Wulff Group Plc’s Financial Statements for January 1 – December 31, 2011

WULFF GROUP PLC

FINANCIAL STATEMENTS RELEASE       February 8, 2012 at 9:00 A.M.

 

WULFF GROUP PLC’S FINANCIAL STATEMENTS FOR JANUARY 1 – DECEMBER 31, 2011

 

Net Sales and Result Improvement Increased the Dividend

• In 2011, the Group’s net sales increased by 6.5 percentages and totalled EUR 99.1 million (EUR 93.1 million).The last quarter’s net sales were EUR 27.5 million (EUR 27.1 million). The year’s positive development is backed with the sales operations development activities, good performance in customer service and the efficiency improvement initiatives managed successfully.
• The whole year’s EBITDA increased by 71 percentages up to EUR 2.69 million (EUR 1.58 million) in 2011. EBITDA was 2.7 percentages (1.7 %) of the net sales. In the last quarter, EBITDA was 3.9 percentages (4.7 %) of the net sales and totalled EUR 1.08 million (EUR 1.28 million).
• In 2011, the operating profit of EUR 1.60 million was clearly better than in 2010 (EUR 0.04 million). Operating profit margin was 1.6 percentages (0.00 %). The last quarter’s operating profit was EUR 0.79 million (EUR 0.90 million) being 2.9 percentages (3.3 %) of the net sales.
• The net profit totalled EUR 0.82 million (EUR -0.42 million) for the whole year and EUR 0.56 million (EUR 0.35 million) in the last quarter.
• In 2011, earnings per share turned up to a profit of EUR 0.10 per share, whereas in 2010 earnings per share were EUR -0.10. In the last quarter, earnings per share were EUR 0.07 (EUR 0.05).
• The Board of Directors proposes for the Annual General Meeting, that a dividend of EUR 0.07 per share (EUR 0.05 per share) totalling EUR 0.46 million (EUR 0.33 million) will be distributed for the year 2011.

  

GROUP’S NET SALES AND PERFORMANCE

 

The Group’s net sales continued growing also in the end of the year. The positive sales growth and clear profit improvement have been fuelled by the sales operations development activities and the efficiency improvement initiatives managed successfully. The office supply market recovery continued in year 2011. Wulff Group’s net sales have increased faster than the market.

 

In the last quarter, the Group’s net sales were EUR 27.5 million (EUR 27.1). In 2011, net sales increased by 6.5 percentages and totalled EUR 99.1 million (EUR 93.1 million). The focus on sales activities and new client hunting fuelled the sales growth in both divisions and in different operating countries of the Group. The demand for the Group’s products has increased when the Group’s clientele has been served in an even broader way. The majority of the sales growth was gained in the Group’s Scandinavian companies. In 2011, the net sales have grown also in Finland, especially in the office supply contract sales.

 

Wulff Group’s CEO Heikki Vienola: ”We have succeeded well in the changing operational environment. The result in 2011 creates a good base to build a profitable year 2012. Being a pioneer has always been important to Wulff: we serve our customers the way they choose via the preferred channels and we offer the market’s most advanced services. Service development together with our customers is the base of our operations. Companies want to centralize their purchases to partners with a diverse product range. Wulff’s service and product range is the largest in the office supplies market - office supplies, IT supplies, ergonomics, business and promotional gifts as well as international fair services. We serve our customers with contract and direct sales concept as well as in the webstore Wulffinkulma.fi.”

 

Along with the sales growth, the Group’s profitability has improved positively. The positive financial development has been fuelled by the sales operations activities, cost-consciousness and the efficiency improvement initiatives managed successfully. The whole year’s EBITDA increased by 71 percentages up to EUR 2.69 million (EUR 1.58 million) in 2011. EBITDA was 2.7 percentages (1.7 %) of the net sales. In the last quarter, EBITDA was 3.9 percentages (4.7 %) of the net sales and totalled EUR 1.08 million (EUR 1.28 million). The Group, focusing on sales growth and continuing the review of its cost structure and performance efficiency, aims to improve the profitability of its businesses.

