2014-05-08 08:00:02 CEST
2014-05-08 08:00:07 CEST
REGULATED INFORMATION
Wulff-Yhtiöt Oyj - Interim report (Q1 and Q3)
WULFF GROUP PLC’S INTERIM REPORT FOR JANUARY 1 – MARCH 31, 2014
WULFF GROUP PLC
INTERIM REPORT May 8, 2014 at 9:00 A.M.
WULFF GROUP PLC'S INTERIM REPORT FOR JANUARY 1 - MARCH 31, 2014
Market Situation Remained Difficult
-- In January-March 2014, the net sales totalled EUR 19.8 million (EUR 22.7
million).
-- EBITDA was EUR 0.29 million (EUR 0.41 million) being 1.5 percentages (1.8
%) of net sales.
-- The operating profit (EBIT) amounted to EUR 0.03 (EUR 0.12 million) being
0.2 percentages (0.5 %) of net sales.
-- Earnings per share (EPS) was EUR 0.00 (EUR 0.00).
-- Equity-to-assets ratio was 39.2 percentages (December 31, 2013: 38.3 %).
-- Equity per share rose up to EUR 1.83 (December 31, 2013: EUR 1.80).
GROUP'S NET SALES AND RESULT PERFORMANCE
In January-March 2014 the net sales totalled EUR 19.8 million (EUR 22.7
million) and EBITDA was EUR 0.29 million (EUR 0.41 million) being 1.5
percentages (1.8 %) of net sales. The operating profit (EBIT) amounted to EUR
0.03 (EUR 0.12 million) being 0.2 percentages (0.5 %) of net sales. Employee
benefit expenses amounted to EUR 4.3 million (EUR 4.8 million). Other operating
expenses amounted to EUR 2.4 million (EUR 2.9 million). Employee benefit and
other operating expenses were affected by the cost-saving program performed in
the end of 2013. The cost-saving program is expected to achieve annual savings
of 2.0 million which are estimated to impact the result mainly in 2014. The
general economic situation remained difficult which impacted the demand in the
market. 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: “The market situation has remained difficult
in the beginning of 2014. The cost-saving program performed in the end of
2013 had an expected effect in the first quarter. We are developing
cost-efficient electronic order services which enable us to serve our clients
in a modern and cost-efficient way. Wulff Entre's establishment in the Swedish
market has come off according to plan and I see great opportunities in growth
there in the future.”
In January-March the financial income and expenses totalled (net) EUR -0.08
million (EUR -0.06 million) including interest expenses of EUR 0.05 million
(EUR 0.05 million) and mainly currency-related other financial items (net) EUR
-0.03 million (EUR -0.02 million).
In January-March the result before taxes was EUR 0.05 million negative (EUR
0.06 million positive) and the net profit after taxes was EUR 0.04 million
negative (EUR 0.05 million positive). Earnings per share (EPS) was EUR 0.00
(EUR 0.00).
Return on investment (ROI) was -0.01 percentages (0.4 %) and return on equity
(ROE) was -0.3 percentage (0.3 %).
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. In January-March the division's net sales
totalled EUR 16.7 million (EUR 19.5 million) and operating profit was EUR 0.2
(EUR 0.5 million).
The general economic situation and the decrease in the products' demand have
led to the decrease in net sales. Due to the cost-saving program performed in
the end of 2013 operating profit decreased only by EUR 0.3 million despite of
the significant drop in the net sales. Traditionally the Contract Customers
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.
International fair services are significant part of Wulff's business. Wulff
Entre's investments in sales and its development have resulted in both stronger
customer relationships and an increase in clientele in Finland but also in
Russia, Germany and Sweden. In the first quarter Wulff Entre succeeded in
winning new customers and improving its net sales and profit.
In 2014 Wulff Entre exports Finnish companies' know-how to more than 30
countries. Wulff Entre is the market leader in its field in Finland and there
has been a solid trust in Wulff Entre's ability to find the right international
venues for over 90 years.
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. In January-March the division's net sales totalled EUR 3.0
million (EUR 3.3 million) and operating profit was EUR -0.09 (EUR -0.09
million).
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. The most significant product of the new product range
is the LED lighting. The LED lighting is both environmentally friendly and
economical. At its best an investment made today pays back within a year and
cost-savings in the energy consumption can be benefitted from for years.
Successful recruiting affects especially the performance of Direct Sales. New
sales personnel are being actively recruited by, for example, campaigning in
the social media and co-operating with the employment agencies. 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. Wulff is constantly prepared to employ new sales persons in
Finland and in Scandinavia. Wulff's sales growth is fuelled most importantly by
the talented sales personnel.
