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2012-02-08 08:00:00 CET 2012-02-08 08:00:08 CET REGULATED INFORMATION Wulff-Yhtiöt Oyj - Financial Statement ReleaseWulff Group Plc’s Financial Statements for January 1 – December 31, 2011Net Sales and Result Improvement Increased the Dividend WULFF GROUP PLC FINANCIAL STATEMENTS RELEASE February 8, 2012 at 9:00 A.M. WULFF GROUP PLC'S FINANCIAL STATEMENTS FOR JANUARY 1 - DECEMBER 31, 2011 Net Sales and Result Improvement Increased the Dividend -- In 2011, the Group's net sales increased by 6.5 percentages and totalled EUR 99.1 million (EUR 93.1 million). The last quarter's net sales were EUR 27.5 million (EUR 27.1 million). The year's positive development is backed with the sales operations development activities, good performance in customer service and the efficiency improvement initiatives managed successfully. -- The whole year's EBITDA increased by 71 percentages up to EUR 2.69 million (EUR 1.58 million) in 2011. EBITDA was 2.7 percentages (1.7 %) of the net sales. In the last quarter, EBITDA was 3.9 percentages (4.7 %) of the net sales and totalled EUR 1.08 million (EUR 1.28 million). -- In 2011, the operating profit of EUR 1.60 million was clearly better than in 2010 (EUR 0.04 million). Operating profit margin was 1.6 percentages (0.00 %). The last quarter's operating profit was EUR 0.79 million (EUR 0.90 million) being 2.9 percentages (3.3 %) of the net sales. -- The net profit totalled EUR 0.82 million (EUR -0.42 million) for the whole year and EUR 0.56 million (EUR 0.35 million) in the last quarter. -- In 2011, earnings per share turned up to a profit of EUR 0.10 per share, whereas in 2010 earnings per share were EUR -0.10. In the last quarter, earnings per share were EUR 0.07 (EUR 0.05). -- The Board of Directors proposes for the Annual General Meeting, that a dividend of EUR 0.07 per share (EUR 0.05 per share) totalling EUR 0.46 million (EUR 0.33 million) will be distributed for the year 2011. GROUP'S NET SALES AND PERFORMANCE The Group's net sales continued growing also in the end of the year. The positive sales growth and clear profit improvement have been fuelled by the sales operations development activities and the efficiency improvement initiatives managed successfully. The office supply market recovery continued in year 2011. Wulff Group's net sales have increased faster than the market. In the last quarter, the Group's net sales were EUR 27.5 million (EUR 27.1). In 2011, net sales increased by 6.5 percentages and totalled EUR 99.1 million (EUR 93.1 million). The focus on sales activities and new client hunting fuelled the sales growth in both divisions and in different operating countries of the Group. The demand for the Group's products has increased when the Group's clientele has been served in an even broader way. The majority of the sales growth was gained in the Group's Scandinavian companies. In 2011, the net sales have grown also in Finland, especially in the office supply contract sales. Wulff Group's CEO Heikki Vienola: ”We have succeeded well in the changing operational environment. The result in 2011 creates a good base to build a profitable year 2012. Being a pioneer has always been important to Wulff: we serve our customers the way they choose via the preferred channels and we offer the market's most advanced services. Service development together with our customers is the base of our operations. Companies want to centralize their purchases to partners with a diverse product range. Wulff's service and product range is the largest in the office supplies market - office supplies, IT supplies, ergonomics, business and promotional gifts as well as international fair services. We serve our customers with contract and direct sales concept as well as in the webstore Wulffinkulma.fi.” Along with the sales growth, the Group's profitability has improved positively. The positive financial development has been fuelled by the sales operations activities, cost-consciousness and the efficiency improvement initiatives managed successfully. The whole year's EBITDA increased by 71 percentages up to EUR 2.69 million (EUR 1.58 million) in 2011. EBITDA was 2.7 percentages (1.7 %) of the net sales. In the last quarter, EBITDA was 3.9 percentages (4.7 %) of the net sales and totalled EUR 1.08 million (EUR 1.28 million). The Group, focusing on sales growth and continuing the review of its cost structure and performance efficiency, aims to improve the profitability of its businesses. In 2011, the operating profit of EUR 1.60 million was clearly better than in 2010 (EUR 0.04 million). Operating profit was 1.6 percentages (0.00 %) of the annual net sales. The last quarter's operating profit was EUR 0.79 million (EUR 0.90 million) being 2.9 