2012-11-08 08:00:03 CET
2012-11-08 08:00:12 CET
REGULATED INFORMATION
Wulff-Yhtiöt Oyj - Interim report (Q1 and Q3)
Wulff Group Plc's Interim Report for January 1 - September 30, 2012
Net Sales Decreased, Net Profit Increased
WULFF GROUP PLC
INTERIM REPORT November 8, 2012 at 9:00 A.M.
WULFF GROUP PLC'S INTERIM REPORT FOR JANUARY 1 - SEPTEMBER 30, 2012
Net Sales Decreased, Net Profit Increased
-- In January-September, the Group's net sales decreased by 9 percentages down
to EUR 65.1 million from last year's EUR 71.6 million. The quarter's net
sales were EUR 19.8 million (EUR 22.0 million).
-- In January-September, EBITDA was EUR 1.31 million (EUR 1.61 million) being
2.0 percentages (2.2 %) of net sales. In the third quarter, EBITDA was EUR
0.47 million (EUR 0.57 million) being 2.4 percentages (2.6 %) of net sales.
-- In January-September, the operating profit (EBIT) was EUR 0.50 (EUR 0.81
million) being 0.8 percentages (1.1 %) of net sales. In the third quarter,
EBIT was EUR 0.17 million (EUR 0.31 million) being 0.9 percentages (1.4 %)
of net sales.
-- The net profit after taxes rose up to a profit of EUR 0.40 million (EUR
0.26 million) in January-September. The net profit was EUR 0.17 million
(EUR 0.12 million) in the third quarter.
-- Earnings per share (EPS) were EUR 0.05 (EUR 0.03) in January-September and
EUR 0.02 (EUR 0.02) in the third quarter.
GROUP'S NET SALES AND RESULT PERFORMANCE
In January-September, the Group's net sales decreased by 9 percentages down to
EUR 65.1 million from last year's EUR 71.6 million. The quarter's net sales
were EUR 19.8 million (EUR 22.0 million). The general economic situation and
the decrease in the products' demand have led to the decrease in net sales. The
reorganisations and operational optimisations in our corporate customers have
decreased the demand for the Group's products.
In January-September, EBITDA was EUR 1.31 million (EUR 1.61 million) being 2.0
percentages (2.2 %) of net sales. In the third quarter, EBITDA was EUR 0.47
million (EUR 0.57 million) being 2.4 percentages (2.6 %) of net sales. In
January-September, the operating profit (EBIT) was EUR 0.50 (EUR 0.81 million)
being 0.8 percentages (1.1 %) of net sales. In the third quarter, EBIT was EUR
0.17 million (EUR 0.31 million) being 0.9 percentages (1.4 %) of net sales.
In January-September, profitability improved in the Contract Customers Division
and especially Wulff Entre, the company providing fair services, made a clear
result improvement compared to 2011. Finland's business and advertising gift
businesses as well as the Scandinavian direct sales business were strengthened
by merging and reorganising operations, which brought non-recurring expenses of
EUR 0.1 million in the reporting period. The Group continues to review its
expense structure and optimise its operations to improve the profitability of
its businesses.
Wulff Group's CEO Heikki Vienola: ”We have invested heavily in the development
of our operations. Our customers have wished for more opportunities to
centralize all their office supply purchases. They also want more eco-friendly
services than before. Wulff's solutions offer the customers more cost savings
and efficient purchase management. The customers' purchase process becoming
even more diversified is a phenomenon that we have to consider and respect. We
want to offer our customers the opportunity to do business with Wulff in the
most convenient channel, whether it is the customer-specific service model,
private meetings, webstore or a street-level shop. Here at Wulff, we think that
customer orientation is the freedom to choose the purchase channel based on
one's own needs and preferences. Wulff has developed the Wulff brand, sales
networks and the whole service range, according to the strategy. In August
2012, renewed Wulffinkulma stores were opened in Helsinki and Turku. We will
ensure a good result with our strategic focusing on profitable business and
operational efficiency. This year we have been able to increase our
equity-to-assets ratio by more than four percentages by increasing equity and
by lowering the capital tied in.”
