2009-08-12 10:16:36 CEST
2009-08-12 10:17:18 CEST
REGULATED INFORMATION
Wulff-Yhtiöt Oyj - Interim report (Q1 and Q3)
CORRECTION TO WULFF-GROUP PLC'S INTERIM REPORT JANUARY 1 - 30.6.2009
WULFF-GROUP PLC INTERIM REPORT 12 AUGUST 2009, 11.15 A.M. CORRECTION TO WULFF-GROUP PLC'S INTERIM REPORT JANUARY 1 - 30.6.2009 The stock exchange release published on 11 August 2009 stated that the EPS for the second quarter was EUR -0.02 (EUR 0.05). However, the correct figure for second-quarter EPS is EUR -0.01 (EUR 0.05). Profit/loss before extraordinary items and net profit/loss for the second quarter were incorrect in the release. This correction has not affected the net profit/loss for the review period or any released information other than that specified above. CORRECTED FINANCIAL STATEMENTS AND NOTES CORRECTED -------------------------------------------------------------------------------- | Wulff-Group Plc | | | | (EUR 1,000) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | 4-6/09 | 4-6/08 | 1-6/09 | 1-6/08 | 1-12/08 | | STATEMENT | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TURNOVER | 14 746 | 20 706 | 31 491 | 39 854 | 76 178 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Other operating income | 153 | 136 | 204 | 578 | 745 | -------------------------------------------------------------------------------- | Materials and services | 7 988 | 11 544 | 17 440 | 21 914 | 42 234 | -------------------------------------------------------------------------------- | Employee benefits | 3 744 | 5 182 | 7 995 | 10 050 | 18 124 | | expenses | | | | | | -------------------------------------------------------------------------------- | Depreciation | 211 | 260 | 431 | 552 | 1 075 | -------------------------------------------------------------------------------- | Impairment of goodwill | 0 | 0 | 0 | 0 | 100 | -------------------------------------------------------------------------------- | Other operating expenses | 2 893 | 3 002 | 5 904 | 6 683 | 13 125 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT | 64 | 854 | -74 | 1 233 | 2 264 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income | 57 | 85 | 108 | 159 | 363 | -------------------------------------------------------------------------------- | Financial expenses | -76 | -268 | -205 | -670 | -1 091 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT BEFORE | 45 | 671 | -171 | 722 | 1 535 | | EXTRAORDINARY ITEMS AND | | | | | | | TAXES | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Extraordinary items | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | | 671 | -171 | 722 | 1 535 | | | 45 | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Income taxes | 118 | 189 | 196 | 352 | 773 | -------------------------------------------------------------------------------- | Minority interest | -17 | 128 | -1 | 207 | 309 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | NET PROFIT | -55 | 354 | -366 | 162 | 454 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | (EUR 1,000) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | 6/2009 | 6/2008 | 12/2008 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | FIXED ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Intangible assets | 604 | 596 | 582 | -------------------------------------------------------------------------------- | Goodwill | 8 356 | 7 204 | 8 356 | -------------------------------------------------------------------------------- | Tangible assets | 2 255 | 2 501 | 2 338 | -------------------------------------------------------------------------------- | Other financial assets | 409 | 456 | 341 | -------------------------------------------------------------------------------- | Deferred tax assets | 533 | 849 | 691 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | TOTAL FIXED ASSETS | 12 159 | 11 607 | 12 307 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Inventories | 10 220 | 10 151 | 10 904 | -------------------------------------------------------------------------------- | Trade and other receivables | 10 442 | 12 360 | 11 336 | -------------------------------------------------------------------------------- | Financial assets recognised at the | 156 | 317 | 275 | | fair value in the income statements | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 4 315 | 5 496 | 4 628 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL CURRENT ASSETS | 25 134 | 28 324 | 27 143 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 37 293 | 39 931 | 39 451 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and liabilities | 6/2009 | 6/2008 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHARE OF SHAREHOLDERS' EQUITY THAT BELONGS TO | | | | OWNERS OF THE PARENT COMPANY | | | -------------------------------------------------------------------------------- | Share capital | 2 650 | 2 603 | 2 650 | -------------------------------------------------------------------------------- | Share premium fund | 7 662 | 7 662 | 7 662 | -------------------------------------------------------------------------------- | Invested unrestricted equity fund | 223 | 0 | 223 | -------------------------------------------------------------------------------- | Retained earnings | 8 058 | 8 097 | 8 005 | -------------------------------------------------------------------------------- | Net profit | -366 | 162 | 454 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Minority interest | 1 090 | 1 094 | 1 137 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL EQUITY | 19 317 | 19 618 | 20 131 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing | 6 306 | 7 632 | 6 533 | -------------------------------------------------------------------------------- | Short-term liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing | 1 375 | 1 273 | 1 780 | -------------------------------------------------------------------------------- | Accounts payable and other | 10 296 | 11 407 | 11 007 | | liabilities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 17 978 | 20 312 | 19 320 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 37 293 | 39 931 | 39 451 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Jan 1st - Jun 30th 2009 | -------------------------------------------------------------------------------- | | | | | | | (EUR 1,000) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Share | Share | Invest | Retain | Total | Minor- | Total | | | capit | premi | -ed | -ed | | ity | | | | al | um | un- | earn-i | | inte-r | | | | | fund | restr- | ngs | | est | | | | | | icted | | | | | | | | | equity | | | | | | | | | fund | | | | | -------------------------------------------------------------------------------- | | | | | | | | | -------------------------------------------------------------------------------- | Equity Jan 1 | 2 650 | 7 662 | 223 | 8 459 | 18 994 | 1 137 | 20 131 | | 2009 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit | | | | -366 | | -1 | -367 | -------------------------------------------------------------------------------- | | | | | | | | | -------------------------------------------------------------------------------- | Dividends paid | | | | -329 | | -80 | -409 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | | | | 67 | | | 67 | | available or | | | | | | | | | sale: Valuation | | | | | | | | | gains or losses | | | | | | | | | recognised | | | | | | | | | under | | | | | | | | | shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Translation | | | | -88 | | 33 | -55 | | differences | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Taxes related | | | | -17 | | 0 | -17 | | to items | | | | | | | | | recognised | | | | | | | | | under | | | | | | | | | shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Treasury share | | | | -35 | | 0 | -35 | | acquisition | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity | 2 650 | 7 662 | 223 | 7 692 | 18 227 | 1 090 | 19 317 | | Jun 30 2009 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Jan 1st - Jun 30th 2008 | -------------------------------------------------------------------------------- | | | | | | (EUR 1,000) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Share | Share | Retain | Total | Minor-i | Total | | | capita | premiu | -ed | | ty | | | | l | m fund | earn-i | | inte-re | | | | | | ngs | | st | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity Jan 1 | 2 603 | 7 662 | 9 321 | 19 586 | 1 048 | 20 634 | | 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit | | | 162 | | 207 | 369 | -------------------------------------------------------------------------------- | | | | | | | 0 | -------------------------------------------------------------------------------- | Dividends paid | | | -1 168 | | -159 | -1 327 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | | | 1 | | | 1 | | available or sale: | | | | | | | | Valuation gains or | | | | | | | | losses recognised | | | | | | | | under shareholders' | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Translation | | | 10 | | -2 | 8 | | differences | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Treasury share | | | -67 | | | -67 | | acquisition | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity Jun 30 | 2 603 | 7 662 | 8 259 | 18 524 | 1 094 | 19 618 | | 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY RATIOS | | | | (EUR 1,000) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 4-6/09 | 4-6/08 | 1-6/09 | 1-6/08 | 1-12/08 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turnover | 14 746 | 20 706 | 31 491 | 39 854 | 76 178 | -------------------------------------------------------------------------------- | Increase in turnover % | -28.8 | 11.3 % | -21.0 % | 12.2 % | 2.8 % | | | % | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | 64 | 854 | -74 | 1 233 | 2 264 | -------------------------------------------------------------------------------- | % of turnover | 0.4 % | 4.1 % | -0.2 % | 3.1 % | 3.0 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before taxes | 45 | 671 | -171 | 722 | 1535 | -------------------------------------------------------------------------------- | % of turnover | 0.3 % | 3.2 % | -0.5 % | 1.8 % | 2.0 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit | -55 | 354 | -366 | 162 | 454 | -------------------------------------------------------------------------------- | % of turnover | -0.4 % | 1.7 % | -1.2 % | 0.4 % | 0.6 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio% | | | 51.8 % | 49.1 % | 51.0 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments in fixed assets | 121 | 286 | 483 | 480 | 915 | -------------------------------------------------------------------------------- | % of turnover | 0.8 % | 1.4 % | 1.5 % | 1.2 % | 1.2 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of personnel | | | 393 | 447 | 440 | -------------------------------------------------------------------------------- | Number of personnel at the | | | 373 | 427 | 412 | | end of period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, euro | -0.01 | 0.05 | -0.06 | 0.03 | 0.07 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity per share, euro | | | 2.97 | 3.01 | 3.05 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW | | (EUR 1,000) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-6/2009 | 1-6/2008 | 1-12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operations: | | | | -------------------------------------------------------------------------------- | Payments received from sales | 32 384 | 39 194 | 76 398 | -------------------------------------------------------------------------------- | Payments received from other operating | 95 | 170 | 235 | | income | | | | -------------------------------------------------------------------------------- | Amounts paid for operating expenses | -31 382 | -38 147 | -74 983 | -------------------------------------------------------------------------------- | Cash flow from business operations | 1 097 | 1 217 | 1 650 | | before financial items and taxes | | | | -------------------------------------------------------------------------------- | Financial costs paid | -238 | -320 | -560 | -------------------------------------------------------------------------------- | Interest received from operations | 60 | 70 | 172 | -------------------------------------------------------------------------------- | Direct taxes paid | -61 | -27 | -110 | -------------------------------------------------------------------------------- | Cash flow from operations | 858 | 940 | 1 152 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investments: | | | | -------------------------------------------------------------------------------- | Investments in tangible