2011-05-06 08:00:00 CEST
2011-05-06 08:00:05 CEST
REGULATED INFORMATION
Wulff-Yhtiöt Oyj - Interim report (Q1 and Q3)
WULFF GROUP PLC'S INTERIM REPORT FOR JANUARY 1 - MARCH 31, 2011
WULFF GROUP PLC
INTERIM REPORT May 6, 2011 at 9:00 A.M.
WULFF GROUP PLC'S INTERIM REPORT FOR JANUARY 1 - MARCH 31, 2011
-- Net sales increased by 16.9 percentages and totalled EUR 25.2 million (EUR
21.6 million) in the first quarter. The markets' turn-up in the late 2010
has continued in the first quarter of 2011 and additionally the Group has
won new customers in all its operational countries.
-- EBITDA in the first quarter increased to EUR 0.28 million from EUR 0.06
million in the comparable period.
-- In the first quarter, the operating profit was EUR 0.01 million whereas in
the comparable period the result was a loss of EUR 0.16 million.
-- The result after financial items and taxes remained negative at EUR -0.16
million (EUR -0.09 million). Loss per share for the quarter (EUR -0.03) was
smaller than in the comparable period (EUR -0.04).
GROUP'S NET SALES AND PERFORMANCE
Net sales increased by 16.9 percentages and totalled EUR 25.2 million (EUR 21.6
million) in the first quarter. Focusing on sales and new customer hunting
affected the sales growth and the result. The majority of the sales growth was
gained in Scandinavia.
Wulff Group's CEO Heikki Vienola: “Our sales improved positively in the first
quarter. Our customers ask their partners for even broader services in the
field of office supplies, and thus one of our focus in 2011 is to develop our
services both locally and in pan-Nordic direction. With the good combination of
our concepts, the contract sales and the direct sales, we can provide our
customers with the industry's most innovative and broadest services. The
constant development initiatives ensure our services to be the best in the
industry.”
To strengthen its competitive edge and increase its visibility, Wulff launched
a brand redesign in March. Instead of previous independent brands, the common
Wulff brand and visuality show the customers and stakeholders that the Group
companies make together one, greater player in the industry. The redesign
improves also marketing cost effectiveness as all brands support each other.
The Group's brand strategy aims to make Wulff the most well-known brand in
office supplies in the Nordic countries by year 2015.
Wulff Group's CEO Heikki Vienola: “Wulff Group's brand redesign launched in
March supports well our operations and strategy. The Group companies will be
recognised by their identical visual look and black-and-white colours. We have
received good feedback of the redesign from our customers and partners because
now our customers recognize us, the reliable high-quality supplier, already in
the first glance.”
The general market improvement fuelled the positive sales growth in the
beginning of 2011. The markets' turn-up in the late 2010 has continued in the
first quarter of 2011 and additionally the Group has won new customers in all
its operational countries. However, the markets have not yet recovered back to
their previous years' level and the Group management believe the market
improvement to continue in 2011.
EBITDA in the first quarter increased to EUR 0.28 million from EUR 0.06 million
in the comparable period. EBITDA was 1.1 percentage (0.3 %) of the quarter's
net sales. The Group, focusing on gross margin increase and continuing review
of its cost structure and performance efficiency, aims to improving all its
businesses' profitability.
In the first quarter, the operating profit was EUR 0.01 million whereas in the
comparable period the result was a loss of EUR 0.16 million. The operating
result was +0.0 percentages (-0.7 %) of net sales.
In the first quarter, the financial income and expenses totalled (net) EUR
-0.10 million (EUR +0.12 million) including dividend income of EUR 0.02 million
(EUR 0.10 million), interest expenses of EUR 0.08 million (EUR 0.06 million)
and other financial items (net) of EUR -0.05 million (EUR +0.07 million).
The first-quarter result before taxes was EUR -0.09 million (EUR -0.04
million). The net result after financial items and taxes totalled a loss of EUR
0.16 million (EUR -0.09 million).
In the first quarter, the net result attributable to the equity holders of the
parent company amounted to EUR -0.18 million (EUR -0.24 million). Loss per
share for the quarter (EUR -0.03) was smaller than in the comparable period
(EUR -0.04).
Return on investment (ROI) was -0.06 percentage (+0.04 %) and return on equity
(ROE) was -0.97 percentage (-0.49 %) for the first quarter.
