2011-08-10 08:00:00 CEST
2011-08-10 08:00:11 CEST
REGULATED INFORMATION
Wulff-Yhtiöt Oyj - Interim report (Q1 and Q3)
Wulff Group Plc's Interim Report for January 1 - June 30, 2011
Sales Growth Continued and Operating Profit Better than in the Comparable Period
WULFF GROUP PLC
INTERIM REPORT August 10, 2011 at 9:00 A.M.
WULFF GROUP PLC'S INTERIM REPORT FOR JANUARY 1 - JUNE 30, 2011
Sales Growth Continued and Operating Profit Better than in the Comparable Period
-- The Group's net sales increased by 8.8 percentages and totalled EUR 49.6
million (EUR 45.6 million) in the first half of the year. The
second-quarter net sales were EUR 24.4 million (EUR 24.0 million). The
reporting period's positive development is backed with the efficiency
improvement initiatives managed successfully in the Group as well as the
general economic improvement.
-- EBITDA in the second quarter increased up to EUR 0.76 million from EUR 0.00
million in the comparable period. In January-June, EBITDA totalled EUR 1.04
million (EUR 0.06 million).
-- In the second quarter, the operating result turned up to a profit of EUR
0.49 million whereas in the comparable period, the Group reported a loss of
EUR -0.29 million. The 6-month operating profit of EUR 0.50 million was EUR
0.95 million better than a year ago (EUR -0.45 million).
-- Earnings per share were EUR 0.04 (EUR -0.02) for the second quarter and EUR
0.01 (EUR -0.06) for the 6-month period.
-- Based on the group management's estimate, the Group's 12-month net sales in
2011 are forecast to increase from the level of 2010 and the operating
profit excluding non-recurring items is forecast to be better than in 2010.
GROUP'S NET SALES AND PERFORMANCE
The positive sales growth has been fuelled by the efficiency improvement
initiatives managed successfully in the Group as well as the general economic
improvement. In the reporting period, the office supply markets have continued
growing as has been experience since the end of last year. However, the markets
have not yet recovered back to their previous years' level and the Group
management believe the market improvement to continue.
The Group's net sales increased by 8.8 percentages and totalled EUR 49.6
million (EUR 45.6 million) in the first half of the year. The second-quarter
net sales were EUR 24.4 million being 1.6 percentages greater than in the
comparable period (EUR 24.0 million). The focus on sales activities and new
client hunting fuelled the sales growth in both divisions and in all operating
countries of the Group. Additionally the Group's clientele has been served in
an even broader way to increase the demand for the Group's products. The
majority of the sales growth was gained in the Group's Scandinavian companies.
In the first half of 2011, the net sales have grown also in Finland, especially
for the office supply contracts.
Wulff Group's CEO Heikki Vienola: ”Our profit improvement tells that our
services and products are trusted. Our strategy is to offer our customers even
broader services by acting as one Group. Backed with the brand redesign
launched in the spring and the identical visual image, our Group companies are
recognized as one service provider more easily than previously. We are our
industry's only Nordic player who is able to serve its customers with the good
combination of our concepts, the contract sales and the direct sales. We
continue to develop our services both locally and in pan-Nordic direction.
During whole 2011, the personnel motivation campaign ‘Full Speed Ahead'
encourages for profitability and customer-orientation. Additionally the general
market improvement gives good bases for the sales growth and thus I expect our
net sales to increase also in the second half of the year.”
Along with the sales growth, the Group's profitability has improved positively
in the whole 2011. The positive financial development has been fuelled by the
increased demand for the Group's products and the efficiency improvement
initiatives managed successfully. EBITDA in the second quarter increased up to
EUR 0.76 million from EUR 0.00 million in the comparable period. EBITDA was 3.1
percentage (0.0 %) of the quarter's net sales. In January-June, EBITDA totalled
EUR 1.04 million (EUR 0.06 million) being 2.1 percentages (0.1%) of the 6-month
net sales. The Group, focusing on sales growth and continuing review of its
cost structure and performance efficiency, aims to improving the profitability
of its businesses.