 

In 2011, the operating profit of EUR 1.60 million was clearly better than in 2010 (EUR 0.04 million). Operating profit was 1.6 percentages (0.00 %) of the annual net sales. The last quarter’s operating profit was EUR 0.79 million (EUR 0.90 million) being 2.9 percentages (3.3 %) of the net sales.

 

In 2011, the financial income and expenses totalled (net) EUR -0.46 million (EUR +0.18 million) including dividend income of EUR 0.04 million (EUR 0.15 million), interest expenses of EUR 0.34 million (EUR 0.27 million) and mainly currency-related other financial items (net) of EUR -0.15 million (EUR +0.31 million). In the last quarter, the financial income and expenses netted EUR -0.02 million (EUR -0.11 million).

 

The 12-month result before taxes was EUR 1.14 million being EUR 0.92 million better than in 2010 (EUR 0.22 million). In the last quarter, the result before taxes was EUR 0.76 million (EUR 0.79 million). The net result after taxes totalled EUR 0.82 million (EUR -0.42 million) for the whole year and EUR 0.56 million (EUR 0.35 million) in the last quarter.

 

The net result attributable to the equity holders of the parent company amounted to EUR 0.63 million (EUR   -0.62 million) in the entire year 2011 and EUR 0.47 million (EUR 0.31 million) in the last quarter. In 2011, earnings per share turned up to a profit of EUR 0.10 per share, whereas in 2010 earnings per share were EUR -0.10. In the last quarter, earnings per share were EUR 0.07 (EUR 0.05).

 

Return on investment (ROI) was 5.45 percentages (1.75 %) for the whole year and 3.01 percentage (3.18 %) for the last quarter. Return on equity (ROE) was 4.82 percentage (-2.38 %) in 2011 and 3.35 (2.07%) for the last quarter.

 

 

CONTRACT CUSTOMERS DIVISION

 

The Contract Customers Division is the customer’s comprehensive partner in the field of office supplies, IT supplies, business and promotional gifts as well as fair services. In 2011, the segment’s net sales increased by EUR 5.2 million i.e. 7 percentages up to EUR 82.5 million (EUR 77.3 million). The division’s net sales totalled EUR 22.6 million (EUR 22.4 million) in the last quarter. The division’s operating profit excluding non-recurring items was EUR 2.14 million being EUR 1.30 million better than in 2010 (EUR 0.83 million). In the last quarter, the division’s operating profit was EUR 0.88 million (EUR 0.86 million).

 

Wulff Supplies AB, operating in Scandinavia, managed to increase clearly its market share in 2011. Wulff Supplies made many new significant office supply contracts with its customers. Wulff Supplies’ good result continued to improve further.

 

Also Wulff Oy Ab, with its operations in Finland, has increased its sales and improved its operating profit in 2011. In particular the Group’s webstore Wulffinkulma.fi has grown and improved its result. The webstore is an important investment for the future. The investment has given quick results. Wulff Oy Ab’s retail and partner networks have grown also strongly and the co-operation has strengthened. The sales operations are supported by strong marketing and publicity received e.g. as Wulff is a partner of the 2012 IIHF Ice Hockey World Championship. The Group’s target is to be the Nordic market leader and the pioneer in its field.

 

The division’s result is affected by the cycles of the business and promotional gift market: the majority of the products are delivered and the majority of the annual profit is generated in the second and the last quarter of the year. Business and promotional gift market has brightened up in Finland. The Estonian market is recovering after the economic slowdown.

 

Entre Marketing Oy, the company offering international fair services, turned its result clearly up and the effectiveness of its sales organization has improved remarkably during the year 2011. Excellent results have been gained by focusing on profitable services and the company’s special expertise in the international fair service sales. With a narrower service range and a leaner organization, resources have been directed to the profitable operations. In January 2012, Entre Marketing Oy’s brand renewed and its name was changed to Wulff Entre according to the Group’s brand strategy.

