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2011-08-10 08:00:00 CEST 2011-08-10 08:00:11 CEST REGULATED INFORMATION Wulff-Yhtiöt Oyj - Interim report (Q1 and Q3)Wulff Group Plc's Interim Report for January 1 - June 30, 2011Sales Growth Continued and Operating Profit Better than in the Comparable Period WULFF GROUP PLC INTERIM REPORT August 10, 2011 at 9:00 A.M. WULFF GROUP PLC'S INTERIM REPORT FOR JANUARY 1 - JUNE 30, 2011 Sales Growth Continued and Operating Profit Better than in the Comparable Period -- The Group's net sales increased by 8.8 percentages and totalled EUR 49.6 million (EUR 45.6 million) in the first half of the year. The second-quarter net sales were EUR 24.4 million (EUR 24.0 million). The reporting period's positive development is backed with the efficiency improvement initiatives managed successfully in the Group as well as the general economic improvement. -- EBITDA in the second quarter increased up to EUR 0.76 million from EUR 0.00 million in the comparable period. In January-June, EBITDA totalled EUR 1.04 million (EUR 0.06 million). -- In the second quarter, the operating result turned up to a profit of EUR 0.49 million whereas in the comparable period, the Group reported a loss of EUR -0.29 million. The 6-month operating profit of EUR 0.50 million was EUR 0.95 million better than a year ago (EUR -0.45 million). -- Earnings per share were EUR 0.04 (EUR -0.02) for the second quarter and EUR 0.01 (EUR -0.06) for the 6-month period. -- Based on the group management's estimate, the Group's 12-month net sales in 2011 are forecast to increase from the level of 2010 and the operating profit excluding non-recurring items is forecast to be better than in 2010. GROUP'S NET SALES AND PERFORMANCE The positive sales growth has been fuelled by the efficiency improvement initiatives managed successfully in the Group as well as the general economic improvement. In the reporting period, the office supply markets have continued growing as has been experience since the end of last year. However, the markets have not yet recovered back to their previous years' level and the Group management believe the market improvement to continue. The Group's net sales increased by 8.8 percentages and totalled EUR 49.6 million (EUR 45.6 million) in the first half of the year. The second-quarter net sales were EUR 24.4 million being 1.6 percentages greater than in the comparable period (EUR 24.0 million). The focus on sales activities and new client hunting fuelled the sales growth in both divisions and in all operating countries of the Group. Additionally the Group's clientele has been served in an even broader way to increase the demand for the Group's products. The majority of the sales growth was gained in the Group's Scandinavian companies. In the first half of 2011, the net sales have grown also in Finland, especially for the office supply contracts. Wulff Group's CEO Heikki Vienola: ”Our profit improvement tells that our services and products are trusted. Our strategy is to offer our customers even broader services by acting as one Group. Backed with the brand redesign launched in the spring and the identical visual image, our Group companies are recognized as one service provider more easily than previously. We are our industry's only Nordic player who is able to serve its customers with the good combination of our concepts, the contract sales and the direct sales. We continue to develop our services both locally and in pan-Nordic direction. During whole 2011, the personnel motivation campaign ‘Full Speed Ahead' encourages for profitability and customer-orientation. Additionally the general market improvement gives good bases for the sales growth and thus I expect our net sales to increase also in the second half of the year.” Along with the sales growth, the Group's profitability has improved positively in the whole 2011. The positive financial development has been fuelled by the increased demand for the Group's products and the efficiency improvement initiatives managed successfully. EBITDA in the second quarter increased up to EUR 0.76 million from EUR 0.00 million in the comparable period. EBITDA was 3.1 percentage (0.0 %) of the quarter's net sales. In January-June, EBITDA totalled EUR 1.04 million (EUR 0.06 million) being 2.1 percentages (0.1%) of the 6-month net sales. The Group, focusing on sales growth and continuing review of its cost structure and performance efficiency, aims to improving the profitability of its businesses. In the second quarter, the