In January-September, the financial income and expenses totalled (net) EUR
-0.03 million (EUR -0.43 million) including dividend income of EUR 0.02 million
(EUR 0.02 million), interest expenses of EUR 0.20 million (EUR 0.28 million)
and mainly currency-related other financial items (net) EUR +0.15 million
(EUR -0.18 million). The quarter's financial income and expenses netted EUR
+0.01 million (EUR -0.16 million).
In January-September, the result before taxes rose up to EUR 0.47 million (EUR
0.38 million) and the net profit after taxes rose up to a profit of EUR 0.40
million being EUR 0.14 million better than in January-September 2011 (EUR 0.26
million). The quarter's result before taxes was EUR 0.18 million (EUR 0.15
million) and net profit after taxes was EUR 0.17 million (EUR 0.12 million).
Earnings per share (EPS) were EUR 0.05 (EUR 0.03) in January-September and EUR
0.02 (EUR 0.02) in the third quarter.
Return on investment (ROI) was 2.48 percentage (2.32 %) for the whole reporting
period and 0.98 percentage (0.83 %) in the third quarter. Return on equity
(ROE) was 2.31 percentage (1.53 %) for the whole reporting period and 1.00
percentage (0.74 %) in the third quarter.
CONTRACT CUSTOMERS DIVISION
The Contract Customers Division is the customer's comprehensive partner in the
field of office supplies, IT supplies, business and promotional gifts as well
as international fair services. The segment's net sales were EUR 55.1 million
(EUR 60.0 million) in January-September and EUR 17.1 million (EUR 18.9 million)
in the third quarter. The division's operating profit was EUR 1.29 (EUR 1.26
million) in January-September and EUR 0.43 million (EUR 0.61 million) in the
third quarter.
The general economic situation and the decrease in the products' demand have
led to the decrease in net sales. The Group's webstore Wulffinkulma.fi has
shown good growth and profit increase, and it is an important investment for
the future bringing quick results. Wulff has developed the Wulff brand, sales
networks and the whole service range, according to the strategy. In August
2012, renewed Wulffinkulma stores were opened in Helsinki and Turku. For the
first time, the stores exhibit the Group's entire product range. In addition to
office supplies and business gifts, the stores exhibit Wulff's Green products
and recycling centres. Wulffinkulma stores serve local small and medium-sized
corporate customers, entrepreneurs and consumers. In September, Wulff's service
concept in Åland was also renewed.
Wulff Entre, the company offering international fair services, continued to
make good result by focusing on profitable services and its special expertise
in the international fair services. Investing in sales and its development has
resulted in both stronger customer relationships and an increase in clientele.
In 2012, Wulff Entre exports Finnish companies' know-how to more than 30
countries. Wulff Entre is the market leader in Finland in its field and there
has been a solid trust in Entre's ability to find the right international
venues for over 90 years.
The division's result is affected by the cycles of the business and promotional
gift market: the majority of the products are delivered and the majority of the
annual profit is generated in the second and the last quarter of the year.
Wulff Group's business gift companies, Finland's two oldest business and
promotional gift companies, Ibero Liikelahjat Oy and KB-tuote Oy, merged into
Wulff Liikelahjat Oy in spring 2012. Wulff Liikelahjat Oy's goal is to be the
biggest and strongest player in Finland's business gift industry. The merging
and development of the Group's business gift operations brought non-recurring
expenses of EUR 0.1 million in the reporting period. According to the Group's
strategy, it is very important to invest in the constant development of
services and renew the Group structure when necessary. The company's new
showroom and office premises are located near great transport connections in
Ruoholahti, Helsinki.
DIRECT SALES DIVISION
The Direct Sales Division aims to improve its customers' daily operations with
innovative products as well as the industry's most professional personal and
local service. The division's net sales were EUR 10.0 million (EUR 11.7
million) in January-September and EUR 2.6 million (EUR 3.1 million) in the
third quarter. The operating result totalled EUR -0.14 million (EUR 0.14
million) in January-September and EUR -0.05 million (EUR -0.11 million) in the
third quarter. The result was affected by e.g. the reorganisation costs of the
Scandinavian direct sales operations, among other things.