 

 

DIRECT SALES DIVISION

 

The Direct Sales Division aims to improve its customers’ daily operations with innovative products as well as the industry’s most professional personal and local service. In 2011, the division’s net sales increased by 2 percentages from the comparable year’s EUR 16.1 million up to EUR 16.4 million. In the last quarter, the division’s net sales were EUR 4.7 million (EUR 4.8 million). The Direct Sales Division’s operating result totalled EUR 0.22 million (EUR 0.32 million) in the whole year 2011 and EUR 0.08 million (EUR 0.23 million) in the last quarter.

 

A good profitability level was achieved in the Scandinavian direct sales companies during 2011. Sales grew and profitability improved in Sweden and Norway. Compensation systems were renewed to encourage personnel better towards profitable results. Development of the product and service portfolio has been invested in strongly. The Group’s new partnering strategy aims to gain synergies in product purchases. Group-level price competitions in purchases and co-operation have already gained good results especially in the Scandinavian direct sales.

 

The Finnish Direct Sales organization was renewed with an administrational merger of seven subsidiaries in the end of the year. The reorganization continued in February 2012 when Finland’s Direct Sales organization got a common Development and Sales Director. Consequently the management of Direct Sales can focus even stronger on sales development. In 2012, the most important development projects are the renewal and integration of sales support systems e.g. a new CRM system. Marketing and sales are supported strongly with new tools in 2012.

 

The talented and skilled personnel is Wulff’s growth engine. In 2011, the renewal of the personnel development program was started. Concrete renewals are e.g. a new development and target discussion method and managers’ own training program launched in early 2012. In the changing market, success requires good and strong leadership and therefore the Group invests significantly in regular management training.

 

The Group has potential to recruit several new sales talents in its operational countries. Wulff is known as a sales academy. A sales organization is a good leadership school and sales experience is valued increasingly wide also in Finnish companies. Being a growing and internationalizing Group, Wulff has possibilities to employ both experienced sales professionals and new sales talents, who are entering the industry for the first time, as well as people who are changing jobs. Wulff provides a suitable training program for each new employee. Additionally the Group offers a possibility to get a commercial elementary degree along the work.

 

 

FINANCING, INVESTMENTS AND FINANCIAL POSITION

 

The cash flow from operating activities was strongly positive and totalled EUR 4.05 million (EUR 3.16 million) in the last quarter and EUR 1.03 million (EUR 1.53 million) in the entire year. The Group has enhanced its working capital management.  

 

For its fixed asset investments, the Group paid a net of EUR 0.27 million (EUR 0.28 million) in the last quarter and EUR 0.80 million (EUR 1.32 million) in the whole year. In 2011, the Group paid EUR 0.98 million (EUR 0.22 million) for subsidiary and minority acquisitions made in the previous financial years.

 

The Group repaid loans of net EUR 2.51 million (EUR 0.27 million) in the last quarter and EUR 0.79 million (EUR 0.47 million) in the whole year. Wulff Group Plc paid its shareholders dividends of EUR 0.33 million (EUR 0.33 million) and additionally the minority shareholders of the subsidiaries were paid dividends of EUR 0.11 million (EUR 0.15 million).

 

In general, the Group’s cash balance increased by EUR 1.29 million (EUR 2.59 million) in the last quarter and decreased by EUR 1.93 million (EUR 0.96 million) during the whole year from the beginning value of EUR 4.38 million down to EUR 2.46 million as of December 31, 2011.

 

The equity attributable to the equity holders of the parent company totalled EUR 2.45 per share (December 31, 2010: EUR 2.41) and the equity-to-assets ratio was 40.3 percentages (December 31, 2010: 37.0 %).

 

 

SHARES AND SHARE CAPITAL

 

Based on the authorization of the Annual General Meeting held on April 23, 2010, the acquisition of own shares continued in early 2011. Authorized by the Annual General Meeting held on April 28, 2011, the Board of Directors decided in its organizing meeting to continue buying back a maximum of 300,000 own shares by the next Annual General Meeting. In April-December 2011, no own shares were reacquired. In the end of the reporting period, the Group held a total of 90,000 own shares (99,036 as of December 31, 2010) representing 1.4 percentage (1.5 %) of the total number and voting rights of Wulff shares.