percentages (3.3 %) of the net sales. In 2011, the financial income and expenses totalled (net) EUR -0.46 million (EUR +0.18 million) including dividend income of EUR 0.04 million (EUR 0.15 million), interest expenses of EUR 0.34 million (EUR 0.27 million) and mainly currency-related other financial items (net) of EUR -0.15 million (EUR +0.31 million). In the last quarter, the financial income and expenses netted EUR -0.02 million (EUR -0.11 million). The 12-month result before taxes was EUR 1.14 million being EUR 0.92 million better than in 2010 (EUR 0.22 million). In the last quarter, the result before taxes was EUR 0.76 million (EUR 0.79 million). The net result after taxes totalled EUR 0.82 million (EUR -0.42 million) for the whole year and EUR 0.56 million (EUR 0.35 million) in the last quarter. The net result attributable to the equity holders of the parent company amounted to EUR 0.63 million (EUR -0.62 million) in the entire year 2011 and EUR 0.47 million (EUR 0.31 million) in the last quarter. In 2011, earnings per share turned up to a profit of EUR 0.10 per share, whereas in 2010 earnings per share were EUR -0.10. In the last quarter, earnings per share were EUR 0.07 (EUR 0.05). Return on investment (ROI) was 5.45 percentages (1.75 %) for the whole year and 3.01 percentage (3.18 %) for the last quarter. Return on equity (ROE) was 4.82 percentage (-2.38 %) in 2011 and 3.35 (2.07%) for the last quarter. CONTRACT CUSTOMERS DIVISION The Contract Customers Division is the customer's comprehensive partner in the field of office supplies, IT supplies, business and promotional gifts as well as fair services. In 2011, the segment's net sales increased by EUR 5.2 million i.e. 7 percentages up to EUR 82.5 million (EUR 77.3 million). The division's net sales totalled EUR 22.6 million (EUR 22.4 million) in the last quarter. The division's operating profit excluding non-recurring items was EUR 2.14 million being EUR 1.30 million better than in 2010 (EUR 0.83 million). In the last quarter, the division's operating profit was EUR 0.88 million (EUR 0.86 million). Wulff Supplies AB, operating in Scandinavia, managed to increase clearly its market share in 2011. Wulff Supplies made many new significant office supply contracts with its customers. Wulff Supplies' good result continued to improve further. Also Wulff Oy Ab, with its operations in Finland, has increased its sales and improved its operating profit in 2011. In particular the Group's webstore Wulffinkulma.fi has grown and improved its result. The webstore is an important investment for the future. The investment has given quick results. Wulff Oy Ab's retail and partner networks have grown also strongly and the co-operation has strengthened. The sales operations are supported by strong marketing and publicity received e.g. as Wulff is a partner of the 2012 IIHF Ice Hockey World Championship. The Group's target is to be the Nordic market leader and the pioneer in its field. The division's result is affected by the cycles of the business and promotional gift market: the majority of the products are delivered and the majority of the annual profit is generated in the second and the last quarter of the year. Business and promotional gift market has brightened up in Finland. The Estonian market is recovering after the economic slowdown. Entre Marketing Oy, the company offering international fair services, turned its result clearly up and the effectiveness of its sales organization has improved remarkably during the year 2011. Excellent results have been gained by focusing on profitable services and the company's special expertise in the international fair service sales. With a narrower service range and a leaner organization, resources have been directed to the profitable operations. In January 2012, Entre Marketing Oy's brand renewed and its name was changed to Wulff Entre according to the Group's brand strategy. 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 2011, the division's net sales increased by 2 percentages from the comparable year's EUR 16.1 million up to EUR 16.4 million. In the last quarter, the division's net sales were EUR 4.7 million (EUR 4.8 million). The Direct Sales Division's operating result totalled EUR 0.22 million (EUR 0.32 million) in the whole year 2011 and EUR 0.08 million (EUR 0.23 million) in the last quarter. A good profitability level was achieved in the Scandinavian direct sales companies during 2011. Sales grew and profitability improved in Sweden and Norway. Compensation systems were renewed to encourage personnel better towards profitable results. Development of the product and service portfolio has been invested in strongly. The Group's new partnering strategy aims to gain synergies in product purchases. Group-level