2011-11-10 08:00:00 CET
2011-11-10 08:00:09 CET
REGULATED INFORMATION
Wulff-Yhtiöt Oyj - Interim report (Q1 and Q3)
Wulff Group Plc's Interim Report for January 1 - September 30, 2011
Net Sales Increased and the Operating Result Turned up to a Profit
WULFF GROUP PLC
INTERIM REPORT November 10, 2011 at 9:00 A.M.
WULFF GROUP PLC'S INTERIM REPORT FOR JANUARY 1 - SEPTEMBER 30, 2011
Net Sales Increased and the Operating Result Turned up to a Profit
-- In January-September, the Group's net sales increased by 8.4 percentages
and totalled EUR 71.6 million (EUR 66.0 million). The quarter's net sales
were EUR 22.0 million (EUR 20.4 million). The reporting period's positive
development is backed with the sales operations development activities,
good performance in customer service and the efficiency improvement
initiatives managed successfully.
-- The quarter's EBITDA increased by 149 percentages up to EUR 0.57 million
from EUR 0.23 million in the comparable period. In January-September,
EBITDA increased by 451 percentages and totalled EUR 1.61 million (EUR 0.29
million).
-- The quarter's operating result turned up to a profit of EUR 0.31 million
whereas in the comparable period, the Group reported a loss of EUR -0.41
million. The nine-month operating profit of EUR 0.81 million was EUR 1.67
million better than a year ago (EUR -0.86 million).
-- Earnings per share were EUR 0.02 (EUR -0.09) for the third quarter and EUR
0.03 (EUR -0.14) for the 9-month period.
GROUP'S NET SALES AND PERFORMANCE
The Group's net sales continued growing also in July-September. The positive
sales growth and clear profit improvement have been fuelled by the sales
operations development activities and the efficiency improvement initiatives
managed successfully. The office supply markets have continued growing as has
been experience since the end of last year but the markets have not yet
recovered back to their previous years' level.
In January-September, the Group's net sales increased by 8.4 percentages and
totalled EUR 71.6 million (EUR 66.0 million). The third-quarter net sales were
EUR 22.0 million being 7.5 percentages greater than in the comparable period
(EUR 20.4 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
January-September 2011, the net sales have grown also in Finland, especially in
the office supply contract sales.
Wulff Group's CEO Heikki Vienola: ”I am very satisfied with the results from
our sales activities. Especially the Group's Scandinavian companies are doing
good job and results. The satisfied customers, sales growth and the profit
improvement tell that the direction is right. Our aim is to grow profitably and
to be our industry's top company in all Nordic countries in 2015. This requires
still a lot of work. To offer our customers the best services in the field, we
focus strongly on our service development both locally and on the Nordic level.
During whole 2011, the personnel motivation campaign ‘Full Speed Ahead'
encourages our people for profitability and customer-orientation. Our
personnel's strong commitment in our goals and their willingness to perform
well form a good base for the sales growth in the end of 2011.”
Along with the sales growth, the Group's profitability has improved positively.
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 third quarter increased by 149 percentages up to
EUR 0.57 million from EUR 0.23 million in the comparable period. EBITDA was 2.6
percentage (1.1 %) of the quarter's net sales. In January-September, EBITDA
increased by 451 percentages up to EUR 1.61 million (EUR 0.29 million) being
2.2 percentages (0.4%) of the nine-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 third quarter, the operating result was EUR 0.31 million (EUR -0.41
million) being 1.4 percentages (-2.0 %) of net sales. The nine-month operating
profit of EUR 0.81 million was EUR 1.67 million better than a year ago (EUR
-0.86 million). The nine-month operating profit was +1.1 percentages (-1.3 %)
of net sales.
In January-September 2011, the financial income and expenses totalled (net) EUR
-0.43 million (EUR +0.29 million) including dividend income of EUR 0.02 million
(EUR 0.15 million), interest expenses of EUR 0.28 million (EUR 0.19 million)
and mainly currency-related other financial items (net) of EUR -0.18 million
(EUR +0.33 million). The third-quarter financial income and expenses netted EUR
-0.16 million (EUR +0.08 million).
The result before taxes was EUR +0.15 million (EUR -0.33 million) in the third
quarter and EUR +0.38 million (EUR -0.57 million) in the whole reporting
period. The net result after taxes totalled EUR +0.12 million (EUR -0.51
million) in the third quarter and EUR +0.26 million (EUR -0.76 million) in the
whole reporting period.
