2013-08-06 08:00:00 CEST
2013-08-06 08:00:05 CEST
REGULATED INFORMATION
Wulff-Yhtiöt Oyj - Interim report (Q1 and Q3)
Wulff Group Plc’s Interim Report for January 1 – June 30, 2013
Market Situation Remained Difficult, Net Sales and Operating Result below last
year's level
WULFF GROUP PLC
INTERIM REPORT August 6, 2013 at 9:00 A.M.
WULFF GROUP PLC'S INTERIM REPORT FOR JANUARY 1 - JUNE 30, 2013
Market Situation Remained Difficult, Net Sales and Operating Result below last
year's level
-- Net sales totalled EUR 43.5 million (EUR 45.4 million) in January-June and
EUR 20.7 million (EUR 22.0 million) in the second quarter.
-- In January-June, EBITDA was EUR -0.08 million (EUR 0.84 million) being -0.2
percentages (1.9 %) of net sales. In the second quarter, EBITDA was EUR
-0.49 million (EUR 0.36 million) being -2.3 percentages (1.7 %) of net
sales.
-- In January-June, operating result (EBIT) was EUR -0.65 million (EUR 0.32
million) being -1.5 percentages (0.7 %) of net sales. In the second
quarter, operating result (EBIT) was EUR -0.77 million (EUR 0.11 million).
-- Earnings per share (EPS) were EUR -0.11 (EUR 0.03) in January-June and EUR
-0.12 (EUR 0.00) in the second quarter.
-- Equity-to-assets ratio was 42.6 percentages (December 31, 2012: 44.3 %).
-- Equity per share amounted to EUR 2.30 (December 31, 2012: EUR 2.51).
-- In spring 2013 Wulff established its fair service sales in the Swedish
markets.
GROUP'S NET SALES AND RESULT PERFORMANCE
Net sales totalled EUR 43.5 million (EUR 45.4 million) in January-June and EUR
20.7 million (EUR 22.0 million) in the second quarter. Net sales decreased by
four percentages from last year. In January-June, EBITDA was EUR -0.08 million
(EUR 0.84 million) being -0.2 percentages (1.9 %) of net sales. In the second
quarter, EBITDA was EUR -0.49 million (EUR 0.36 million) being -2.3 percentages
(1.7 %) of net sales. In January-June, operating result (EBIT) was EUR -0.65
million (EUR 0.32 million) being -1.5 percentages (0.7 %) of net sales. In the
second quarter, operating result (EBIT) was EUR -0.77 million (EUR 0.11
million). The general economic situation remained difficult which impacted the
demand in the office supply markets. 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 difficult market situation has decreased
the demand for our products and services. It is probable that we will not reach
the operating profit level of year 2012. Large companies and groups adjust
their operations with personnel layoffs and diminishing their operations, which
has had a direct impact on our sales. It has been essential to react quickly to
the market situation and we have adjusted our own operations and cost
structure. Our organizational changes and cost saving programs will affect our
result positively during the second half of the year. We strongly believe that
focusing on key issues brings results. Following our strategy, we focus on
constant improvement of Wulff's competitiveness and the most cost-conscious
operations. When the markets get more active we are in a good position as the
industry pioneer and the most professional partner to serve the customers as
broadly and versatile as possible. In the times of a weak general economy, the
customers seek especially for partners with cost-saving solutions - and this is
something Wulff can offer. For instance, our web shop Wulffinkulma.fi is a
quick and cost-efficient purchasing channel of office products for small and
mid-sized companies as well as consumers.”
In January-June the financial income and expenses totalled (net) EUR -0.29
million (EUR -0.04 million) including dividend income of EUR 0.01 million (EUR
0.02 million), interest expenses of EUR 0.09 million (EUR 0.13 million) and
mainly currency-related other financial items (net) EUR -0.21 million (EUR
+0.07 million). In the second quarter the financial income and expenses
totalled (net) EUR -0.24 million (EUR -0.05 million).