price competitions in purchases and co-operation have already gained good results especially in the Scandinavian direct sales. The Finnish Direct Sales organization was renewed with an administrational merger of seven subsidiaries in the end of the year. The reorganization continued in February 2012 when Finland's Direct Sales organization got a common Development and Sales Director. Consequently the management of Direct Sales can focus even stronger on sales development. In 2012, the most important development projects are the renewal and integration of sales support systems e.g. a new CRM system. Marketing and sales are supported strongly with new tools in 2012. The talented and skilled personnel is Wulff's growth engine. In 2011, the renewal of the personnel development program was started. Concrete renewals are e.g. a new development and target discussion method and managers' own training program launched in early 2012. In the changing market, success requires good and strong leadership and therefore the Group invests significantly in regular management training. The Group has potential to recruit several new sales talents in its operational countries. Wulff is known as a sales academy. A sales organization is a good leadership school and sales experience is valued increasingly wide also in Finnish companies. Being a growing and internationalizing Group, Wulff has possibilities to employ both experienced sales professionals and new sales talents, who are entering the industry for the first time, as well as people who are changing jobs. Wulff provides a suitable training program for each new employee. Additionally the Group offers a possibility to get a commercial elementary degree along the work. FINANCING, INVESTMENTS AND FINANCIAL POSITION The cash flow from operating activities was strongly positive and totalled EUR 4.05 million (EUR 3.16 million) in the last quarter and EUR 1.03 million (EUR1.53 million) in the entire year. The Group has enhanced its working capital management. For its fixed asset investments, the Group paid a net of EUR 0.27 million (EUR 0.28 million) in the last quarter and EUR 0.80 million (EUR 1.32 million) in the whole year. In 2011, the Group paid EUR 0.98 million (EUR 0.22 million) for subsidiary and minority acquisitions made in the previous financial years. The Group repaid loans of net EUR 2.51 million (EUR 0.27 million) in the last quarter and EUR 0.79 million (EUR 0.47 million) in the whole year. 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 0.11 million (EUR 0.15 million). In general, the Group's cash balance increased by EUR 1.29 million (EUR 2.59 million) in the last quarter and decreased by EUR 1.93 million (EUR 0.96 million) during the whole year from the beginning value of EUR 4.38 million down to EUR 2.46 million as of December 31, 2011. The equity attributable to the equity holders of the parent company totalled EUR 2.45 per share (December 31, 2010: EUR 2.41) and the equity-to-assets ratio was 40.3 percentages (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. 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 April-December 2011, no own shares were reacquired. In the end of the reporting period, the Group held a total of 90,000 own shares (99,036 as of December 31, 2010) representing 1.4 percentage (1.5 %) of the total number and voting rights of Wulff shares. Wulff Group Plc's 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 the reporting period, the share was valued at EUR 1.99 (EUR 2.60) and the market capitalization of the outstanding shares totalled EUR 13.0 million (EUR 16.9 million). PERSONNEL In 2011, the Group's personnel totalled 365 (384) employees on average. In the end of the period, the Group had 359 (370) employees of which 134 (132) 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. In order to strengthen the organic sales growth, the Group focuses on the recruitment of the sales personnel. The Group has possibilities to recruit several new sales talents in its operational countries during 2012. 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 in 2012. 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 comes from other than euro-currency countries. Fluctuation of the currencies may affect the Group's net result and financial position. BOARD OF DIRECTORS' DIVIDEND PROPOSAL The parent company's distributable funds totalled EUR 5.59 million. The Group's net result attributable to the parent company shareholders was EUR 0.63 million i.e. EUR 0.10 per share (EUR -0.10 per share). The Board of Directors proposes to the Annual General Meeting that for the financial year 2011, a dividend of EUR 0.07 per share (0.05 per share) totalling EUR 0.46 million (EUR 0.33 million) will be distributed. At the date of the dividend distribution, the own shares held by the Company are not paid any dividend. The remaining distributable funds of EUR 5.13 million will be retained in the shareholders' equity. 