The Division's profitability is improved by concentrating on profitable product
and service fields and by optimising the operations' efficiency. Wulff invests
strongly in the development of the product and service range and aims to
increase the synergy of the purchasing operations by group wide competitive
bidding and cooperation. Unifying the sales support systems and introducing the
new CRM program are important investments for the future. Up-to-date and
unified tools and systems save time and facilitate the sales work leaving more
time for customer service.
The number and the skill level of the sales personnel affect especially the
performance of Direct Sales. New sales personnel are being actively recruited
by, for example, campaigning in the social media. Wulff's own introduction and
training programmes ensure that every sales person gets both a comprehensive
starting training and further education on how to improve one's own know-how.
FINANCING, INVESTMENTS AND FINANCIAL POSITION
The cash flow from operating activities was EUR -0.56 million (EUR -3.07
million) in the whole reporting period and EUR -0.92 million (EUR -0.35
million) in the third quarter. In this industry it is typical that the result
and cash flow are generated in the last quarter. Traditionally cash flow is
negative in July-September when sales invoicing is minimal due to summer
holidays and the personnel are paid their yearly holiday pays. A total of EUR
1.3 million less working capital was tied in the inventories than a year ago.
For its fixed asset investments, the Group paid a net of EUR 0.56 million (EUR
0.53 million) in the entire reporting period and EUR 0.24 million (EUR 0.32
million) in the third quarter. Wulff Group Plc paid its shareholders dividends
of EUR 0.46 million (EUR 0.33 million) and additionally the subsidiaries'
non-controlling shareholders were paid dividends of EUR 0.07 million (EUR 0.11
million). The Group paid EUR 0.05 million for the acquisitions and disposals of
non-controlling interests in Wulff Supplies AB and Wulff Direct AS to the
subsidiaries' key personnel in the first half of 2012.
In total, the Group's cash flow was EUR -1.43 million (EUR -3.28 million) in
the entire reporting period and EUR -0.38 million (EUR -0.50 million) in the
third quarter. The Group's bank and cash funds totalled EUR 2.46 million in the
beginning of the year and EUR 1.14 million in the end of September 2012.
In January-September, the equity-to-assets ratio increased to 43.5 percentages
(December 31, 2011: 40.3 %). Equity attributable to the equity holders of the
parent company was EUR 2.46 per share (December 31, 2011: EUR 2.45).
SHARES AND SHARE CAPITAL
Wulff Group Plc's share is listed on NASDAQ OMX Helsinki in the Small Cap
segment under the Industrials sector. The company's trading code is WUF1V. In
the end of the reporting period, the share was valued at EUR 2.00 (EUR 2.25)
and the market capitalization of the outstanding shares totalled EUR 13.0
million (EUR 14.7 million).
This year no own shares have been reacquired. As a part of the Group's
share-based incentive scheme, Wulff Group granted 5.000 own shares to a key
person. In the end of the reporting period, the Group held 85.000 (September
30, 2011: 90.000) own shares representing 1.3 percentage (1.4 %) of the total
number and voting rights of Wulff shares. According to the Annual General
Meeting's authorisation on April 23, 2012, the Board of Directors decided in
its organizing meeting to continue the acquisition of its own shares, by
acquiring a maximum of 300.000 own shares by April 30, 2013.
PERSONNEL
In January-September 2012, the Group's personnel totalled 345 (374) employees
on average. In the end of the period, the Group had 330 (377) employees of
which 132 (141) persons were employed in Sweden, Norway, Denmark or Estonia.
The majority, approximately 60 percentages of the Group's personnel works in
sales operations and approximately 40 percentages of the employees work in
sales support, logistics and administration. The personnel consists
approximately half-and-half of men and women.
The Group has renewed its training and development programs. Wulff Talent,
launched in 2012, is the Group's own training program for almost 30 key person.
Wulff Talent improves leadership skills and develops new business operations.