The net result attributable to the equity holders of the parent company
amounted to EUR +0.11 million (EUR -0.56 million) in the third quarter and EUR
0.17 million (EUR -0.93 million) in the entire reporting period. Earnings per
share were EUR +0.02 (EUR -0.09) for the quarter and EUR +0.03 (EUR -0.14) for
the 9-month period.
Return on investment (ROI) was +0.83 percentage (-1.05 %) for the quarter and
+2.32 percentage (-1.35 %) for the 9-month period. Return on equity (ROE) was
+0.74 percentage (-3.02 %) for the quarter and +1.53 (-4.38%) 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 9-month period, the segment's net sales increased by EUR
5.1 million i.e. 9 percentages up to EUR 60.0 million (EUR 54.9 million). The
division's net sales totalled EUR 18.9 million (EUR 17.3 million) in the third
quarter. The division's third-quarter operating profit was EUR 0.61 million
being EUR 0.92 million better than in the comparable period (EUR -0.31
million). The division's nine-month operating profit was EUR 1.26 million i.e.
EUR 1.63 million better than a year ago (EUR -0.37 million) when the operating
result was impacted by the goodwill impairment of EUR 0.35 million for the fair
service company Entre Marketing Oy.
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. The Group aims
to be the Nordic market leader and the pioneer in its field. Wulff Supplies
AB's Managing Director Trond Fikseaunet is Wulff Group's Executive Board member
since March 2011. Wulff Supplies' organization was strengthened when Fredrik
Onsèr, an expert in office supplies industry, started as the Country Manager in
Sweden.
Also Wulff Oy Ab, with its operations in Finland, has increased its sales and
improved its operating profit this year. In August, Sami Asikainen started as
the Group Executive Board member and Wulff Oy Ab's Managing Director. During
its history of more than 120 years, Wulff Oy is known for being always the
pioneer in its branch in Finland. The industry's first web store
Wulffinkulma.fi's development has been positive: the number of registered
customers has been growing constantly and the average purchase is remarkably
greater than in other web stores generally. Finland's broadest office supply
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 and advertising
gift market: the majority of the products are delivered and the majority of the
annual profit is generated in the second quarter and the last quarter of the
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 January-September, the division's net sales increased by 4
percentages (EUR 0.42 million) from the comparable period's EUR 11.3 million up
to EUR 11.7 million. The division's third-quarter net sales were EUR 3.1
million (EUR 3.1 million). The sales grew and profitability improved in Sweden
and Norway. The Direct Sales Division's operating result totalled EUR 0.14
million (EUR 0.09 million) in the whole nine-month period and EUR -0.11 million
(EUR -0.02 million) in the third quarter.
In order to achieve a good profitability level and financial result, the cost
efficiency improvement initiatives will continue in all direct sales companies.
Administration will be more effective and fixed costs can be reduced after the
merger of seven Finnish subsidiaries since November 1, 2011. Simultaneously,
sales and sales support systems are in focus and sales are supported with new
methods. 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 the autumn, the Group has focused on recruitment. The autumn's marketing
campaign reached plenty of sales talents and good recruitments were made. Also
cooperation with Finnish work agency offices has been deepened with good
results. 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. Sales talent is accumulated with ongoing training during the whole
Wulff career. Wulff has formed a training program, Wulff Academy, especially
for the persons who are entering the industry for the first time or changing
jobs. 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 totalled EUR -0.33 million (EUR -1.49
million) in the third quarter and EUR -3.02 million (EUR -1.63 million) in the
entire reporting period because the working capital has increased along the
sales growth. Traditionally the operating cash flow is negative in the third
quarter when there is little sales invoicing due to summer holidays and the
holiday compensations accumulated throughout the past year are paid to the
personnel. Additionally, the inventory values are at their peek in the end of
September just before the last quarter season. In addition to the profitability
improvement initiatives, the Group aims to improve its working capital
management.
For its fixed asset investments, the Group paid a net of EUR 0.32 million (EUR
0.56 million) in the third quarter and EUR 0.53 million (EUR 1.04 million) in
the whole reporting period. In January-September, the Group paid EUR 0.98
million (EUR 0.22 million) for subsidiary and minority acquisitions made in
previous financial years.
The Group raised loan of net EUR 0.17 million (EUR 0.28 million) in the third
quarter and EUR 1.72 million (EUR -0.21 million) in the whole reporting 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 0.11 million (EUR 0.14 million).