CONTRACT CUSTOMERS DIVISION
The Contract Customers Division is a comprehensive partner for customers in the
field of office supplies, business and promotional gifts as well as fair and
event marketing services. In the first quarter, the segment's net sales
increased by EUR 3.4 million i.e. 19 percentages up to EUR 21.0 million (EUR
17.6 million).
The majority of the division's sales growth was made by Wulff Supplies with its
operations in Scandinavia as it has managed to both increase its market share
and win new customers constantly. The new efficient logistics centre opened in
Ljungby, Southern Sweden, last year, enables better customer service and future
growth. In March 2011, Wulff Group's Executive Board was strengthened with
Wulff Supplies AB's Managing Director Trond Fikseaunet's strong knowledge of
the Scandinavian office supply industry. The integration of Wulff Supplies with
Wulff Group has continued successfully and the Group has good possibilities to
serve even more Nordic customers in the future.
Also Wulff Oy, with its operations in Finland, and its subsidiary Torkkelin
Paperi Oy operating in Lahti area, have increased their sales in the first
quarter of 2011. During the past 120 years, Wulff Oy is known for being the
pioneer in its branch in Finland. Wulff has invested remarkably in the
development of its e-services. For instance, the webstore Wulffinkulma.fi is
marketed innovatively by the Group's qualified direct sales persons. Personal
sales activities are targeted to reach also those customers who have not yet
made active purchases in the web. The webstore serves its customers with a
range of nearly 4,000 products.
The Contract Customers Division increased its operating profit up to EUR 0.12
million (EUR 0.04 million) in the first quarter. The improvement of the general
economic situation can be seen in the grown demand for business and promotional
gifts and in the increase of the Group's gift companies' order backlog. The
division's result is affected by the cycles of the business gift market: the
majority of the products are delivered and the majority of the annual profit is
generated during the second and last quarters of the year.
DIRECT SALES DIVISION
The Direct Sales Division aims to improve its customers' daily operations with
innovative products and the industry's most professional personal, local
service. In the first quarter, the division's net sales increased by 6
percentages (EUR 0.25 million) from the comparable period's EUR 4.0 million up
to EUR 4.3 million. The sales grew and profitability improved especially in
Sweden and Norway. In the first quarter, the Direct Sales Division's operating
profit totalled EUR 0.07 million (EUR 0.12 million).
In order to achieve a good profitability level and financial result, the cost
efficiency improvement initiatives will continue in all direct sales companies.
Additionally, the focus is in improving the sales and supporting it with new
methods, e.g. with e-marketing. The Group's new partnering strategy aims to
gain synergies in product purchases. Group-level price competitions and
co-operation have already gained good results in purchases.
For a sales company, the most important asset is its personnel. Capable persons
make the growth possible and one of the most significant goals for the Direct
Sales division is to be able to recruit talented sales professionals. The Group
invests in visibility and recruitment marketing in different media and aims to
recruit several new direct sales employees in the Nordic countries. The
recruiting cooperation with the governmental employment agency is developed
constantly. Wulff Academy, the Group's own training program for its new sales
personnel, guarantees the best possible start for the persons who are changing
jobs or entering the industry for the first time. Wulff Academy trainees build
their career path based on their own talents and development. Wulff Academy
operations have been developed strongly and the new ideas have gained good
feedback also in the form of increased sales.
FINANCING, INVESTMENTS AND FINANCIAL POSITION
The cash flow from operating activities totalled EUR -2.01 million (EUR 0.00
million) in the first quarter because the working capital increased along the
sales growth. In addition to the profitability improvement initiatives, the
Group aims to improve the working capital management.
In the first quarter of 2011, a net total of EUR 0.55 million was used in
investing activities including investments in intangible and tangible assets
(EUR 0.43 million), payment of the last additional acquisition price related to
subsidiary Ibero Liikelahjat Oy (EUR 0.18 million) and payment for the
subsidiary Torkkelin Paperi Oy's minority shares acquired in December 2010 (EUR
0.39 million). Proceeds of EUR 0.37 million were received from the disposal of
fixed assets and loan receivable repayments of EUR 0.07 million were received.
During the year, investments were made e.g. in IT development projects in
Finland. In the first quarter of 2010, the net investments amounted to EUR 0.13
million.