In the second quarter, the operating result turned up to a profit of EUR 0.49
million whereas in the comparable period, the Group reported a loss of EUR
-0.29 million. The second-quarter operating profit was +2.0 percentages (-1.2
%) of net sales. The 6-month operating profit of EUR 0.50 million was EUR 0.95
million better than a year ago (EUR -0.45 million). The 6-month operating
profit was +1.0 percentages (-1.0 %) of net sales.
In the first six months of 2011, the financial income and expenses totalled
(net) EUR -0.28 million (EUR +0.21 million) including dividend income of EUR
0.02 million (EUR 0.12 million), interest expenses of EUR 0.19 million (EUR
0.15 million) and currency-related other financial items (net) of EUR -0.11
million (EUR +0.23 million). The second-quarter financial income and expenses
netted EUR -0.17 million (EUR +0.09 million).
The result before taxes was EUR +0.32 million (EUR -0.20 million) in the second
quarter and EUR +0.23 million (EUR -0.24 million) in the whole six-month
period. The net result after financial items and taxes totalled a profit of EUR
+0.29 million (EUR -0.16 million) in the second quarter and EUR +0.13 million
(EUR -0.25 million) in the whole reporting period.
The net result attributable to the equity holders of the parent company
amounted to EUR +0.24 million (EUR -0.13 million) in the second quarter and EUR
0.06 million (EUR -0.37 million) in the entire reporting period. Earnings per
share were EUR +0.04 (EUR -0.02) for the second quarter and EUR +0.01
(EUR -0.06) for the 6-month period.
Return on investment (ROI) was +1.55 percentage (-0.37 %) for the second
quarter +1.48 percentage (-0.33 %) for the 6-month period. Return on equity
(ROE) was +1.78 percentage (-0.91 %) for the second quarter and +0.80 (-1.42%)
for the entire reporting period.
CONTRACT CUSTOMERS DIVISION
The Contract Customers Division is the customer's comprehensive partner in the
field of office supplies, business and promotional gifts as well as fair
services. In the whole 6-month period, the segment's net sales increased by EUR
3.5 million i.e. 9 percentages up to EUR 41.1 million (EUR 37.5 million). The
division's net sales totalled EUR 20.1 million (EUR 20.0 million) in the second
quarter. The division increased its second-quarter operating profit up to EUR
0.52 million being EUR 0.63 million better than in the comparable period (EUR
-0.11 million). The division's six-month operating profit was EUR 0.64 million
(EUR -0.07 million).
The majority of the division's sales growth and operating profit was gained by
Wulff Supplies with its operations in Scandinavia. The company has managed to
both increase its market share and win new customers constantly. In March 2011,
Wulff Group's Executive Board was strengthened with Wulff Supplies AB's
Managing Director Trond Fikseaunet's strong industry knowledge. The Group aims
to being a Nordic market leader and the pioneer in its industry. The pan-Nordic
contract customer concept in office supplies is being developed strongly.
Also Wulff Oy, with its operations in Finland, and its subsidiary Torkkelin
Paperi Oy operating in Lahti area, have increased their sales and improved the
operating profit this year. During its history of more than 120 years, Wulff Oy
is known for being always the pioneer in its branch in Finland. For instance,
Wulffinkulma.fi is the industry's first webstore marketed innovatively also by
the Group's qualified direct sales persons. The new kind of a web store concept
brings the online shop, its products and functions easily known also for those
customers who are not yet used to making online purchases. The broadest web
store open for all corporations and organizations, serves its customers with a
range of nearly 4,000 products. Wulffinkulma.fi is a strong investment in the
future.
