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 have succeeded 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 company | 25 | 241 | 198 | 61 | 634 |
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 available-for-sale investments | -33 | -22 | -5 | -13 | -4 |
Total other comprehensive income | -11 | -50 | 84 | -44 | 30 |
Total comprehensive income for the period | 37 | 244 | 311 | 89 | 849 |
Total comprehensive income attributable to: | |||||
Equity holders of the parent company | 13 | 191 | 252 | 72 | 663 |
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 profit/loss | 60 | 99 | 56 | ||
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 income |
6 | 21 | 22 | 72 | 130 |
Cash paid for operating expenses | -22 189 | -26 098 | -45 563 | -51 779 | -96 462 |
Cash flow from operating activities before financial items and income taxes | 736 | -521 | 827 | -2 378 | 1 821 |
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 tangible assets |
-193 | -237 | -517 | -663 | -1 253 |
Proceeds from sales of intangible and tangible assets |
37 | 81 | 202 | 453 | 456 |
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 acquisitions |
-2 | -409 | -129 | -982 | -982 |
Payments received for subsidiary share disposals |
81 | 0 | 81 | 0 | 0 |
Cash paid for (received from) short-term investments (net) |
8 | 10 | -3 | -99 | -56 |
Withdrawals and repayments of short- term loans |
-79 | 1 423 | 156 | 2 480 | 173 |
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 beginning of the period | 1 973 | 1 804 | 2 464 | 4 379 | 4 379 |
Translation difference of cash | 18 | 18 | 52 | 28 | 15 |
Cash and cash equivalents at the end of the period | 1 469 | 1 636 | 1 469 | 1 636 | 2 464 |
STATEMENT OF CHANGES IN EQUITY
EUR 1000 | Equity attributable to equity holders of the parent company | ||||||||
* net of tax | Fund | ||||||||
for in- | Trans- | Re- | Non- | ||||||
Share | vested | lation | tai- | cont- | |||||
pre- | non-re- | diffe- | ned | rolling | |||||
Share | mium | stricted | Own | ren- | Earn- | inte- | |||
capital | fund | equity | shares | ces | ings | Total | rest | TOTAL | |
Equity on Jan 1, 2011 | 2 650 | 7 662 | 223 | -279 | -149 | 5 549 | 15 656 | 1 158 | 16 814 |
Net profit /loss for the period | 61 | 61 | 72 | 133 | |||||
Other comprehens. income*: | |||||||||
Change in trans. diff. | 24 | 24 | -55 | -31 | |||||
Fair value changes on available-for-sale investments |
-13 | -13 | -13 | ||||||
Comprehensive income * | 24 | 48 | 72 | 17 | 89 | ||||
Dividends paid | -325 | -325 | -72 | -397 | |||||
Treasury share acquisition | -3 | -3 | -3 | ||||||
Share- based payments | 3 | 3 | 3 | ||||||
Changes in ownership | 0 | -36 | -36 | ||||||
Equity on June 30, 2011 | 2 650 | 7 662 | 223 | -283 | -125 | 5 275 | 15 402 | 1 067 | 16 469 |
Equity on Jan 1, 2011 | 2 650 | 7 662 | 223 | -279 | -149 | 5 549 | 15 656 | 1 158 | 16 814 |
Net profit /loss for the period | 634 | 634 | 185 | 819 | |||||
Other comprehens. income*: | |||||||||
Change in trans. diff. | 33 | 33 | 1 | 34 | |||||
Fair value changes on available-for-sale investments |
-4 | -4 | -4 | ||||||
Comprehensive income * | 33 | 630 | 663 | 186 | 849 | ||||
Dividends paid | -325 | -325 | -110 | -435 | |||||
Treasury share acquisition | -3 | -3 | -3 | ||||||
Share- based payments | 5 | 5 | 5 | ||||||
Changes in ownership | 0 | -36 | -36 | ||||||
Equity on Dec 31, 2011 | 2 650 | 7 662 | 223 | -283 | -116 | 5 860 | 15 996 | 1 198 | 17 195 |
Equity on Jan 1, 2012 | 2 650 | 7 662 | 223 | -283 | -116 | 5 860 | 15 996 | 1 198 | 17 195 |
Net profit /loss for the period | 198 | 198 | 28 | 227 | |||||
Other comprehens. income*: | |||||||||
Change in trans. diff. | 58 | 58 | 31 | 89 | |||||
Fair value changes on available-for-sale investments |
-5 | -5 | -5 | ||||||
Comprehensive income * | 58 | 194 | 252 | 59 | 311 | ||||
Dividends paid | -457 | -457 | -74 | -531 | |||||
Treasury share disposal | 11 | -11 | 0 | 0 | |||||
Share- based payments | 1 | 1 | 1 | ||||||
Changes in ownership | 0 | -48 | -48 | ||||||
Equity on June 30, 2012 | 2 650 | 7 662 | 223 | -272 | -58 | 5 587 | 15 793 | 1 135 | 16 928 |
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 attributable to equity holders of the parent company | 25 | 241 | 198 | 61 | 634 |
Net profit/loss for the period, % | 0,1 % | 1,0 % | 0,4 % | 0,1 % | 0,6 % |
Earnings per share, EUR (diluted = non-diluted) | 0,00 | 0,04 | 0,03 | 0,01 | 0,10 |
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 of period, % | 42,9 % | 39,3 % | 42,9 % | 39,3 % | 40,3 % |
Debt-to-equity ratio at the end of period | 43,8 % | 61,5 % | 43,8 % | 61,5 % | 40,3 % |
Equity per share at the end of period, EUR * | 2,42 | 2,36 | 2,42 | 2,36 | 2,45 |
Investments in non-current assets | 209 | 217 | 519 | 574 | 1 167 |
Investments in fixed assets, % of net sales | 0,9 % | 0,9 % | 1,1 % | 1,2 % | 1,2 % |
Treasury shares held by the Group at the end of period | 85 000 | 90 000 | 85 000 | 90 000 | 90 000 |
Treasury shares, % of total share capital and votes | 1,3 % | 1,4 % | 1,3 % | 1,4 % | 1,4 % |
Number of total issued shares at the end of period | 6607628 | 6607628 | 6607628 | 6607628 | 6607628 |
Personnel on average during the period | 333 | 366 | 333 | 364 | 365 |
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 attributable to the equity holders of the parent company | 25 | 174 | 468 | 105 | 241 | -180 |
Earnings per share, EUR (diluted = non-diluted) | 0,00 | 0,03 | 0,07 | 0,02 | 0,04 | -0,03 |
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 related parties | 0 | 0 | 0 | 0 | 6 |
Non-current interest-bearing receivables from related parties | 68 | 77 | 68 | 77 | 87 |
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 for group companies' liabilities |
3 284 | 3 284 | 3 284 | ||
Other listed shares pledged as security for group companies' liabilities |
209 | 272 | 215 | ||
Current receivables pledged as security for group companies' liabilities |
265 | 257 | 258 | ||
Pledges and guarantees given for the group companies' off-balance sheet commitments |
227 | 221 | 222 | ||
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