulff
Liikelahjat Oy. Wulff Liikelahjat Oy's goal is to be the biggest and strongest
player in Finland's business gift industry.
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 the first quarter, the division's net sales were EUR 3.7
million (EUR 4.3 million) and the operating result totalled EUR -0.09 million
(EUR 0.07 million).
The Division's profitability is improved by concentrating on profitable product
and service fields and by optimising the operations' efficiency. Wulff invests
strongly in the development of the product and service range and aims to
increase the synergy of the purchasing operations by groupwide competitive
bidding and cooperation. During 2012, The Direct Sales Division unifies and
renews its CRM and sales support systems. The strong development of sales,
marketing and support operations is supported by a renewed development and
management team which started operating in March 2012.
A talented and skilled personnel is Wulff's growth engine. The number and skill
level of the sales personnel affects especially the performance of Direct
Sales. The Group has launched a renovation of the personnel development
program. Concrete operation reforms are e.g. the development and objective
discussion process and the management training programme 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 EUR -0.31 million (EUR -2.02
million) in first last quarter. The Group has enhanced its working capital
management and EUR -1.0 million less working capital was tied in inventories
than a year ago.
For its fixed asset investments, the Group paid a net of EUR 0.16 million (EUR
0.05 million) in the first quarter. The Group paid EUR 0.13 million for the
acquisition of non-controlling interests of Wulff Supplies AB and Wulff Direct
AS in the beginning of the year 2012. The subsidiaries' non-controlling
shareholders were paid dividends of EUR 0.04 million (EUR 0.05 million).
In total, the Group's cash flow was EUR -0.49 million (EUR -2.58 million).The
Group's bank and cash funds totalled EUR 2.46 million in the beginning of the
year and EUR 1.97 million in the end of March 2012.
In the first quarter, the equity attributable to the equity holders of the
parent company increased to EUR 2.49 per share (December 31, 2011: EUR 2.45)
and the equity-to-assets ratio increased to 42.7 percentages (December 31,
2011: 40.3 %).
DECISIONS OF THE ANNUAL GENERAL MEETING
Wulff Group Plc's Annual General Meeting held on April 23, 2012 decided to pay
a dividend of EUR 0,07 per share and authorised the Board of Directors to
decide on the repurchase of the company's own shares. Also the other proposals
were accepted as such.
The previous Board members Erkki Kariola, Ari Pikkarainen, Sakari Ropponen,
Andreas Tallberg and Heikki Vienola were re-elected. The new elected board
member was Vesa Tengman (born 1958), who acts as the CEO of Holiday Club
Resorts Oy. The Board of Directors' organising meeting held after the Annual
General Meeting elected Andreas Tallberg as the new Chairman of the Board.
SHARES AND SHARE CAPITAL
Wulff Group Plc's share is listed on NASDAQ OMX Helsinki in the Small Cap
segment under the Industrials sector. The company's trading code is WUF1V. In
the end of the reporting period, the share was valued at EUR 2.05 (EUR 2.54)
and the market capitalization of the outstanding shares totalled EUR 13.4
million (EUR 16.6 million).
In the beginning of the year, no own shares were reacquired. As a part of the
Group's share-based incentive scheme, Wulff Group granted 5.000 own shares to a
key person. In the end of the reporting period, the Group held 85.000 (March
31, 2011: 90.000) own shares representing 1.3 percentage (1.4 %) of the total
number and voting rights of Wulff shares. According to the Annual General
Meeting's authorisation on May 23, 2012, the Board of Directors decided in its
organizing meeting to continue the acquisition of its own shares, by acquiring
a maximum of 300.000 own shares by April 30, 2013.
A dividend of EUR 0.07 (EUR 0.05) per share, totalling EUR 0.46 million (EUR
0.33 million), was paid to the shareholders after the end of the reporting
period in May 2012, as decided by the Annual General Meeting on April 23, 2012.
PERSONNEL
In January - March 2012, the Group's personnel totalled 352 (372) employees on
average. In the end of the period, the Group had 345 (374) employees of which
137 (135) 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 its 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.