FINANCING, INVESTMENTS AND FINANCIAL POSITION
In January-March the cash flow from operating activities was EUR -1.6 million
(EUR -1.9 million). In this industry it is typical that the result and cash
flow are generated in the last quarter.
For its fixed asset investments the Group paid a net of EUR 0.3 million (EUR
0.4 million) in January-March. The Group paid EUR 0.06 million for the
acquisition of non-controlling interests in S Supplies Holding AB to the
subsidiary's key personnel. The Group raised loans of net EUR 1.7 million in
January March 2014 (EUR 1.2 million, net).
The Group's cash balance decreased by EUR 0.4 million in January-March (EUR
-1.0 million). The Group's bank and cash funds totalled EUR 1.7 million in the
beginning of the year and EUR 1.4 million in the end of the reporting period.
In the end of March 2014 the Group's equity-to-assets ratio was 39.2
percentages (December 31, 2013:
38.3 %). Equity attributable to the equity holders of the parent company
increased to EUR 1.83 per share (December 31, 2013: EUR 1.80).
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 1.35 (EUR 1.90) and
the market capitalization of the outstanding shares totalled EUR 8.8 million
(EUR 12.4 million).
In January-March 2014 no own shares were reacquired. In the end of March 2014,
the Group held 79,000 (March 31, 2013: 85,000) own shares representing 1.2
percentage (1.3 %) of the total number and voting rights of Wulff shares.
According to the Annual General Meeting's authorisation on April 10, 2014, 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, 2015.
Wulff Group Plc's Annual General Meeting decided not to pay dividend (dividend
in April 2013 was 0.08 per share). The decisions of the Annual General Meeting
were announced in the stock exchange release in more detail on April 10, 2014.
PERSONNEL
In the first quarter of 2013 the Group's personnel totalled 295 (326) employees
on average. In the end of March the Group had 295 (325) employees of which 115
(124) 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.
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 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 affect the Group's net result, however the effect
of the fluctuation is expected to be moderate.
EVENTS AFTER THE REPORTING PERIOD
No significant events have occurred after the end of the reporting period.
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.
Despite the challenging situation operating results is believed to improve in
2014 due to cost savings. Typically in the industry, the annual profit is made
in the last quarter of the year.
The group continues to improve the efficiency of its operations along with the
continuous renewal in order to increase the Group's profitability and to reach
its long-term financial targets. The cost-saving program performed in the end
of 2013 had an expected impact to the first quarter, and it is expected to gain
annual savings of EUR 2.0 million mainly in 2014.
The Group focuses strongly on sales activities, the development of its sales
operations and new solutions offered to customers. Examples of new products and
services, which have already received good customer feedback, are LED lights
and lighting solutions as well as acoustic panels improving work environment,
personnel well-being and ecological objectives.
FINANCIAL REPORTING 2014
Wulff Group Plc will release the following financial reports in 2014:
Interim Report, January-June 2014 Thursday August 7,
2014
Interim Report, January-September 2014 Thursday November 6, 2014
In Vantaa on May 7, 2014
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
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1.1. - 31.3.2014
The information presented in the interim report has not been audited.
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS I I I-IV
(IFRS)
EUR 1000 2014 2013 2013
--------------------------------------------------------------------------------
Net sales 19 775 22 742 83 543
Other operating income 35 41 110
Materials and services -12 849 -14 652 -55 190
Employee benefit expenses -4 283 -4 849 -17 811
Other operating expenses -2 390 -2 875 -10 649
--------------------------------------------------------------------------------
EBITDA 289 407 3
Depreciation and amortization -257 -287 -1 104
Impairment 0 0 -1 620
--------------------------------------------------------------------------------
Operating profit/loss 31 120 -2 721
Financial income 6 108 155
Financial expenses -90 -164 -829
--------------------------------------------------------------------------------
Profit/Loss before taxes -53 64 -3 395
Income taxes 9 -16 -510
================================================================================
Net profit/loss for the period -44 48 -3 904
Attributable to:
Equity holders of the parent company 13 29 -3 874
Non-controlling interest -57 19 -31
Earnings per share for profit
attributable to the equity holders
of the parent company:
Earnings per share, EUR 0,00 0,00 -0,59
(diluted = non-diluted)
CONDENSED CONSOLIDATED STATEMENT OF OCI I I I-IV
EUR 1000 2014 2013 2013
--------------------------------------------------------------------------------
Net profit/loss for the period -44 48 -3 904
Other comprehensive income which may be reclassified
to profit or loss subsequently (net of tax)
Change in translation differences 39 100 -258
Fair value changes on available-for-sale investments -8 -15 -50
Total other comprehensive income 85 85 -308
--------------------------------------------------------------------------------