operating result turned up to a profit of EUR 0.49 million whereas in the comparable period, the Group reported a loss of EUR -0.29 million. The second-quarter operating profit was +2.0 percentages (-1.2 %) of net sales. The 6-month operating profit of EUR 0.50 million was EUR 0.95 million better than a year ago (EUR -0.45 million). The 6-month operating profit was +1.0 percentages (-1.0 %) of net sales. In the first six months of 2011, the financial income and expenses totalled (net) EUR -0.28 million (EUR +0.21 million) including dividend income of EUR 0.02 million (EUR 0.12 million), interest expenses of EUR 0.19 million (EUR 0.15 million) and currency-related other financial items (net) of EUR -0.11 million (EUR +0.23 million). The second-quarter financial income and expenses netted EUR -0.17 million (EUR +0.09 million). The result before taxes was EUR +0.32 million (EUR -0.20 million) in the second quarter and EUR +0.23 million (EUR -0.24 million) in the whole six-month period. The net result after financial items and taxes totalled a profit of EUR +0.29 million (EUR -0.16 million) in the second quarter and EUR +0.13 million (EUR -0.25 million) in the whole reporting period. The net result attributable to the equity holders of the parent company amounted to EUR +0.24 million (EUR -0.13 million) in the second quarter and EUR 0.06 million (EUR -0.37 million) in the entire reporting period. Earnings per share were EUR +0.04 (EUR -0.02) for the second quarter and EUR +0.01 (EUR -0.06) for the 6-month period. Return on investment (ROI) was +1.55 percentage (-0.37 %) for the second quarter +1.48 percentage (-0.33 %) for the 6-month period. Return on equity (ROE) was +1.78 percentage (-0.91 %) for the second quarter and +0.80 (-1.42%) for the entire reporting period. CONTRACT CUSTOMERS DIVISION The Contract Customers Division is the customer's comprehensive partner in the field of office supplies, business and promotional gifts as well as fair services. In the whole 6-month period, the segment's net sales increased by EUR 3.5 million i.e. 9 percentages up to EUR 41.1 million (EUR 37.5 million). The division's net sales totalled EUR 20.1 million (EUR 20.0 million) in the second quarter. The division increased its second-quarter operating profit up to EUR 0.52 million being EUR 0.63 million better than in the comparable period (EUR -0.11 million). The division's six-month operating profit was EUR 0.64 million (EUR -0.07 million). The majority of the division's sales growth and operating profit was gained by Wulff Supplies with its operations in Scandinavia. The company has managed to both increase its market share and win new customers constantly. In March 2011, Wulff Group's Executive Board was strengthened with Wulff Supplies AB's Managing Director Trond Fikseaunet's strong industry knowledge. The Group aims to being a Nordic market leader and the pioneer in its industry. The pan-Nordic contract customer concept in office supplies is being developed strongly. Also Wulff Oy, with its operations in Finland, and its subsidiary Torkkelin Paperi Oy operating in Lahti area, have increased their sales and improved the operating profit this year. During its history of more than 120 years, Wulff Oy is known for being always the pioneer in its branch in Finland. For instance, Wulffinkulma.fi is the industry's first webstore marketed innovatively also by the Group's qualified direct sales persons. The new kind of a web store concept brings the online shop, its products and functions easily known also for those customers who are not yet used to making online purchases. The broadest web store open for all corporations and organizations, serves its customers with a range of nearly 4,000 products. Wulffinkulma.fi is a strong investment in the future. The division's result is affected by the cycles of the business 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. The market improvement in the first six-months of 2011 can be seen positively in the demand for business and promotional gifts and in the sales of the Group's gift companies. During the reporting period, the Group's business gift companies increased their net sales and improved their profitability from last 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 half of the year, the division's net sales increased by 5 percentages (EUR 0.40 million) from the comparable period's EUR 8.2 million up to EUR 8.6 million. The division's second-quarter net sales were EUR 4.3 million (EUR 4.2 million). The sales grew and profitability improved especially in Sweden and Norway. The Direct Sales Division's operating profit totalled EUR 0.18 million (EUR -0.01 million) in the second quarter and EUR 0.25 million (EUR 0.11 million) in the whole six-month period. 