 

Wulff Group Plc’s share is listed on NASDAQ OMX Helsinki in the Small Cap segment under the Consumer Discretionary sector. The company’s trading code is WUF1V. In the end of the reporting period, the share was valued at EUR 1.99 (EUR 2.60) and the market capitalization of the outstanding shares totalled EUR 13.0 million (EUR 16.9 million).

 

 

PERSONNEL

 

In 2011, the Group’s personnel totalled 365 (384) employees on average. In the end of the period, the Group had 359 (370) employees of which 134 (132) persons were employed in Sweden, Norway, Denmark or Estonia.

 

The majority, approximately 60 percentages of the Group’s personnel works in sales operations and approximately 40 percentages of the employees work in sales support, logistics and administration. The personnel consists approximately half-and-half of men and women.

 

In order to strengthen the organic sales growth, the Group focuses on the recruitment of the sales personnel. The Group has possibilities to recruit several new sales talents in its operational countries during 2012.

 

 

RISKS AND UNCERTAINTIES IN THE NEAR FUTURE

 

The demand for office supplies is still affected by the organizations’ personnel lay-offs and cost saving initiatives made during the economic downturn. The general uncertainty may still continue which will most likely affect the ordering behaviour of some corporate clients in 2012.

 

Although the business gifts are seen increasingly as a part of the corporate communications as a whole and they are utilized also in the off-season, some cost savings may be sought after by decreasing the investments in the brand promotion. The ongoing economic uncertainties impact especially the demand for business and promotional gifts. During the uncertain economic periods, the corporations may also minimize attending fairs.

 

Half of the Group’s net sales comes from other than euro-currency countries. Fluctuation of the currencies may affect the Group’s net result and financial position.

 

 

BOARD OF DIRECTORS’ DIVIDEND PROPOSAL            

 

The parent company’s distributable funds totalled EUR 5.59 million. The Group’s net result attributable to the parent company shareholders was EUR 0.63 million i.e. EUR 0.10 per share (EUR -0.10 per share). The Board of Directors proposes to the Annual General Meeting that for the financial year 2011, a dividend of EUR 0.07 per share (0.05 per share) totalling EUR 0.46 million (EUR 0.33 million) will be distributed. At the date of the dividend distribution, the own shares held by the Company are not paid any dividend. The remaining distributable funds of EUR 5.13 million will be retained in the shareholders’ equity.

 

 

MARKET SITUATION AND FUTURE OUTLOOK

 

Wulff is the most significant Nordic player in its industry. Wulff’s mission is to help its corporate customers to succeed in their own business by providing them with leading-edge products and services in a way best suitable to them. The markets have been consolidating in the past few years and the Nordic markets are expected to consolidate in the future as well. Wulff is prepared to carry out new strategic acquisitions.

 

Also in 2012, the Group continues taking actions for enhancing profitability. The Group focuses on the growth and development of its sales operations. The Group expects to win new customers and gain growth especially along with Wulff Supplies AB in Scandinavia and with the webstore Wulffinkulma.fi in Finland. The Group has good possibilities to increase its net sales and operating profit in 2012.

 

 

FINANCIAL REPORTING AND ANNUAL GENERAL MEETING IN 2012

 

Wulff Group Plc will release the following financial reports in 2012:

Annual Report 2011	week 12/2012
Interim Report, January-March 2012	Friday May 11, 2012
Interim Report, January-June  2012	Friday August 10, 2012
Interim Report, January-September 2012	Thursday November 8, 2012

 

Wulff Group Plc’s financial Reports are published in Finnish and in English, and they are available at the Group’s website www.wulff-group.com.

 

Wulff Group Plc’s Annual General Meeting will be held on Monday April 23, 2012. A separate notice to the Annual General Meeting will be published prior to the meeting.