Total comprehensive income for the period -13 133 -4 212
Total comprehensive income attributable to:
Equity holders of the parent company 23 96 -4 148
Non-controlling interest -36 37 -64
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL March March Dec 31
POSITION (IFRS) 31 31
EUR 1000 2014 2013 2013
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Goodwill 7 830 9 592 7 845
Other intangible assets 1 166 1 372 1 180
Property, plant and equipment 1 501 1 953 1 536
Non-current financial assets
Interest-bearing financial assets 35 34 35
Non-interest-bearing financial assets 236 299 246
Deferred tax assets 1 739 2 091 1 737
--------------------------------------------------------------------------------
Total non-current assets 12 506 15 341 12 578
Current assets
Inventories 8 717 10 100 9 053
Current receivables
Interest-bearing receivables 23 17 20
Non-interest-bearing receivables 11 724 14 619 11 728
Financial assets recognised at fair value through 3 3 3
profit/loss
Cash and cash equivalents 1 395 1 747 1 774
--------------------------------------------------------------------------------
Total current assets 21 862 26 486 22 578
================================================================================
TOTAL ASSETS 34 369 41 827 35 156
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 1 438 5 947 1 190
Non-controlling interest 819 1 251 1 137
--------------------------------------------------------------------------------
Total equity 12 792 17 733 12 861
Non-current liabilities
Interest-bearing liabilities 4 675 5 782 4 825
Deferred tax liabilities 50 99 39
--------------------------------------------------------------------------------
Total non-current liabilities 4 725 5 880 4 864
Current liabilities
Interest-bearing liabilities 4 521 3 189 2 839
Non-interest-bearing liabilities 12 329 15 025 14 591
--------------------------------------------------------------------------------
Total current liabilities 16 850 18 214 17 431
================================================================================
TOTAL EQUITY AND LIABILITIES 34 369 41 827 35 156
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (IFRS) I I I-IV
EUR 1000 2014 2013 2013
--------------------------------------------------------------------------------
Cash flow from operating activities:
Cash received from sales 19 719 21 493 85 210
Cash received from other operating 35 45 114
income
Cash paid for operating expenses -20 932 -23 180 -84 131
--------------------------------------------------------------------------------
Cash flow from operating activities before financial -1 178 -1 642 1 193
items and income taxes
Interest paid -59 -54 -136
Interest received 3 7 30
Income taxes paid -326 -202 -520
--------------------------------------------------------------------------------
Net cash flow from operating activities -1 559 -1 891 567
Cash flow from investing activities:
Investments in intangible and -237 -490 -828
tangible assets
Proceeds from sales of intangible 1 46 123
and tangible assets
Disposal of other non-current 0 0 11
investments
Loans granted -65 -2 -65
Repayments of loans receivable 0 33 34
--------------------------------------------------------------------------------
Net cash flow from investing activities -300 -413 -725
Cash flow from financing activities:
Dividends paid 0 -21 -638
Dividends received 0 7 7
Payment for the partial interest in a subsidiary that -57 -33 -33
does not involve loss of control
Proceeds on disposal of partial interest in a 1 0 0
subsidiary that does not involve loss of control
Cash paid for (received from) 1 77 95
short-term investments (net)
Withdrawals and repayments of 1 652 1 762 1 357
short-term loans
Withdrawals of long-term loans
Repayments of long-term loans -119 -483 -1 385
--------------------------------------------------------------------------------
Net cash flow from financing activities 1 478 1 309 -598
================================================================================
Change in cash and cash equivalents -382 -995 -756
Cash and cash equivalents at the beginning of the 1 774 2 749 2 749
period
Translation difference of cash 3 -7 -219
Cash and cash equivalents at the end of the period 1 395 1 747 1 774
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR Equity attributable to equity holders of the parent
1000 company
Fund
for in
vested
non Trans Re Non
Share re lation tai cont
pre strict diffe Fair ned rollin
value g
fund
Share mium ed Own ren Earn inte
capita fund equity shares ces ings Total rest
TOTAL
l
--------------------------------------------------------------------------------
----
Equity 2 650 7 662 223 -272 28 -25 6 118 16 384 1 283
17 667
on
Jan
1,
2013
Net 29 29 19
48
profi
t /
loss
for
the
perio
d
Other
compr
ehensi
ve
incom
e (net
of
taxes
):
Change 81 81 19
100
in
trans
lation
diff
Fair -15 -15
-15
value
chang
es on
availa
ble-fo
r-sale
invest
ments
--------------------------------------------------------------------------------
----
Compre 81 -15 29 96 37
133
hensiv
e
incom
e (net
of
taxes
)
Divide 0 0 -21
-21
nds
paid
Treasu 0
0
ry
share
dispo
sal
Share- 1 1
1
based
payme
nts
Change 0 -49
-49
s in
owner
ship
--------------------------------------------------------------------------------
----
Equity 2 650 7 662 223 -272 110 -40 6 149 16 482 1 251
17 733
on
March
31,
2013
Equity 2 650 7 662 223 -260 -196 -76 1 723 11 725 1 137
12 862
on
Jan
1,
2014
Net 13 13 -57
-44
profi
t /
loss
for
the
perio
d
Other
compr
ehens.