STRENGTHENING OF THE GROUP EXECUTIVE BOARD
In September 2012, Topi Ruuska (born 1956) was appointed as a member of the
Wulff Group Executive Board. Ruuska's responsibilities include international
fair services as well as business and advertising gift services. Wulff Entre is
a company specialising in international fair services and it exports Finnish
companies and their know-how to different countries. Wulff Liikelahjat Oy
offers its customers the best Finnish business gift knowledge, a vast number of
ideas and the industry's most comprehensive product range.
Ruuska has worked in Wulff Group since April 2011 and in collaboration with
Wulff companies since 2009. Ruuska has a long, over 30-year experience in sales
development and leadership; he has also worked as a sales coach for a long
time. The Group Executive Board has now strong knowledge of all our businesses
which enables the development of our broad service concept even better.
In addition to Ruuska, Wulff Group Executive Board members are Group CEO Heikki
Vienola (Chairman, Finland), Wulff Oy Ab's Managing Director Sami Asikainen
(Finland), Wulff Supplies AB's Managing Director Trond Fikseaunet (Norway),
Group CFO Kati Näätänen (Finland), Group Communications and Marketing Director
Tarja Törmänen (Finland) and Wulff Direct Sales Scandinavia's Director Veijo
Ågerfalk (Sweden).
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.
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 come from other than euro-currency countries.
Fluctuation of the currencies affects 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.
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.
Based on the Group management's outlook for 2012 (stock exchange release on
July 17, 2012), the annual net sales will decrease from last year's level
(2011: EUR 99 million) but the Group has still good opportunities to increase
the operating profit excluding non-recurring items (2011: EUR 1.6 million) due
to the cost-efficiency improvement actions taken. Typically in the industry,
the annual profit is made in the last quarter of the year.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
INCOME STATEMENT III III I-III I-III I-IV
EUR 1000 2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Net sales 19 768 21 971 65 133 71 603 99 129
Other operating income 25 37 147 214 238
Materials and services -13 054 -14 909 -42 016 -47 478 -65 532
Employee benefit expenses -3 829 -3 914 -13 767 -13 920 -19 204
Other operating expenses -2 440 -2 618 -8 188 -8 814 -11 942
--------------------------------------------------------------------------------
EBITDA 470 567 1 310 1 605 2 689
Depreciation and amortization -296 -259 -814 -795 -1 095
--------------------------------------------------------------------------------
Operating profit/loss 174 308 496 810 1 595
Financial income 176 0 302 105 182
Financial expenses -166 -157 -333 -539 -637
--------------------------------------------------------------------------------
Profit/Loss before taxes 184 151 465 376 1 139
Income taxes -13 -29 -67 -122 -320
================================================================================
Net profit/loss for the period 171 122 398 255 819
Attributable to:
Equity holders of the parent 150 105 348 166 634
company
Non-controlling interest 21 17 49 89 185
Earnings per share for profit
attributable to the equity holders
of the parent company:
Earnings per share, EUR 0,02 0,02 0,05 0,03 0,10
(diluted = non-diluted)
STATEMENT OF COMPREHENSIVE INCOME III III I-III I-III I-IV
EUR 1000 2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Net profit/loss for the period 171 122 398 255 819
Other comprehensive income, net of
tax
Change in translation differences 139 -45 228 -76 34
Fair value changes on 1 -44 -4 -57 -4
available-for-sale investments
Total other comprehensive income 140 -90 224 -134 30
--------------------------------------------------------------------------------
Total comprehensive income for the 311 32 622 121 849
period
Total comprehensive income
attributable to:
Equity holders of the parent 259 21 510 93 663
company
Non-controlling interest 52 11 111 28 186
STATEMENT OF FINANCIAL POSITION Sept 30 Sept 30 Dec 31
EUR 1000 2012 2011 2011
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Goodwill 9 574 9 396 9 467
Other intangible assets 1 310 1 393 1 355
Property, plant and equipment 2 030 1 984 2 102
Non-current financial assets