In the first quarter, short-term loan of net EUR 0.15 million (net EUR 0.11
million) was raised. Short-term financial investments totalled EUR 0.11 million
(EUR 0.19 million) and the acquisition of own shares totalled EUR 0.00 million
(EUR 0.01 million). Dividends of EUR 0.00 million (EUR 0.10 million) were
received. The minority shareholders of the subsidiaries were paid dividends of
EUR 0.05 million (EUR 0.04 million). In the first quarter, the net cash flow
used in financing activities totalled EUR -0.01 million (EUR -0.03 million).
In general, the Group's cash amount decreased by EUR 2.58 million from the
beginning value of EUR 4.38 million down to EUR 1.80 million in the first
quarter (decrease of EUR 0.16 million in the comparable period).
The equity attributable to the equity holders of the parent company totalled
EUR 2.38 per share (December 31, 2011: EUR 2.41) and the equity-to-assets ratio
was 37.9 percentage (December 31, 2010: 37.0 %).
DECISIONS OF THE ANNUAL GENERAL MEETING
Wulff Group Plc's Annual General Meeting held on April 28, 2011 decided to pay
a dividend of EUR 0,05 per share and authorised the Board of Directors to
decide on the repurchase of the company's own shares. The Annual General
Meeting accepted also the Board's proposal concerning the authorisation to
perform share issues.
The Annual General Meeting adopted the financial statements for the financial
year 2010 and discharged the members of the Board of Directors and CEO from
liability.
The previous Board members Erkki (Ere) Kariola, Ari Pikkarainen, Pentti
Rantanen, Sakari (Saku) Ropponen, Andreas Tallberg and Heikki Vienola were
re-elected. Sakari (Saku) Ropponen continues as the Chairman of the Board.
In 2010, the Company's auditor was Nexia Oy, a company of Authorized Public
Accountants, with Authorized Public Accountant Christer Antson as the lead
audit partner, together with Juha Lindholm, Certified Auditor. As proposed by
the Board of Directors, the Annual General Meeting decided to elect KPMG Oy Ab,
a company of Authorized Public Accountants, with Authorized Public Accountant
Minna Riihimäki as the lead audit partner, as Wulff Group Plc's auditor. Based
on the Articles of Association, the auditors are appointed until further
notice.
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 2011. In the end of December
2010, the parent company held a total of 99 036 own shares and in the first
quarter of 2011, 964 own shares were repurchased and 10 000 own shares were
granted to the Group's key person as a part of the share-based incentive plan
launched in 2008. In the end of March 2011, the Group held a total of 90 000
own shares (66 829 as of March 31, 2010) representing 1.4 percentage (1.0 %) of
the total number and voting rights of Wulff shares. The average price for the
own shares repurchased in January-March was EUR 2.70 (EUR 3.25) per share.
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. The reacquisition of
own shares will start on May 9, 2011 at the earliest.
The shares are acquired through public trading on NASDAQ OMX Helsinki in a
proportion other than that of current shareholder holdings. The shares are
acquired at the market price quoted at the time of the repurchase in accordance
with the rules regarding the acquisition of company's owns shares. According to
the authorisation, the treasury shares can be acquired to carry out
acquisitions or other business related arrangements, to improve the company's
capital structure, to support the implementation of the company's incentive
scheme or to be cancelled or disposed of.
In February 2011, Wulff Group Plc's Board of Directors decided on a new
share-based incentive and commitment scheme for the Group's key personnel for
three earning periods, calendar years 2011-2013. The purpose of the scheme is
to commit and encourage the Group's key personnel for profitable and growing
business along with generating shareholder value in the long run. Based on this
scheme, a maximum of 100,000 Company shares can be granted. During a two-year
restriction period, it is prohibited to transfer the shares. Currently there is
one key person in the scheme and the maximum number is 20 key persons within
the scheme.
The Group does not have any option schemes currently in force.
The parent company's share capital (EUR 2.65 million) consists of 6 607 628
shares with one vote each. There have been no changes in share capital in 2010
and 2011. There have been no disclosed notifications on changes in major
holdings during 2010 and 2011.
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 March 2011, the share was valued at EUR 2.54 (EUR 3.35)
and the market capitalization of the outstanding shares totalled EUR 16.6
million (EUR 21.9 million).
PERSONNEL
In the first quarter, the Group's personnel totalled 372 (366) employees on
average. In the end of the period, the Group had 374 (360) employees of which
135 (71) 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. Wulff employees equally both
genders: in the end of March 2011, men represented 51 percentages and women 49
percentages of the employees.
