2012-08-10 08:00:01 CEST
2012-08-10 08:00:06 CEST
REGULATED INFORMATION
Wulff-Yhtiöt Oyj - Interim report (Q1 and Q3)
Wulff Group Plc’s Interim Report for January 1 – June 30, 2012
Net Sales Decreased, Net Profit and Cash Flow Increased
WULFF GROUP PLC
INTERIM REPORT August 10, 2012 at 9:00 A.M.
WULFF GROUP PLC'S INTERIM REPORT FOR JANUARY 1 - JUNE 30, 2012
Net Sales Decreased, Net Profit and Cash Flow Increased
-- In the first half of the year, the Group's net sales decreased by almost 9
percentages down to EUR 45.4 million from last year's EUR 49.6 million. The
second-quarter net sales were EUR 22.0 million (EUR 24.4 million).
-- In the first half of the year, EBITDA was EUR 0.84 million (EUR 1.04
million) being 1.9 percentages (2.1 %) of net sales. In the second quarter,
EBITDA was EUR 0.36 million (EUR 0.76 million) being 1.7 percentages (3.1
%) of net sales.
-- In the first half of the year, the operating profit (EBIT) was EUR 0.32
(EUR 0.50 million) being 0.7 percentages (1.0 %) of net sales. In the
second quarter, EBIT was EUR 0.11 million (EUR 0.49 million).
-- The net profit after taxes rose up to a profit of EUR 0.23 million (EUR
0.13 million) in the first half of 2012. The net profit was EUR 0.05
million (EUR 0.29 million) in the second quarter.
-- Earnings per share (EPS) were EUR 0.03 (EUR 0.01) in the first half of the
year. EPS were EUR 0.00 (EUR 0.04) in the second quarter.
-- The cash flow from operating activities was positive: EUR 0.37 million (EUR
-2.71 million) in the whole reporting period and EUR 0.68 million (EUR
-0.69 million) in the second quarter.
GROUP'S NET SALES AND RESULT PERFORMANCE
In the first half of the year, the Group's net sales decreased by almost 9
percentages down to EUR 45.4 million from last year's EUR 49.6 million. The
second-quarter net sales were EUR 22.0 million (EUR 24.4 million). The entire
reporting period's net profit and cash flow increased positively due to
improving the operations' efficiency and focusing on profitable business.
Profitability improved in the Contract Customers Division and especially Wulff
Entre, the company providing fair services, made a clear result improvement
compared to the first half of 2011. The merging and development of the Group's
business gift operations as well as the reorganisation costs in the
Scandinavian direct sales operations brought non-recurring expenses in the
reporting period.
In the first half of the year, EBITDA was EUR 0.84 million (EUR 1.04 million)
being 1.9 percentages (2.1 %) of net sales. In the second quarter, EBITDA was
EUR 0.36 million (EUR 0.76 million) being 1.7 percentages (3.1 %) of net sales.
In the first half of the year, the operating profit (EBIT) was EUR 0.32 (EUR
0.50 million) being 0.7 percentages (1.0 %) of net sales. In the second
quarter, EBIT was EUR 0.11 million (EUR 0.49 million). 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 general economic situation and the
decrease in the products' demand led to the sales decrease. The markets have
not improved positively and our customers' demand for our products has not been
as expected. Even we have won new customers, our net sales decreased from last
year's level. I believe that by focusing on serving our customers in the best
possible way as well as by investing in sales and the development of our Nordic
concept, we will strengthen our status in Scandinavia and will still be able to
serve our customers as the domestic market leader. We will ensure a good result
with our strategic focusing on profitable business and operational efficiency.
We will also continue the inventory turnover optimisation, in which we havesucceeded well in the first half of the year. Our equity-to-assets ratio
increased by almost four percentages from the comparable period. Our goal is to
achieve market leadership in the Nordic countries within the next five years.
The business development jointly with our personnel and our customers is the
key in achieving this goal. We have had the privilege of being the front runner
in our industry for more than 120 years - on August 23, we will celebrate our
122nd anniversary.”
In the first half of the year, the financial income and expenses totalled (net)
EUR -0.04 million (EUR -0.28 million) including dividend income of EUR 0.02
million (EUR 0.02 million), interest expenses of EUR 0.13 million (EUR 0.19
million) and mainly currency-related other financial items (net) EUR +0.07
million (EUR -0.11 million). The second-quarter financial income and expenses
netted EUR -0.05 million (EUR -0.17 million).