Interest-bearing financial assets 69 143 97
Non-interest-bearing financial assets 362 365 367
Deferred tax assets 1 850 1 342 1 621
--------------------------------------------------------------------------------
Total non-current assets 15 195 14 622 15 008
Current assets
Inventories 10 164 11 453 10 860
Current receivables
Interest-bearing receivables 39 0 51
Non-interest-bearing receivables 15 684 16 054 16 066
Financial assets recognised at fair value through 71 63 56
profit/loss
Cash and cash equivalents 1 135 1 155 2 464
--------------------------------------------------------------------------------
Total current assets 27 094 28 725 29 497
================================================================================
TOTAL ASSETS 42 289 43 347 44 505
EQUITY AND LIABILITIES
Equity
Equity attributable to the equity holders of the
parent company:
Share capital 2 650 2 650 2 650
Share premium fund 7 662 7 662 7 662
Invested unrestricted equity fund 223 223 223
Retained earnings 5 519 4 889 5 461
Non-controlling interest 1 183 1 042 1 198
--------------------------------------------------------------------------------
Total equity 17 237 16 465 17 195
Non-current liabilities
Interest-bearing liabilities 6 417 7 422 7 409
Deferred tax liabilities 122 116 128
--------------------------------------------------------------------------------
Total non-current liabilities 6 539 7 538 7 537
Current liabilities
Interest-bearing liabilities 3 397 4 631 2 135
Non-interest-bearing liabilities 15 116 14 713 17 639
--------------------------------------------------------------------------------
Total current liabilities 18 513 19 344 19 773
================================================================================
TOTAL EQUITY AND LIABILITIES 42 289 43 347 44 505
STATEMENT OF CASH FLOW III III I-III I-III I-IV
EUR 1000 2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Cash flow from operating
activities:
Cash received from sales 19 360 21 218 65 728 70 547 98 153
Cash received from other operating 16 43 38 115 130
income
Cash paid for operating expenses -20 165 -21 473 -65 729 -73 251 -96 462
--------------------------------------------------------------------------------
Cash flow from operating activities -790 -212 38 -2 590 1 821
before financial items and income
taxes
Interest paid -68 -84 -149 -230 -278
Interest received 4 25 36 63 93
Income taxes paid -67 -81 -482 -309 -605
--------------------------------------------------------------------------------
Cash flow from operating activities -921 -353 -557 -3 066 1 031
Cash flow from investing
activities:
Investments in intangible and -254 -324 -771 -987 -1 253
tangible assets
Proceeds from sales of intangible 14 3 216 456 456
and tangible assets
Loans granted -6 -12 -12
Repayments of loans receivable 3 8 74 74
--------------------------------------------------------------------------------
Cash flow from investing activities -237 -322 -553 -470 -735
Cash flow from financing
activities:
Acquisition of own shares -3 -3
Dividends paid -36 -531 -433 -433
Dividends received 1 20 22 40
Payments for subsidiary share -129 -982 -982
acquisitions
Payments received for subsidiary 81
share disposals
Cash paid for (received from) -28 36 -32 -63 -56
short-term investments (net)
Withdrawals and repayments of 1 316 269 1 472 2 748 173
short-term loans
Withdrawals of long-term loans 355 385
Repayments of long-term loans -512 -99 -1 556 -1 029 -1 348
--------------------------------------------------------------------------------
Cash flow from financing activities 776 170 -321 260 -2 226
================================================================================
Change in cash and cash equivalents -383 -504 -1 431 -3 276 -1 930
Cash and cash equivalents at the 1 469 1 636 2 464 4 379 4 379
beginning of the period
Translation difference of cash 49 23 102 51 15
Cash and cash equivalents at the 1 135 1 155 1 135 1 155 2 464
end of the period
STATEMENT OF CHANGES IN EQUITY
EUR 1000 Equity attributable to equity holders of the parent company
Fund
for in
vested Trans Re Non
Share non-re lation tai cont
pre strict diffe ned rollin
g
* net of Share mium ed Own ren Earn inte
tax
capita fund equity shares ces ings Total rest TOTAL
l
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -279 -149 5 549 15 656 1 158 16 814
Jan 1,
2011
Net profit 166 166 89 255
/ loss
for the
period
Other
comprehen
s.