In order to increase the organic growth, the Group focuses on recruiting sales
personnel. The Group continues the close cooperation with the employment
authorities and the educational institutions. Along with the web-based
recruitment methods, the Group participates different events and takes personal
contact with potential sales talents. The Group aims to increase its sales
personnel in all its operational countries in 2011.
RENEWAL OF GROUP EXECUTIVE BOARD
In March 2011, the Group Executive Board renewed. The new Group Executive Board
member is Trond Fikseaunet, Wulff Supplies AB's Norwegian Managing Director.
Wulff Supplies AB concentrates on contract customers for office supplies and
serves its customers in Norway, Sweden and Denmark. For 13 years, Fikseaunet
(47) has been managing Wulff Supplies (previously Strålfors Supplies AB) which
was acquired in Wulff Group in 2009. Fikseaunet has a broad experience of more
than 25 years in office supplies industry. The Group Executive Board was
renewed to match better the current businesses: in 2010, Wulff Group's net
sales were generated in Finland (55 %), Norway (22 %), Sweden (20 %), Denmark
(2 %) and Estonia (1 %).
Heikki Vienola, Group CEO, acts as the Chairman of the Group Executive Board
and other members, together with Trond Fikseaunet, are Group CFO Kati Näätänen,
Wulff Oy's Managing Director Jani Puroranta, Group Communications Director
Tarja Törmänen and Director of the Direct Sales division Veijo Ågerfalk.
RISKS AND UNCERTAINTIES IN THE NEAR FUTURE
The demand for office supplies is still affected by the organizations'
personnel lay-offs and cost saving initiatives made during the economic
downturn. The general uncertainty may still continue which will most likely
affect the ordering behaviour of some corporate clients also in 2011. The
improvement of the economic situation is expected to affect quickly the demand
for office supplies.
The possibly ongoing economic uncertainties impact especially the demand for
business and promotional gifts. 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. During the uncertain
economic periods, the corporations also minimize attending fairs and decrease
their event marketing activities.
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 Nordic markets have been consolidating when - in addition to Wulff itself -
also other international players have acquired Nordic office supply companies
lately: Staples acquired Oy Lindell Ab in July 2010, Lyreco acquired Officeday
Finland Oy from Arion bank in August 2010 and Office Depot acquired Swedish
Frans Svanström & Co Ab in January 2011.
In 2011, the Group continues taking actions for enhancing profitability. The
Group focuses on the growth and development of its sales operations. In 2011,
the Group expects to win new customers and gain growth especially along with
Wulff Supplies Ab in Scandinavia and with the webstore Wulffinkulma.fi in
Finland.
The group management believes that in 2011 Wulff has good opportunities to
reach an operating result better than in 2010 as long as the markets continue
improving also in 2011 as has been experienced since the last quarter 2010.
Wulff is also prepared to carry out new strategic acquisitions.
FINANCIAL REPORTING IN 2011
Wulff Group Plc will release the following financial reports in 2011:
Interim Report, January-June 2011 Wednesday August 10, 2011 at 9.00 A.M.
Interim Report, January-September 2011 Thursday November 10, 2011 at 9.00 A.M.