The result before taxes was EUR -0.94 million (EUR 0.28 million) in
January-June and EUR -1.01 million (EUR 0.06 million) in the second quarter.
The net result after taxes was EUR -0.72 million (EUR 0.23 million) in
January-June and EUR -0.77 million (EUR 0.05 million) in the second quarter.
Earnings per share (EPS) were EUR -0.11 (EUR 0.03) in January-June and EUR
-0.12 (EUR 0.00) in the second quarter.
Return on investment (ROI) was -3.4 percentages (1.6 %) in January-June and
-3.7 percentages (0.4 %) in the second quarter. Return on equity (ROE) was -4.2
percentages (1.3 %) in January-June and -4.5 percentages (0.3 %) 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 international fair services. In January-June the division's net sales
totalled EUR 36.6 million (EUR 38.0 million) and operating result was EUR -0.03
(EUR 0.9 million). In the second quarter the net sales totalled EUR 17.1
million (EUR 18.4 million) and operating result was EUR -0.5 million (EUR 0.4
million). The general economic situation and the decrease in the products'
demand have led to the decrease in net sales.
International fair services are an even more significant part of Wulff's
business. In spring 2013 Wulff Entre established its fair service sales in the
Swedish markets by opening its own operations in the Southern Sweden. Wulff
Entre's investments in sales and its development have resulted in both stronger
customer relationships and an increase in clientele in Finland, Russia and
Germany. Also in Sweden Wulff Entre has won new customers who have already
given good feedback on Wulff Entre's services and know-how. In 2013 Wulff Entre
exports Finnish companies' know-how to more than 30 countries. Wulff Entre is
the market leader in its field in Finland and the customers have had a solid
trust in Wulff Entre's ability to find the right international venues for over
90 years already.
The net sales and profitability of Wulff's Scandinavian operator Wulff Supplies
AB have remained at a good level and the company has managed to attract new
contract customers constantly. Today almost 50 percent of the Group's net sales
come from Scandinavia and Wulff's position in the Scandinavian market continues
to strengthen. Wulff Supplies serves the Group's Scandinavian and pan-Nordic
customers.
The Group's webstore Wulffinkulma.fi has shown good growth and profit.
According to the strategy, Wulff has developed the Wulff brand, its sales
channels and its whole service range to be more versatile and ecological. Wulff
stores serve locally small and mid-sized corporate customers, entrepreneurs and
consumers. In summer 2013 Wulff Helsinki store moved to new premises in Konala,
Helsinki. The new store is located along excellent traffic routes in a business
centre which enables to attract plenty of new customers. This year for the
first time, the stores exhibit the Group's entire product range, Wulff's Green
products and recycling centres. The stores exhibit also seasonal business
gifts.
Traditionally the Contract Customers 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. The business and promotional gift
markets have not recovered back to the previous years' level. Wulff's
customers' own cost-savings and efficiency improvement initiatives have
impacted negatively the demand for the Group's business and promotional gifts.
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 January-June the division's net sales totalled EUR 6.9
million (EUR 7.4 million) and operating result was EUR -0.1 (EUR -0.1 million).
In the second quarter the net sales totalled EUR 3.7 million (EUR 3.7 million)
and operating result was EUR -0.04 (EUR 0.01 million).
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 group-wide competitive
bidding and cooperation. Unifying the sales support systems improve the sales
operations.
Wulff's sales growth is fuelled most importantly by the sales personnel.
Successful recruiting affects especially the performance of Direct Sales. New
sales personnel are being actively hunted by the recruitment professionals.
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. Wulff is prepared to employ even 100 new sales
persons in Finland and in Scandinavia.
FINANCING, INVESTMENTS AND FINANCIAL POSITION
The cash flow from operating activities was EUR -1.6 million (EUR 0.4 million)
in January-June and EUR 0.3 million (EUR 0.7 million) in the second quarter.