income*:
Change in -15 -15 -61 -76
translati
on diff
Fair value -57 -57 -57
changes
on
available-
for-sale
investment
s
--------------------------------------------------------------------------------
Comprehens 0 0 0 0 -15 109 94 28 121
ive income
*
Dividends -325 -325 -108 -433
paid
Treasury -3 -3 -3
share
acquisiti
on
Share- 3 3 3
based
payments
Changes in 0 -36 -36
ownership
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -283 -164 5 335 15 424 1 042 16 466
Sept 30,
2011
Equity on 2 650 7 662 223 -279 -149 5 549 15 656 1 158 16 814
Jan 1,
2011
Net profit 634 634 185 819
/ loss
for the
period
Other
comprehen
s.
income*:
Change in 33 33 1 34
translati
on diff
Fair value -4 -4 -4
changes
on
available-
for-sale
investment
s
--------------------------------------------------------------------------------
Comprehens 0 0 0 0 33 630 663 186 849
ive income
*
Dividends -325 -325 -110 -435
paid
Treasury -3 -3 -3
share
acquisiti
on
Share- 5 5 5
based
payments
Changes in 0 -36 -36
ownership
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -283 -116 5 860 15 996 1 198 17 195
Dec 31,
2011
Equity on 2 650 7 662 223 -283 -116 5 860 15 996 1 198 17 195
Jan 1,
2012
Net profit 348 348 49 398
/ loss
for the
period
Other
comprehen
s.
income*:
Change in 166 166 62 228
translati
on diff
Fair value -4 -4 -4
changes
on
available-
for-sale
investment
s
--------------------------------------------------------------------------------
Comprehens 0 0 0 0 166 345 510 111 622
ive income
*
Dividends -457 -457 -78 -535
paid
Treasury 11 -11 0 0
share
disposal
Share- 4 4 4
based
payments
Changes in 0 -48 -48
ownership
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -272 50 5 741 16 054 1 183 17 237
Sept 30,
2012
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEGMENT INFORMATION III III I-III I-III I-IV
EUR 1000 2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Net sales by operating segments
Contract Customers Division 17 105 18 864 55 058 59 962 82 542
Direct Sales Division 2 573 3 114 10 019 11 705 16 397
Group Services 255 245 843 767 1 138
Intersegment eliminations -165 -252 -787 -831 -948
================================================================================
TOTAL NET SALES 19 768 21 971 65 133 71 603 99 129
Operating profit/loss by operating
segments
Contract Customers Division 431 614 1 285 1 257 2 136
Direct Sales Division -49 -109 -138 137 215
Group Services and non-allocated items -208 -197 -652 -585 -756
================================================================================
TOTAL OPERATING PROFIT/LOSS 174 308 496 810 1 595
KEY FIGURES III III I-III I-III I-IV
EUR 1000 2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Net sales 19 768 21 971 65 133 71 603 99 129
Change in net sales, % -10,0 % 7,5 % -9,0 % 8,4 % 6,5 %
EBITDA 470 567 1 310 1 605 2 689
EBITDA margin, % 2,4 % 2,6 % 2,0 % 2,2 % 2,7 %
Operating profit/loss 174 308 496 810 1 595
Operating profit/loss margin, % 0,9 % 1,4 % 0,8 % 1,1 % 1,6 %
Profit/Loss before taxes 184 151 465 376 1 139
Profit/Loss before taxes margin, % 0,9 % 0,7 % 0,7 % 0,5 % 1,1 %
Net profit/loss for the period 150 105 348 166 634
attributable to equity holders of
the parent company
Net profit/loss for the period, % 0,8 % 0,5 % 0,5 % 0,2 % 0,6 %
Earnings per share, EUR (diluted = 0,02 0,02 0,05 0,03 0,10
non-diluted)
Return on equity (ROE), % 1,00 % 0,74 % 2,31 % 1,53 % 4,82 %
Return on investment (ROI), % 0,98 % 0,83 % 2,48 % 2,32 % 5,45 %
Equity-to-assets ratio at the end 43,5 % 39,1 % 43,5 % 39,1 % 40,3 %
of period, %
Debt-to-equity ratio at the end of 49,7 % 65,3 % 49,7 % 65,3 % 40,3 %
period
Equity per share at the end of 2,46 2,37 2,46 2,37 2,45
period, EUR *
Investments in non-current assets 233 358 752 932 1 167
Investments in non-current assets, 1,2 % 1,6 % 1,2 % 1,3 % 1,2 %
% of net sales
Treasury shares held by the Group 85 000 90 000 85 000 90 000 90 000