The division's result is affected by the cycles of the business gift market:
the majority of the products are delivered and the majority of the annual
profit is generated during the second and last quarters of the year. The market
improvement in the first six-months of 2011 can be seen positively in the
demand for business and promotional gifts and in the sales of the Group's gift
companies. During the reporting period, the Group's business gift companies
increased their net sales and improved their profitability from last year.
DIRECT SALES DIVISION
The Direct Sales Division aims to improve its customers' daily operations with
innovative products and the industry's most professional personal, local
service. In the first half of the year, the division's net sales increased by 5
percentages (EUR 0.40 million) from the comparable period's EUR 8.2 million up
to EUR 8.6 million. The division's second-quarter net sales were EUR 4.3
million (EUR 4.2 million). The sales grew and profitability improved especially
in Sweden and Norway. The Direct Sales Division's operating profit totalled EUR
0.18 million (EUR -0.01 million) in the second quarter and EUR 0.25 million
(EUR 0.11 million) in the whole six-month period.
In order to achieve a good profitability level and financial result, the cost
efficiency improvement initiatives will continue in all direct sales companies.
Additionally, the focus is in improving the sales and supporting it with new
methods, e.g. with e-marketing. The Group's new partnering strategy aims to
gain synergies in product purchases. Group-level price competitions and
co-operation have already gained good results in purchases.
The Group has focused on its competitiveness in the recruitment markets.
Well-visible marketing campaigns reach good employee candidates and make the
Group better known, which is important for an employer. For the Direct Sales
division, the sales growth is fuelled most importantly with the recruitment of
new sales talents. The Group has possibilities to recruit several new sales
talents in its operational countries in 2011. Wulff Academy, the Group's own
training program for its new sales personnel, guarantees the best possible
start for the persons who are changing jobs or entering the industry for the
first time.
FINANCING, INVESTMENTS AND FINANCIAL POSITION
The cash flow from operating activities totalled EUR -0.67 million (EUR -0.14
million) in the second quarter and EUR -2.69 million (EUR -0.14 million) in the
entire six-month period because the working capital has increased along the
sales growth. In addition to the profitability improvement initiatives, the
Group aims to improve its working capital management.
For its investments, the Group paid a net of EUR 0.58 million (EUR 0.54
million) in the second quarter and EUR 1.13 million (EUR 0.67 million) in the
whole six-month reporting period, including mainly payments for subsidiary
shares (a total of EUR 0.98 million): for Wulff Supplies (EUR 0.25 million),
Torkkelin Paperi Oy (EUR 0.39 million), Ibero Liikelahjat Oy (EUR 0.18 million)
and Entre Marketing Oy (EUR 0.16 million).
The Group raised short-term loan of net EUR 1.40 million (EUR -0.59 million) in
the second quarter and EUR 1.55 million (EUR -0.48 million) in the whole
six-month period. 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 0.07 million (EUR 0.14 million). The
net cash flow used in financing activities totalled EUR +1.08 million (EUR
-1.14 million) in the second quarter and EUR +1.07 million (EUR -1.17 million)
in the whole reporting period.
In general, the Group's cash balance has decreased by EUR -0.17 million (EUR
-1.82 million) in the second quarter and by EUR -2.74 million (EUR -1.97
million) in the whole reporting period from the beginning value of EUR 4.38
million down to EUR 1.64 million as of June 30, 2011.
The equity attributable to the equity holders of the parent company totalled
EUR 2.36 per share (December 31, 2010: EUR 2.41) and the equity-to-assets ratio
was 39.3 percentage (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. In April-June
2011, no own shares were reacquired. 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 the end of the reporting period, the Group held a
total of 90,000 own shares (89,456 as of June 30, 2010) representing 1.4
percentage (1.4 %) of the total number and voting rights of Wulff shares.
In February 2011, Wulff Group Plc's Board of Directors decided on a new
share-based incentive and commitment scheme for the Group's key personnel for
three earning periods, calendar years 2011-2013. Based on this scheme, a
maximum of 100,000 Company shares can be granted. During a two-year restriction
period, it is prohibited to transfer the shares. Currently there is one key
person in the scheme and the maximum number is 20 key persons within the
scheme. The Group does not have any option schemes in force.