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. The Group has focused on its competitiveness in the recruitment markets. Well-visible marketing campaigns reach good employee candidates and make the Group better known, which is important for an employer. For the Direct Sales division, the sales growth is fuelled most importantly with the recruitment of new sales talents. The Group has possibilities to recruit several new sales talents in its operational countries in 2011. 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. FINANCING, INVESTMENTS AND FINANCIAL POSITION The cash flow from operating activities totalled EUR -0.67 million (EUR -0.14 million) in the second quarter and EUR -2.69 million (EUR -0.14 million) in the entire six-month period because the working capital has increased along the sales growth. In addition to the profitability improvement initiatives, the Group aims to improve its working capital management. For its investments, the Group paid a net of EUR 0.58 million (EUR 0.54 million) in the second quarter and EUR 1.13 million (EUR 0.67 million) in the whole six-month reporting period, including mainly payments for subsidiary shares (a total of EUR 0.98 million): for Wulff Supplies (EUR 0.25 million), Torkkelin Paperi Oy (EUR 0.39 million), Ibero Liikelahjat Oy (EUR 0.18 million) and Entre Marketing Oy (EUR 0.16 million). The Group raised short-term loan of net EUR 1.40 million (EUR -0.59 million) in the second quarter and EUR 1.55 million (EUR -0.48 million) in the whole six-month period. Wulff Group Plc paid its shareholders dividends of EUR 0.33 million (EUR 0.33 million) and additionally the minority shareholders of the subsidiaries were paid dividends of EUR 0.07 million (EUR 0.14 million). The net cash flow used in financing activities totalled EUR +1.08 million (EUR -1.14 million) in the second quarter and EUR +1.07 million (EUR -1.17 million) in the whole reporting period. In general, the Group's cash balance has decreased by EUR -0.17 million (EUR -1.82 million) in the second quarter and by EUR -2.74 million (EUR -1.97 million) in the whole reporting period from the beginning value of EUR 4.38 million down to EUR 1.64 million as of June 30, 2011. The equity attributable to the equity holders of the parent company totalled EUR 2.36 per share (December 31, 2010: EUR 2.41) and the equity-to-assets ratio was 39.3 percentage (December 31, 2010: 37.0 %). SHARES AND SHARE CAPITAL Based on the authorization of the Annual General Meeting held on April 23, 2010, the acquisition of own shares continued in early 2011. In April-June 2011, no own shares were reacquired. Authorized by the Annual General Meeting held on April 28, 2011, the Board of Directors decided in its organizing meeting to continue buying back a maximum of 300,000 own shares by the next Annual General Meeting. In the end of the reporting period, the Group held a total of 90,000 own shares (89,456 as of June 30, 2010) representing 1.4 percentage (1.4 %) of the total number and voting rights of Wulff shares. 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. 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 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. The stock exchange release on June 9, 2011, based on the Securities Market Act, stated that Ari Pikkarainen's ownership decreased below 20 percentages of the total number of shares and votes in Wulff Group Plc. There were no disclosed notifications on changes in major share holdings in 2010. 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 June 2011, the share was valued at EUR 2.38 (EUR 3.20) and the market capitalization of the outstanding shares totalled EUR 15.5 million (EUR 20.9 million). PERSONNEL In the first half of 2011, the Group's personnel totalled 364 (372) employees on average. In the end of the period, the Group had 357 (383) employees of which 130 (133) 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. At the end of the reporting period, 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 has possibilities to recruit several new sales talents in all its operational countries in 2011. RISKS AND UNCERTAINTIES IN THE NEAR FUTURE The demand for office supplies is still affected by the organizations' personnel lay-offs and cost saving initiatives made during the economic downturn. The general uncertainty may still continue which will most likely affect the ordering behaviour of some corporate clients also in 2011. The improvement of the economic situation affects quickly the demand for office supplies. 