and intangible | -450 | -465 | -1 050 | | assets | | | | -------------------------------------------------------------------------------- | Sale of tangible and intangible assets | 60 | 715 | 777 | -------------------------------------------------------------------------------- | Acquisitions of shares in subsidiaries | -76 | -78 | 123 | -------------------------------------------------------------------------------- | Sale of shares in subsidiaries | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Loans granted | 0 | 0 | -71 | -------------------------------------------------------------------------------- | Cash flow from investments | -466 | 172 | -220 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Cash flow from financing activities: | | | | -------------------------------------------------------------------------------- | Paid dividends | -380 | -1 327 | -1 327 | -------------------------------------------------------------------------------- | Received dividends | 8 | 74 | 74 | -------------------------------------------------------------------------------- | Short-term investments (increase -) | 96 | 815 | -124 | -------------------------------------------------------------------------------- | Loss from the sale of short-term | -24 | -469 | 0 | | investments | | | | -------------------------------------------------------------------------------- | Loan withdrawals | 0 | 0 | 1 547 | -------------------------------------------------------------------------------- | Loan repayments | -405 | -630 | -2 396 | -------------------------------------------------------------------------------- | Cash flow from financing activities | -705 | -1 537 | -2 226 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in liquid assets | -313 | -425 | -1 293 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RELATED PARTY TRANSACTIONS | | (EUR 1,000) | -------------------------------------------------------------------------------- | | 1-6/2009 | 1-6/2008 | 1-12/2008 | -------------------------------------------------------------------------------- | Business with parties exercising considerable control: | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Purchases from related parties | 0 | 100 | 100 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Loans to related parties | 571 | 581 | 581 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SEGMENT REPORTING | | (EUR 1,000) | -------------------------------------------------------------------------------- | | 1-6/2009 | 1-6/2008 | 1-12/2008 | -------------------------------------------------------------------------------- | SEGMENT TURNOVER | | | | -------------------------------------------------------------------------------- | | | Pro forma | Pro forma | -------------------------------------------------------------------------------- | Contract Customers Division | | | | -------------------------------------------------------------------------------- | External | 20 901 | 27 614 | 53 515 | -------------------------------------------------------------------------------- | Internal | 373 | 406 | 893 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Direct Sales Division | | | | -------------------------------------------------------------------------------- | External | 10 272 | 13 810 | 24 245 | -------------------------------------------------------------------------------- | Internal | 361 | 281 | 1 182 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Group Services | | | | -------------------------------------------------------------------------------- | External | 318 | 340 | 270 | -------------------------------------------------------------------------------- | Internal | 691 | 1 024 | 1 847 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | External turnover total | 31 491 | 41 764 | 77 830 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | SEGMENT OPERATING PROFIT | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Contract Customers Division | 334 | 581 | 1 426 | -------------------------------------------------------------------------------- | Direct Sales Division | -344 | 783 | 1 090 | -------------------------------------------------------------------------------- | Group | -64 | -88 | -252 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit total | -74 | 1 276 | 2 264 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY RATIOS PER QUARTER | -------------------------------------------------------------------------------- | | 4-6/09 | 1-3/09 | 10-12/0 | 7-9/08 | 4-6/08 | 1-3/08 | | | | | 8 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turnover | 14 746 | 16 745 | 20 154 | 16 170 | 20 706 | 19 148 | | (EUR 1,000) | | | | | | | -------------------------------------------------------------------------------- | Operating profit | 64 | -139 | 725 | 307 | 854 | 378 | | (EUR 1,000) | | | | | | | -------------------------------------------------------------------------------- | Net profit | -55 | -341 | 388 | -97 | 354 | -192 | | (EUR 1,000) | | | | | | | -------------------------------------------------------------------------------- | Earnings per | -0.01 | -0.05 | 0.06 | -0.01 | 0.05 | -0.03 | | share, euro | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TREASURY SHARES | | | | -------------------------------------------------------------------------------- | | 6/2009 | 12/2008 | 6/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Number of treasury shares held by the | 27 648 | 27 254 | 18 791 | | Group | | | | -------------------------------------------------------------------------------- | % of share capital and votes | 0.4 % | 0.4 % | 0.3 % | -------------------------------------------------------------------------------- | Nominal value of treasury shares, EUR | 11 059 | 10 901 | 7 516 | -------------------------------------------------------------------------------- | Number of issued shares at the end of | 6 607 628 | 6 607 628 | 6 507 628 | | period | | | | -------------------------------------------------------------------------------- WULFF-GROUP PLC Board of Directors www.wulff-group.com Further information: CEO Heikki Vienola tel. +358 9 5259 0050 or 050 65 110 e-mail: heikki.vienola@wulff.fi DISTRIBUTION NASDAQ OMX Helsinki www.wulff-group.com Key media
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