In general, the Group's cash balance decreased by EUR -0.48 million (EUR -1.58
million) in the third quarter and by EUR -3.23 million (EUR -3.55 million) in
the whole reporting period from the beginning value of EUR 4.38 million down to
EUR 1.16 million as of September 30, 2011.
The equity attributable to the equity holders of the parent company totalled
EUR 2.37 per share (December 31, 2010: EUR 2.41) and the equity-to-assets ratio
was 39.1 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-September
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 (90,056 as of September 30, 2010) representing 1.4
percentage (1.4 %) of the total number and voting rights of Wulff shares.
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 the reporting period, the share was valued at EUR 2.25
(EUR 2.76) and the market capitalization of the outstanding shares totalled EUR
14.7 million (EUR 18.0 million).
PERSONNEL
In January-September, the Group's personnel totalled 374 (384) employees on
average. In the end of the period, the Group had 377 (391) employees of which
141 (138) 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. The personnel consists
approximately half-and-half of men and women.
In order to increase the organic growth, the Group focuses on recruiting sales
personnel. The Group has possibilities to recruit several new sales talents in
all its operational countries still during 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 the last
quarter of 2011.
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 the last quarter of 2011, 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.
As announced on July 15, 2011, the management believes the Group's net sales
grow from the level of 2010 and the operating profit excluding non-recurring
items be better than in 2010.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
INCOME STATEMENT III III I-III I-III I-IV
EUR 1000 2011 2010 2011 2010 2010
--------------------------------------------
------------------------------------
Net sales 21 971 20 435 71 603 66 035 93 107
Other operating income 37 108 214 373 467
Materials and services -14 909 -13 496 -47 478 -43 133 -60 516
Employee benefit expenses -3 914 -3 792 -13 920 -13 546 -18 617
Other operating expenses -2 618 -3 028 -8 814 -9 438 -12 866
--------------------------------------------------------------------------------
EBITDA 567 228 1 605 291 1 575
Depreciation and amortization -259 -289 -795 -802 -1 182
Impairment 0 -350 0 -350 -350
--------------------------------------------------------------------------------
Operating profit/loss 308 -411 810 -861 43
Financial income 0 177 105 690 755
Financial expenses -157 -93 -539 -400 -575
--------------------------------------------------------------------------------
Profit/Loss before taxes 151 -327 376 -571 223
Income taxes -29 -185 -122 -191 -637
================================================================================
Net profit/loss for the period 122 -513 255 -762 -415
Attributable to:
Equity holders of the parent 105 -557 166 -931 -623
company
Non-controlling interest 17 45 89 169 209
Earnings per share for profit
attributable to the equity holders
of the parent company:
Earnings per share, EUR 0,02 -0,09 0,03 -0,14 -0,10
(diluted = non-diluted)
STATEMENT OF COMPREHENSIVE INCOME III III I-III I-III I-IV
EUR 1000 2011 2010 2011 2010 2010
--------------------------------------------------------------------------------
Net profit/loss for the period 122 -513 255 -762 -415
Other comprehensive income, net of
tax
Change in translation differences -45 153 -76 93 134
Fair value changes on -44 -1 -57 -15 42
available-for-sale investments
Total other comprehensive income -90 152 -134 78 176
--------------------------------------------------------------------------------
Total comprehensive income for the 32 -360 121 -684 -238
period
Total comprehensive income
attributable to:
Equity holders of the parent 21 -451 93 -918 -540
company
Non-controlling interest 11 91 28 234 302
STATEMENT OF FINANCIAL POSITION Sept 30 Sept 30 Dec 31
EUR 1000 2011 2010 2010
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Goodwill 9 396 10 622 9 501
Other intangible assets 1 393 1 266 1 382
Property, plant and equipment 1 984 2 267 2 285
Non-current financial assets
Interest-bearing financial assets 143 571 503
Non-interest-bearing financial assets 365 321 442
Deferred tax assets 1 342 1 236 1 011
--------------------------------------------------------------------------------
Total non-current assets 14 622 16 283 15 124
Current assets
Inventories 11 848 12 300 11 740
Current receivables
Interest-bearing receivables 0 81 74