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 also minimize attending fairs. EVENTS AFTER THE REPORTING PERIOD Sami Asikainen, 39, was nominated as a Group Executive Board member and Wulff Oy's new Managing Director in August. Previously working as an Executive Board member and Sales Director in Oy Hartwall Ab, Asikainen brings new sales talent and strategic knowledge for Wulff. Wulff Supplies organization was strengthened with Fredrik Onsèr, 37, Sweden's new Country Manager. Onsèr joined the Group from Office Depot. Onsèr's long industry knowledge is valuable in the development of the Group's pan-Nordic business model. KB-Tuote Oy's new Managing Director is Virpi Romu, previously working as the Sales Director in KB-Tuote Oy. Romu, 50, has an important role in the development of Wulff's business and advertising gift services. 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. 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. Based on the group management's estimate, the Group's 12-month net sales in 2011 are forecast to increase from the level of 2010 and the operating profit excluding non-recurring items is forecast to be better than in 2010. FINANCIAL REPORTING IN 2011 Wulff Group Plc will release its interim report for January-September 2011 on 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 II II I-II I-II I-IV EUR 1000 2011 2010 2011 2010 2010 Net sales 24 390 24 016 49 632 45 600 93 107 Other operating income 46 99 177 265 467 Materials and services -15 491 -16 108 -32 568 -29 637 -60 516 Employee benefit expenses -4 961 -4 949 -10 006 -9 754 -18 617 Other operating expenses -3 228 -3 055 -6 197 -6 410 -12 866 -------------------------------------------------------------------------------- EBITDA 756 2 1 038 63 1 575 Depreciation and amortization -265 -292 -537 -513 -1 182 Impairment -350 -------------------------------------------------------------------------------- Operating profit/loss 491 -289 502 -450 43 Financial income 46 122 105 513 755 Financial expenses -219 -33 -382 -307 -575 -------------------------------------------------------------------------------- Profit/Loss before taxes 318 -200 225 -244 223 Income taxes -24 40 -92 -6 -637 Net profit/loss for the period 294 -160 133 -249 -415 Attributable to: Equity holders of the parent 241 -134 61 -374 -623 company Non-controlling interest 53 -27 72 124 209 Earnings per share for profit attributable to the equity holders of the parent company: Earnings per share, EUR 0,04 -0,02 0,01 -0,06 -0,10 (diluted = non-diluted) STATEMENT OF COMPREHENSIVE INCOME II II I-II I-II I-IV EUR 1000 2011 2010 2011 2010 2010 Net profit/loss for the period 294 -160 133 -249 -415 Other comprehensive income, net of tax Change in translation differences -28 -289 -31 -60 134 Fair value changes on -22 6 -13 -14 42 available-for-sale investments Total other comprehensive income -50 -283 -44 -74 176 -------------------------------------------------------------------------------- Total comprehensive income for the 244 -443 89 -324 -238 period Total comprehensive income attributable to: Equity holders of the parent 191 -391 72 -467 -540 company Non-controlling interest 53 -53 17 143 302 STATEMENT OF FINANCIAL POSITION June 30 June 30 Dec 31 EUR 1000 2011 2010 2010 ASSETS Non-current assets Goodwill 9 414 10 858 9 501 Other intangible assets 1 449 1 163 1 382 Property, plant and equipment 1 907 2 079 2 285 Non-current financial assets Interest-bearing financial assets 121 567 503 Non-interest-bearing financial assets 424 321 442 Deferred tax assets 1 239 1 169 1 011 -------------------------------------------------------------------------------- Total non-current assets 14 555 16 156 15 124 Current assets Inventories 12 015 12 027 11 740 Current receivables Interest-bearing receivables 81 74 Non-interest-bearing receivables 14 927 13 389 14 708 Financial assets recognised at fair value through 99 221 0 profit and loss Cash and cash equivalents 1 636 3 364 4 379 -------------------------------------------------------------------------------- Total current assets 28 677 29 081 30 902 TOTAL ASSETS 43 232 45 238 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 4 867 5 489 5 121 Non-controlling interest 1 067 1 107 1 158 -------------------------------------------------------------------------------- Total