 

 

 

 

 

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

 

 

INCOME STATEMENT	IV	IV	I-IV	I-IV
EUR 1000	2011	2010	2011	2010
Net sales	27 526	27 073	99 129	93 107
Other operating income	24	94	238	467
Materials and services	-18 055	-17 384	-65 532	-60 516
Employee benefit expenses	-5 283	-5 071	-19 204	-18 617
Other operating expenses	-3 127	-3 429	-11 942	-12 866
EBITDA	1 084	1 284	2 689	1 575
Depreciation and amortization	-300	-381	-1 095	-1 182
Impairment				-350
Operating profit/loss	785	903	1 595	43
Financial income	77	65	182	755
Financial expenses	-98	-175	-637	-575
Profit/Loss before taxes	763	794	1 139	223
Income taxes	-198	-446	-320	-637
Net profit/loss for the period	564	347	819	-415
Attributable to:
Equity holders of the parent company	468	308	634	-623
Non-controlling interest	96	39	185	209
Earnings per share for profit
attributable to the equity holders
of the parent company:
Earnings per share, EUR	0,07	0,05	0,10	-0,10
(diluted = non-diluted)
STATEMENT OF COMPREHENSIVE INCOME	IV	IV	I-IV	I-IV
EUR 1000	2011	2010	2011	2010
Net profit/loss for the period	564	347	819	-415
Other comprehensive income, net of tax
Change in translation differences	110	41	34	134
Fair value changes on available-for-sale investments	54	57	-4	42
Total other comprehensive income	164	98	30	176
Total comprehensive income for the period	728	445	849	-238
Total comprehensive income attributable to:
Equity holders of the parent company	570	377	663	-540
Non-controlling interest	158	68	186	302

 

 

 

 

STATEMENT OF FINANCIAL POSITION			Dec 31	Dec 31
EUR 1000			2011	2010
ASSETS
Non-current assets
Goodwill			9 467	9 501
Other intangible assets			1 355	1 382
Property, plant and equipment			2 102	2 285
Non-current financial assets
Interest-bearing financial assets			97	503
Non-interest-bearing financial assets			367	442
Deferred tax assets			1 621	1 011
Total non-current assets			15 008	15 124
Current assets
Inventories			11 280	11 740
Current receivables
Interest-bearing receivables			51	74
Non-interest-bearing receivables			15 646	14 708
Financial assets recognised at fair value through profit/loss			56
Cash and cash equivalents			2 464	4 379
Total current assets			29 497	30 902
TOTAL ASSETS			44 505	46 025
EQUITY AND LIABILITIES
Equity
Equity attributable to the equity holders of the parent company:
Share capital			2 650	2 650
Share premium fund			7 662	7 662
Invested unrestricted equity fund			223	223
Retained earnings			5 461	5 121
Non-controlling interest			1 198	1 158
Total equity			17 195	16 814
Non-current liabilities
Interest-bearing liabilities			7 409	8 403
Deferred tax liabilities			128	136
Total non-current liabilities			7 537	8 539
Current liabilities
Interest-bearing liabilities			2 135	2 425
Non-interest-bearing liabilities			17 639	18 247
Total current liabilities			19 773	20 673
TOTAL EQUITY AND LIABILITIES			44 505	46 025

 

 

 

 

STATEMENT OF CASH FLOW	IV	IV	I-IV	I-IV
EUR 1000	2011	2010	2011	2010
Cash flow from operating activities:
Cash received from sales	27 606	27 248	98 153	91 189
Cash received from other operating income	15	47	130	339
Cash paid for operating expenses	-23 262	-23 990	-96 462	-89 433
Cash flow from operating activities before financial items and income taxes	4 360	3 305	1 821	2 095
Interest paid	-48	-48	-278	-274
Interest received	29	17	93	79
Income taxes paid	-296	-118	-605	-372
Cash flow from operating activities	4 045	3 155	1 031	1 528
Cash flow from investing activities:
Investments in intangible and tangible assets	-265	-314	-1 253	-1 509
Proceeds from sales of intangible and tangible assets		36	456	187
Loans granted			-12
Repayments of loans receivable		25	74	29
Cash flow from investing activities	-265	-253	-735	-1 293
Cash flow from financing activities:
Acquisition of own shares		-25	-3	-110
Dividends paid		-15	-433	-484
Dividends received	18		40	149
Payments for subsidiary acquisitions	0		-982	-219
Cash paid for (received from) short-term investments (net)	7		-56	-55
Withdrawals and repayments of short-term loans	-2 576		173	914
Withdrawals of long-term loans	385		385
Repayments of long-term loans	-319	-269	-1 348	-1 388
Cash flow from financing activities	-2 486	-308	-2 226	-1 193
Change in cash and cash equivalents	1 294	2 594	-1 930	-958
Cash and cash equivalents at the beginning of the period	1 155	1 785	4 379	5 337
Translation difference of cash	15		15
Cash and cash equivalents at the end of the period	2 464	4 379	2 464	4 379