incom
e (net
of
taxes
):
Change 18 18 21
39
in
trans
lation
diff
Fair -8 -8
-8
value
chang
es on
availa
ble-fo
r-sale
invest
ments
--------------------------------------------------------------------------------
----
Compre 18 -8 13 23 -36
-13
hensiv
e
incom
e (net
of
taxes
)
Divide 0 0
0
nds
paid
Share- 1 1
1
based
payme
nts
Change 224 224 -282
-58
s in
owner
ship
--------------------------------------------------------------------------------
----
Equity 2 650 7 662 223 -260 -178 -84 1 961 11 973 819
12 792
on
March
31,
2014
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FUNANCIAL STATEMENTS
1. BASIS OF PREPARATION
This interim report has been prepared in accordance with IAS 34 Interim
Financial Reporting. The accounting principles used in the preparation of this
report are consistent with those described in the 2013 IFRS Consolidated
Financial Statements, with the exception of the changes to the IFRS standards
effective and adopted as of 1 January 2014. The changes are described in the
2013 IFRS Consolidated Financial Statements. The changes do not have a
significant effect on the interim 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.
All figures are presented as thousands of euros and have been rounded to the
nearest thousand euros.
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, 2013 the covenant debt/EBITDA ratio was breached due to the
negative result. The Group management negotiated the breach with the banks
during the end of 2013 with the result that the banks collected a one-time fee.
Interest-bearing liabilities are classified as long-term or short-term based on
repayment schedule.
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.
2. CHANGES IN GROUP STRUCTURE
Changes in the shares of minority shareholders
In March 2014, the Group acquired an additional 2 % share of the share capital
of S Supplies Holding AB, and now the Group owns 85 % of the company's share
capital. The sales price was 56 thousand euros. The book value of S Supplies
Holding AB's net assets (without goodwill) was 2,795 thousand euros. As a
result of the acquisition, the share of non-controlling interest decreased by
56 thousand euros.
In January 2014, the Group sold 20 % share of the share capital of Wulff
Liikelahjat Oy, and now the Group owns 80 % of the company's share capital. The
sales price was 1 thousand euros. The book value of Wulff Liikelahjat Oy was
1,151 thousand euros negative. As a result of the transaction a profit of 231
thousand was recognised in retained earnings and the share of non-controlling
interest decreased accordingly.
3. SEGMENT INFROMATION I I I-IV
EUR 1000 2014 2013 2013
--------------------------------------------------------------
Net sales by operating segments
Contract Customers Division 16 725 19 487 70 669
Direct Sales Division 3 040 3 253 12 892
Group Services 126 202 659
Intersegment eliminations -115 -201 -677
==============================================================
TOTAL NET SALES 19 775 22 742 83 543
Contract Customers Division 221 466 -70
Goodwill impairment 0 0 -1 619
--------------------------------------------------------------
--------------------------------------------------------------
Contract Customers Division 221 466 2 041
Direct Sales Division -93 -87 -108
Group Services and non-allocated items -97 -259 -923
==============================================================
TOTAL OPERATING PROFIT/LOSS 31 120 -2 721
4. KEY FIGURES I I I-IV
EUR 1000 2014 2013 2013
--------------------------------------------------------------------------------
Net sales 19 775 22 742 83 543
Change in net sales, % -13,0 % -2,5 % -7,4 %
EBITDA 289 407 3
EBITDA margin, % 1,5 % 1,8 % 0,0 %
Operating profit/loss 31 120 -2 721
Operating profit/loss margin, % 0,2 % 0,5 % -3,3 %
Profit/Loss before taxes -53 64 -3 395
Profit/Loss before taxes margin, % -0,3 % 0,3 % -4,1 %
Net profit/loss for the period attributable to 13 29 -3 874
equity holders of the parent company
Net profit/loss for the period, % 0,1 % 0,1 % -4,6 %
Earnings per share, EUR (diluted = non-diluted) 0,00 0,00 -0,59
Return on equity (ROE), % -0,34 % 0,27 % -25,58 %
Return on investment (ROI), % -0,01 % 0,42 % -13,92 %
Equity-to-assets ratio at the end of period, % 39,2 % 44,2 % 38,3 %
Debt-to-equity ratio at the end of period 60,5 % 40,4 % 45,4 %
Equity per share at the end of period, EUR * 1,83 2,53 1,80
Investments in non-current assets 238 465 778
