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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, 2012Operating 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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