The parent company's share capital (EUR 2.65 million) consists of 6,607,628
shares with one vote each. There have been no changes in share capital in 2010
and 2011. The stock exchange release on June 9, 2011, based on the Securities
Market Act, stated that Ari Pikkarainen's ownership decreased below 20
percentages of the total number of shares and votes in Wulff Group Plc. There
were no disclosed notifications on changes in major share holdings in 2010.
Wulff Group Plc' 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 June 2011, the share was valued at EUR 2.38 (EUR 3.20) and
the market capitalization of the outstanding shares totalled EUR 15.5 million
(EUR 20.9 million).
PERSONNEL
In the first half of 2011, the Group's personnel totalled 364 (372) employees
on average. In the end of the period, the Group had 357 (383) employees of
which 130 (133) persons were employed in Sweden, Norway, Denmark and 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. At the end of the reporting
period, men represented 51 percentages and women 49 percentages of the
employees.
In order to increase the organic growth, the Group focuses on recruiting sales
personnel. The Group continues the close cooperation with the employment
authorities and the educational institutions. Along with the web-based
recruitment methods, the Group participates different events and takes personal
contact with potential sales talents. The Group has possibilities to recruit
several new sales talents in all its operational countries in 2011.
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 also in 2011. The
improvement of the economic situation affects quickly the demand for office
supplies.
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 also minimize attending fairs.
EVENTS AFTER THE REPORTING PERIOD
Sami Asikainen, 39, was nominated as a Group Executive Board member and Wulff
Oy's new Managing Director in August. Previously working as an Executive Board
member and Sales Director in Oy Hartwall Ab, Asikainen brings new sales talent
and strategic knowledge for Wulff.
Wulff Supplies organization was strengthened with Fredrik Onsèr, 37, Sweden's
new Country Manager. Onsèr joined the Group from Office Depot. Onsèr's long
industry knowledge is valuable in the development of the Group's pan-Nordic
business model.
KB-Tuote Oy's new Managing Director is Virpi Romu, previously working as the
Sales Director in KB-Tuote Oy. Romu, 50, has an important role in the
development of Wulff's business and advertising gift services.
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.
In 2011, the Group continues taking actions for enhancing profitability. The
Group focuses on the growth and development of its sales operations. In 2011,
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.
Based on the group management's estimate, the Group's 12-month net sales in
2011 are forecast to increase from the level of 2010 and the operating profit
excluding non-recurring items is forecast to be better than in 2010.
FINANCIAL REPORTING IN 2011
Wulff Group Plc will release its interim report for January-September 2011 on
Thursday November 10, 2011 at 9.00 A.M. 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 II II I-II I-II I-IV
EUR 1000 2011 2010 2011 2010 2010
Net sales 24 390 24 016 49 632 45 600 93 107
Other operating income 46 99 177 265 467
Materials and services -15 491 -16 108 -32 568 -29 637 -60 516
Employee benefit expenses -4 961 -4 949 -10 006 -9 754 -18 617
Other operating expenses -3 228 -3 055 -6 197 -6 410 -12 866
--------------------------------------------------------------------------------
EBITDA 756 2 1 038 63 1 575
Depreciation and amortization -265 -292 -537 -513 -1 182