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:
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.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
INCOME STATEMENT I I I-IV
EUR 1000 2012 2011 2011
Net sales 23 326 25 242 99 129
Other operating income 88 131 238
Materials and services -14 884 -17 077 -65 532
Employee benefit expenses -5 072 -5 046 -19 204
Other operating expenses -2 983 -2 969 -11 942
-------------------------------------------------------------------------------
EBITDA 476 282 2 689
Depreciation and amortization -260 -272 -1 095
-------------------------------------------------------------------------------
Operating profit/loss 216 10 1 595
Financial income 99 59 182
Financial expenses -92 -162 -637
-------------------------------------------------------------------------------
Profit/Loss before taxes 223 -93 1 139
Income taxes -44 -68 -320
===============================================================================
Net profit/loss for the period 179 -161 819
Attributable to:
Equity holders of the parent company 174 -180 634
Non-controlling interest 6 18 185
Earnings per share for profit
attributable to the equity holders
of the parent company:
Earnings per share, EUR 0,03 -0,03 0,10
(diluted = non-diluted)
STATEMENT OF COMPREHENSIVE INCOME I I I-IV
EUR 1000 2012 2011 2011
-------------------------------------------------------------------------------
Net profit/loss for the period 179 -161 819
Other comprehensive income, net of tax
Change in translation differences 67 -3 34
Fair value changes on available-for-sale investments 28 9 -4
Total other comprehensive income 95 6 30
-------------------------------------------------------------------------------
Total comprehensive income for the period 274 -155 849
Total comprehensive income attributable to:
Equity holders of the parent company 239 -119 663
Non-controlling interest 35 -36 186
STATEMENT OF FINANCIAL POSITION March March Dec 31
31 31
EUR 1000 2012 2011 2011
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Goodwill 9 484 9 507 9 467
Other intangible assets 1 269 1 422 1 355
Property, plant and equipment 2 146 2 038 2 102
Non-current financial assets
Interest-bearing financial assets 88 94 97
Non-interest-bearing financial assets 405 454 367
Deferred tax assets 1 783 1 164 1 621
--------------------------------------------------------------------------------
Total non-current assets 15 174 14 679 15 008
Current assets
Inventories 10 746 11 707 11 280
Current receivables
Interest-bearing receivables 47 0 51
Non-interest-bearing receivables 15 531 16 121 15 646
Financial assets recognised at fair value through 68 109 56
profit/loss
Cash and cash equivalents 1 973 1 804 2 464
--------------------------------------------------------------------------------
Total current assets 28 364 29 741 29 497
================================================================================
TOTAL ASSETS 43 538 44 420 44 505
EQUITY AND LIABILITIES
Equity
Equity attributable to the equity holders of the
parent company:
Share capital 2 650 2 650 2 650
Share premium fund 7 662 7 662 7 662
Invested unrestricted equity fund 223 223 223
Retained earnings 5 701 4 999 5 461
Non-controlling interest 1 067 1 056 1 198
--------------------------------------------------------------------------------
Total equity 17 303 16 590 17 195
Non-current liabilities
Interest-bearing liabilities 7 238 7 689 7 409
Deferred tax liabilities 133 132 128
--------------------------------------------------------------------------------
Total non-current liabilities 7 371 7 820 7 537
Current liabilities
Interest-bearing liabilities 2 408 2 791 2 135
Non-interest-bearing liabilities 16 456 17 218 17 639
--------------------------------------------------------------------------------
Total current liabilities 18 864 20 009 19 773
================================================================================
TOTAL EQUITY AND LIABILITIES 43 538 44 420 44 505
STATEMENT OF CASH FLOW I I I-IV
EUR 1000 2012 2011 2011
--------------------------------------------------------------------------------
Cash flow from operating activities:
Cash received from sales 23 450 23 772 98 153
Cash received from other operating income 16 51 130
Cash paid for operating expenses -23 375 -25 680 -96 462
--------------------------------------------------------------------------------
Cash flow from operating activities before financial 92 -1 857 1 821
items and income taxes
Interest paid -75 -77 -278