In the first half of the year, the result before taxes rose up to EUR 0.28
million (EUR 0.23 million) and the net profit after taxes rose up to a profit
of EUR 0.23 million being EUR 0.09 million better than in the first half of
2011 (EUR 0.13 million). The second quarter's result before taxes was EUR 0.06
million (EUR 0.32 million) and net profit after taxes was EUR 0.05 million (EUR
0.29 million).
Earnings per share (EPS) were EUR 0.03 (EUR 0.01) in the first half of the
year. EPS were EUR 0.00 (EUR 0.04) in the second quarter.
Return on investment (ROI) was 1.55 percentage (1.48 %) for the whole reporting
period and 0.41 percentage (1.55 %) in the second quarter. Return on equity
(ROE) was 1.33 percentage (0.80 %) for the whole reporting period and 0.28
percentage (1.78 %) in the second 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. The segment's net sales were EUR 38.0 million (EUR 41.1
million) in the first half of the year and EUR 18.4 million (EUR 20.1 million)
in the second quarter. In the first half of the year, the division's operating
profit was EUR 0.85 million being EUR 0.21 million better than in the first
half of 2011 (EUR 0.64 million). The operating profit was EUR 0.35 million (EUR
0.52 million) in the second quarter. The merging and development of the Group's
business gift operations brought non-recurring expenses in the reporting
period. According to the Group's strategy, it is very important to invest in
the constant development of services and renew the Group's structure when
necessary.
In the first half of the year, the good result of Wulff Supplies AB, operating
in Scandinavia, improved further and also the Finnish office supplies
companies, Wulff Oy Ab and Torkkelin Paperi Oy, improved their results. The
Group's webstore Wulffinkulma.fi has shown especially good growth and profit
increase, and it has been an important investment for the future and produced
quick results.
Wulff Entre, the company offering international fair services, continued to
make good result by focusing on profitable services and its special expertise
in the international fair services. Investing in sales and its development has
resulted in both stronger customer relationships and an increase in clientele.
In 2012, Wulff Entre exports Finnish companies' know-how to various new
countries.
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.
Wulff Group's business gift companies, Finland's two oldest business and
promotional gift companies, Ibero Liikelahjat Oy and KB-tuote Oy, merged into
Wulff Liikelahjat Oy in spring 2012. The new name and the common brand show the
customers the most relevant idea that the customers are served by professionals
of Wulff Liikelahjat Oy. Wulff Liikelahjat Oy's goal is to be the biggest and
strongest player in Finland's business gift industry.
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. The division's net sales were EUR 7.4 million (EUR 8.6 million)
in the entire reporting period and EUR 3.7 million (EUR 4.3 million) in the
second quarter. The operating result totalled EUR -0.09 million (EUR 0.25
million) in the entire reporting period and EUR 0.01 million (EUR 0.18 million)
in the second quarter. The result was affected by e.g. the reorganisation costs
of the Scandinavian direct sales operations, among other things.
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 groupwide competitive
bidding and cooperation. Unifying the sales support systems and introducing the
new CRM program are important investments for the future. Up-to-date and
unified tools and systems save time and facilitate the sales work leaving more
time for customer service.
A talented and skilled personnel is Wulff's growth engine. The number and the
skill level of the sales personnel affect especially the performance of Direct
Sales. New sales personnel are being actively recruited by, for example,
campaigning in the social media. 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. In 2012,
the personnel development and training programme has been renewed. We have
especially invested in the regular superior training.
A sales organization is a good leadership school and sales experience is valued
increasingly wide also in Finnish companies. Wulff is known as a sales academy.
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. The
Group has potential to recruit several new sales talents in its operational
countries.
FINANCING, INVESTMENTS AND FINANCIAL POSITION
The cash flow from operating activities was positive: EUR 0.37 million (EUR
-2.71 million) in the whole reporting period and EUR 0.68 million (EUR -0.69
million) in the second quarter. The Group has enhanced its working capital
management and EUR -1.53 million less working capital was tied in the
inventories than a year ago.
For its fixed asset investments, the Group paid a net of EUR 0.32 million (EUR
0.21 million) in the entire reporting period and EUR 0.16 million (EUR 0.16
million) during the second quarter. Wulff Group Plc paid its shareholders
dividends of EUR 0.46 million (EUR 0.33 million) and additionally the
subsidiaries' non-controlling shareholders were paid dividends of EUR 0.07
million (EUR 0.07 million). The Group paid EUR 0.05 million for the
acquisitions and disposals of non-controlling interests in Wulff Supplies AB
and Wulff Direct AS to the subsidiaries' key personnel in the first half of
2012.