Impairment -350
--------------------------------------------------------------------------------
Operating profit/loss 491 -289 502 -450 43
Financial income 46 122 105 513 755
Financial expenses -219 -33 -382 -307 -575
--------------------------------------------------------------------------------
Profit/Loss before taxes 318 -200 225 -244 223
Income taxes -24 40 -92 -6 -637
Net profit/loss for the period 294 -160 133 -249 -415
Attributable to:
Equity holders of the parent 241 -134 61 -374 -623
company
Non-controlling interest 53 -27 72 124 209
Earnings per share for profit
attributable to the equity holders
of the parent company:
Earnings per share, EUR 0,04 -0,02 0,01 -0,06 -0,10
(diluted = non-diluted)
STATEMENT OF COMPREHENSIVE INCOME II II I-II I-II I-IV
EUR 1000 2011 2010 2011 2010 2010
Net profit/loss for the period 294 -160 133 -249 -415
Other comprehensive income, net of
tax
Change in translation differences -28 -289 -31 -60 134
Fair value changes on -22 6 -13 -14 42
available-for-sale investments
Total other comprehensive income -50 -283 -44 -74 176
--------------------------------------------------------------------------------
Total comprehensive income for the 244 -443 89 -324 -238
period
Total comprehensive income
attributable to:
Equity holders of the parent 191 -391 72 -467 -540
company
Non-controlling interest 53 -53 17 143 302
STATEMENT OF FINANCIAL POSITION June 30 June 30 Dec 31
EUR 1000 2011 2010 2010
ASSETS
Non-current assets
Goodwill 9 414 10 858 9 501
Other intangible assets 1 449 1 163 1 382
Property, plant and equipment 1 907 2 079 2 285
Non-current financial assets
Interest-bearing financial assets 121 567 503
Non-interest-bearing financial assets 424 321 442
Deferred tax assets 1 239 1 169 1 011
--------------------------------------------------------------------------------
Total non-current assets 14 555 16 156 15 124
Current assets
Inventories 12 015 12 027 11 740
Current receivables
Interest-bearing receivables 81 74
Non-interest-bearing receivables 14 927 13 389 14 708
Financial assets recognised at fair value through 99 221 0
profit and loss
Cash and cash equivalents 1 636 3 364 4 379
--------------------------------------------------------------------------------
Total current assets 28 677 29 081 30 902
TOTAL ASSETS 43 232 45 238 46 025
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 4 867 5 489 5 121
Non-controlling interest 1 067 1 107 1 158
--------------------------------------------------------------------------------
Total equity 16 469 17 131 16 814
Non-current liabilities
Interest-bearing liabilities 7 951 8 424 8 403
Deferred tax liabilities 123 142 136
--------------------------------------------------------------------------------
Total non-current liabilities 8 073 8 566 8 539
Current liabilities
Interest-bearing liabilities 3 933 2 156 2 425
Non-interest-bearing liabilities 14 757 17 385 18 247
--------------------------------------------------------------------------------
Total current liabilities 18 689 19 541 20 673
TOTAL EQUITY AND LIABILITIES 43 232 45 238 46 025
STATEMENT OF CASH FLOW II II I-II I-II I-IV
EUR 1000 2011 2010 2011 2010 2010
Cash flow from operating
activities:
Cash received from sales 25 557 23 073 49 329 44 898 91 189
Cash received from other operating 21 64 72 202 339
income
Cash paid for operating expenses -26 080 -23 121 -51 751 -44 937 -89 433
--------------------------------------------------------------------------------
Cash flow from operating activities -503 16 -2 350 163 2 095
before financial items and income
taxes
Interest paid -68 -79 -146 -160 -274
Interest received 21 13 39 19 79
Income taxes paid -123 -88 -229 -157 -372