equity 16 469 17 131 16 814 Non-current liabilities Interest-bearing liabilities 7 951 8 424 8 403 Deferred tax liabilities 123 142 136 -------------------------------------------------------------------------------- Total non-current liabilities 8 073 8 566 8 539 Current liabilities Interest-bearing liabilities 3 933 2 156 2 425 Non-interest-bearing liabilities 14 757 17 385 18 247 -------------------------------------------------------------------------------- Total current liabilities 18 689 19 541 20 673 TOTAL EQUITY AND LIABILITIES 43 232 45 238 46 025 STATEMENT OF CASH FLOW II II I-II I-II I-IV EUR 1000 2011 2010 2011 2010 2010 Cash flow from operating activities: Cash received from sales 25 557 23 073 49 329 44 898 91 189 Cash received from other operating 21 64 72 202 339 income Cash paid for operating expenses -26 080 -23 121 -51 751 -44 937 -89 433 -------------------------------------------------------------------------------- Cash flow from operating activities -503 16 -2 350 163 2 095 before financial items and income taxes Interest paid -68 -79 -146 -160 -274 Interest received 21 13 39 19 79 Income taxes paid -123 -88 -229 -157 -372 -------------------------------------------------------------------------------- Cash flow from operating activities -673 -138 -2 685 -135 1 528 Cash flow from investing activities: Investments in intangible and -237 -423 -663 -610 -1 509 tangible assets Proceeds from sales of intangible 81 64 453 122 187 and tangible assets Acquisition of subsidiaries, net of -409 -185 -982 -185 -219 cash Loans granted -11 -12 Repayments of loans receivable 4 74 4 29 -------------------------------------------------------------------------------- Cash flow from investing activities -577 -539 -1 131 -669 -1 512 Cash flow from financing activities: Acquisition of own shares -75 -3 -84 -110 Dividends paid -350 -429 -397 -469 -484 Dividends received 18 21 21 123 149 Cash paid for (received from) 10 -62 -99 -256 -55 short-term investments (net) Withdrawals of long- and short-term 1 423 6 2 480 616 914 loans Repayments of long-term loans -19 -600 -930 -1 100 -1 388 -------------------------------------------------------------------------------- Cash flow from financing activities 1 082 -1 139 1 072 -1 169 -974 Change in cash and cash equivalents -168 -1 816 -2 743 -1 974 -958 Cash and cash equivalents at the 1 804 5 180 4 379 5 337 5 337 beginning of the period Cash and cash equivalents at the 1 636 3 364 1 636 3 364 4 379 end of the period STATEMENT OF CHANGES IN EQUITY EUR 1000 Equity attributable to equity holders of the parent company Share Share Fund Trea Re Total Non-co TOTAL capita pre for sury tained ntrol l mium invest shares earn ling fund ed non ings inte res rest tricted equity -------------------------------------------------------------------------------- Equity on Jan 2 650 7 662 223 -211 6 562 16 886 1 117 18 003 1, 2010 Comprehensive -467 -467 143 -324 income * Dividends -327 -327 -142 -469 paid Treasury -84 -84 -84 share acquisition Treasury 16 -16 0 0 share disposal Share-based 16 16 16 payments Changes in 0 -11 -11 ownership -------------------------------------------------------------------------------- Equity on 2 650 7 662 223 -279 5 767 16 024 1 107 17 131 June 30, 2010 Equity on Jan 2 650 7 662 223 -211 6 562 16 886 1 117 18 003 1, 2010 Comprehensive -540 -540 302 -238 income * Dividends -327 -327 -157 -484 paid Treasury -110 -110 -110 share acquisition Treasury 42 -42 0 0 share disposal Share-based 42 42 42 payments Changes in -294 -294 -103 -398 ownership -------------------------------------------------------------------------------- Equity on Dec 2 650 7 662 223 -279 5 400 15 656 1 158 16 814 31, 2010 Equity on Jan 2 650 7 662 223 -279 5 400 15 656 1 158 16 814 1, 2011 Comprehensive 72 72 17 89 income * Dividends -325 -325 -72 -397 paid Treasury -3 -3 -3 share acquisition Share-based 3 3 3 payments Changes in 0 -36 -36 ownership -------------------------------------------------------------------------------- Equity on 2 650 7 662 223 -283 5 150 15 403 1 067 16 469 June 30, 2011 * net of tax NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEGMENT INFORMATION II II I-II I-II I-IV EUR 1000 2011 2010 2011 2010 2010 Net sales by operating segments Contract Customers Division 20 137 19 952 41 098 37 549 77 301 Direct Sales Division 4 299 4 154 8 591 8 196 16 075 Group Services 267 363 522 716 1 257 Intragroup eliminations between segments -313 -454 -579 -862 -1 525 TOTAL NET SALES 24 390 24 016 49 