In total, the Group's cash flow was EUR -1.05 million (EUR -2.77 million) in
the entire reporting period and EUR -0.52 million (EUR -0.19 million) during
the second quarter. The Group's bank and cash funds totalled EUR 2.46 million
in the beginning of the year and EUR 1.47 million in the end of June 2012.
In the first half of the year, the equity-to-assets ratio increased to 42.9
percentages (December 31, 2011: 40.3 %). Equity attributable to the equity
holders of the parent company was EUR 2.42 per share (December 31, 2011: EUR
2.45).
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 1.90 (EUR 2.38)
and the market capitalization of the outstanding shares totalled EUR 12.4
million (EUR 15.5 million).
This year no own shares have been reacquired. As a part of the Group's
share-based incentive scheme, Wulff Group granted 5.000 own shares to a key
person. In the end of the reporting period, the Group held 85.000 (June 30,
2011: 90.000) own shares representing 1.3 percentage (1.4 %) of the total
number and voting rights of Wulff shares. According to the Annual General
Meeting's authorisation on May 23, 2012, 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, 2013.
PERSONNEL
In January-June 2012, the Group's personnel totalled 333 (364) employees on
average. In the end of the period, the Group had 321 (357) employees of which
121 (130) 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 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.
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.
Based on the Group management's recent outlook for 2012, the annual net sales
will decrease from last year's level (2011: EUR 99 million) but the Group has
still good opportunities to increase the operating profit excluding
non-recurring items due to the cost-efficiency improvement actions taken (2011:
EUR 1.6 million). Typically in the industry, the annual profit is made in the
last quarter of the year.
FINANCIAL REPORTING 2012
Wulff will release Interim Report for January-September 2012 on Thursday
November 8, 2012.
Wulff'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 2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Net sales 22 039 24 390 45 365 49 632 99 129
Other operating income 34 46 122 177 238
Materials and services -14 078 -15 491 -28 962 -32 568 -65 532
Employee benefit expenses -4 867 -4 961 -9 939 -10 006 -19 204
Other operating expenses -2 764 -3 228 -5 747 -6 197 -11 942
--------------------------------------------------------------------------------
EBITDA 364 756 840 1 038 2 689
Depreciation and amortization -258 -265 -519 -537 -1 095
--------------------------------------------------------------------------------
Operating profit/loss 106 491 321 502 1 595
Financial income 28 46 126 105 182
Financial expenses -75 -219 -167 -382 -637
--------------------------------------------------------------------------------
Profit/Loss before taxes 58 318 281 225 1 139
Income taxes -10 -24 -54 -92 -320
================================================================================
Net profit/loss for the period 47 294 227 133 819
Attributable to:
Equity holders of the parent 25 241 198 61 634
company
Non-controlling interest 23 53 28 72 185
Earnings per share for profit
attributable to the equity holders
of the parent company:
Earnings per share, EUR 0,00 0,04 0,03 0,01 0,10
(diluted = non-diluted)
STATEMENT OF COMPREHENSIVE INCOME II II I-II I-II I-IV
EUR 1000 2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Net profit/loss for the period 47 294 227 133 819
Other comprehensive income, net of
tax
Change in translation differences 22 -28 89 -31 34
Fair value changes on -33 -22 -5 -13 -4
available-for-sale investments
Total other comprehensive income -11 -50 84 -44 30
--------------------------------------------------------------------------------
Total comprehensive income for the 37 244 311 89 849
period
Total comprehensive income
attributable to:
Equity holders of the parent 13 191 252 72 663
company
Non-controlling interest 24 53 59 17 186
STATEMENT OF FINANCIAL POSITION June 30 June 30 Dec 31
EUR 1000 2012 2011 2011
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Goodwill 9 500 9 414 9 467
Other intangible assets 1 218 1 449 1 355
Property, plant and equipment 2 137 1 907 2 102
Non-current financial assets
Interest-bearing financial assets 78 121 97
Non-interest-bearing financial assets 361 424 367
Deferred tax assets 1 835 1 239 1 621
--------------------------------------------------------------------------------
Total non-current assets 15 129 14 555 15 008
Current assets
Inventories 10 484 12 015 11 280
Current receivables
Interest-bearing receivables 52 0 51
Non-interest-bearing receivables 14 661 14 927 15 646
Financial assets recognised at fair value through 60 99 56