 

 

 

 

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		rolling
	Share	mium	ed	Own	ren-	Earn-		inte-
	capital	fund	equity	shares	ces	ings	Total	rest	TOTAL
Equity on Jan 1, 2010	2 650	7 662	223	-211	-190	6 751	16 886	1 117	18 003
Net profit /loss for the period						-623	-623	209	-415
Other comprehensive income*:
Change in trans- lation differ- ences					41		41	93	134
Fair value changes on available-for-sale invest- ments						42	42		42
Comprehensive income *					41	-581	-540	302	-238
Dividends paid						-327	-327	-157	-484
Treasury share acquisition				-110			-110		-110
Treasury share disposal				42		-42	0		0
Share- based payments						42	42		42
Changes in ownership						-294	-294	-103	-398
Equity on Dec 31, 2010	2 650	7 662	223	-279	-149	5 549	15 656	1 158	16 814
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 comprehensive income*:
Change in trans- lation differ- ences					33		33	1	34
Fair value changes on available-for-sale invest- ments						-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

 

 

* net of tax

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

 

SEGMENT INFORMATION	IV	IV	I-IV	I-IV
EUR 1000	2011	2010	2011	2010
Net sales by operating segments
Contract Customers Division	22 581	22 444	82 542	77 301
Direct Sales Division	4 692	4 787	16 397	16 075
Group Services	371	249	1 138	1 257
Intragroup eliminations between segments	-117	-407	-948	-1 525
TOTAL NET SALES	27 526	27 073	99 129	93 107
Operating profit/loss by operating segments
Contract Customers business	879	855	2 136	832
Goodwill Impairment				-350
Contract Customers Division Total	879	855	2 136	482
Direct Sales Division Total	78	234	215	324
Group Services and non-allocated items	-172	-186	-756	-764
TOTAL OPERATING PROFIT/LOSS	785	903	1 595	43

 

 

 

KEY FIGURES	IV	IV	I-IV	I-IV
EUR 1000	2011	2010	2011	2010
Net sales	27 526	27 073	99 129	93 107
Increase/Decrease in net sales, %	1,7 %	5,2 %	6,5 %	24,5 %
EBITDA	1 084	1 284	2 689	1 575
EBITDA margin, %	3,9 %	4,7 %	2,7 %	1,7 %
Operating profit/loss	785	903	1 595	43
Operating profit/loss margin, %	2,9 %	3,3 %	1,6 %	0,0 %
Profit/Loss before taxes	763	794	1 139	223
Profit/Loss before taxes margin, %	2,8 %	2,9 %	1,1 %	0,2 %
Net profit/loss for the period attributable to equity holders of the parent company	468	308	634	-623
Net profit/loss for the period, %	1,7 %	1,1 %	0,6 %	-0,7 %
Earnings per share, EUR (diluted = non-diluted)	0,07	0,05	0,10	-0,10
Return on equity (ROE), %	3,35 %	2,07 %	4,82 %	-2,38 %
Return on investment (ROI), %	3,01 %	3,18 %	5,45 %	1,75 %
Equity-to-assets ratio at the end of period, %	40,3 %	37,0 %	40,3 %	37,0 %
Debt-to-equity ratio at the end of period	40,3 %	34,9 %	40,3 %	34,9 %
Equity per share at the end of period, EUR *	2,45	2,41	2,45	2,41
Investments in non-current assets	234	424	1 167	1 619
Investments in fixed assets, % of net sales	0,9 %	1,6 %	1,2 %	1,7 %
Treasury shares held by the Group at the end of period	90 000	99 036	90 000	99 036
Treasury shares, % of total share capital and votes	1,4 %	1,5 %	1,4 %	1,5 %
Number of total issued shares at the end of period	6607628	6607628	6607628	6607628
Personnel on average during the period	368	381	365	384
Personnel at the end of period	359	370	359	370