632 45 600 93 107 Operating profit/loss by operating segments Contract Customers business 523 -105 643 -66 832 Non-Recurring Impairment -350 -------------------------------------------------------------------------------- Contract Customers Division Total 523 -105 643 -66 482 Direct Sales Division Total 179 -12 246 111 324 Group Services and non-allocated items -210 -172 -387 -495 -764 TOTAL OPERATING PROFIT/LOSS 491 -289 502 -450 43 KEY FIGURES II II I-II I-II I-IV EUR 1000 2011 2010 2011 2010 2010 Net sales 24 390 24 016 49 632 45 600 93 107 Increase/Decrease in net sales, % 1,6 % 62,9 % 8,8 % 44,8 % 24,5 % EBITDA 756 2 1 038 63 1 575 EBITDA margin, % 3,1 % 0,0 % 2,1 % 0,1 % 1,7 % Operating profit/loss 491 -289 502 -450 43 Operating profit/loss margin, % 2,0 % -1,2 % 1,0 % -1,0 % 0,0 % Profit/Loss before taxes 318 -200 225 -244 223 Profit/Loss before taxes margin, % 1,3 % -0,8 % 0,5 % -0,5 % 0,2 % Net profit/loss for the period 241 -134 61 -374 -623 attributable to equity holders of the parent company Net profit/loss for the period, % 1,0 % -0,6 % 0,1 % -0,8 % -0,7 % Earnings per share, EUR (diluted = 0,04 -0,02 0,01 -0,06 -0,10 non-diluted) Return on equity (ROE), % 1,78 % -0,91 % 0,80 % -1,42 % -2,38 % Return on investment (ROI), % 1,55 % -0,37 % 1,48 % -0,33 % 1,75 % Equity-to-assets ratio at the end 39,3 % 39,6 % 39,3 % 39,6 % 37,0 % of period, % Debt-to-equity ratio at the end of 61,5 % 38,3 % 61,5 % 38,3 % 34,9 % period Equity per share at the end of 2,36 2,46 2,36 2,46 2,41 period, EUR * Investments in non-current assets 217 423 574 610 1 619 Investments in fixed assets, % of 0,9 % 1,8 % 1,2 % 1,3 % 1,7 % net sales Treasury shares held by the Group 90 000 89 456 90 000 89 456 99 036 at the end of period Treasury shares, % of total share 1,4 % 1,4 % 1,4 % 1,4 % 1,5 % capital and votes Number of total issued shares at 6607628 6607628 6607628 6607628 6607628 the end of period Personnel on average during the 366 372 364 372 384 period Personnel at the end of period 357 383 357 383 370 * Equity attributable to the equity holders of the parent company / Number of shares excluding the acquired own shares QUARTERLY KEY FIGURES II I IV III II I EUR 1000 2011 2011 2010 2010 2010 2010 Net sales 24 390 25 242 27 073 20 435 24 016 21 584 EBITDA 756 282 1 284 228 2 61 Operating profit/loss 491 10 903 -411 -289 -160 Profit/Loss before taxes 318 -93 794 -327 -200 -43 Net profit/loss for the period 241 -180 308 -557 -134 -240 Earnings per share, EUR (diluted 0,04 -0,03 0,05 -0,09 -0,02 -0,04 = non-diluted) RELATED PARTY TRANSACTIONS II II I-II I-II I-IV EUR 1000 2011 2010 2011 2010 2010 Sales to related parties 23 25 98 46 93 Purchases from related parties 12 8 19 9 114 Loan receivables from related parties 0 566 0 566 566 Loan payables to related parties 0 492 0 492 492 COMMITMENTS June June Dec 31 30 30 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 272 247 289 companies' liabilities Current receivables pledged as security for group 257 0 255 companies' liabilities Pledges and guarantees given for the group companies' 221 227 221 off-balance sheet commitments Guarantees given on behalf of third parties 206 280 236 Minimum future operating lease payments 6 202 7 209 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. In June 2011, the Group's ownership in Wulff Supplies rose to 82 percentages when Wulff Group Plc acquired the shares (2%) from an employee leaving Wulff Supplies. This change in ownership is shown in the Statement of Changes in Equity. The Group's pension premium loans are secured with a bank guarantee, the margin of which is linked to the covenants regarding the equity ratio and the interest-bearing debt/EBITDA ratio. The equity ratio shall be 35 % at minimum in the end of each year. On December 31, 2010 the equity ratio was 37.0 % (December 31, 2009: 41.7 %). On December 31, 2010, the interest-bearing debt/EBITDA ratio requirement of 3.5 was not reached and accordingly, the Group paid a one-off minor compensation to the bank. The Group has no knowledge of any significant events after the end of the financial period that would have had a material impact on this report in any other way that has been already discussed in the review by the Board of Directors. In Vantaa on August 9, 2011 WULFF GROUP PLC BOARD OF DIRECTORS Further information: CEO Heikki Vienola tel. +358 9 5259 0050 or mobile: +358 50 65 110 e-mail: heikki.vienola@wulff.fi DISTRIBUTION NASDAQ OMX Helsinki Oy Key media www.wulff-group.com |
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