Wulff Group Plc's financial reports are published in Finnish and in English,
and they are available at the Group's website www.wulff-group.com.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
INCOME STATEMENT I I I-IV
EUR 1000 2011 2010 2010
Net sales 25 242 21 584 93 107
Other operating income 131 166 467
Materials and services -17 077 -13 529 -60 516
Employee benefit expenses -5 046 -4 805 -18 617
Other operating expenses -2 969 -3 355 -12 866
-------------------------------------------------------------------------------
EBITDA 282 61 1 575
Depreciation and amortization -272 -221 -1 182
Impairment 0 0 -350
-------------------------------------------------------------------------------
Operating profit/loss 10 -160 43
Financial income 59 391 755
Financial expenses -162 -274 -575
-------------------------------------------------------------------------------
Profit/Loss before taxes -93 -43 223
Income taxes -68 -46 -637
Net profit/loss for the period -161 -89 -415
Attributable to:
Equity holders of the parent company -180 -240 -623
Non-controlling interest 18 151 209
Earnings per share for profit
attributable to the equity holders
of the parent company:
Earnings per share, EUR -0,03 -0,04 -0,10
(diluted = non-diluted)
STATEMENT OF COMPREHENSIVE INCOME I I I-IV
EUR 1000 2011 2010 2010
Net profit/loss for the period -161 -89 -415
Other comprehensive income, net of tax
Change in translation differences -3 228 134
Fair value changes on available-for-sale investments 9 -19 42
Total other comprehensive income 6 209 176
-------------------------------------------------------------------------------
Total comprehensive income for the period -155 120 -238
Total comprehensive income attributable to:
Equity holders of the parent company -119 -77 -540
Non-controlling interest -36 196 302
STATEMENT OF FINANCIAL POSITION March March Dec 31
31 31
EUR 1000 2011 2010 2010
ASSETS
Non-current assets
Goodwill 9 507 10 804 9 501
Other intangible assets 1 422 1 220 1 382
Property, plant and equipment 2 038 1 912 2 285
Non-current financial assets
Interest-bearing financial assets 94 567 503
Non-interest-bearing financial assets 454 348 442
Deferred tax assets 1 164 1 027 1 011
--------------------------------------------------------------------------------
Total non-current assets 14 679 15 879 15 124
Current assets
Inventories 11 707 11 349 11 740
Current receivables
Interest-bearing receivables 0 84 74
Non-interest-bearing receivables 16 121 12 437 14 708
Financial assets recognised at fair value through 109 198 0
profit and loss
Cash and cash equivalents 1 804 5 180 4 379
--------------------------------------------------------------------------------
Total current assets 29 741 29 248 30 902
TOTAL ASSETS 44 420 45 127 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 4 999 6 281 5 121
Non-controlling interest 1 056 1 273 1 158
--------------------------------------------------------------------------------
Total equity 16 590 18 090 16 814
Non-current liabilities
Interest-bearing liabilities 7 689 9 214 8 403
Deferred tax liabilities 132 179 136
--------------------------------------------------------------------------------
Total non-current liabilities 7 820 9 393 8 539
Current liabilities
Interest-bearing liabilities 2 791 2 115 2 425
Non-interest-bearing liabilities 17 218 15 530 18 247
--------------------------------------------------------------------------------
Total current liabilities 20 009 17 645 20 673
TOTAL EQUITY AND LIABILITIES 44 420 45 127 46 025
STATEMENT OF CASH FLOW I I I-IV
EUR 1000 2011 2010 2010
Cash flow from operating activities:
Cash received from sales 23 772 21 824 91 189
Cash received from other operating income 51 138 339
Cash paid for operating expenses -25 670 -21 816 -89 433
--------------------------------------------------------------------------------
Cash flow from operating activities before financial -1 847 146 2 095
items and income taxes
Interest paid -77 -81 -274
Interest received 18 6 79
Income taxes paid -106 -69 -372
--------------------------------------------------------------------------------
Cash flow from operating activities -2 012 2 1 528
Cash flow from investing activities:
Investments in intangible and tangible assets -426 -187 -1 509
Proceeds from sales of intangible and tangible assets 372 58 187
Acquisition of subsidiaries, net of cash -573 0 -219
Repayments of loans receivable 74 0 29
--------------------------------------------------------------------------------
Cash flow from investing activities -554 -130 -1 512
Cash flow from financing activities:
Acquisition of own shares -3 -9 -110
Dividends paid -47 -40 -484
Dividends received 4 103 149
Cash paid for (received from) short-term investments -109 -194 -55
(net)
Withdrawals of long- and short-term loans 1 057 610 914
Repayments of long-term loans -911 -500 -1 388
--------------------------------------------------------------------------------
Cash flow from financing activities -9 -30 -974