Non-interest-bearing receivables 15 659 14 859 14 708
Financial assets recognised at fair value through 63 0 0
profit/loss
Cash and cash equivalents 1 155 1 785 4 379
--------------------------------------------------------------------------------
Total current assets 28 725 29 025 30 902
================================================================================
TOTAL ASSETS 43 347 45 308 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 4 889 5 040 5 121
Non-controlling interest 1 042 1 201 1 158
--------------------------------------------------------------------------------
Total equity 16 465 16 776 16 814
Non-current liabilities
Interest-bearing liabilities 7 422 8 935 8 403
Deferred tax liabilities 116 144 136
--------------------------------------------------------------------------------
Total non-current liabilities 7 538 9 079 8 539
Current liabilities
Interest-bearing liabilities 4 631 2 018 2 425
Non-interest-bearing liabilities 14 713 17 435 18 247
--------------------------------------------------------------------------------
Total current liabilities 19 344 19 453 20 673
================================================================================
TOTAL EQUITY AND LIABILITIES 43 347 45 308 46 025
STATEMENT OF CASH FLOW III III I-III I-III I-IV
EUR 1000 2011 2010 2011 2010 2010
--------------------------------------------------------------------------------
Cash flow from operating
activities:
Cash received from sales 21 218 19 043 70 547 63 941 91 189
Cash received from other operating 43 90 115 292 339
income
Cash paid for operating expenses -21 450 -20 506 -73 200 -65 443 -89 433
--------------------------------------------------------------------------------
Cash flow from operating activities -189 -1 373 -2 539 -1 210 2 095
before financial items and income
taxes
Interest paid -84 -66 -230 -226 -274
Interest received 25 43 63 62 79
Income taxes paid -81 -97 -309 -254 -372
--------------------------------------------------------------------------------
Cash flow from operating activities -330 -1 492 -3 015 -1 628 1 528
Cash flow from investing
activities:
Investments in intangible and -378 -585 -1 041 -1 195 -1 509
tangible assets
Proceeds from sales of intangible 57 29 510 151 187
and tangible assets
Loans granted -12
Repayments of loans receivable 74 4 29
--------------------------------------------------------------------------------
Cash flow from investing activities -322 -556 -470 -1 040 -1 293
Cash flow from financing
activities:
Acquisition of own shares -1 -3 -85 -110
Dividends paid -36 -433 -469 -484
Dividends received 1 26 22 149 149
Payments for subsidiary -34 -982 -219 -219
acquisitions
Cash paid for (received from) 36 201 -63 -55 -55
short-term investments (net)
Withdrawals of long- and short-term 269 297 2 748 914 914
loans
Repayments of long-term loans -99 -19 -1 029 -1 119 -1 388
--------------------------------------------------------------------------------
Cash flow from financing activities 170 469 260 -885 -1 193
================================================================================
Change in cash and cash equivalents -481 -1 579 -3 225 -3 553 -958
Cash and cash equivalents at the 1 636 3 364 4 379 5 337 5 337
beginning of the period
Cash and cash equivalents at the 1 155 1 785 1 155 1 785 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 for Treasur Re- Total Non-con TOTAL
capita pre-mium invest- y tained trol-li
l fund ed shares earn- ng
non- ings inte-
res- rest
tricted
equity
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -211 6 562 16 886 1 117 18 003
Jan 1,
2010
Comprehens -918 -918 234 -684
ive income
*
Dividends -327 -327 -145 -472
paid
Treasury -85 -85 -85
share
acquisiti
on
Treasury 16 -16 0 0
share
disposal
Share-base 16 16 16
d payments
Changes in 4 4 -5 -1
ownership
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -281 5 321 15 575 1 201 16 776
Sept 30,
2010
Equity on 2 650 7 662 223 -211 6 562 16 886 1 117 18 003
Jan 1,
2010
Comprehens -540 -540 302 -238
ive income
*
Dividends -327 -327 -157 -484
paid
Treasury -110 -110 -110
share
acquisiti
on
Treasury 42 -42 0 0
share
disposal
Share-base 42 42 42
d payments
Changes in -294 -294 -103 -398
ownership
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -279 5 400 15 656 1 158 16 814
Dec 31,
2010
Equity on 2 650 7 662 223 -279 5 400 15 656 1 158 16 814
Jan 1,
2011
Comprehens 93 93 28 121
ive income
*
Dividends -325 -325 -108 -433
paid
Treasury -3 -3 -3
share
acquisiti
on
Share-base 3 3 3
d payments
Changes in 0 -36 -36
ownership
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -283 5 171 15 424 1 042 16 465
Sept 30,
2011
* net of tax