Typically in this industry the result and cash flow are generated in the last
quarter. A total of EUR 0.8 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 0.51 million (EUR
0.32 million) in January-June and EUR 0.07 million (EUR 0.16 million) in the
second quarter. The parent company shareholders were paid dividends of EUR 0.52
million (EUR 0.46 million) and the subsidiaries' non-controlling shareholders
were paid dividends of EUR 0.11 million (EUR 0.07 million). The Group paid EUR
0.03 million for the acquisition of non-controlling interests in Wulff Supplies
AB to the subsidiary's key person. The Group raised loans of net EUR 1.11
million (EUR 0.53 million, net) in January-June. Loans of EUR 0.17 million net
(EUR 0.64 million net) were paid back in the second quarter.
In general the Group's cash balance decreased by EUR 1.7 million in
January-June (EUR -1.0 million). The Group's bank and cash funds totalled EUR
2.7 million in the beginning of the year and EUR 1.1 million in the end of the
reporting period.
In the end of June 2013 the Group's equity-to-assets ratio was 42.6 percentages
(December 31, 2012:
44.3 %). Equity attributable to the equity holders of the parent company
amounted to EUR 2.30 per share (December 31, 2012: EUR 2.51).
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 1.77 (EUR 1.90) and
the market capitalization of the outstanding shares totalled EUR 11.6 million
(EUR 12.4 million).
In January-June 2013 no own shares were reacquired. As a part of Wulff Group's
key personnel's share-based incentive plan introduced in February 2011, the
Board of Directors decided in May 2013 to grant 6,000 treasury shares without
compensation to the Group's key person who may not transfer the shares during a
restriction period of two years. In the end of June 2013, the Group held 79,000
(June 30, 2012: 85,000) own shares representing 1.2 percentage (1.3 %) of the
total number and voting rights of Wulff shares. According to the Annual General
Meeting's authorisation on April 10, 2013, 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, 2014.
PERSONNEL
In January-June 2013 the Group's personnel totalled 321 (333) employees on
average. In the end of June the Group had 315 (321) employees of which 118
(121) 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.
Wulff's themes for 2013 are “Professional care for customers and personnel
alike” and “Becoming the masters in giving and utilizing feedback”. Wulff has
received plenty of positive feedback on the renewing of its training and
development programs. The coaching-style leadership and the
‘100-percent-responsibility' working attitude have a significant role in
building a well-being, developing and successful organization. Wulff's culture
means that everyone understands the significance of their own work: each and
everyone at Wulff can influence a customer's unique Wulff experience in a
positive way.
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.
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 come from other than euro-currency countries.
Fluctuation of the currencies affects 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.
The markets have not improved as expected and the demand for Wulff's products
has decreased from last year. Based on the Group management's outlook for 2013,
it seems probable that the last year's operating profit level will not be
reached. The cost-efficiency improvement actions have been taken as planned and
the Group concentrates on the internal actions with the strongest effect on
profitability. The Group continues taking actions for enhancing profitability.
The Group focuses on sales activities and the 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. Typically in the industry, the annual profit is
made in the last quarter of the year.