Investments in non-current assets, % of net sales 1,2 % 2,0 % 0,9 %
Treasury shares held by the Group at the end of 79 000 85 000 79 000
period
Treasury shares, % of total share capital and votes 1,2 % 1,3 % 1,2 %
Number of total issued shares at the end of period 6 607 628 6 607 6 607
628 628
Personnel on average during the period 295 326 311
Personnel at the end of period 295 325 295
* 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 2014 2013 2013 2013 2013
--------------------------------------------------------------------------------
Net sales 19 775 22 585 17 474 20 743 22 742
EBITDA 289 328 -246 -486 407
Operating profit/loss 31 -930 -1 141 -769 120
Profit/Loss before taxes -53 -1 242 -1 212 -1 005 64
Net profit/loss for the period 13 -2 113 -1 030 -760 29
attributable to the equity holders of
the parent company
Earnings per share, EUR (diluted = 0,00 -0,32 -0,16 -0,12 0,00
non-diluted)
5. RELATED PARTY TRANSACTIONS I I I-IV
EUR 1000 2013 2012 2012
-------------------------------------------------------------------------------
Sales to related parties 49 61 247
Purchases from related parties 11 50 56
Current non-interest-bearing receivables from related parties 20 21 49
Non-current interest-bearing receivables from related parties
Current non-interest-bearing liabilities to related parties 12
6. CONTINGENT LIABILITIES AND OTHER COMMITMENTS March 31 March 31 Dec 31
EUR 1000 2014 2013 2013
--------------------------------------------------------------------------------
Mortgages and guarantees on own behalf
Business mortgage for the Group's loan liabilities 7 550 7 550 7 550
Real estate pledge for the Group's loan liabilities 900 900 900
Subsidiary shares pledged as security 6 702 4 018 6 702
for group companies' liabilities
Other listed shares pledged as security 115 167 125
for group companies' liabilities
Current receivables pledged as security 242 266 239
for group companies' liabilities
Pledges and guarantees given for the 186 228 183
group companies' off-balance sheet
commitments
Guarantees given on behalf of third parties 0 98 0
Minimum future operating lease payments 4 264 5 847 4 648
Calculation of Key
Figures
Return on equity (ROE), Net profit/loss for the period (total including the
% non-controlling interest of the result)
-------------------------------------------------------
Shareholders' equity total on average during the
period (including non-controlling interest)
Return on investment (Profit before taxes + Interest expenses) x 100
(ROI), %
-------------------------------------------------------
Balance sheet total - Non-interest-bearing liabilities
on average during the period
Equity ratio, % (Shareholders' equity + Non-controlling interest at
the end of the period) x 100
-------------------------------------------------------
Balance sheet total - Advances received at the end of
the period
Net interest-bearing Interest-bearing liabilities - Interest-bearing
debt receivables - Cash and cash equivalents
Gearing, % Net interest-bearing debt x 100
-------------------------------------------------------
Shareholders' equity + Non-controlling interest at the
end of the period
Earnings per share Net profit attributable to the equity holders of the
(EPS), EUR parent company
-------------------------------------------------------
Share issue adjusted number of outstanding shares on
average during the period
Equity per share, EUR Equity attributable to equity holders of the parent company
-------------------------------------------------------
Share issue-adjusted number of outstanding shares at
the end of period
Dividend per share, EUR Dividend for the financial period
-------------------------------------------------------
Share issue-adjusted number of outstanding shares at
the end of period
Payout ratio, % (Dividend per share) x 100
-------------------------------------------------------
Earnings per share (EPS)
Earnings before taxes, Earnings before taxes, depreciation and amortization
depreciation and (EBITDA)
-------------------------------------------------------
amortization (EBITDA) Share issue adjusted number of outstanding shares on
per share, EUR average during the period
Market value of Share issue-adjusted number of outstanding shares at
outstanding shares the end of period
x Closing share price at the end of period
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