2015-05-07 08:00:00 CEST
2015-05-07 08:00:03 CEST
REGULATED INFORMATION
Wulff-Yhtiöt Oyj - Interim report (Q1 and Q3)
WULFF GROUP PLC’S INTERIM REPORT FOR JANUARY 1 – MARCH 31, 2015
Wulff Group Plc improved its profitability in the first quarter
This is a summary of Wulff Group Plc's interim report for January-March 2015.
Wulff Group's interim report for January-March 2015 is attached as a PDF file
to this stock exchange release and is also available on the company's website
at the address http://www.wulff.fi/en/wulff+group+plc/home/.
KEY POINTS JANUARY - MARCH 2015
-- Net sales totalled EUR 19.2 million (EUR 19.8 million). Net sales decreased
by 3.0 percentages from previous year.
-- EBITDA was EUR 0.4 million (EUR 0.3 million) being 2.0 percentages (1.5 %)
of net sales.
-- Operating profit (EBIT) amounted to EUR 0.2 million (EUR 0.0 million) being
1.0 percentages (0.2 %) of net sales.
-- Earnings per share (EPS) was EUR -0.01 (EUR 0.00) in January-March.
-- Wulff Group's outlook for the 2015 operating result remains unchanged.
WULFF GROUP'S CEO HEIKKI VIENOLA
“I am pleased and delighted that we have managed to improve our profitability
despite the challenges in our operating environment and the economic situation.
The most important thing is that our customers are satisfied. Through our
different sales channels, the Group is a flexible and efficient partner to
businesses of all sizes. We take good care of our major customers and big
corporations and serve medium-sized companies efficiently. Equally important
for us is to serve the smallest companies well: every new company is a
potential customer for Wulff. It is a pleasure to help and support new
entrepreneurs with Wulff's comprehensive services and the expertise our
personnel have to offer. In 2015, we will focus on cost-saving measures, invest
in sales, and improve our operations to better respond to the market situation.
We will also concentrate on positively improving our result. The most important
values in our operations at all times have been customer orientation and
profitability. Wulff will reach 125 years in the fall, and these same values
are still the foundation for the future success of the company.”
GROUP'S NET SALES AND RESULT PERFORMANCE
In January-March 2015 net sales totalled EUR 19.2 million (EUR 19.8 million).
In January-March EBITDA was EUR 0.4 million (EUR 0.3 million) being 2.0
percentages (1.5 %) of net sales. In January-March operating profit (EBIT)
amounted to EUR 0.2 (EUR 0.0 million) being 1.0 percentages (0.2 percentages)
of net sales. Typically in the industry and in the Group, the annual profit is
made in the last quarter of the year.
In January-March 2015 employee benefit expenses amounted to EUR 3.8 million
(EUR 4.3 million). Other operating expenses amounted to EUR 2.3 million (EUR
2.4 million) in January-March. Employee benefit and other operating expenses
were still affected by the implemented successful cost-saving measures. To
improve its profitability, The Wulff Group continues to examine its cost
structure as part of ongoing reforms.
In January-March the financial income and expenses totalled (net) EUR -0.01
million (EUR -0.08 million) including interest expenses of EUR 0.07 million
(EUR 0.05 million) and mainly currency-related other financial items (net) EUR
0.06 million (EUR -0.03 million).
In January-March the result before taxes was EUR 0.2 million (EUR -0.05
million). In January-March the net profit after taxes was EUR -0.2 million (EUR
-0.04 million). The net profit was impacted by a write down of deferred tax
receivables of EUR 0.3 million in January-March 2015. Earnings per share (EPS)
was EUR -0.01 (EUR 0.00) in January-March.
KEY FIGURES
I I I-IV
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EUR 1000 2015 2014 2014
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Net sales 19 174 19 775 74 262
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Change in net sales, % -3,0 % -13,0 % -11,1 %
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EBITDA 381 289 2 096
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EBITDA margin, % 2,0 % 1,5 % 2,8 %
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Operating profit/loss 185 31 1 109
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Operating profit/loss margin, % 1,0 % 0,2 % 1,5 %
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Profit/Loss before taxes 180 -53 478
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Profit/Loss before taxes margin, % 0,9 % -0,3 % 0,6 %
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Net profit/loss for the period attributable to equity -90 13 696
holders of the parent company
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Net profit/loss for the period, % -0,5 % 0,1 % 0,9 %
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Earnings per share, EUR (diluted = non-diluted) -0,01 0,00 0,11
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Return on equity (ROE), % -1,5 % -0,34 % 4,4 %
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Return on investment (ROI), % 1,3 % -0,01 % 3,5 %
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Equity-to-assets ratio at the end of period, % 43,8 % 39,2 % 39,5 %
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Debt-to-equity ratio at the end of period 48,5 % 60,5 % 36,9 %
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Equity per share at the end of period, EUR * 1,94 1,83 1,95
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Net cash flow from operating activities -1 323 -1 559 -205
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Investments in non-current assets 37 238 488
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Investments in non-current assets, % of net sales 0,2 % 1,2 % 0,7 %
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Treasury shares held by the Group at the end of 79 000 79 000 79 000
period
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Treasury shares, % of total share capital and votes 1,2 % 1,2 % 1,2 %
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Number of total issued shares at the end of period 6 607 6 607 6 607
628 628 628
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Personnel on average during the period 251 295 268
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Personnel at the end of period 261 295 240
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* Equity attributable to the equity holders of the parent company / Number of
shares excluding the acquired own shares
RISKS AND UNCERTAINTIES IN THE NEAR FUTURE
The demand for office supplies is strongly affected by the general economic
development. During the economic downturn, organizations' personnel lay-offs
and cost-saving initiatives affect the purchase behavior of corporate
customers. 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
behavior of corporate customers and therefore Wulff must adapt to the
developing market situation if needed.
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
The Group has not had material events after the reporting period.
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 market situation to remain unchanged. Therefore it is
important to continue to implement the cost structure and improve the
efficiency of the operations. Wulff's goal is to further improve the
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
Wulff Group Plc will release the following financial reports in 2015:
Interim Report, January-June 2015 Thursday August 6, 2015
Interim Report, January-September 2015 Thursday November 5, 2015
In Vantaa on May 6, 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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