FINANCIAL REPORTING 2013
Wulff Group Plc will release its interim report for January-September 2013 on
Tuesday November 5, 2013.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
INCOME STATEMENT II II I-II I-II I-IV
EUR 1000 2013 2012 2013 2012 2012
--------------------------------------------------------------------------------
Net sales 20 743 22 039 43 485 45 365 90 238
Other operating income 14 34 55 122 200
Materials and services -13 800 -14 078 -28 452 -28 962 -58 260
Employee benefit expenses -4 626 -4 867 -9 474 -9 939 -18 755
Other operating expenses -2 817 -2 764 -5 692 -5 747 -11 155
--------------------------------------------------------------------------------
EBITDA -486 364 -79 840 2 269
Depreciation and amortization -283 -258 -570 -519 -1 136
--------------------------------------------------------------------------------
Operating profit/loss -769 106 -649 321 1 132
Financial income -44 28 64 126 272
Financial expenses -191 -75 -356 -167 -413
--------------------------------------------------------------------------------
Profit/Loss before taxes -1 005 58 -941 281 990
Income taxes 240 -10 224 -54 -100
================================================================================
Net profit/loss for the period -765 47 -717 227 890
Attributable to:
Equity holders of the parent -760 25 -731 198 717
company
Non-controlling interest -5 23 14 28 173
Earnings per share for profit
attributable to the equity holders
of the parent company:
Earnings per share, EUR -0,12 0,00 -0,11 0,03 0,11
(diluted = non-diluted)
STATEMENT OF COMPREHENSIVE INCOME II II I-II I-II I-IV
EUR 1000 2013 2012 2013 2012 2012
--------------------------------------------------------------------------------
Net profit/loss for the period -765 47 -717 227 890
Other comprehensive income which
may be reclassified to profit or
loss subsequently (net of tax)
Change in translation differences -222 22 -122 89 181
Fair value changes on -17 -33 -31 -5 -22
available-for-sale investments
Total other comprehensive income -239 -11 -153 84 159
--------------------------------------------------------------------------------
Total comprehensive income for the -1 003 37 -870 311 1 049
period
Total comprehensive income
attributable to:
Equity holders of the parent -953 13 -857 252 839
company
Non-controlling interest -50 24 -13 59 210
STATEMENT OF FINANCIAL POSITION June 30 June 30 Dec 31
EUR 1000 2013 2012 2012
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Goodwill 9 491 9 500 9 546
Other intangible assets 1 343 1 218 1 308
Property, plant and equipment 1 757 2 137 1 890
Non-current financial assets
Interest-bearing financial assets 35 78 43
Non-interest-bearing financial assets 277 361 327
Deferred tax assets 2 358 1 835 1 972
--------------------------------------------------------------------------------
Total non-current assets 15 260 15 129 15 085
Current assets
Inventories 9 293 10 060 10 236
Current receivables
Interest-bearing receivables 20 52 16
Non-interest-bearing receivables 14 548 15 085 13 350
Financial assets recognised at fair value through 3 60 78
profit/loss
Cash and cash equivalents 1 056 1 469 2 749
--------------------------------------------------------------------------------
Total current assets 24 919 26 725 26 429
================================================================================
TOTAL ASSETS 40 179 41 854 41 513
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 4 476 5 257 5 849
Non-controlling interest 1 110 1 135 1 283
--------------------------------------------------------------------------------
Total equity 16 121 16 928 17 667
Non-current liabilities
Interest-bearing liabilities 5 462 6 633 6 008
Deferred tax liabilities 92 121 102
--------------------------------------------------------------------------------
Total non-current liabilities 5 554 6 754 6 109
Current liabilities
Interest-bearing liabilities 3 342 2 378 1 685
Non-interest-bearing liabilities 15 162 15 794 16 052
--------------------------------------------------------------------------------
Total current liabilities 18 504 18 172 17 737
================================================================================
TOTAL EQUITY AND LIABILITIES 40 179 41 854 41 513
STATEMENT OF CASH FLOW II II I-II I-II I-IV
EUR 1000 2013 2012 2013 2012 2012
--------------------------------------------------------------------------------
