2015-02-05 08:00:00 CET
2015-02-05 08:00:03 CET
REGLERAD INFORMATION
Wulff-Yhtiöt Oyj - Financial Statement Release
WULFF GROUP PLC’S ANNUAL ACCOUNTS FOR JANUARY 1 – DECEMBER 31, 2014
Wulff Group Plc improved its results from the previous year; however, the
market situation remained difficult
This is a summary of Wulff Group Plc's annual accounts release for financial
year January 1 - December 31, 2014.
Wulff Group is adopting a new disclosure procedure in accordance with
Regulations and Guidelines 7/2013 (Disclosure obligation on issuers) of the
Financial Supervisory Authority and is publishing the annual accounts for
January-December 2014 as an attachment to this stock exchange release. Wulff
Group's annual accounts for January-December 2014 is a PDF file attachment to
this stock exchange release and is available on the company's website at the
address http://www.wulff.fi/en/wulff+group+plc/home/.
KEY POINTS JANUARY - DECEMBER 2014
-- In January-December 2014, net sales totalled EUR 74.3 million (EUR 83.5
million) and EUR 20.5 million (EUR 22.6 million) in the fourth quarter. Net
sales decreased by 11.1 percentages in January-December and 9.4 percentages
in the fourth quarter.
-- In January-December, EBITDA was EUR 2.1 million (EUR 0.0 million) being 2.8
percentages (0.0 %) of net sales. EBITDA included non-recurring income of
EUR 1.4 million recognised in the fourth quarter. In the fourth quarter,
EBITDA was EUR 2.1 million (EUR 0.33 million) being 10.1 percentages (1.5
%) of net sales.
-- In January-December, the operating result (EBIT) amounted to EUR 1.1 (EUR -2.7 million including a non-recurring goodwill impairment of EUR 1.6
million). In the fourth quarter, the operating result (EBIT) was EUR 1.8
million including non-recurring income of EUR 1.4 million (EUR -0.9 million
including a non-recurring goodwill impairment of EUR 1.0 million).
-- Earnings per share (EPS) was EUR 0.11 (EUR -0.59) in January-December and
EUR 0.22 (EUR -0.32) in the fourth quarter.
-- The Board of Directors propose to the Annual General Meeting on April 9,
2015 not to pay dividend for the financial year 2014.
WULFF GROUP'S CEO HEIKKI VIENOLA
Wulff Group's CEO Heikki Vienola:
“Serving our customers in the best possible way has been the most important
value in our operations at all times. This value has motivated our operations
this year, just like in all of our years of operations. We here at Wulff today
recognize having done a good job in the same way as our predecessors did 125
years ago - by appreciating our existing, continuous customer relationships and
the new customerships we win. Our recipe for improving our result from the
previous year is clear. We have continued our cost saving measures, invested in
sales and its development, and listened to our customers. As our customers
adapt their operations to the challenging economic situation, it also means
that we have to improve our services even more vigorously. Through our
different sales divisions, the Wulff Group is a flexible and efficient partner
to businesses of all sizes. In 2015, we will focus on still improving our
result positively. The decrease in the 2014 net sales, in comparison to the
previous year, was affected by the decline in volumes as contract customers
reduced their purchases, and the concentration of the operations of the Groups
subsidiaries to profitable and promising business activities.”
GROUP'S NET SALES AND RESULT PERFORMANCE
In January-December 2014 net sales totalled EUR 74.3 million (EUR 83.5 million)
and EUR 20.5 million (22.6 million) in the fourth quarter. In January-December
EBITDA was EUR 2.1 million (EUR 0.0 million) being 2.8 percentages (0.0 %) of
net sales. In the fourth quarter, EBITDA was EUR 2.1 million (EUR 0.33 million)
being 10.1 percentages (1.5 %) of net sales. The fourth quarter 2014 EBITDA
included a sales profit of EUR 1.3 million relating to the property sale of
November 2014 and a sales profit of EUR 0.1 million relating to the sale of a
subsidiary in December 2014.
In January-December the operating profit (EBIT) amounted to EUR 1.1 (EUR -2.7
million). In the fourth quarter the operating profit (EBIT) was EUR 1.8 million
(EUR -0.9 million). The previous year's third quarter was impacted by a
non-recurring goodwill impairment of EUR 0.6 million in the Groups promotional
gifts business. The previous year's fourth quarter was impacted by a
non-recurring goodwill impairment of EUR 1.0 million in the Finnish office
supplies business. Typically in the industry and in the Group, the annual
profit is made in the last quarter of the year.
In January-December 2014 employee benefit expenses amounted to EUR 15.9 million
(EUR 17.8 million) and EUR 4.1 million (EUR 4.8 million) in the fourth quarter.
Other operating expenses amounted to EUR 9.4 million (EUR 10.6 million) in
January-December and EUR 2.4 million (EUR 2.6 million) in the fourth quarter.
Employee benefit and other operating expenses were affected by the cost-saving
program performed at the end of 2013. The cost-saving program was continued
during the financial year of 2014. To improve its profitability, The Wulff
Group continues to examine its cost structure as a part of ongoing reforms.
In January-December the financial income and expenses totalled (net) EUR -0.6
million (EUR -0.7 million) including interest expenses of EUR 0.2 million (EUR
0.2 million) and mainly currency-related other financial items (net) EUR -0.3
million (EUR -0.3 million). In the fourth quarter the financial income and
expenses totalled (net) EUR -0.3 million (EUR -0.3 million).
