Wulff-Yhtiöt Oyj
Wulff Group Plcâs Interim Report for January 1 â June 30, 2013
Wulff-Yhtiöt Oyj 06.08.2013 08:00 --------------------------------------------------------------------------- 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 DISTRIBUTION NASDAQ OMX Helsinki Oy Key media www.wulff-group.com News Source: NASDAQ OMX 06.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Wulff-Yhtiöt Oyj Finland Phone: Fax: E-mail: Internet: ISIN: FI0009008452 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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