profit/loss
Cash and cash equivalents 1 469 1 636 2 464
--------------------------------------------------------------------------------
Total current assets 26 725 28 677 29 497
================================================================================
TOTAL ASSETS 41 854 43 232 44 505
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 5 257 4 867 5 461
Non-controlling interest 1 135 1 067 1 198
--------------------------------------------------------------------------------
Total equity 16 928 16 469 17 195
Non-current liabilities
Interest-bearing liabilities 6 633 7 951 7 409
Deferred tax liabilities 121 123 128
--------------------------------------------------------------------------------
Total non-current liabilities 6 754 8 073 7 537
Current liabilities
Interest-bearing liabilities 2 378 3 933 2 135
Non-interest-bearing liabilities 15 794 14 757 17 639
--------------------------------------------------------------------------------
Total current liabilities 18 172 18 689 19 773
================================================================================
TOTAL EQUITY AND LIABILITIES 41 854 43 232 44 505
STATEMENT OF CASH FLOW II II I-II I-II I-IV
EUR 1000 2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Cash flow from operating
activities:
Cash received from sales 22 918 25 557 46 369 49 329 98 153
Cash received from other operating 6 21 22 72 130
income
Cash paid for operating expenses -22 189 -26 098 -45 563 -51 779 -96 462
--------------------------------------------------------------------------------
Cash flow from operating activities 736 -521 827 -2 378 1 821
before financial items and income
taxes
Interest paid -23 -68 -98 -146 -278
Interest received 18 21 49 39 93
Income taxes paid -55 -123 -415 -229 -605
--------------------------------------------------------------------------------
Cash flow from operating activities 676 -691 365 -2 713 1 031
Cash flow from investing
activities:
Investments in intangible and -193 -237 -517 -663 -1 253
tangible
assets
Proceeds from sales of intangible 37 81 202 453 456
and
tangible assets
Loans granted -6 -11 -6 -12 -12
Repayments of loans receivable 1 0 5 74 74
--------------------------------------------------------------------------------
Cash flow from investing activities -160 -168 -316 -148 -735
Cash flow from financing
activities:
Acquisition of own shares 0 0 0 -3 -3
Dividends paid -491 -350 -531 -397 -433
Dividends received 0 18 20 21 40
Payments for subsidiary share -2 -409 -129 -982 -982
acquisitions
Payments received for subsidiary 81 0 81 0 0
share disposals
Cash paid for (received from) 8 10 -3 -99 -56
short-term investments (net)
Withdrawals and repayments of -79 1 423 156 2 480 173
short-
term loans
Withdrawals of long-term loans 0 0 355 0 385
Repayments of long-term loans -557 -19 -1 044 -930 -1 348
--------------------------------------------------------------------------------
Cash flow from financing activities -1 039 673 -1 096 90 -2 226
================================================================================
Change in cash and cash equivalents -523 -186 -1 048 -2 771 -1 930
Cash and cash equivalents at the 1 973 1 804 2 464 4 379 4 379
beginning of the period
Translation difference of cash 18 18 52 28 15
Cash and cash equivalents at the 1 469 1 636 1 469 1 636 2 464
end of the period
STATEMENT OF CHANGES IN EQUITY
EUR 1000 Equity attributable to equity holders of the parent company
* net of Fund
tax
for Trans- Re- Non-
in-
Share vested lation tai- cont-
pre- non-re diffe- ned rollin
- g
Share mium strict Own ren- Earn- inte-
ed
capita fund equity shares ces ings Total rest TOTAL
l
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -279 -149 5 549 15 656 1 158 16 814
Jan 1,
2011
Net profit 61 61 72 133
/loss for
the
period
Other
comprehen
s.
income*:
Change in 24 24 -55 -31
trans.
diff.
Fair value -13 -13 -13
changes
on
available-
for-sale
investment
s
--------------------------------------------------------------------------------
Comprehens 24 48 72 17 89
ive income
*
Dividends -325 -325 -72 -397
paid
Treasury -3 -3 -3
share
acquisiti
on
Share- 3 3 3
based
payments
Changes in 0 -36 -36
ownership
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -283 -125 5 275 15 402 1 067 16 469
June 30,
2011
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
s.
income*:
Change in 33 33 1 34
trans.
diff.
Fair value -4 -4 -4
changes
on
available-
for-sale
investment
s
--------------------------------------------------------------------------------
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
Equity on 2 650 7 662 223 -283 -116 5 860 15 996 1 198 17 195
Jan 1,
2012
Net profit 198 198 28 227
/loss for
the
period
Other
comprehen
s.
income*:
Change in 58 58 31 89
trans.
diff.