Interest received 31 18 93
Income taxes paid -360 -106 -605
--------------------------------------------------------------------------------
Cash flow from operating activities -312 -2 022 1 031
Cash flow from investing activities:
Investments in intangible and tangible assets -325 -426 -1 253
Proceeds from sales of intangible and tangible assets 165 372 456
Loans granted 0 0 -12
Repayments of loans receivable 4 74 74
--------------------------------------------------------------------------------
Cash flow from investing activities -156 19 -735
Cash flow from financing activities:
Acquisition of own shares 0 -3 -3
Dividends paid -40 -47 -433
Dividends received 19 4 40
Payments for subsidiary acquisitions -127 -573 -982
Cash paid for (received from) short-term investments -11 -109 -56
(net)
Withdrawals and repayments of short-term loans 235 1 057 173
Withdrawals of long-term loans 355 0 385
Repayments of long-term loans -487 -911 -1 348
--------------------------------------------------------------------------------
Cash flow from financing activities -57 -583 -2 226
================================================================================
Change in cash and cash equivalents -525 -2 586 -1 930
Cash and cash equivalents at the beginning of the 2 464 4 379 4 379
period
Translation difference of cash 34 10 15
Cash and cash equivalents at the end of the period 1 973 1 804 2 464
STATEMENT OF CHANGES IN EQUITY
EUR 1000 Equity attributable to equity holders of the parent company
Fund
for Trans- Re- Non-
in-
Share vested lation tai- cont-
pre- non-re diffe- ned rollin
- g
Share mium strict Own ren- Earn- inte-
ed
capita fund equity shares ces ings Total rest TOTAL
l
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -279 -149 5 549 15 656 1 158 16 814
Jan 1,
2011
Net -180 -180 18 -161
profit/
loss for
the
period
Other
comprehen
s.
income*:
Change in 52 52 -55 -3
translati
on
differenc
es
Fair value 9 9 9
changes
on
available
-for-sale
investmen
ts
--------------------------------------------------------------------------------
Comprehens 52 -171 -119 -36 -155
ive income
*
Dividends 0 -65 -65
paid
Treasury -3 -3 -3
share
acquisiti
on
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -283 -96 5 378 15 534 1 056 16 590
March 31,
2011
Equity on 2 650 7 662 223 -279 -149 5 549 15 656 1 158 16 814
Jan 1,
2011
Net 634 634 185 819
profit/
loss for
the
period
Other
comprehen
s.
income*:
Change in 33 33 1 34
translati
on
differenc
es
Fair value -4 -4 -4
changes
on
available
-for-sale
investmen
ts
--------------------------------------------------------------------------------
Comprehens 33 630 663 186 849
ive income
*
Dividends -325 -325 -110 -435
paid
Treasury -3 -3 -3
share
acquisiti
on
Share-base 5 5 5
d payments
Changes in 0 0 -36 -36
ownership
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -283 -116 5 860 15 996 1 198 17 195
Dec 31,
2011
Equity on 2 650 7 662 223 -283 -116 5 860 15 996 1 198 17 195
Jan 1,
2012
Net 174 174 6 179
profit/
loss for
the
period
Other
comprehen
s.
income*:
Change in 37 37 30 67
translati
on
differenc
es
Fair value 28 28 28
changes
on
available
-for-sale
investmen
ts
--------------------------------------------------------------------------------
Comprehens 37 202 239 35 274
ive income
*
Dividends 0 -40 -40
paid
Treasury 11 -11 0 0
share
disposal
Share-base 1 1 1
d payments
Changes in 0 -127 -127
ownership
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -272 -79 6 052 16 237 1 067 17 303
March 31,
2012
* net of tax
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEGMENT INFORMATION I I I-IV
EUR 1000 2012 2011 2011
-------------------------------------------------------------------
Net sales by operating segments
Contract Customers Division 19 573 20 961 82 542
Direct Sales Division 3 747 4 292 16 397
Group Services 293 256 1 138
Intersegment eliminations -286 -267 -948
===================================================================
TOTAL NET SALES 23 326 25 242 99 129
Operating profit/loss by operating segments
Contract Customers Division 504 120 2 136
Direct Sales Division -94 68 215
Group Services and non-allocated items -194 -177 -756
===================================================================
TOTAL OPERATING PROFIT/LOSS 216 10 1 595
KEY FIGURES I I I-IV
EUR 1000 2012 2011 2011
--------------------------------------------------------------------------------
Net sales 23 326 25 242 99 129
Change in net sales, % -7,6 % 16,9 % 6,5 %
EBITDA 476 282 2 689