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. Also in 2012, the Group continues taking actions for enhancing profitability. The Group focuses on the growth and development of its sales operations. The Group expects to win new customers and gain growth especially along with Wulff Supplies AB in Scandinavia and with the webstore Wulffinkulma.fi in Finland. The Group has good possibilities to increase its net sales and operating profit in 2012. FINANCIAL REPORTING AND ANNUAL GENERAL MEETING IN 2012 Wulff Group Plc will release the following financial reports in 2012: Annual Report 2011 week 12/2012 Interim Report, January-March 2012 Friday May 11, 2012 Interim Report, January-June 2012 Friday August 10, 2012 Interim Report, January-September 2012 Thursday November 8, 2012 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. Wulff Group Plc's Annual General Meeting will be held on Monday April 23, 2012. A separate notice to the Annual General Meeting will be published prior to the meeting. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) INCOME STATEMENT IV IV I-IV I-IV EUR 1000 2011 2010 2011 2010 -------------------------------------------------------------------------------- --------------------------------------------- Net sales 27 526 27 073 99 129 93 107 Other operating income 24 94 238 467 Materials and services -18 055 -17 384 -65 532 -60 516 Employee benefit expenses -5 283 -5 071 -19 204 -18 617 Other operating expenses -3 127 -3 429 -11 942 -12 866 -------------------------------------------------------------------------------- EBITDA 1 084 1 284 2 689 1 575 Depreciation and amortization -300 -381 -1 095 -1 182 Impairment -350 -------------------------------------------------------------------------------- Operating profit/loss 785 903 1 595 43 Financial income 77 65 182 755 Financial expenses -98 -175 -637 -575 -------------------------------------------------------------------------------- Profit/Loss before taxes 763 794 1 139 223 Income taxes -198 -446 -320 -637 ================================================================================ Net profit/loss for the period 564 347 819 -415 Attributable to: Equity holders of the parent company 468 308 634 -623 Non-controlling interest 96 39 185 209 Earnings per share for profit attributable to the equity holders of the parent company: Earnings per share, EUR 0,07 0,05 0,10 -0,10 (diluted = non-diluted) STATEMENT OF COMPREHENSIVE INCOME IV IV I-IV I-IV EUR 1000 2011 2010 2011 2010 -------------------------------------------------------------------------------- Net profit/loss for the period 564 347 819 -415 Other comprehensive income, net of tax Change in translation differences 110 41 34 134 Fair value changes on available-for-sale 54 57 -4 42 investments Total other comprehensive income 164 98 30 176 -------------------------------------------------------------------------------- Total comprehensive income for the period 728 445 849 -238 Total comprehensive income attributable to: Equity holders of the parent company 570 377 663 -540 Non-controlling interest 158 68 186 302 STATEMENT OF FINANCIAL POSITION Dec 31 Dec 31 EUR 1000 2011 2010 -------------------------------------------------------------------------------- ASSETS Non-current assets Goodwill 9 467 9 501 Other intangible assets 1 355 1 382 Property, plant and equipment 2 102 2 285 Non-current financial assets Interest-bearing financial assets 97 503 Non-interest-bearing financial assets 367 442 Deferred tax assets 1 621 1 011 -------------------------------------------------------------------------------- Total non-current assets 15 008 15 124 Current assets Inventories 11 280 11 740 Current receivables Interest-bearing receivables 51 74 Non-interest-bearing receivables 15 646 14 708 Financial assets recognised at fair value through profit/loss 56 Cash and cash equivalents 2 464 4 379 -------------------------------------------------------------------------------- Total current assets 29 497 30 902 ================================================================================ TOTAL ASSETS 44 505 46 025 EQUITY AND LIABILITIES Equity Equity attributable to the equity holders of the parent company: Share capital 2 650 2 650 Share premium fund 7 662 7 662 Invested unrestricted equity fund 223 223 Retained earnings 5 461 5 121 Non-controlling interest 1 198 1 158 -------------------------------------------------------------------------------- Total equity 17 195 16 814 Non-current liabilities Interest-bearing liabilities 7 409 8 403 Deferred tax liabilities 128 136 -------------------------------------------------------------------------------- Total non-current liabilities 7 537 8 539 Current liabilities Interest-bearing liabilities 2 135 2 425 Non-interest-bearing liabilities 17 639 18 247 -------------------------------------------------------------------------------- Total current liabilities 19 773 20 673 ================================================================================ TOTAL EQUITY AND LIABILITIES 44 505 46 025 STATEMENT OF CASH FLOW IV IV I-IV I-IV EUR 1000 2011 2010 2011 2010 -------------------------------------------------------------------------------- Cash flow from operating activities: Cash received from sales 27 606 27 248 98 153 91 189 Cash received from other operating income 15 47 130 339 Cash paid for operating expenses -23 262 -23 990 -96 462 -89 433 -------------------------------------------------------------------------------- Cash flow from operating activities before 4 360 3 305 1 821 2 095 financial items and income taxes Interest paid -48 -48 -278 -274 Interest received 29 17 93 79 Income taxes paid -296 -118 -605 -372 -------------------------------------------------------------------------------- Cash flow from operating activities 4 045 3 155 1 031 1 528 Cash flow from investing activities: Investments in intangible and tangible -265 -314 -1 253 -1 509 assets Proceeds from sales of intangible and 36 456 187 tangible assets Loans granted -12 Repayments of loans receivable 25 74 29 -------------------------------------------------------------------------------- Cash flow from investing activities -265 -253 -735 -1 293 Cash flow from financing activities: Acquisition of own shares -25 -3 -110 Dividends paid -15 -433 -484 Dividends received 18 40 149 Payments for subsidiary acquisitions 0 -982 -219 Cash paid for (received from) short-term 7 -56 -55 investments (net) Withdrawals and repayments of short-term -2 576 173 914 loans Withdrawals of long-term loans 385 385 Repayments of long-term loans -319 -269 -1 348 -1 388 -------------------------------------------------------------------------------- Cash flow from financing activities -2 486 -308 -2 226 -1 193 ================================================================================ Change in cash and cash equivalents 1 294 2 594 -1 930 -958 Cash and cash equivalents at the beginning 1 155 1 785 4 379 5 337 of the period Translation difference of cash 15 15 Cash and cash equivalents at the end of the 2 464 4 379 2 464 4 379 period STATEMENT OF CHANGES IN EQUITY EUR 1000 Equity attributable to equity holders of the parent company Fund for in- vested non- Trans- Re- Non- Share re- lation tai- cont- pre- strict diffe- ned rollin - g Share mium ed Own ren- Earn- inte- capita fund equity shares ces ings Total rest TOTAL l -------------------------------------------------------------------------------- Equity on 2 650 7 662 223 -211 -190 6 751 16 886 1 117 18 003 Jan 1, 2010 Net profit -623 -623 209 -415 /loss for the period Other comprehen sive income*: Change in 41 41 93 134 trans- lation differ- ences Fair value 42 42 42 changes on available -for-sale invest- ments -------------------------------------------------------------------------------- Comprehens 41 -581 -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- 42 42 42 based payments Changes in -294 -294 -103 -398 ownership -------------------------------------------------------------------------------- Equity on 2 650 7 662 223 -279 -149 5 549 15 656 1 158 16 814 Dec 31, 2010 Equity on 2 650 7 662 223 -279 -149 5 549 15 656 1 158 16 814 Jan 1, 2011 Net profit 634 634 185 819 /loss for the period Other comprehen sive income*: Change in 33 33 1 34 trans- lation differ- ences Fair value -4 -4 -4 changes on available -for-sale invest- ments -------------------------------------------------------------------------------- Comprehens 33 630 663 186 849 ive income * Dividends -325 -325 -110 -435 paid Treasury -3 -3 -3 share acquisiti on Share- 5 5 5 based payments Changes in 0 -36 -36 ownership -------------------------------------------------------------------------------- Equity on 2 650 7 662 223 -283 -116 5 860 15 996 1 198 17 195 Dec 31, 2011 * net of tax NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEGMENT INFORMATION IV IV I-IV I-IV EUR 1000 2011 2010 2011 2010 --------------------------------------------------------------------------- Net sales by operating segments Contract Customers Division 22 581 22 444 82 542 77 301 Direct Sales Division 4 692 4 787 16 397 16 075 Group Services 371 249 1 138 1 257 Intragroup eliminations between segments -117 -407 -948 -1 525 =========================================================================== TOTAL NET SALES 27 526 27 073 99 129 93 107 Operating profit/loss by operating segments Contract