In January-December the result before taxes was EUR 0.5 million (EUR -3.4
million) and EUR 1.5 million (EUR -1.2 million) in the fourth quarter. In
January-December the net profit after taxes was EUR 0.6 million (EUR -3.9
million) and EUR 1.5 million (EUR 2.1 million) in the fourth quarter. Earnings
per share (EPS) was EUR 0.11 (EUR -0.59) in January-December and EUR 0.22 (EUR
-0.32) in the fourth quarter.
IV IV I-IV I-IV
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EUR 1000 2014 2013 2014 2013
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Net sales 20 471 22 585 74 262 83 543
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Change in net sales, % -9,4 % -10,0 % -11,1 % -7,4 %
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EBITDA 2 067 328 2 096 3
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EBITDA margin, % 10,1 % 1,5 % 2,8 % 0,0 %
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Operating profit/loss 1 831 -930 1 109 -2 721
--------------------------------------------------------------------------------
Operating profit/loss margin, % 8,9 % -4,1 % 1,5 % -3,3 %
--------------------------------------------------------------------------------
Profit/Loss before taxes 1 517 -1 242 478 -3 395
--------------------------------------------------------------------------------
Profit/Loss before taxes margin, % 7,4 % -5,5 % 0,6 % -4,1 %
--------------------------------------------------------------------------------
Net profit/loss for the period attributable 1 420 -2 113 696 -3 874
to equity holders of the parent company
--------------------------------------------------------------------------------
Net profit/loss for the period, % 6,9 % -9,4 % 0,9 % -4,6 %
--------------------------------------------------------------------------------
Earnings per share, EUR (diluted = 0,22 -0,32 0,11 -0,59
non-diluted)
--------------------------------------------------------------------------------
Return on equity (ROE), % 12,5 % -15,07 % 4,4 % -25,6 %
--------------------------------------------------------------------------------
Return on investment (ROI), % 7,5 % -5,5 % 3,5 % -13,9 %
--------------------------------------------------------------------------------
Equity-to-assets ratio at the end of period, 39,5 % 38,3 % 39,5 % 38,3 %
%
--------------------------------------------------------------------------------
Debt-to-equity ratio at the end of period 36,9 % 45,4 % 36,9 % 45,4 %
--------------------------------------------------------------------------------
Equity per share at the end of period, EUR * 1,95 1,80 1,95 1,80
--------------------------------------------------------------------------------
Net cash flow from operating activities 2 483 3 357 -205 567
--------------------------------------------------------------------------------
Investments in non-current assets 121 83 488 778
--------------------------------------------------------------------------------
Investments in non-current assets, % of net 0,6 % 0,4 % 0,7 % 0,9 %
sales
--------------------------------------------------------------------------------
Treasury shares held by the Group at the end 79 000 79 000 79 000 79 000
of period
--------------------------------------------------------------------------------
Treasury shares, % of total share capital 1,2 % 1,2 % 1,2 % 1,2 %
and votes
--------------------------------------------------------------------------------
Number of total issued shares at the end of 6 607 6 607 6 607 6 607
period 628 628 628 628
--------------------------------------------------------------------------------
Personnel on average during the period 262 303 268 311
--------------------------------------------------------------------------------
Personnel at the end of period 240 295 240 295
--------------------------------------------------------------------------------
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 ongoing economic uncertainties impact especially the demand for
business and promotional gifts. During uncertain economic periods, corporations
may also minimize attending fairs. As the ongoing economic uncertainty
continues, the cost saving measures will have an effect on the ordering
behaviour of corporate customers.
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 FINANCIAL YEAR
The Group has not had such events after the financial year end which would have
a material impact on 2014 financial statements.
BOARD OF DIRECTORS' PROPOSAL FOR THE ANNUAL RESULT
The Group's parent company Wulff Group Plc's distributable funds totalled EUR
2.6 million. The Group's net result attributable to the parent company
shareholders was EUR 0.7 million i.e. EUR 0.11 per share (EUR -0.59 per share).
The Board of Directors proposes to the Annual General Meeting being held on
April 9th, 2015, that no dividend will be distributed for the financial year
2014 and the financial year's loss will be transferred in the retained earnings
in the shareholders' equity.
MARKET SITUATION AND FUTURE OUTLOOK
Wulff is the most significant Nordic player in its field. 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, and as a listed company Wulff has a good
opportunity to be a more active player than its competitors.
Wulff estimates the office supplies' demand to increase as the economy starts
to recover by the end of 2015 at the earliest. Therefore it is important to
continue to implement the cost structure and improve efficiency of the
operations. Wulff's goal is to further improve profitability of its businesses.
Wulff estimates the 2015 operating profit to be positive. Typically in the
industry, the annual profit and cash flow are made in the last quarter of the
year.
WULFF GROUP PLC'S FINANCIAL REPORTING AND ANNUAL GENERAL MEETING 2015
Wulff Group Plc will release the following financial reports in 2015:
Statutory Financial Statements 2014 Week 12/2015
Interim Report, January-March 2015 Thursday May 7, 2015
Interim Report, January-June 2015 Thursday August 6, 2015
Interim Report, January-September 2015 Thursday November 5, 2015
Wulff Group Plc's Annual General Meeting will be held on Thursday April 9,
2015. A separate notice to the Annual General Meeting will be published prior
to the meeting.
In Vantaa on February 4, 2015
WULFF GROUP PLC
BOARD OF DIRECTORS
Further information:
CEO Heikki Vienola
tel. +358 9 5259 0050 or mobile: +358 50 65 110
e-mail: heikki.vienola@wulff.fi
DISTRIBUTION
NASDAQ OMX Helsinki Oy
Key media
www.wulff-group.com
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