--------------------------------------------------------------------------------
Cash flow from operating activities -673 -138 -2 685 -135 1 528
Cash flow from investing
activities:
Investments in intangible and -237 -423 -663 -610 -1 509
tangible assets
Proceeds from sales of intangible 81 64 453 122 187
and tangible assets
Acquisition of subsidiaries, net of -409 -185 -982 -185 -219
cash
Loans granted -11 -12
Repayments of loans receivable 4 74 4 29
--------------------------------------------------------------------------------
Cash flow from investing activities -577 -539 -1 131 -669 -1 512
Cash flow from financing
activities:
Acquisition of own shares -75 -3 -84 -110
Dividends paid -350 -429 -397 -469 -484
Dividends received 18 21 21 123 149
Cash paid for (received from) 10 -62 -99 -256 -55
short-term investments (net)
Withdrawals of long- and short-term 1 423 6 2 480 616 914
loans
Repayments of long-term loans -19 -600 -930 -1 100 -1 388
--------------------------------------------------------------------------------
Cash flow from financing activities 1 082 -1 139 1 072 -1 169 -974
Change in cash and cash equivalents -168 -1 816 -2 743 -1 974 -958
Cash and cash equivalents at the 1 804 5 180 4 379 5 337 5 337
beginning of the period
Cash and cash equivalents at the 1 636 3 364 1 636 3 364 4 379
end of the period
STATEMENT OF CHANGES IN EQUITY
EUR 1000 Equity attributable to equity holders of the
parent company
Share Share Fund Trea Re Total Non-co TOTAL
capita pre for sury tained ntrol
l mium invest shares earn ling
fund ed non ings inte
res rest
tricted
equity
--------------------------------------------------------------------------------
Equity on Jan 2 650 7 662 223 -211 6 562 16 886 1 117 18 003
1, 2010
Comprehensive -467 -467 143 -324
income *
Dividends -327 -327 -142 -469
paid
Treasury -84 -84 -84
share
acquisition
Treasury 16 -16 0 0
share
disposal
Share-based 16 16 16
payments
Changes in 0 -11 -11
ownership
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -279 5 767 16 024 1 107 17 131
June 30,
2010
Equity on Jan 2 650 7 662 223 -211 6 562 16 886 1 117 18 003
1, 2010
Comprehensive -540 -540 302 -238
income *
Dividends -327 -327 -157 -484
paid
Treasury -110 -110 -110
share
acquisition
Treasury 42 -42 0 0
share
disposal
Share-based 42 42 42
payments
Changes in -294 -294 -103 -398
ownership
--------------------------------------------------------------------------------
Equity on Dec 2 650 7 662 223 -279 5 400 15 656 1 158 16 814
31, 2010 Equity on Jan 2 650 7 662 223 -279 5 400 15 656 1 158 16 814
1, 2011
Comprehensive 72 72 17 89
income *
Dividends -325 -325 -72 -397
paid
Treasury -3 -3 -3
share
acquisition
Share-based 3 3 3
payments
Changes in 0 -36 -36
ownership
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -283 5 150 15 403 1 067 16 469
June 30,
2011
* net of tax
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEGMENT INFORMATION II II I-II I-II I-IV
EUR 1000 2011 2010 2011 2010 2010
Net sales by operating segments
Contract Customers Division 20 137 19 952 41 098 37 549 77 301
Direct Sales Division 4 299 4 154 8 591 8 196 16 075
Group Services 267 363 522 716 1 257
Intragroup eliminations between segments -313 -454 -579 -862 -1 525
TOTAL NET SALES 24 390 24 016 49 632 45 600 93 107
Operating profit/loss by operating
segments
Contract Customers business 523 -105 643 -66 832
Non-Recurring Impairment -350
--------------------------------------------------------------------------------
Contract Customers Division Total 523 -105 643 -66 482
Direct Sales Division Total 179 -12 246 111 324
Group Services and non-allocated items -210 -172 -387 -495 -764
TOTAL OPERATING PROFIT/LOSS 491 -289 502 -450 43
KEY FIGURES II II I-II I-II I-IV