at the end of period
Treasury shares, % of total share 1,3 % 1,4 % 1,3 % 1,4 % 1,4 %
capital and votes
Number of total issued shares at 6607628 6607628 6607628 6607628 6607628
the end of period
Personnel on average during the 326 371 345 374 365
period
Personnel at the end of period 330 377 330 377 359
* 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 2012 2012 2012 2011 2011 2011 2011
--------------------------------------------------------------------------------
Net sales 19 768 22 039 23 326 27 526 21 971 24 390 25 242
EBITDA 470 364 476 1 084 567 756 282
Operating profit/loss 174 106 216 785 308 491 10
Profit/Loss before taxes 184 58 223 763 151 318 -93
Net profit/loss for the 150 25 174 468 105 241 -180
period attributable to
the equity holders of
the parent company
Earnings per share, EUR 0,02 0,00 0,03 0,07 0,02 0,04 -0,03
(diluted = non-diluted)
RELATED PARTY TRANSACTIONS III III I-III I-III I-IV
EUR 1000 2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Sales to related parties 46 61 137 159 184
Purchases from related parties 38 5 47 23 30
Current non-interest-bearing receivables from 0 0 0 0 6
related parties
Non-current interest-bearing receivables from 59 102 59 102 87
related parties
Loan payables to related parties 0 0 0 0 0
COMMITMENTS Sept 30 Sept 30 Dec 31
EUR 1000 2012 2011 2011
-----------------------------------------------------------------------------
Mortgages and guarantees on own behalf
Business mortgage for the Group's loan liabilities 7 350 7 350 7 350
Real estate pledge for the Group's loan liabilities 900 900 900
Subsidiary shares pledged as security 3 284 3 284 3 284
for group companies' liabilities
Other listed shares pledged as security 210 212 215
for group companies' liabilities
Current receivables pledged as security 271 254 258
for group companies' liabilities
Pledges and guarantees given for the 232 219 222
group companies' off-balance sheet
commitments
Guarantees given on behalf of third parties 130 191 176
Minimum future operating lease payments 6 126 6 046 5 861
Accounting principles applied in the condensed consolidated financial statements
These condensed consolidated financial statements are unaudited. This report
has been prepared in accordance with IAS 34 following the valuation and
accounting methods guided by IFRS principles. The accounting principles used in
the preparation of this report are consistent with those described in the
previous year's Financial Statement taking into account also the possible new,
revised and amended standards and interpretations. Income tax is the amount
corresponding to the actual effective rate based on year-to-date actual tax
calculation.
The IFRS principles require the management to make estimates and assumptions
when preparing financial statements. Although these estimates and assumptions
are based on the management's best knowledge of today, the final outcome may
differ from the estimated values presented in the financial statements.
A part of the Group's loan agreements include covenants, according to which the
equity ratio shall be 35 percentages at minimum and the interest-bearing
debt/EBITDA ratio shall be 3.5 at maximum in the end of each financial year. On
December 31, 2011 the covenants were reached successfully. The equity ratio of
40.3 % exceeded the requirement and the interest-bearing debt/EBITDA ratio was
3.5 in accordance with the covenant requirement.
The Group has no knowledge of any significant events after the end of the
financial period that would have had a material impact on this report in any
other way that has been already discussed in the review by the Board of
Directors.
In Vantaa on November 7, 2012
WULFF GROUP PLC
BOARD OF DIRECTORS
Further information:
CEO Heikki Vienola
tel. +358 9 5259 0050 or mobile: +358 50 65 110
e-mail: heikki.vienola@wulff.fi
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