Fair value -5 -5 -5
changes
on
available-
for-sale
investment
s
--------------------------------------------------------------------------------
Comprehens 58 194 252 59 311
ive income
*
Dividends -457 -457 -74 -531
paid
Treasury 11 -11 0 0
share
disposal
Share- 1 1 1
based
payments
Changes in 0 -48 -48
ownership
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -272 -58 5 587 15 793 1 135 16 928
June 30,
2012
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEGMENT INFORMATION II II I-II I-II I-IV
EUR 1000 2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Net sales by operating segments
Contract Customers Division 18 380 20 137 37 953 41 098 82 542
Direct Sales Division 3 699 4 299 7 446 8 591 16 397
Group Services 295 267 588 522 1 138
Intersegment eliminations -335 -313 -622 -579 -948
================================================================================
TOTAL NET SALES 22 039 24 390 45 365 49 632 99 129
Operating profit/loss by operating
segments
Contract Customers Division 350 523 854 643 2 136
Direct Sales Division 5 179 -89 246 215
Group Services and non-allocated items -250 -210 -444 -387 -756
================================================================================
TOTAL OPERATING PROFIT/LOSS 106 491 321 502 1 595
KEY FIGURES II II I-II I-II I-IV
EUR 1000 2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Net sales 22 039 24 390 45 365 49 632 99 129
Change in net sales, % -9,6 % 1,6 % -8,6 % 8,8 % 6,5 %
EBITDA 364 756 840 1 038 2 689
EBITDA margin, % 1,7 % 3,1 % 1,9 % 2,1 % 2,7 %
Operating profit/loss 106 491 321 502 1 595
Operating profit/loss margin, % 0,5 % 2,0 % 0,7 % 1,0 % 1,6 %
Profit/Loss before taxes 58 318 281 225 1 139
Profit/Loss before taxes margin, % 0,3 % 1,3 % 0,6 % 0,5 % 1,1 %
Net profit/loss for the period 25 241 198 61 634
attributable to equity holders of
the parent company
Net profit/loss for the period, % 0,1 % 1,0 % 0,4 % 0,1 % 0,6 %
Earnings per share, EUR (diluted = 0,00 0,04 0,03 0,01 0,10
non-diluted)
Return on equity (ROE), % 0,28 % 1,78 % 1,33 % 0,80 % 4,82 %
Return on investment (ROI), % 0,41 % 1,55 % 1,55 % 1,48 % 5,45 %
Equity-to-assets ratio at the end 42,9 % 39,3 % 42,9 % 39,3 % 40,3 %
of period, %
Debt-to-equity ratio at the end of 43,8 % 61,5 % 43,8 % 61,5 % 40,3 %
period
Equity per share at the end of 2,42 2,36 2,42 2,36 2,45
period, EUR *
Investments in non-current assets 209 217 519 574 1 167
Investments in fixed assets, % of 0,9 % 0,9 % 1,1 % 1,2 % 1,2 %
net sales
Treasury shares held by the Group 85 000 90 000 85 000 90 000 90 000
at the end of period
Treasury shares, % of total share 1,3 % 1,4 % 1,3 % 1,4 % 1,4 %
capital and votes
Number of total issued shares at 6607628 6607628 6607628 6607628 6607628
the end of period
Personnel on average during the 333 366 333 364 365
period
Personnel at the end of period 321 357 321 357 359
* 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 2012 2012 2011 2011 2011 2011
--------------------------------------------------------------------------------
Net sales 22 039 23 326 27 526 21 971 24 390 25 242
EBITDA 364 476 1 084 567 756 282
Operating profit/loss 106 216 785 308 491 10
Profit/Loss before taxes 58 223 763 151 318 -93
Net profit/loss for the period 25 174 468 105 241 -180
attributable to the equity
holders of the parent company
Earnings per share, EUR (diluted 0,00 0,03 0,07 0,02 0,04 -0,03
= non-diluted)
RELATED PARTY TRANSACTIONS II II I-II I-II I-IV
EUR 1000 2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Sales to related parties 37 23 91 98 184
Purchases from related parties 4 12 9 19 30
Current non-interest-bearing receivables from 0 0 0 0 6
related parties
Non-current interest-bearing receivables from 68 77 68 77 87
related parties
COMMITMENTS June 30 June 30 Dec 31
EUR 1000 2012 2011 2011
-----------------------------------------------------------------------------
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 3 284 3 284 3 284
for group companies' liabilities
Other listed shares pledged as security 209 272 215
for group companies' liabilities
Current receivables pledged as security 265 257 258
for group companies' liabilities
Pledges and guarantees given for the 227 221 222
group companies' off-balance sheet
commitments
Guarantees given on behalf of third parties 145 206 176
Minimum future operating lease payments 5 966 6 202 5 861
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
previous year's Financial Statement taking into account also the possible 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.
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.
A 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, 2011 the equity ratio was 40.3 % and the interest-bearing
debt/EBITDA ratio exceeded 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 August 9, 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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