Cash flow from operating
activities:
Cash received from sales 20 800 22 918 42 293 46 369 93 018
Cash received from other operating 20 6 65 22 65
income
Cash paid for operating expenses -20 328 -22 189 -43 508 -45 563 -89 063
--------------------------------------------------------------------------------
Cash flow from operating activities 491 736 -1 150 827 4 020
before financial items and income
taxes
Interest paid -30 -6 -84 -81 -169
Interest received 11 1 19 32 39
Income taxes paid -200 -55 -402 -415 -592
--------------------------------------------------------------------------------
Cash flow from operating activities 273 676 -1 618 365 3 297
Cash flow from investing
activities:
Investments in intangible and -76 -193 -566 -517 -946
tangible assets
Proceeds from sales of intangible 7 37 53 202 269
and tangible assets
Disposal of other non-current 12
investments
Loans granted -3 -6 -6 -6 -13
Repayments of loans receivable 1 33 5 8
--------------------------------------------------------------------------------
Cash flow from investing activities -72 -160 -485 -316 -670
Cash flow from financing
activities:
Dividends paid -611 -491 -632 -531 -531
Dividends received 7 20 20
Payments for subsidiary share -2 -33 -129 -129
acquisitions
Payments received for subsidiary 81 81 81
share disposals
Cash paid for (received from) 5 8 82 -3 -32
short-term investments (net)
Withdrawals and repayments of 129 -79 1 890 156 -254
short-term loans
Withdrawals of long-term loans 355 355
Repayments of long-term loans -295 -557 -778 -1 044 -1 952
--------------------------------------------------------------------------------
Cash flow from financing activities -772 -1 039 536 -1 096 -2 443
================================================================================
Change in cash and cash equivalents -571 -523 -1 566 -1 048 184
Cash and cash equivalents at the 1 747 1 973 2 749 2 464 2 464
beginning of the period
Translation difference of cash -120 18 -127 52 101
Cash and cash equivalents at the 1 056 1 469 1 056 1 469 2 749
end of the 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
* net of Share mium ed Own ren Earn inte
tax
capita fund equity shares ces ings Total rest TOTAL
l
--------------------------------------------------------------------------------
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
translati
on diff
Fair value -5 -5 -5
changes
on
available-
for-sale
inv.
--------------------------------------------------------------------------------
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
Equity on 2 650 7 662 223 -283 -116 5 860 15 996 1 198 17 195
Jan 1,
2012
Net profit 717 717 173 890
/ loss
for the
period
Other
comprehen
s.
income*:
Change in 144 144 37 181
translati
on diff
Fair value -22 -22 -22
changes
on
available-
for-sale
investment
s
--------------------------------------------------------------------------------
Comprehens 144 695 839 210 1 049
ive income
*
Dividends -457 -457 -77 -534
paid
Treasury 11 -11 0 0
share
disposal
Share- 5 5 5
based
payments
Changes in 0 -48 -48
ownership
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -272 28 6 093 16 384 1 283 17 667
Dec 31,
2012
Equity on 2 650 7 662 223 -272 28 6 093 16 384 1 283 17 667
Jan 1,
2013
Net profit -731 -731 14 -717
/ loss
for the
period
Other
comprehen
s.
income*:
Change in -95 -95 -27 -122
translati
on diff
Fair value -31 -31 -31
changes
on
available-
for-sale
investment
s
--------------------------------------------------------------------------------
Comprehens -95 -762 -857 -13 -870
ive income
*
Dividends -522 -522 -110 -632
paid
Treasury 12 -12 0 0
share
disposal
Share- 5 5 5
based
payments
Changes in 0 -49 -49
ownership
--------------------------------------------------------------------------------
Equity on 2 650 7 662 223 -260 -67 4 803 15 011 1 110 16 121
June 30,
2013
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEGMENT INFORMATION II II I-II I-II I-IV
EUR 1000 2013 2012 2013 2012 2012
--------------------------------------------------------------------------------
Net sales by operating segments
Contract Customers Division 17 124 18 380 36 611 37 953 76 250
Direct Sales Division 3 661 3 699 6 914 7 446 14 023
Group Services 192 295 394 588 1 079
Intersegment eliminations -234 -335 -435 -622 -1 114
================================================================================