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEGMENT INFORMATION III III I-III I-III I-IV
EUR 1000 2011 2010 2011 2010 2010
--------------------------------------------------------------------------------
Net sales by operating segments
Contract Customers Division 18 864 17 307 59 962 54 856 77 301
Direct Sales Division 3 114 3 092 11 705 11 288 16 075
Group Services 245 292 767 1 008 1 257
Intragroup eliminations between segments -252 -256 -831 -1 118 -1 525
================================================================================
TOTAL NET SALES 21 971 20 435 71 603 66 035 93 107
Operating profit/loss by operating
segments
Contract Customers business 614 44 1 257 -23 832
Non-Recurring Impairment -350 -350 -350
--------------------------------------------------------------------------------
Contract Customers Division Total 614 -306 1 257 -373 482
Direct Sales Division Total -109 -22 137 89 324
Group Services and non-allocated items -197 -83 -585 -577 -764
================================================================================
TOTAL OPERATING PROFIT/LOSS 308 -411 810 -861 43
KEY FIGURES III III I-III I-III I-IV
EUR 1000 2011 2010 2011 2010 2010
--------------------------------------------------------------------------------
Net sales 21 971 20 435 71 603 66 035 93 107
Increase/Decrease in net sales, % 7,5 % 16,3 % 8,4 % 34,6 % 24,5 %
EBITDA 567 228 1 605 291 1 575
EBITDA margin, % 2,6 % 1,1 % 2,2 % 0,4 % 1,7 %
Operating profit/loss 308 -411 810 -861 43
Operating profit/loss margin, % 1,4 % -2,0 % 1,1 % -1,3 % 0,0 %
Profit/Loss before taxes 151 -327 376 -571 223
Profit/Loss before taxes margin, % 0,7 % -1,6 % 0,5 % -0,9 % 0,2 %
Net profit/loss for the period 105 -557 166 -931 -623
attributable to equity holders of
the parent company
Net profit/loss for the period, % 0,5 % -2,7 % 0,2 % -1,4 % -0,7 %
Earnings per share, EUR (diluted = 0,02 -0,09 0,03 -0,14 -0,10
non-diluted)
Return on equity (ROE), % 0,74 % -3,02 % 1,53 % -4,38 % -2,38 %
Return on investment (ROI), % 0,83 % -1,05 % 2,32 % -1,35 % 1,75 %
Equity-to-assets ratio at the end 39,1 % 37,3 % 39,1 % 37,3 % 37,0 %
of period, %
Debt-to-equity ratio at the end of 65,3 % 50,8 % 65,3 % 50,8 % 34,9 %
period
Equity per share at the end of 2,37 2,39 2,37 2,39 2,41
period, EUR *
Investments in non-current assets 358 585 932 1 195 1 619
Investments in fixed assets, % of 1,6 % 2,9 % 1,3 % 1,8 % 1,7 %
net sales
Treasury shares held by the Group 90 000 90 056 90 000 90 056 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 371 386 374 384 384
period
Personnel at the end of period 377 391 377 391 370
* Equity attributable to the equity holders of the parent company / Number of
shares excluding the acquired own shares
QUARTERLY KEY FIGURES III II I IV III II I
EUR 1000 2011 2011 2011 2010 2010 2010 2010
--------------------------------------------------------------------------------
Net sales 21 971 24 390 25 242 27 073 20 435 24 016 21 584
EBITDA 567 756 282 1 284 228 2 61
Operating profit/loss 308 491 10 903 -411 -289 -160
Profit/Loss before taxes 151 318 -93 794 -327 -200 -43
Net profit/loss for the 105 241 -180 308 -557 -134 -240
period
Earnings per share, EUR 0,02 0,04 -0,03 0,05 -0,09 -0,02 -0,04
(diluted = non-diluted)
RELATED PARTY TRANSACTIONS III III I-III I-III I-IV
EUR 1000 2011 2010 2011 2010 2010
---------------------------------------------------------------------
Sales to related parties 55 21 154 68 93
Purchases from related parties 5 91 23 100 114
Loan receivables from related parties 0 566 0 566 566
Loan payables to related parties 0 492 0 492 492
COMMITMENTS Sept 30 Sept 30 Dec 31
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 212 245 289
companies' liabilities
Current receivables pledged as security for group 254 255
companies' liabilities
Pledges and guarantees given for the group companies' 219 227 221
off-balance sheet commitments
Guarantees given on behalf of third parties 191 280 236
Minimum future operating lease payments 6 046 7 134 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.
After the previous release, the presentation of the cash flow statement has
been changed and now the cash flow from financial activities includes the
additional acquisition price payments and minority acquisition prices for deals
made after the Group has originally acquired the majority control in the
subsidiary. Previously all payments for subsidiary acquisitions were presented
in the cash flow from investing activities. This new way of presentation is
better in line with IFRS guidelines.
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 November 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
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