Customers business 879 855 2 136 832 Goodwill Impairment -350 --------------------------------------------------------------------------- Contract Customers Division Total 879 855 2 136 482 Direct Sales Division Total 78 234 215 324 Group Services and non-allocated items -172 -186 -756 -764 =========================================================================== TOTAL OPERATING PROFIT/LOSS 785 903 1 595 43 KEY FIGURES IV IV I-IV I-IV EUR 1000 2011 2010 2011 2010 -------------------------------------------------------------------------------- Net sales 27 526 27 073 99 129 93 107 Increase/Decrease in net sales, % 1,7 % 5,2 % 6,5 % 24,5 % EBITDA 1 084 1 284 2 689 1 575 EBITDA margin, % 3,9 % 4,7 % 2,7 % 1,7 % Operating profit/loss 785 903 1 595 43 Operating profit/loss margin, % 2,9 % 3,3 % 1,6 % 0,0 % Profit/Loss before taxes 763 794 1 139 223 Profit/Loss before taxes margin, % 2,8 % 2,9 % 1,1 % 0,2 % Net profit/loss for the period attributable 468 308 634 -623 to equity holders of the parent company Net profit/loss for the period, % 1,7 % 1,1 % 0,6 % -0,7 % Earnings per share, EUR (diluted = 0,07 0,05 0,10 -0,10 non-diluted) Return on equity (ROE), % 3,35 % 2,07 % 4,82 % -2,38 % Return on investment (ROI), % 3,01 % 3,18 % 5,45 % 1,75 % Equity-to-assets ratio at the end of period, 40,3 % 37,0 % 40,3 % 37,0 % % Debt-to-equity ratio at the end of period 40,3 % 34,9 % 40,3 % 34,9 % Equity per share at the end of period, EUR * 2,45 2,41 2,45 2,41 Investments in non-current assets 234 424 1 167 1 619 Investments in fixed assets, % of net sales 0,9 % 1,6 % 1,2 % 1,7 % Treasury shares held by the Group at the end 90 000 99 036 90 000 99 036 of period Treasury shares, % of total share capital 1,4 % 1,5 % 1,4 % 1,5 % and votes Number of total issued shares at the end of 6607628 6607628 6607628 6607628 period Personnel on average during the period 368 381 365 384 Personnel at the end of period 359 370 359 370 * Equity attributable to the equity holders of the parent company / Number of shares excluding the acquired own shares QUARTERLY KEY IV III II I IV III II I FIGURES EUR 1000 2011 2011 2011 2011 2010 2010 2010 2010 -------------------------------------------------------------------------------- Net sales 27 526 21 971 24 390 25 242 27 073 20 435 24 016 21 584 EBITDA 1 084 567 756 282 1 284 228 2 61 Operating 785 308 491 10 903 -411 -289 -160 profit/loss Profit/Loss 763 151 318 -93 794 -327 -200 -43 before taxes Net profit/loss 468 105 241 -180 308 -557 -134 -240 for the period attributable to the equity holders of the parent company Earnings per 0,07 0,02 0,04 -0,03 0,05 -0,09 -0,02 -0,04 share, EUR (diluted = non-diluted) RELATED PARTY TRANSACTIONS IV IV I-IV I-IV EUR 1000 2011 2010 2011 2010 -------------------------------------------------------------------------------- Sales to related parties 25 25 184 93 Purchases from related parties 7 14 30 114 Current non-interest-bearing receivables from related 6 parties Non-current interest-bearing receivables from related 566 87 566 parties Loan payables to related parties 492 492 COMMITMENTS Dec 31 Dec 31 EUR 1000 2011 2010 -------------------------------------------------------------------------------- Mortgages and guarantees on own behalf Business mortgage for the Group's loan liabilities 7 350 7 350 Real estate pledge for the Group's loan liabilities 900 900 Subsidiary shares pledged as security for group companies' 3 284 3 284 liabilities Other listed shares pledged as security for group companies' 215 289 liabilities Current receivables pledged as security for group companies' 258 255 liabilities Pledges and guarantees given for the group companies' 222 221 off-balance sheet commitments Guarantees given on behalf of third parties 176 236 Minimum future operating lease payments 5 861 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 Financial Statement 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 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 and the interest-bearing debt/EBITDA ratio shall be 3.5 at maximum in the end of each year. On December 31, 2011 the equity ratio was 40.3 % (December 31, 2010: 37.0 %) and the interest-bearing debt/EBITDA ratio was 3.5 in accordance with the covenant requirement. The Group has no knowledge of any significant events after the end of the financial period that would have had a material impact on this report in any other way that has been already discussed in the review by the Board of Directors. In Vantaa on February 7, 2012 WULFF GROUP PLC BOARD OF DIRECTORS Further information: CEO Heikki Vienola tel. +358 9 5259 0050 or mobile: +358 50 65 110 e-mail: heikki.vienola@wulff.fi DISTRIBUTION NASDAQ OMX Helsinki Oy Key media www.wulff-group.com |
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