TOTAL NET SALES 20 743 22 039 43 485 45 365 90 238
Operating profit/loss by operating
segments
Contract Customers Division -492 350 -26 854 2 041
Direct Sales Division -40 5 -127 -89 -38
Group Services and non-allocated items -237 -250 -496 -444 -872
================================================================================
TOTAL OPERATING PROFIT/LOSS -769 106 -649 321 1 132
KEY FIGURES II II I-II I-II I-IV
EUR 1000 2013 2012 2013 2012 2012
--------------------------------------------------------------------------------
Net sales 20 743 22 039 43 485 45 365 90 238
Change in net sales, % -5,9 % -9,6 % -4,1 % -8,6 % -9,0 %
EBITDA -486 364 -79 840 2 269
EBITDA margin, % -2,3 % 1,7 % -0,2 % 1,9 % 2,5 %
Operating profit/loss -769 106 -649 321 1 132
Operating profit/loss margin, % -3,7 % 0,5 % -1,5 % 0,7 % 1,3 %
Profit/Loss before taxes -1 005 58 -941 281 990
Profit/Loss before taxes margin, % -4,8 % 0,3 % -2,2 % 0,6 % 1,1 %
Net profit/loss for the period -760 25 -731 198 717
attributable to equity holders of
the parent company
Net profit/loss for the period, % -3,7 % 0,1 % -1,7 % 0,4 % 0,8 %
Earnings per share, EUR (diluted = -0,12 0,00 -0,11 0,03 0,11
non-diluted)
Return on equity (ROE), % -4,52 % 0,28 % -4,24 % 1,33 % 5,11 %
Return on investment (ROI), % -3,70 % 0,41 % -3,37 % 1,55 % 4,67 %
Equity-to-assets ratio at the end 42,6 % 42,9 % 42,6 % 42,9 % 44,3 %
of period, %
Debt-to-equity ratio at the end of 47,7 % 43,8 % 47,7 % 43,8 % 27,6 %
period
Equity per share at the end of 2,30 2,42 2,30 2,42 2,51
period, EUR *
Investments in non-current assets 70 209 535 519 972
Investments in non-current assets, 0,3 % 0,9 % 1,2 % 1,1 % 1,1 %
% of net sales
Treasury shares held by the Group 79 000 85 000 79 000 85 000 85 000
at the end of period
Treasury shares, % of total share 1,2 % 1,3 % 1,2 % 1,3 % 1,3 %
capital and votes
Number of total issued shares at 6607628 6607628 6607628 6607628 6607628
the end of period
Personnel on average during the 320 333 321 333 343
period
Personnel at the end of period 315 321 315 321 326
* 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 2013 2013 2012 2012 2012 2012
--------------------------------------------------------------------------------
Net sales 20 743 22 742 25 105 19 768 22 039 23 326
EBITDA -486 407 959 470 364 476
Operating profit/loss -769 120 637 174 106 216
Profit/Loss before taxes -1 005 64 525 184 58 223
Net profit/loss for the period -760 29 369 150 25 174
attributable to the equity
holders of the parent company
Earnings per share, EUR (diluted -0,12 0,00 0,06 0,02 0,00 0,03
= non-diluted)
RELATED PARTY TRANSACTIONS II II I-II I-II I-IV
EUR 1000 2013 2012 2013 2012 2012
--------------------------------------------------------------------------------
Sales to related parties 46 37 108 91 203
Purchases from related parties 8 4 58 9 80
Current non-interest-bearing receivables 21 0 21 0 0
from related parties
Non-current interest-bearing receivables 0 68 0 68 33
from related parties
Current non-interest-bearing liabilities to 0 0 0 0 0
related parties
COMMITMENTS June June Dec 31
30 30
EUR 1000 2013 2012 2012
--------------------------------------------------------------------------------
Mortgages and guarantees on own behalf
Business mortgage for the Group's loan liabilities 7 550 7 550 7 550
Real estate pledge for the Group's loan liabilities 900 900 900
Subsidiary shares pledged as security for 4 018 4 018 4 018
group companies' liabilities
Other listed shares pledged as security for 145 209 187
group companies' liabilities
Current receivables pledged as security for 254 265 272
group companies' liabilities
Pledges and guarantees given for the group companies' 219 227 232
off-balance sheet commitments
Guarantees given on behalf of third parties 81 145 114
Minimum future operating lease payments 5 451 5 966 6 033
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, 2012 the covenants were reached successfully. The equity ratio of
44.3 % exceeded the required level and the interest-bearing debt/EBITDA ratio
was below 3.5 in accordance with the covenants. According to the loan
agreements, the covenants are tested next time at year end December 31, 2013.
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 5, 2013
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
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