EUR 1000 2011 2010 2011 2010 2010
Net sales 24 390 24 016 49 632 45 600 93 107
Increase/Decrease in net sales, % 1,6 % 62,9 % 8,8 % 44,8 % 24,5 %
EBITDA 756 2 1 038 63 1 575
EBITDA margin, % 3,1 % 0,0 % 2,1 % 0,1 % 1,7 %
Operating profit/loss 491 -289 502 -450 43
Operating profit/loss margin, % 2,0 % -1,2 % 1,0 % -1,0 % 0,0 %
Profit/Loss before taxes 318 -200 225 -244 223
Profit/Loss before taxes margin, % 1,3 % -0,8 % 0,5 % -0,5 % 0,2 %
Net profit/loss for the period 241 -134 61 -374 -623
attributable to equity holders of
the parent company
Net profit/loss for the period, % 1,0 % -0,6 % 0,1 % -0,8 % -0,7 %
Earnings per share, EUR (diluted = 0,04 -0,02 0,01 -0,06 -0,10
non-diluted)
Return on equity (ROE), % 1,78 % -0,91 % 0,80 % -1,42 % -2,38 %
Return on investment (ROI), % 1,55 % -0,37 % 1,48 % -0,33 % 1,75 %
Equity-to-assets ratio at the end 39,3 % 39,6 % 39,3 % 39,6 % 37,0 %
of period, %
Debt-to-equity ratio at the end of 61,5 % 38,3 % 61,5 % 38,3 % 34,9 %
period
Equity per share at the end of 2,36 2,46 2,36 2,46 2,41
period, EUR *
Investments in non-current assets 217 423 574 610 1 619
Investments in fixed assets, % of 0,9 % 1,8 % 1,2 % 1,3 % 1,7 %
net sales
Treasury shares held by the Group 90 000 89 456 90 000 89 456 99 036
at the end of period
Treasury shares, % of total share 1,4 % 1,4 % 1,4 % 1,4 % 1,5 %
capital and votes
Number of total issued shares at 6607628 6607628 6607628 6607628 6607628
the end of period
Personnel on average during the 366 372 364 372 384
period
Personnel at the end of period 357 383 357 383 370
* Equity attributable to the equity holders of the parent company / Number of
shares excluding the acquired own shares
QUARTERLY KEY FIGURES II I IV III II I
EUR 1000 2011 2011 2010 2010 2010 2010
Net sales 24 390 25 242 27 073 20 435 24 016 21 584
EBITDA 756 282 1 284 228 2 61
Operating profit/loss 491 10 903 -411 -289 -160
Profit/Loss before taxes 318 -93 794 -327 -200 -43
Net profit/loss for the period 241 -180 308 -557 -134 -240
Earnings per share, EUR (diluted 0,04 -0,03 0,05 -0,09 -0,02 -0,04
= non-diluted)
RELATED PARTY TRANSACTIONS II II I-II I-II I-IV
EUR 1000 2011 2010 2011 2010 2010
Sales to related parties 23 25 98 46 93
Purchases from related parties 12 8 19 9 114
Loan receivables from related parties 0 566 0 566 566
Loan payables to related parties 0 492 0 492 492
COMMITMENTS June June Dec 31
30 30
EUR 1000 2011 2010 2010
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 3 634 3 284
companies' liabilities
Other listed shares pledged as security for group 272 247 289
companies' liabilities
Current receivables pledged as security for group 257 0 255
companies' liabilities
Pledges and guarantees given for the group companies' 221 227 221
off-balance sheet commitments
Guarantees given on behalf of third parties 206 280 236
Minimum future operating lease payments 6 202 7 209 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
Annual Report 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.
In June 2011, the Group's ownership in Wulff Supplies rose to 82 percentages
when Wulff Group Plc acquired the shares (2%) from an employee leaving Wulff
Supplies. This change in ownership is shown in the Statement of Changes in
Equity.
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
in the end of each year. On December 31, 2010 the equity ratio was 37.0 %
(December 31, 2009: 41.7 %). On December 31, 2010, the interest-bearing
debt/EBITDA ratio requirement of 3.5 was not reached and accordingly, the Group
paid a one-off minor compensation to the bank.
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 August 9, 2011
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
© 2024 Nasdaq, Inc. All Rights Reserved |