EBITDA margin, % 2,0 % 1,1 % 2,7 %
Operating profit/loss 216 10 1 595
Operating profit/loss margin, % 0,9 % 0,0 % 1,6 %
Profit/Loss before taxes 223 -93 1 139
Profit/Loss before taxes margin, % 1,0 % -0,4 % 1,1 %
Net profit/loss for the period attributable to equity 174 -180 634
holders of the parent company
Net profit/loss for the period, % 0,7 % -0,7 % 0,6 %
Earnings per share, EUR (diluted = non-diluted) 0,03 -0,03 0,10
Return on equity (ROE), % 1,04 % -0,97 % 4,82 %
Return on investment (ROI), % 1,11 % -0,06 % 5,45 %
Equity-to-assets ratio at the end of period, % 42,7 % 37,9 % 40,3 %
Debt-to-equity ratio at the end of period 43,6 % 51,7 % 40,3 %
Equity per share at the end of period, EUR * 2,49 2,38 2,45
Investments in non-current assets 311 357 1 167
Investments in fixed assets, % of net sales 1,3 % 1,4 % 1,2 %
Treasury shares held by the Group at the end of 85 000 90 000 90 000
period
Treasury shares, % of total share capital and votes 1,3 % 1,4 % 1,4 %
Number of total issued shares at the end of period 6607628 6607628 6607628
Personnel on average during the period 352 372 365
Personnel at the end of period 345 374 359
* Equity attributable to the equity holders of the parent company / Number of
shares excluding the acquired own shares
QUARTERL I IV III II I IV III II I
Y KEY
FIGURES
EUR 1000 2012 2011 2011 2011 2011 2010 2010 2010 2010
--------------------------------------------------------------------------------
Net 23 326 27 526 21 971 24 390 25 242 27 073 20 435 24 016 21 584
sales
EBITDA 476 1 084 567 756 282 1 284 228 2 61
Operatin 216 785 308 491 10 903 -411 -289 -160
g profit
/loss
Profit 223 763 151 318 -93 794 -327 -200 -43
/Loss
before
taxes
Net 174 468 105 241 -180 308 -557 -134 -240
profit
/loss
for the
period
attribu
table to
the
equity
holders
of the
parent
company
Earnings 0,03 0,07 0,02 0,04 -0,03 0,05 -0,09 -0,02 -0,04
per
share,
EUR
(dilute
d =
non-dil
uted)
RELATED PARTY TRANSACTIONS I I I-IV
EUR 1000 2011 2011 2011
-------------------------------------------------------------------------------
Sales to related parties 54 75 184
Purchases from related parties 5 7 30
Current non-interest-bearing receivables from related parties 0 0 6
Non-current interest-bearing receivables from related parties 78 84 87
Loan payables to related parties 0 0 0
COMMITMENTS March March Dec 31
31 31
EUR 1000 2012 2011 2011
--------------------------------------------------------------------------------
Mortgages and guarantees on own behalf
Business mortgage for the Group's loan liabilities 7 350 7 350 7 350
Real estate pledge for the Group's loan liabilities 900 900 900
Subsidiary shares pledged as security for group 3 284 3 284 3 284
companies' liabilities
Other listed shares pledged as security for group 253 301 215
companies' liabilities
Current receivables pledged as security for group 263 255 258
companies' liabilities
Pledges and guarantees given for the group companies' 226 220 222
off-balance sheet commitments
Guarantees given on behalf of third parties 161 236 176
Minimum future operating lease payments 5 844 6 685 5 861
Accounting principles applied in the condensed consolidated financial statements
These condensed consolidated financial statements are unaudited. This report
has been prepared in accordance with IAS 34 following the valuation and
accounting methods guided by IFRS principles. The accounting principles used in
the preparation of this report are consistent with those described in the
previous year's Financial Statement taking into account also the possible new,
revised and amended standards and interpretations. Income tax is the amount
corresponding to the actual effective rate based on year-to-date actual tax
calculation.
The IFRS principles require the management to make estimates and assumptions
when preparing financial statements. Although these estimates and assumptions
are based on the management's best knowledge of today, the final outcome may
differ from the estimated values presented in the financial statements.
A part of the Group's loan agreements include covenants, according to which the
equity ratio shall be 35 percentages at minimum and the interest-bearing
debt/EBITDA ratio shall be 3.5 at maximum in the end of each financial year. On
December 31, 2011 the equity ratio was 40.3 % 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 May 10, 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
Key media
www.wulff-group.com
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