Change in cash and cash equivalents -2 576 -157 -958
Cash and cash equivalents at the beginning of the 4 379 5 337 5 337
period
Cash and cash equivalents at the end of the period 1 804 5 180 4 379
STATEMENT OF CHANGES IN EQUITY
EUR 1000 Equity attributable to equity holders of the parent
company
Share Share Fund for Treasur Re-tai Total Non- TOTAL
capita premium invested y ned contro
l fund non-rest shares earnin lling
ricted gs intere
equity st
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -211 6 562 16 886 1 117 18 003
Jan 1,
2010
Comprehens -77 -77 196 120
ive income
*
Dividends 0 -40 -40
paid
Treasury -9 -9 -9
share
acquisiti
on
Treasury 16 -16 0 0
share
disposal
Share-base 16 16 16
d payments
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -204 6 485 16 816 1 273 18 090
March 31,
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 -119 -119 -36 -155
ive income
*
Dividends 0 -65 -65
paid
Treasury -3 -3 -3
share
acquisiti
on
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -283 5 282 15 534 1 056 16 590
March 31,
2011
* net of tax
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEGMENT INFORMATION I I I-IV
EUR 1000 2011 2010 2010
Net sales by operating segments
Contract Customers Division 20 961 17 597 77 301
Direct Sales Division 4 292 4 042 16 075
Group Services 256 354 1 257
Intragroup eliminations between segments -267 -409 -1 525
TOTAL NET SALES 25 242 21 584 93 107
Operating profit/loss by operating segments
Contract Customers business 120 39 832
Non-Recurring Impairment 0 0 -350
-------------------------------------------------------------------
Contract Customers Division Total 120 39 482
Direct Sales business 68 124 324
Non-Recurring Impairment 0 0 0
-------------------------------------------------------------------
Direct Sales Division Total 68 124 324
Group Services and non-allocated items -177 -323 -764
TOTAL OPERATING PROFIT/LOSS 10 -160 43
KEY FIGURES I I I-IV
EUR 1000 2011 2010 2010
Net sales 25 242 21 584 93 107
Increase/Decrease in net sales, % 16,9 % 28,9 % 24,5 %
EBITDA 282 61 1 575
EBITDA margin, % 1,1 % 0,3 % 1,7 %
Operating profit/loss 10 -160 43
Operating profit/loss margin, % 0,0 % -0,7 % 0,0 %
Profit/Loss before taxes -93 -43 223
Profit/Loss before taxes margin, % -0,4 % -0,2 % 0,2 %
Net profit/loss for the period attributable to equity -180 -240 -623
holders of the parent company
Net profit/loss for the period, % -0,7 % -1,1 % -0,7 %
Earnings per share, EUR (diluted = non-diluted) -0,03 -0,04 -0,10
Return on equity (ROE), % -0,97 % -0,49 % -2,38 %
Return on investment (ROI), % -0,06 % 0,04 % 1,75 %
Equity-to-assets ratio at the end of period, % 37,9 % 42,0 % 37,0 %
Debt-to-equity ratio at the end of period 51,7 % 30,4 % 34,9 %
Equity per share at the end of period, EUR * 2,38 2,57 2,41
Investments in non-current assets 357 187 1 619
Investments in fixed assets, % of net sales 1,4 % 0,9 % 1,7 %
Treasury shares held by the Group at the end of 90 000 66 829 99 036
period
Treasury shares, % of total share capital and votes 1,4 % 1,0 % 1,5 %
Number of total issued shares at the end of period 6607628 6607628 6607628
Personnel on average during the period 372 366 384
Personnel at the end of period 374 360 370
* Equity attributable to the equity holders of the parent company / Number of
shares excluding the acquired own shares
QUARTERLY KEY FIGURES I IV III II I
EUR 1000 2011 2010 2010 2010 2010
Net sales 25 242 27 073 20 435 24 016 21 584
EBITDA 282 1 284 228 2 61
Operating profit/loss 10 903 -411 -289 -160
Profit/Loss before taxes -93 794 -327 -200 -43
Net profit/loss for the period -180 308 -557 -134 -240
Earnings per share, EUR (diluted = -0,03 0,05 -0,09 -0,02 -0,04
non-diluted)
RELATED PARTY TRANSACTIONS I I I-IV
EUR 1000 2011 2010 2010
Sales to related parties 73 21 93
Purchases from related parties 7 1 114
Loan receivables from related parties 0 569 566
Loan payables to related parties 0 492 492
COMMITMENTS March March Dec 31
31 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 301 277 289
companies' liabilities
Current receivables pledged as security for group 255 0 255
companies' liabilities
Pledges and guarantees given for the group companies' 220 226 221
off-balance sheet commitments
Guarantees given on behalf of third parties 236 280 236
Minimum future operating lease payments 6 685 6 744 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.
The TyEL pension premium loans withdrawn in summer 2009 have 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 which then does not have other
requirements.
The Group has no knowledge of any significant events after the end of the
financial period that would have had a material impact on this report in any
other way that has been already discussed in the review by the Board of
Directors.
In Vantaa on May 5, 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
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www.wulff-group.com
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