 

* Equity attributable to the equity holders of the parent company / Number of shares excluding the acquired own shares

 

 

 

QUARTERLY KEY FIGURES	IV	III	II	I	IV	III	II	I
EUR 1000	2011	2011	2011	2011	2010	2010	2010	2010
Net sales	27 526	21 971	24 390	25 242	27 073	20 435	24 016	21 584
EBITDA	1 084	567	756	282	1 284	228	2	61
Operating profit/loss	785	308	491	10	903	-411	-289	-160
Profit/Loss before taxes	763	151	318	-93	794	-327	-200	-43
Net profit/loss for the period attributable to the equity holders of the parent company	468	105	241	-180	308	-557	-134	-240
Earnings per share, EUR (diluted = non-diluted)	0,07	0,02	0,04	-0,03	0,05	-0,09	-0,02	-0,04

 

 

 

RELATED PARTY TRANSACTIONS	IV	IV	I-IV	I-IV
EUR 1000	2011	2010	2011	2010
Sales to related parties	25	25	184	93
Purchases from related parties	7	14	30	114
Current non-interest-bearing receivables from related parties			6
Non-current interest-bearing receivables from related parties		566	87	566
Loan payables to related parties		492		492

 

 

 

COMMITMENTS			Dec 31	Dec 31
EUR 1000			2011	2010
Mortgages and guarantees on own behalf
Business mortgage for the Group's loan liabilities			7 350	7 350
Real estate pledge for the Group's loan liabilities			900	900
Subsidiary shares pledged as security for group companies' liabilities			3 284	3 284
Other listed shares pledged as security for group companies' liabilities			215	289
Current receivables pledged as security for group companies' liabilities			258	255
Pledges and guarantees given for the group companies' off-balance sheet commitments			222	221
Guarantees given on behalf of third parties			176	236
Minimum future operating lease payments			5 861	6 820

 

 

Accounting principles applied in the condensed consolidated financial statements

 

These condensed consolidated financial statements are unaudited. This report has been prepared in accordance with IAS 34 following the valuation and accounting methods guided by IFRS principles. The accounting principles used in the preparation of this report are consistent with those described in the Financial Statement 2010 taking into account also the new, revised and amended standards and interpretations. Income tax is the amount corresponding to the actual effective rate based on year-to-date actual tax calculation. Adopting the amendments in IAS 24, IAS 32, IFRIC 14 and IFRIC 19 did not have a material impact on the information presented in this report.

 

The IFRS principles require the management to make estimates and assumptions when preparing financial statements. Although these estimates and assumptions are based on the management’s best knowledge of today, the final outcome may differ from the estimated values presented in the financial statements.

 

The Group’s pension premium loans are secured with a bank guarantee, the margin of which is linked to the covenants regarding the equity ratio and the interest-bearing debt/EBITDA ratio. The equity ratio shall be 35 % at minimum and the interest-bearing debt/EBITDA ratio shall be 3.5 at maximum in the end of each year. On December 31, 2011 the equity ratio was 40.3 % (December 31, 2010: 37.0 %) and the interest-bearing debt/EBITDA ratio was 3.5 in accordance with the covenant requirement.

 

The Group has no knowledge of any significant events after the end of the financial period that would have had a material impact on this report in any other way that has been already discussed in the review by the Board of Directors.

 

In Vantaa on February 7, 2012

 

WULFF GROUP PLC

BOARD OF DIRECTORS

 

Further information:

CEO Heikki Vienola

tel. +358 9 5259 0050 or mobile: +358 50 65 110

e-mail: heikki.vienola@wulff.fi

 

DISTRIBUTION

NASDAQ OMX Helsinki Oy

Key media

www.wulff-group.com